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AMERICAS
Ali Group, a provider of foodservice equipment, completed the acquisition of Welbilt, a provider of foodservice equipment and solutions, for $4.8bn.
“The completion of this transaction is an important milestone in Ali Group’s history and marks the beginning of our next chapter of growth. Welbilt brings to Ali Group a rich heritage, talented team and an expansive portfolio of industry-leading foodservice solutions. With greater scale, an enhanced worldwide footprint and a highly complementary and comprehensive portfolio of premier brands across the entire foodservice value chain, we are well positioned to capitalize on the significant growth opportunities ahead. We are excited to welcome the talented Welbilt team to the Ali Group family and look forward to leveraging our strong global presence as we build on our culture of quality and innovation," Filippo Berti, Ali Group Chairman and CEO.
Welbilt was advised by Morgan Stanley, Gibson Dunn & Crutcher and Sard Verbinnen & Co. Financial advisors were advised by Simpson Thacher & Bartlett. Ali Group was advised by Goldman Sachs, Mediobanca, Alston & Bird, White & Case and Joele Frank. Debt financing was provided by Goldman Sachs and Mediobanca.
IT services and communication companies Telit and Thales, agreed to form a joint venture Telit Cinterion, an IoT services provider. Telit and Thales have agreed on a 75-25 merger, with Thales receiving a 25% stake in Telit Cinterion. Financial terms were not disclosed.
"Innovation, scale and efficient IoT solutions are key for success. This transaction with Thales is arguably the most impactful one for Telit competitiveness. While it will boost our ability to address customer needs more precisely from a richer portfolio, it will also enable us to deliver all new offerings derived from the experience, expertise, and the DNA of two companies that have made security and quality part of their brand promise from the very beginning," Paolo Dal Pino, Telit CEO.
Thales is advised by Deutsche Bank. Telit is advised by Rothschild & Co and Global Results Communications.
Pacific Energy, an independent energy resources development company, and Enbridge, a multinational pipeline company, agreed to invest $1.5bn in Woodfibre, an exporter of Liquefied Natural Gas used in hydroelectric power generation.
"The West Coast is highly competitive in any future energy scenario we see. This investment is a natural extension of our export pipeline strategy, with strong commercial underpinnings," Al Monaco, Enbridge CEO.
Pacific Energy is advised by BMO Capital Markets.
Integrity Marketing Group, a distributor of life and health insurance, and provider of wealth management and retirement planning solutions, agreed to acquire Annexus, an insurance and financial product designing and distribution firm. Financial terms were not disclosed.
“Since its founding, Annexus has been the market leader in developing annuity and life insurance products with the highest level of service in the industry. Joining the Integrity platform will provide the experienced team at Annexus with a comprehensive suite of technology, resources and support to layer on top of their already exceptional systems and processes. The partnership will give Integrity access to Annexus’ deep product development and distribution partnership expertise, which will greatly enhance our mission to help more Americans prepare for the good days ahead. It’s an ideal match that will elevate the way insurance and financial planning products are developed and distributed - we can’t wait to get started!” Bryan W. Adams, Integrity Co-Founder and CEO.
Annexus is advised by Houlihan Lokey.
3STEP Sports, a club and event operator, completed the acquisitiion of The Academy Volleyball Club, a volleyball professional organization. Financial terms were not disclosed.
“We are big and people like to focus on the numbers, but our goal was never to be a really big club. Our goal is to provide for every athlete and prepare them for life after volleyball. As we’ve grown, it has been very important to make sure we keep the small club family feel. We have outstanding coaches and use a very individualized approach,” Emily Hawthorne, The Academy Founder.
3Step was advised by Elevate Communications.
TCOM Holdings, a elevated ISR awareness solutions provider, completed the acquisition of Aerostar, a design, manufacture, integration, and operation of persistent stratospheric platforms and radar systems manufacturer, from Raven Industrials, an American company that manufactures precision agriculture products. Financial terms were not disclosed.
"We are excited to welcome Aerostar to our growing portfolio of Aerospace and Defense holdings. Our ability to leverage TCOM's proven elevated awareness solutions using tethered aerostats and Aerostar's sophisticated sensors and stratospheric balloons will more broadly serve our DoD, DHS, and allied military customers," Ron Bendlin, TCOM President and Chief Executive Officer.
TCOM was advised by The Borenstein Group.
Sentinel Capital Partners, a private equity firm, completed the acquisition of Bandon Holdings, a fitness app developer. Financial terms were not disclosed.
"We look forward to the opportunity to partner with the Bandon team as they continue to expand through new development and a proven acquisition strategy. Bandon's talented management has developed an impressive growth model over the past decade and its robust acquisition pipeline is highly actionable," Marc Buan, Sentinel Principal.
Sentinel was advised by Broadgate Consultants.
Ceros Financial Services, a financial services company, agreed to merge with Forte Capital Group, a distinct advantage of providing independent financial solutions.
"We think that Forte will be a highly strategic complement to both our Ceros Capital Markets investment bank and our Advisors Preferred mutual fund business. I have known Roger, a veteran of the markets, for many years, going back to our early careers when we worked together at National Securities. With Forte Capital we will become a significantly larger firm, offering wider distribution and greater product diversification," Mark Goldwasser, Ceros Financial Services CEO.
Permira nears a $1.3bn deal to acquire Reorg Research. (FS)
Buyout firm Permira is nearing a deal to acquire Reorg Research, a financial data vendor specializing in debt restructuring, for more than $1.3bn, including debt.
The deal would mark a lucrative exit for private equity firm Warburg Pincus, which valued Reorg at around $400m when it acquired a controlling stake in 2018. It underscores the growing value of niche financial data and news providers that are serving pockets of Wall Street looking for an edge, Reuters reported.
Talos Energy is in talks to buy EnVen for $1bn. (FS)
Talos Energy, an oil and gas company, is in talks to acquire Bain Capital-controlled EnVen Energy for about $1bn and also take on the debt of the US Gulf of Mexico operator.
The deal would be among the most significant in recent years in the Gulf, creating a bigger company that would be better placed to take advantage of higher oil prices.
Talks between the two companies have reached an advanced stage and a deal would see Talos buy EnVen using either mostly or all stock. The deal value is expected to be higher after including EnVen's debt, which stood at $288m at the end of 2021, Reuters reported.
Playtech says no longer pursuing SPAC deal for Caliente.
UK gambling software provider Playtech said it had stopped pursuing talks with Caliente Interactive for the Mexican sports betting firm's unit Caliplay to list publicly in the United States via a SPAC deal, citing weak capital market conditions, Reuters reported.
Playtech currently receives a fee for the software and services it provides to Caliplay and has an option agreement with parent Caliente to buy 49% of the unit plus a right to buy new shares in the new vehicle, should Caliplay be bought out.
Silversmith Capital Partners raises $1.25bn for its fourth growth equity fund. (FS)
Silversmith Capital Partners, a private equity firm has held the first and final close of its fourth fund, Silversmith Capital Partners IV, which was significantly oversubscribed, at its hard cap of $1.25bn.
In addition to the $1.25bn from limited partners, the Silversmith team will contribute $90m to Fund IV. Fund IV is the firm’s largest to date and brings total capital raised to more than $3.3bn since its founding in 2015.
“Our investment strategy was built on four bedrock tenets that have not changed over the past seven years – invest in markets we know, invest in companies as they inflect, invest in companies that are capital efficient, and partner with truly exceptional entrepreneur. The steadfast support we received from our investors speaks volumes to how much the limited partner community values a disciplined approach. We are grateful for the trust and confidence our investors have in Silversmith and look forward to continuing to execute on our investment strategy," Jim Quagliaroli, Silversmith Managing Partner.
Silversmith was advised by Kirkland & Ellis.
Portage Ventures is looking to raise up to $1bn to fund fintech startups. (FS)
Portage Ventures is seeking to raise up to $1bn for a structured equity fund that will focus on financing startups in the financial technology sector that are reluctant to take a hit in their valuation amid the market downturn.
The fund will be a so-called structured equity fund, investing in securities that combine debt and equity features and do not require startups to lock in a valuation as with traditional equity fundraising.
Portage is aiming to raise $750m to $1bn for the fintech-focused fund, with a $200m capital commitment. The firm is expecting to reach a first close for the fund in November this year, DealStreetAsia reported.
Artest Management Group targets a $1bn fund. (FS)
Artest Management Group, an investment firm by former basketball player Metta Sandiford-Artest, is planning a new investment fund.
The fund is targeting $1bn. The fundraising hasn’t begun yet and the target size could still change. Focusing on the US and Asia, the new fund would invest in sports real estate and professional teams, as well as startups across health, sports, blockchain technology and real estate. The fund could also potentially be used to acquire businesses and to make a large investment in a Las Vegas professional basketball arena, Bloomberg reported.
EMEA
PAI Partners-backed European Camping Group, a tour operator, agreed to acquire Vacanceselect, a camping and holiday villages operator, from Permira, a private equity firm. Financial terms were not disclosed.
“The combination of ECG and Vacanceselect creates a French champion and European leader in the outdoor accommodation space, offering more than 400 destinations to our clients. We are confident in the prospects for our sector which is seeing consistently increasing demand. Thanks to the continuous improvements to our accommodation and campsite facilities and, as a result, to the overall client experience, our combined offering will be even more attractive to European families," Alain Calmé, ECG President.
PAI Partners is advised by AT Kearney, Roland Berger, BNP Paribas, PricewaterhouseCoopers, Rothschild & Co, Clifford Chance, Mayer Brown, Shearman & Sterling, Greenbrook and Primatice. ECG is advised by Loyens & Loeff. Permira is advised by Amala Partners, PricewaterhouseCoopers, Clifford Chance and Vae Solis Communications.
Liberty Global, a private equity firm, Telefónica, a Spanish multinational telecommunications company, and InfraVia Capital Partners, a private equity firm, agreed to form a $4.5bn joint venture, to build a new fibre network in the UK covering up to 7m homes.
“This landmark agreement with Liberty Global, Telefonica and InfraVia will expand our FTTH footprint to millions of new UK homes, creating the undisputed second national fibre network in the UK. VMO2 has already committed to upgrading its entire existing 16m footprint to FTTH. This JV will take our aggregate FTTH footprint to up to 23m homes, reaching around 80% of the UK. VMO2 will bring significant build expertise, and will benefit from a meaningful off-net growth opportunity and as the anchor client will support attractive returns for the JV – a winning combination. Finally, we are very excited to be working with InfraVia who we already partner with in Germany, and welcome the expertise they bring to the JV,” Mike Fries, Liberty Global CEO and Vice Chairman.
InfraVia is advised by Lazard, De Pardieu Brocas Maffei and Linklaters. Telefonica and Liberty Global are advised by Barclays, LionTree Advisors and Allen & Company.
Actis, a private equity firm, agreed to acquire Yellow Door Energy, a UAE-based leading solar developer. Financial terms were disclosed.
"We’re delighted to be contributing to the Middle East and Africa region’s transition away from fossil fuels by deploying new solar PV technology, presenting an exciting opportunity to scale the business, and where we see a clear opportunity and large addressable market," Lucy Heintz, Actis Partner and Head of Energy Infrastructure.
Yellow Door Energy is advised by Cantor Fitzgerald and White & Case. Actis is advised by HSBC and Clifford Chance.
Apollo, a private equity firm, agreed to invest $528m in Air France, a French airlines.
“Apollo is pleased to serve as a long-term strategic capital partner to Air France-KLM and is uniquely positioned to provide custom capital solutions like this to some of the world’s leading companies. Our ability to structure creative, scaled solutions at a wide-range of capital costs differentiates us from other platforms and provides attractive investment opportunities for both affiliated and third-party insurers as well as other institutional clients,” Jamshid Ehsani, Apollo Partner.
Air France is advised by Deutsche Bank and Skadden Arps Slate Meagher & Flom. Apollo is advised by Jeantet and Milbank.
Platinum Equity, a private equty firm, agreed to acquire the High Temperature Solutions business of Imerys, an industrial company, for $944m.
"We have great respect for the Imerys team, which has been an excellent steward of the HTS business for many years. We appreciate their confidence in our ability to deliver a transaction that is opportune for everyone involved. Platinum's carveout expertise and ability to manage through complex situations once again differentiated us. We are excited to add HTS to our growing pan-European portfolio and to support its new chapter of growth," Louis Samson, Platinum Equity Partner.
Platinum Equity is advised by National Bank Financial and Kirkland & Ellis.
Middleby, a cooking and industrial process equipment company, completed the acquisition of Colussi Ermes, a manufacturer of automated washing solutions for the food processing industry. Financial terms were not disclosed.
“Colussi has the broadest offerings of automated washing solutions, covering a wide array of applications. Their washing solutions are in demand due to technology that reduces labor needs, decreases water and energy usage, minimizes chemical use and operates in a small footprint. The Colussi washing systems complement our existing food processing solutions and are incorporated in many of our current customer projects. This acquisition will support a significant opportunity for collaboration with brands presently in our portfolio, to deliver best-in-class, full-line solutions to our customers," Tim FitzGerald, Middleby CEO.
Colussi Ermes was advised by Mediobanca and BonelliErede.
Blackstone to acquire a minority stake in Esdec, a rooftop solar mounting systems provider. Financial terms were not disclosed.
"On behalf of the management board, I am very happy to announce this important step in the Company’s growth strategy. For Esdec, this is the best of both worlds. We can continue our successful partnership with Rivean, that has provided indispensable support during the expansion of our business in the past few years. Additionally, we can now work with Blackstone and make good use of their great knowledge of the renewable space and strong footing in the United States, one of our most important markets. I am looking forward to further growing our business and benefiting from Blackstone’s widespread, relevant network," Stijn Vos, Esdec CEO.
Blackstone is advised by Simpson Thacher & Bartlett. Esdec is advised by JP Morgan.
Torunlar Group, an industrial group, agreed to acquire a 50% stake in AKCEZ Enerji, an electricity distribution firm, from CEZ Group, an energy company. Financial terms were not disclosed.
The sale of shares in the AKCEZ joint venture is part of CEZ Group´s new strategy “Vision 2030 – Clean Energy of Tomorrow” to divest chosen assets in selected countries and instead focus on the decarbonization of the production portfolio, development of renewable energy sources and providing modern energy services in the Czech Republic and across Europe.
CEZ Group is advised by Citigroup.
ICG, a private equity firm, completed the acquisition of British Solar Renewables, an integrated solar developer. Financial terms were not disclosed.
“Access to renewable energy is an important component of global climate efforts, and we are delighted to partner with BSR, providing capital to fund new solar projects, as we continue towards the Fund’s goal of investing in sustainable European infrastructure,” Guillaume d’Engremont, ICG Head of Infrastructure.
British Solar Renewables was advised by Pier Marketing.
PKN Orlen, an oil and gas company, agreed to merge with PGNiG, an oil and gas exploration and production company.
“Building a large, strong multi-utility group is a landmark business project that will stimulate further economic growth and help enhance Poland’s energy security. When PKN ORLEN and the LOTOS Group join forces, it will be easier for us to achieve the energy transition that Poland and all the other countries in Europe simply must undergo. In order to secure a strong position on international markets and ensure Poland’s energy security for many years to come, we need to build a company capable of successfully competing in global markets,” Iwona Waksmundzka-Olejniczak, PGNiG SA President of the Management Board.
PKN Orlen is advised by Citigroup.
Telecel, an international telecommunication group, agreed to acquire Ghanian business of Vodafone, a telecommunication firm. Financial terms were not disclosed.
Telecel plans to help fund the acquisition by later offloading the Ghana business’s mobile towers, according to people familiar with the matter, who asked not to be identified discussing confidential information.
PE and data firms vie for a $10bn Global Switch deal. (FS)
About 10 private equity firms and data companies are considering bidding for Chinese-controlled Global Switch, in a deal that could value the company at a $10bn.
The UK-based data center operator, controlled by Chinese steelmaker Jiangsu Shagang Group, kicked off a formal sale process earlier this month with non-binding bids due in the next couple weeks. Potential suitors include global fund KKR, Europe-based EQT Group as well as regional fund PAG.
The funds are expected to compete with a number of global data companies for a controlling stake in Global Switch. Global Switch said last month its shareholders were exploring a divestment transaction and it had appointed JP Morgan, Morgan Stanley, UBS and CITIC Securities to advise on the sale, DealStreetAsia reported.
ONGC Videsh and Indian Oil weigh a $3.4bn stake in Tullow Oil.
Indian oil companies ONGC Videsh and Indian Oil, are in talks to acquire a stake in Tullow Oil’s $3.4bn project in Kenya.
The transaction’s value may be between $2bn and $3bn. The Indian state-backed companies will be joint operators of the project after the deal. Tullow is the current operator of the project and has a 50% stake, while partners Africa Oil and TotalEnergies hold 25% each.
The potential deal signals the revival of Kenya’s aspiration to export oil on a commercial scale since Tullow discovered crude in the East African country in 2012. Tullow submitted a final field development program to the government in December, boosting the project that had stalled as the company focused on managing debt and finalizing its strategy., Bloomberg reported.
Multiply Group turns cautious on tech deals.
Multiply Group, an Abu Dhabi holding company, is taking a break from pure technology investments to focus on less volatile sectors.
The firm, which has a $882m warchest, will still look at companies in the wellness and beauty, utilities and media sectors that use technology to run their business. Over the past year, Multiply has snapped up shares in two of the biggest listings in the United Arab Emirates. It invested in Dubai utility DEWA’s landmark $6.1bn IPO, as well as in chemicals firm Borouge, which raised $2bn in Abu Dhabi.
“We are pausing a little bit of the enthusiasm we had on tech companies at the beginning of the year in favor of more solid income-recurring sectors, such as utilities,” Samia Bouazza, Multiply CEO.
H&M to sell Russian business.
H&M, a fashion retailer, has decided to sell its assets in Russia, the Russian Ministry of Industry and Trade said.
The potential buyer could be a Russian company or an entity from a "friendly" country - one of those that have not imposed sanctions against Russia, the ministry added.
H&M said earlier this month it had decided to initiate a process of winding down its business in Russia, Reuters reported.
Prada weighs a second listing in Milan.
Prada weighs a second listing in Milan, but not a priority for Hong Kong-listed Italian luxury group.
A dual listing in Europe would help Prada to widen its investor base, as some investment funds can only put money in European or US stocks.
But given its current market capitalisation of $14bn, it is time for Prada to "play in the top league" with a Milan listing, especially when tensions with the Chinese government have weakened Hong Kong's status as a financial and luxury hub, Reuters reported.
Tikehau Capital raises $3.4bn for its direct lending strategy. (FS)
Tikehau Capital, a global alternative asset manager, announces that it has raised a record $3.4bn for the fifth generation of its direct lending strategy. The fundraise comprises Tikehau Direct Lending V, the flagship vehicle for the Group’s direct lending strategy, which has reached a final close, and bespoke mandates and side vehicles.
The record fundraise reflects Tikehau Capital’s position as one of the most established direct lenders in Europe and signals continued strong appetite for the asset class from institutional investors globally. The $3.4bn raised for the fifth generation of the direct lending strategy exceeds by 57% the $2.1bn raised for the previous generation in 2019.
The capital raise received strong support from a variety of investors globally, including family offices, pension funds and insurance companies. The strategy attracted capital from investors already present in the previous vintage and which increased their commitments by c. 60% in the fifth generation, as well as a growing number of new international LPs, which shows a wide recognition of Tikehau Capital’s expertise and is a testament to the Group’s global expansion strategy.
APAC
Astra, a car manufacturer, and Toyota, company which manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide, agreed to form a joint venture, to provide commercial vehicle rental services.
“The establishment of this joint venture will expand and strengthen the partnership between Astra and Toyota. We hope that PT Mobilitas Digital Indonesia can play a role in increasing the smooth mobility of distribution and transportation flows in Indonesia,” Djony Bunarto Tjondro, Astra President Director.
Evergrande offers sweetener for debt revamp as China property crisis worsens.
China Evergrande Group will offer its offshore creditors asset packages that may include shares in two overseas-listed units as a sweetener, the developer said, as a stifling liquidity crisis in the property sector continues.
The two listed units are Evergrande Property Services Group and electric vehicle maker China Evergrande New Energy Vehicle Group, the embattled developer said in an update on its preliminary restructuring proposal, a move that was widely expected by creditors. With more than $300bn in liabilities, Evergrande, once China's top-selling developer has been at the centre of the crisis and its debt restructuring plan is seen as a possible template for others.
Evergrande's restructuring proposal, which was thin in details, comes as China's property sector, a key pillar for the world's second-largest economy, lurches from one crisis to another. The sector has seen a string of debt defaults by cash-squeezed developers, Reuters reported.
Lighthouse in talks to raise $400m fund. (FS)
Lighthouse Funds is in talks to raise $400m for a new fund, in what will be the biggest fundraising by the private equity firm that is targeting fast-growing consumer brands in the country.
Lighthouse is in talks with potential investors to raise its fourth fund, a partner at the private equity fund. The latest fund will be Lighthouse's largest so far, after its first $100m fundraising in 2009, followed by $135m and $230m in two funds in 2015 and 2019, respectively, Business Standard reported.
"We are seeing good interest, and are hopeful that the strength of the portfolio and performance of Funds II and III are good tailwinds for these discussions," Mukund Krishnaswami, Lighthouse Co-Founder.
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