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AMERICAS
Aon, a provider of risk and insurance brokerage consulting, agreed to acquire NFP, an insurance brokerage company, from Madison Dearborn, an American private equity firm, and HPS Investment Partners, an investment firm that offers portfolio management and advisory services, for $13.4bn.
"We have continually evolved our leading capabilities to better serve our clients' growing needs amidst increasing volatility across the marketplace. The acquisition will advance our relevance to clients, create opportunities for our colleagues and further strengthen our shared cultural values. Doug and NFP have built an exceptional team, with a complementary one-firm mindset, and we expect to both learn from their entrepreneurial culture and share with them the depth and breadth of our capabilities to create more value for clients, colleagues and shareholders," Greg Case, Aon CEO.
Aon is advised by Citigroup, UBS, Cravath Swaine & Moore (led by Robert I. Townsend, Keith Hallam, and Jin‑Kyu Baek), and McDermott Will & Emery. NFP is advised by Bank of America, Deutsche Bank, Evercore, Jefferies & Company, TD Securities, Ropes & Gray (led by Alexander Zeltser), and Skadden Arps Slate Meagher & Flom (led by Howard Ellin and Kenneth Wolff). Financial advisors are advised by Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz and Ian Hazlett).
Carlyle, a multinational private equity firm, and Insight Partners, a global software investor, agreed to acquire a majority stake in Exiger, a SaaS company. Financial terms were not disclosed.
"Exiger's AI technology transforms the way organizations identify and manage risk, reduce cost and increase resilience across their supplier and third-party ecosystems. We are thrilled to partner with Carlyle and Insight Partners as we continue to invest in our 1Exiger platform which empowers our customers to make confident, deliberate decisions informed by real-time insights," Brandon Daniels, Exiger CEO.
Carlyle is advised by Boston Consulting Group, Alvarez & Marsal, NextFed, PricewaterhouseCoopers, Union Square Advisors and Latham & Watkins. Insight Partners is advised by Boston Consulting Group, Alvarez & Marsal, Deutsche Bank, NextFed, PricewaterhouseCoopers and Willkie Farr & Gallagher (led by Matthew Guercio and Tai Fukumoto). Exiger is advised by McKinsey & Company, Ernst & Young, Jefferies & Company and Sidley Austin.
Bain Capital, an American private investment firm, completed the acquisition of Guidehouse, a global provider of consulting services to the public sector and commercial markets, from Veritas Capital, a longstanding technology investor, for $5.3bn.
"On behalf of the entire Guidehouse team, we're delighted to embark on the next phase of our growth in partnership with Bain Capital who shares our people-first culture, consulting heritage, and commitment to embracing complexity. Together, we see significant opportunities to capitalize on attractive marketplace dynamics to further grow the business with our best-in-class client delivery capabilities. We look forward to an impactful partnership with the Bain Capital team leveraging their resources and operational expertise as we work towards building our next generation consultancy with an unwavering commitment to creating the scalable, innovative solutions our clients need to succeed in this increasingly digital and complex environment," Scott McIntyre, Guidehouse CEO.
Clearlake Capital, a private equity firm, and Insight Partners, a venture capital and private equity firm, agreed to acquire Alteryx, a computer software company, for $4.4bn.
"We're pleased to announce our agreement with Clearlake and Insight. In addition to delivering significant and certain cash value to our stockholders, this transaction will provide increased working capital and industry expertise, and the flexibility as a private company. Together, we will make investments that matter most to our customers and accelerate our mission of harnessing the power of analytics to enable customers all over the world to transform data into a breakthrough," Mark Anderson, Alteryx CEO.
TG Natural Resources, a natural gas supplier company, agreed to acquire Rockcliff Energy II, an upstream natural gas company, from Quantum Energy Partners, a private equity firm, for $2.7bn.
“On behalf of Tokyo Gas America and Castleton Commodities International, I want to congratulate Alan Smith and the Rockcliff team as well as Wil VanLoh and the Quantum team for building an impressive company. With this acquisition, TG Natural Resources is committed to leadership in the Haynesville Play, one of the world’s most important sources of clean natural gas. We will have nearly a century in rig-years of gross operated and non-operated drilling inventory in the Haynesville, not counting the important plays in the Bossier and Cotton Valley. TGNR has a strong track record of investing across commodity cycles and this acquisition positions the company for long-term success. Rockcliff has also made large investments in reducing methane emissions from their already very clean operations and we plan to continue to accelerate the drive to lower methane intensity in our combined operations,” Craig Jarchow, TGNR CEO.
Rockcliff is advised by JP Morgan, Vinson & Elkins and Joele Frank (led by Jonathan Keehner). TGNR is advised by Bank of America, Goldman Sachs, Greenhill & Co, Kirkland & Ellis and Pierpont Communications.
Antarctica Capital, an international investment firm, completed the acquisition of Midwest, a technology-driven life and annuity platform, for $100m.
"Today marks the beginning of a new chapter for Midwest, and we are excited to work with the Antarctica team to fully capitalize on our market opportunity and drive future growth. This transaction was made possible by the outstanding contributions of our employees and partners, and we look forward to collaborating with Antarctica to grow and create further value for policyholders," Georgette Nicholas, Midwest CEO.
Midwest was 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). Antarctica Capital was advised by Frohman Law Office and Kirkland & Ellis (led by Lauren Colasacco, Rajab Abbassi and Michael Amalfe).
Monomoy, a private equity firm, agreed to acquire Waupaca Foundry, an iron foundries company, from Proterial, a material manufacturer. Financial terms were not disclosed.
“Waupaca Foundry is excited to start a new chapter with Monomoy, an experienced, operationally-focused investment group, to continue to invest and grow our commitment to our customers, suppliers, and employees. The Waupaca leadership team looks forward to a bright future and the opportunities that can stem from this partnership. We are thankful for Proterial’s support and welcome the resources and partnership Monomoy will bring. Together, we will focus on capitalizing on opportunities to expand and grow the business in a wide range of sectors in the Americas, including the automotive, industrial machinery, agricultural machinery, and construction machinery sectors, while building upon our legacy of success,” Michael Nikolai, Waupaca Foundry President, CEO, and COO.
Monomoy is advised by BMO Capital Markets, Kirkland & Ellis and MiddleM Creative (led by Jan Morris). Debt financing is provided by BMO Capital Markets. Waupaca Foundry is advised by JP Morgan, Moelis & Co and Ropes & Gray. Proterial is advised by Stanton PRM (led by Charlyn Lusk).
Hildred Capital, a healthcare focused growth equity firm, completed the acquisition of Hello Bello, an online store that offers goods for children. Financial terms were not disclosed.
"We are excited to be part of the Hildred family of companies. Hildred has a great deal of experience in this space and with their partnership, we are confident that we will continue to not only make great products but increase our efficiency and manufacturing capacity for our customers and retail partners. We will now be in a stronger financial position and benefit from operational expertise from both Hildred and similarly situated businesses in its portfolio," Erica Buxton, Hello Bello CEO.
Hello Bello was advised by Emerald Capital Advisors, Jefferies & Company, Willkie Farr & Gallagher, and Young Conaway Stargatt & Taylor. Hildred Capital was advised by Alvarez & Marsal, Lowenstein Sandler, and Prosek Partners (led by Mike Geller).
TPG, a private equity firm, completed the acquisition of a 75% stake in two Class-A industrial business parks in the Greater Toronto Area: Brampton Business Park and Vaughan Business Park, from Oxford Properties, a Canadian multinational corporation, for $750m.
“This joint venture provides a unique opportunity to enter the market at scale through the acquisition of some of the highest-quality industrial assets in all of Toronto,” Jacob Muller, TPG Partner.
TPG was advised by Davies Ward Phillips & Vineberg and Kirkland & Ellis. Oxford Properties was advised by CBRE Group, Desjardins, RBC Capital Markets, and Stikeman Elliott.
Orica, a mining and infrastructure solutions provider, agreed to acquire Terra Insights, a cloud data delivery platform, from Vance Street Capital, a Los Angeles-based private equity firm, for $377m.
"Terra exemplifies Vance Street's strategy of partnering with best-in-class highly engineered solutions providers and leveraging our operating partner network to execute on the Vance Street Value Creation Playbook. CEO Mark Price and the Terra team have done an exceptional job of executing on the strategy, taking niche hardware solutions and transforming Terra into one of the leading innovative sensors and data delivery technology providers for geotechnical, structural and geospatial monitoring in mining and infrastructure. We want to thank the Terra team for their hard work and great partnership over the past six years," Brian Martin, Vance Street Capital Managing Partner.
Terra Insights and Vance Street Capital are advised by Lazard, Davies Ward Phillips & Vineberg and O'Melveny & Myers. Orica is advised by JP Morgan and Gilbert + Tobin.
JC Flowers, a private investment firm dedicated to investing globally in the financial services industry, completed a $125m investment in CFG Bank, a bank that provides financing and banking solutions to the national healthcare and multifamily industries.
"We are pleased to partner with JC Flowers and welcome Louis and Tom to our board of directors. As our business continues to grow, this investment will support our trajectory and enable us to maintain our big bank capabilities and expertise, coupled with our relationship-driven boutique bank service, that differentiate us in the market. For 30 years, we have embraced our entrepreneurial and personalized approach that has allowed us to execute creative, unique solutions to help our clients reach – and exceed – their goals. Through this partnership, we look forward to continuing our track record of consistent, profitable growth," Jack Dwyer, CFG Bank Chairman.
Nordic Capital, a private equity company, completed the acquisition of a majority stake in IntegriChain, a cloud software company, from Accel-KKR, a technology-focused investment firm. Financial terms were not disclosed.
"Our industry's most pressing challenge is to deliver access to its life changing science while preserving enough of its net revenue to continue delivering value to its investors. IntegriChain brings together the data, technology, and talent that the industry will need to find and operationalize more profitable strategies for drug commercialization. Nordic Capital has unique experience at the crossroads of Pharma, healthcare technology, and payments technology. Their expertise and industry perspective will help us accelerate our execution on our vision, particularly our ongoing investments in the ICyte Platform and its increasingly essential net revenue applications, data, and analytics," Josh Halpern, IntegriChain Co-Founder and CEO.
Nordic Capital was advised by Evercore. Accel-KKR was advised by Kekst CNC (led by Todd Fogarty). IntegriChain was advised by Harris Williams & Co, Morgan Stanley and Sage Strategic Marketing (led by Jennifer Guinan).
GI Partners, a private equity company, agreed to acquire DQE Communications, a telecommunications service provider, from Duquesne Light, an energy services holding company. Financial terms were not disclosed.
"This is a great opportunity for DQE. The investment by GI Partners uniquely positions DQE as a scaled and trusted strategic network provider. GI Partners is an experienced and knowledgeable investor in digital infrastructure, and we look forward to partnering with them to accelerate our network solutions and geographic reach while remaining fully committed to delivering exceptional service that our customers have come to expect from us for over 25 years," Jim Morozzi, DQE Communications CEO.
GI Partners is advised by TD Securities, Simpson Thacher & Bartlett and Chris Tofalli Public Relations (led by Chris Tofalli). Duquesne Light is advised by JP Morgan and Taft Stettinius & Hollister.
Kodiak Gas, a contract compression company, agreed to acquire CSI Compressco, a provider of compression services and equipment for natural gas and oil production, from Spartan Energy, a commercial electricity firm, and Merced Capital, an investment firm, for $854m.
"I am excited to announce the acquisition of CSI Compressco, a highly accretive and leverage-neutral transaction that we believe will unlock significant value for both Kodiak shareholders and CSI Compressco unitholders. The increased scale provided by the industry's largest contract compression fleet will allow Kodiak to continue to provide the highest level of service in the industry to our customers, many of which are themselves undergoing consolidation. The increase in pro forma Discretionary Cash Flow and Free Cash Flow will provide Kodiak greater financial flexibility to increase dividends, and implement a share repurchase program, all of which is consistent with our capital allocation strategy that combines investment to grow our fleet and the return of capital to shareholders through an attractive dividend, all while living within free cash flow," Mickey McKee, Kodiak CEO.
CSI Compressco is advised by Jefferies & Company and Vinson & Elkins. Kodiak is advised by Dennard Lascar (led by Ken Dennard), Barclays and King & Spalding.
H.I.G. Capital, a global alternative investment firm, agreed to acquire the spine business of ZimVie, a global life sciences firm, for $375m.
"The ZimVie spine business has a solid foundation with a market-leading product portfolio, strong surgeon satisfaction and exceptional patient outcomes. We see a tremendous opportunity to partner with the spine leadership team to support best-in-class innovation and robust commercial execution. The combination of H.I.G.'s expertise in the medical device space and the capabilities of ZimVie spine management will create an innovation engine for distributors, surgeons and patients," Mike Gallagher, H.I.G. Capital Managing Director.
ZimVie is advised by Centerview Partners, Cravath Swaine & Moore and Gilmartin Group. H.I.G. Capital is advised by McDermott Will & Emery.
ShoreView Industries, a private equity firm, completed the acquisition of P&F Industries, a manufacturer and importer of air-powered tools and accessories sold principally to the aerospace, industrial, automotive, and retail markets, for $50m.
"The closing of this transaction represents the beginning of a new chapter for P&F, and we are excited for what the future holds. We are proud of the leadership position we have built and believe we are well prepared to advance our business and continue delivering high value tools for our customers with the expertise of the Shoreview team," Richard Horowitz, P&F Industries Chairman of the Board, CEO and President.
ShoreView was advised by Sidley Austin. P&F Industries was advised by East Wind Advisors, Ruskin Moscou Faltischek and Skadden Arps Slate Meagher & Flom (led by Richard Grossman).
Marathon Digital, a digital asset technology company, agreed to acquire two Bitcoin mining sites from Generate Capital, an investment company, for $179m.
“For the past year, Marathon has been vertically integrating as we transition into a more sophisticated and mature organization with a diversified portfolio of Bitcoin mining technologies and assets, and the acquisition of these sites is the next step in that evolution. By acquiring the sites in Granbury, Texas and Kearney, Nebraska from Generate, we have an opportunity to reduce our bitcoin production costs at these sites, to capitalize on energy hedging opportunities, and to expand our operational capacity," Fred Thiel, Marathon Chairman and CEO.
Anthelion Capital, a private equity firm, led a $135m Series D round in GreyOrange, an AI-driven fulfilment automation company, with participation from Mithril, 3State Ventures and Blume Ventures.
“GreyOrange’s technical and commercial advances reinforce our shared mission to bring game changing automation and productivity to retail. GreyOrange’s thoughtful implementation of their pioneering technology has earned the trust of the world’s largest retailers and logistics partners. GreyOrange is leading a major shift in productivity, safety, and novel forms of convenience that will benefit hundreds of millions of consumers,” Ajay Royan, Mithril Founder and Managing General Partner.
GreyOrange was advised by LeadCoverage.
Pritzker Private Capital, an investor in middle-market businesses, completed the acquisition of a stake in HeartLand, a provider of landscaping services to commercial customers. Financial terms were not disclosed.
“Ed and the HeartLand team have built an impressive industry leading business with a proven track record. HeartLand’s scalable platform pairs centralized resources with a focus on delivering high quality localized service, which positions the Company to continue to excel and execute new growth opportunities. We look forward to supporting Ed and the team as they continue to build HeartLand for sustained success,” Eric Kieras, PPC Investment Partner.
Lightspeed Venture, a private equity firm, led a $125m Series D round in Vestwell, a software company, with participation from Fin Capital, Primary Venture Partners, FinTech Collective, Blue Owl and HarbourVest.
"We are deeply impressed by Vestwell for its groundbreaking infrastructure-first approach to solving the systemic savings problem in the US. Their commitment to the thoughtful execution of its plans assures us of its stability and growth potential in the workplace savings and investment space. The platform is already transforming the financial futures of countless Americans, demonstrating not only a strong, healthy enterprise SaaS business model but also a clear, decade-long vision. They're undeniably the dominant player and a true disruptor when it comes to the savings landscape – Lightspeed is excited to invest, and I'm proud to be joining the board and look forward to working closely alongside Aaron and his team to accelerate this company together," Justin Overdorff, Lightspeed Venture Partner.
Webster Financial, a commercial bank, agreed to acquire Ametros Financial, a custodian and administrator of medical funds from insurance claim settlements, from Long Ridge Equity, an investment firm. Financial terms were not disclosed.
“This acquisition closely aligns with our strategic focus on building a diverse and unique funding base. Ametros’ market position and value proposition for its clients and partners underpin a robust growth trajectory for this highly complementary business. Ametros builds on Webster’s history of developing non-traditional deposit verticals with a favorable financial profile, including HSA Bank and interLINK," John Ciulla, Webster Financial President and CEO.
H.I.G. Capital, a private equity firm, completed the acquisition of Penhall, a construction company. Financial terms were not disclosed.
“Penhall has a long track record of continuously delivering high-quality solutions to customers across both small local jobs and larger national projects alike, while successfully expanding the company’s geographic footprint and portfolio of services and continuing to reinforce the strong organizational culture that is foundational to our success. We are excited to work with H.I.G, which will enable us to further grow our offerings for our customers,” Greg Rice, Penhall CEO.
KKR acquires $7.2bn portfolio of prime recreational vehicle loans.
KKR, a global investment firm, announced that funds and accounts managed by its credit business have led the purchase of a $7.2bn portfolio of super-prime recreational vehicle loans from BMO Bank National Association, part of BMO Financial Group.
This transaction aligns with KKR’s Asset-Based Finance strategy, which focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets, offering diversification to traditional corporate credit and attractive risk-adjusted returns.
Paramount in talks to sell BET network to management group.
Paramount Global is in talks to sell its Black Entertainment Television network to a management-led investor group, Bloomberg reported.
The potential buyers include BET CEO Scott Mills and Chinh Chu, a former Blackstone executive who runs New York-based CC Capital Partners. A price of a little under $2bn has been discussed.
Elanco Animal Health CEO targeted by activist investor Ancora.
Activist investor Ancora has built a position in Elanco Animal Health and is pushing for leadership changes at the animal-medicine maker, Bloomberg reported.
Ancora wants the Greenfield, Indiana-based company to replace Chief Executive Officer Jeffrey Simmons and refresh its board. Ancora, which is among top 10 shareholders of the company, is also urging Elanco to improve its margins.
Blackstone reaches deal with bondholders on defaulted Nordic debt.
Blackstone has reached an agreement with creditors on a defaulted loan, a move that will buy the private equity giant time to sell the remainder of a Finnish property portfolio, Bloomberg reported.
Holders of the commercial mortgage backed securitized notes voted to approve an extension of the underlying senior loan maturity date to February 15 2027, with the final note maturity extended to May 2031.
Merchant bank BDT & MSD raises $3.2bn for latest real estate credit fund.
BDT & MSD Partners, the merchant bank created by the merger of firms backed by Byron Trott and Michael Dell, raised $3.2bn for a new real estate credit fund that’s providing capital to US borrowers at a time when many traditional lenders have retreated.
The firm’s employees and Dell committed $600m to MSD Real Estate Credit Opportunity Fund II, Bloomberg reported.
Turnspire Capital Partners closes fund II at $275m hard cap.
Turnspire Capital Partners, a private investment firm focused on lower middle-market industrial and consumer businesses has held the final closing of Turnspire Value Fund II, at its hard cap of $275m in capital commitments.
Fund II attracted support form a diverse group of institutional investors across North America and Europe, including corporate and public pension funds, endowments and foundations, asset managers, funds of funds, and family offices as well as high-net-worth individuals. Turnspire Capital was advised by Chapman and Cutler and InRider Partners.
Tishman Speyer secures $109m so far for proptech venture fund.
New York-based property developer and investor Tishman Speyer has so far raised $109m in commitments for its debut proptech venture capital fund, DealStreetAsia reported.
Tishman Speyer is aiming to raise a total of $165m for the VC fund, Tishman Speyer Proptech Venture Fund, which secured backing from the National Pension Service of Korea and Investment Management Corporation of Ontario.
EMEA
Argos Wityu, a private equity firm, agreed to invest in Bracchi, an Italian transport company. Financial terms were not disclosed.
"We are very proud that Bracchi leads the way as first investment of our Climate fund. Bracchi represents Italian excellence, appreciated and recognized in Europe with a strong development potential. Together with the management, we aim to activate strong buyout fundamentals while deploying proprietary sustainability levers. Our objective is for Bracchi to become a European sustainable leader in the transport and logistic market," Lucio Ranaudo, Argos Wityu Senior Partner.
Rivean Capital, a private equity firm, completed the acquisition of Dataciders, a provider of data & analytics services, from AUCTUS Capital, a financial services and investment banking firm. Financial terms were not disclosed.
"Dataciders' vision is that no one will ever have to make bad business decisions again, but that data analysis will provide the appropriate basis for business success. According to current studies on digital infrastructure, Germany is falling further and further behind worldwide. For example, the IDM World Competitiveness Ranking puts our country in 49th place in the area of data & analytics. Dataciders wants to help strengthen our digital competitiveness and bring Germany back into the top 10," Dr. Gero Presser, Dataciders CEO and Co-Founder.
Rivean Capital was advised by Codex Partners, Alvarez & Marsal, and Paul Hastings (led by Frederik Muehl). Debt financing was provided by Herter. AUCTUS was advised by Altman Solon, Houlihan Lokey, KPMG and Ebner Stolz.
The Italian government is reviewing the planned acquisition of Prelios by Andrea Pignataro’s Ion group, as Rome steps up its scrutiny of the tycoon following a string of high-profile deals, Bloomberg reported.
Prime Minister Giorgia Meloni’s administration is weighing whether to invoke the “Golden Power” provision — which allows it to block or impose conditions on deals involving strategic assets — for Ion’s agreement to buy the Italian alternative asset manager.
Frasers Group, a British retailing group, agreed to acquire MATCHES, a manufacturer of casual chic wear of knitted jerseys and fleece garments, from Apax Partners, an independent global partnership focused solely on long-term investment in growth companies, for £52m ($66m).
"MATCHES has always been a leader in online luxury retail and has incredible relationships with its brand partners. This acquisition will strengthen Frasers' luxury offering, further deepening our relationships and accelerating our mission to provide consumers with access to the world's best brands. Whilst the global luxury environment is softer, we are confident that, by leveraging our industry-leading ecosystem, we will unlock synergies and drive profitable growth for MATCHES," Michael Murray, Frasers CEO.
A group of investors, including Otro Capital, RedBird Capital Partners, and Maximum Effort Investments, completed the acquisition of a 24% stake in Alpine Racing, a Formula One constructor, from Renault Group, an automobile manufacturer, for €200m ($219m).
“This association is an important step to enhance our performance at all levels. First, Otro Capital, RedBird Capital Partners and Maximum Effort Investments, as international players with strong track record in the sports industry, will bring their recognized expertise to boost our media and marketing strategy, essential to support our sporting performance over the long term. Second, the incremental revenue generated will in turn be reinvested in the team, in order to further accelerate our Mountain Climber plan, aimed at catching up with top teams in terms of state-of-the-art facilities and equipment,” Laurent Rossi, Alpine CEO.
Altor, a private equity firm, offered to acquire Permascand, a technology-driven manufacturer of electrochemical solutions, for $100m.
“We have followed the company over the last year closely, and truly believe that there is a fantastic opportunity for Permascand to take significant share in the fast-growing hydrogen market as a supplier of a key and hard-to-manufacture component to electrolyzers. We have increasingly invested in Green Transition companies, and Permascand is a perfect fit next to companies such as H2 Green Steel, Aira and Vianode. Given the significant investments required to increase manufacturing capacity, particularly in relation to the renewables end-market, we strongly believe that the company should be operated in a private setting during this transformative period," Clara Zverina, Altor Principal.
Altor is advised by SEB Corporate Finance (led by Carl Montalvo) and White & Case (led by Johan Steen). Permascand is advised by Carnegie Investment Bank.
Thoma Bravo-backed Proofpoint, a people-centric cybersecurity and compliance company, completed the acquisition of Tessian, an email cybersecurity company from Schroders Capital Global Innovation Trust, a British investment trust dedicated to long-term investments predominantly in the United Kingdom. Financial terms were not disclosed.
"Tessian's innovative technology will further enhance Proofpoint's threat and information protection platforms by adding powerful layers of AI-powered defense that address risky user behaviors, including misdirected email and data exfiltration. We're delighted to welcome the Tessian team to Proofpoint and look forward to helping organizations address the most frequent form of data loss at the most critical stages of the attack chain," Darren Lee, Proofpoint Executive Vice President.
Atairos, an independent strategic investment company, agreed to invest in V Sports, a holding company that administers association football clubs. Financial terms were not disclosed.
"Aston Villa is a historic football club with an exceptional management team and significant growth potential. We are strong believers in the long-term global growth potential of the Premier League and Aston Villa's men's and women's teams. We have great respect for Aston Villa's leadership and look forward to partnering with Nassef and Wes. We are excited to bring our expertise in supporting businesses in the leisure, sports, and live entertainment industries to elevate the Club to even greater heights," Michael Angelakis, Atairos Chairman and CEO.
ADM, a premier global human and animal nutrition company, agreed to acquire Fuerst Day Lawson, a formulator, developer and manufacturer of proprietary taste and nutrition ingredient solutions, from Highlander Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to enter into this agreement with ADM. They're an ideal partner for us, with global nutrition and flavor capabilities that will provide new opportunities to strengthen FDL's portfolio of taste and nutrition solutions. In turn, the FDL team looks forward to helping add to ADM's broad offerings with our diverse portfolio of flavor and functional ingredient systems, IP, and capabilities, as well as the entrepreneurial spirit and innovativeness of human talent that has enabled FDL to become a differentiated market leader today. ADM is synonymous with the best in animal and human nutrition, and together, we look forward to delivering new and innovative ingredient solutions to our global customer base in the food and beverage industry," Eric Beatty, FDL CEO.
Fuerst Day Lawson is advised by Rothschild & Co and DLA Piper.
Carl Zeiss, a manufacturer of optical systems and optoelectronics, agreed to acquire Dutch Ophthalmic Research Center, a retinal surgical devices manufacturer, from Eurazeo, an investment company, for €985m ($1.08bn).
"With the acquisition of Dutch Ophthalmic Research Center, we'll bring together two highly innovative ophthalmic powerhouses to accelerate ZEISS's position in the vitreo-retinal surgery segment and extend our leadership in the ophthalmic medical devices market," Markus Weber, Carl Zeiss President and CEO, Meditec.
Carl Zeiss is advised by RBC Capital Markets.
Inflexion, a private equity firm, agreed to acquire a 39% stake in healthcare business of GlobalData, a data analytics and consulting company, for £434m ($549m).
"GlobalData is renowned for creating data and analytical insight for its clients across many verticals. We are really excited about our partnership with them to carve out and expand an independent Healthcare business. This is a tried and tested strategy we've successfully pursued many times and another example of Inflexion being the leading minority investment partner," David Whileman, Inflexion Head of Partnership Capital.
GlobalData is advised by JP Morgan.
SNB Capital, a Saudi joint-stock company that specializes in investment banking, and Sanabil Investments, a sovereign wealth fund, led a $340m Series C round in Tamara, a provider of a buy now, pay later platform that enables customers to pay in installments, with participation from Shorooq Partners, Pinnacle Capital, and Impulse VC.
"Saudi Arabia deserves its place on the world stage for financial technology. Just as Tamara was created by local entrepreneurs, nurtured by a supportive local ecosystem and market regulators, we stand here today, humbled and hungry, ready for our own leapfrog moment. This achievement is a testament to the ecosystem, to our incredible team, investors, and the collaborative spirit that makes this region a great place for talent to flourish. As we set our sights on becoming the next big giant in shopping, payments and banking we remain ever grateful for the significant opportunity in this underpenetrated and underserved banking and financial services landscape. Furthermore, The Saudi Central Bank (SAMA) has been instrumental in creating an enabling environment for Saudi companies like Tamara to grow and innovate in the Saudi fintech sector," Abdulmajeed Alsukhan, Tamara Co-founder and CEO.
KKCG, a European investment and innovation group, agreed to acquire Avenga, an end-to-end software engineering and consulting platform, from private equity firms Oaktree Capital and Cornerstone. Financial terms were not disclosed.
"Today marks a significant stride in our journey to grow KKCG's IT pillar into a global tech and consultancy platform. The acquisition of Avenga as a highly complementary asset to our existing Qinshift portfolio company will enable us to effectively double our presence in the custom software development space, while tapping into deep pools of IT talent in Poland, Ukraine, and Argentina. This, coupled with enhancing our expertise in critical sectors such as healthcare & pharma, significantly expands our capabilities to better serve more clients around the world," Michal Tománek, KKCG Investment Director.
Oaktree Capital and Cornerstone are advised by Citigroup.
Yellow Wood Partners, a private equity firm, agreed to acquire Elida Beauty, a personal care products company, from Unilever, a consumer goods company. Financial terms were not disclosed.
“We are excited to work with the Elida Beauty team to lead these brands into their next phase of growth and expansion. Consumers around the world love these brands as they are an important part of their daily lives. We believe the brands will flourish in the Yellow Wood operating model where our teams will work to build and enhance growth and accessibility,” Tad Yanagi, Yellow Wood Partners Partner.
Yellow Wood Partners are advised by Chris Tofalli Public Relations (led by Chris Tofalli).
Macquarie Asset Management, an asset manager, agreed to acquire a 50% stake in Last Mile, a business that designs, installs, owns and operates last mile electricity, gas, water and wastewater networks, from M&G-backed Infracapital, an investment company. Financial terms were not disclosed.
“We are delighted to announce this partnership with Macquarie Asset Management. As we continue to develop Last Mile alongside Macquarie we see significant opportunities to further grow the company, including the opportunity we have developed within the energy transition space. Macquarie is a deeply knowledgeable utilities investor, and we look forward to working together to build on the business’s strategy as a leading last mile multi-utility provider across the UK," Mark Chladek, Infracapital Head of Brownfield.
Infracapital is advised by DC Advisory (led by Neale Marvin).
IBM, an American multinational technology corporation, agreed to acquire StreamSets and webMethods enterprise technology platforms from Silver Lake-backed Software, a German multinational software corporation, for €2.13bn ($2.3bn).
"Together with IBM's watsonx AI and data platform, as well as its application modernization, data fabric and IT automation products, StreamSets and webMethods will help clients unlock the full potential of their applications and data. This powerful combination helps drive innovation while preparing businesses for AI, no matter where applications or data reside," Rob Thomas, IBM Senior Vice President, Software and Chief Commercial Officer.
KKR, an investment company, offered to acquire Greenvolt, an energy production from residual forest biomass company, for $1.3bn.
KKR’s Gamma Lux fund offered €8.3 ($9) a share for Greenvolt, an 11% premium on the company’s closing share price on December 20. The green energy firm’s stock jumped to the offer price when trading resumed after being suspended by Portugal’s stock market regulator earlier on December 21.
Energy Infrastructure Partners, a private equity firm, agreed to acquire a 9% stake in Plenitude, a utility company, from Eni, an oil and gas company, for €900m ($986m).
"We have achieved an excellent transaction. Thanks to it we highlight the value of Plenitude within Eni; we strengthen Plenitude’s financial structure to further support its energy transition and growth path; and we establish a long-term partnership with a leading international financial investor capable of contributing to Plenitude's value creation. Finally, we also improve Eni's capital structure, reducing its consolidated net financial leverage and optimizing its capital base. Indeed, this is a major milestone in our satellite model development, a key strategic initiative aimed at enhancing our high potential businesses by creating the conditions for independent growth, accessing new pools of capital, and providing visibility into their market value. We have made an important step forward in the enhancement of one of our strategic companies, that, alongside our sustainable mobility company Enilive, is focused on the sale of increasingly decarbonized products and the abatement of our Scope 3 emissions in our energy transition pathway,” Claudio Descalzi, Eni CEO.
BlackRock, an investment company, agreed to invest $400m in Positive Zero, a decarbonisation firm.
“The conclusion of COP28 in Dubai marks the beginning of a transformative partnership with BlackRock. This investment not only endorses the region's potential and our innovative business model but also aligns with our mutual aspiration to cultivate a new era in the energy economy. We are set on a journey to achieve the ambitious COP28 targets of tripling renewables and doubling efficiency by 2030," Mohammed Abdulghaffar Hussain, Positive Zero Co-Founder and Chairman.
Keppel Infrastructure Trust, an infrastructural trust fund, agreed to acquire a 45% stake in a solar portfolio from Enpal, an energy company, for €109m ($119m).
“We are very excited to participate in the growing adoption of solar energy, and to expand our presence in Germany’s burgeoning renewable energy sector, which is propelled by the country’s ambition to achieve carbon neutrality by 2045. Our investment in Enpal’s substantial home solar portfolio marks KIT’s first acquisition in the solar energy sector and will expand our exposure to renewables beyond onshore and offshore wind," Kevin Neo, Keppel Infrastructure Trust CEO.
German football to shortlist private equity bids next week.
German professional football’s governing body plans to meet early this week to whittle down the list of private equity bidders seeking a stake in the league’s media rights, Bloomberg reported.
The supervisory board of DFL Deutsche Fussball Liga will consider which suitor is offering the best price while also navigating potential conflicts of interest. EQT has so far presented the highest bid with an initial proposal valuing DFL’s media rights unit at about $14bn.
General Atlantic in talks to buy UK infrastructure investor Actis.
US private equity firm General Atlantic is in talks to acquire infrastructure fund manager Actis as it seeks to diversify and add assets ahead of an expected initial public offering, FT reported.
The deal, which would add $12.7bn to General Atlantic's $77bn assets under management, has yet to be finalised and could still fall apart.
Hg said to near £3bn Iris Software sale to Leonard Green.
Hg is nearing a deal to sell Iris Software to rival buyout firm Leonard Green & Partners, after negotiations with KKR stumbled at the eleventh hour, Bloomberg reported.
The transaction may be announced as soon as this week. The deal, which will rank as the year's biggest buyout of a private European software company, could value UK-based Iris at more than £3bn ($3.8bn).
Edinburgh Airport owners pick banks to take flight with £2.5bn sale.
Global Infrastructure Partners has hired HSBC and JP Morgan to orchestrate a sale of the Scottish capital's aviation hub. The process, which is expected to get underway at some point in the first half of 2024, will reflect the industry's post-Covid recovery, and is expected to attract interest from infrastructure investors from around the world.
GIP has owned Edinburgh Airport since 2012, when it bought it from BAA, which was the FTSE-100 airport infrastructure group behind Heathrow. GIP was said to have explored a sale in 2016 but was deterred by jittery investment connected to the Brexit vote that year. Stakes in Britain's busiest airport have since changed hands on a relatively frequent basis, with the Saudi Public Investment Fund and French investor Ardian acquiring a substantial shareholding last month.
Spain to buy Telefonica stake worth as much as $2.2bn.
The Spanish government plans to buy a stake in Telefonica worth as much as $2.2bn, a bid to safeguard one of the nation's most strategic assets as Saudi Arabia builds up its own position in the company, Bloomberg reported.
Sepi, Spain's investment vehicle, will buy as much as 10% of Telefonica's shares — a stake that may total more than $2.2bn — in an effort to provide "greater shareholder stability" and protect the former telecom monopoly's "strategic capacities".
Activist investor Cevian takes 1.3% stake in UBS.
Cevian Capital has taken a 1.3% stake in UBS, worth around €1.2bn ($1.31bn), Reuters reported.
The investment group said it saw "significant value potential" in UBS following its takeover of Credit Suisse. The banks's shares have risen by 47% this year, outpacing the Swiss market index, which has risen by 4%.
Origin increases stake in UK’s Octopus Energy for $354m.
Origin Energy on December 18 increased its stake in UK-based renewable energy firm Octopus Energy by 3% to 23%, by investing £280m ($354m).
Origin is investing alongside existing major investors Canada Pension Plan Investment Board and Generation Investment Management, Reuters reported.
European telecoms group Lebara explores sale.
European telecoms group Lebara is examining a possible sale or initial public offering after emerging as a winner from the cost of living crisis, FT reported.
The London-based company, which since 2019 has been owned by the investment groups Alchemy and Triton, began life offering cheap international phone calls to migrants who had come to Europe.
Polen Capital strikes deal for Somerset Capital’s UK funds.
Polen Capital, the $60bn US-based investment manager, will take over the UK funds of Somerset Capital Management — the collapsed emerging-markets boutique co-founded by Conservative MP Sir Jacob Rees-Mogg, Financial News reported.
Somerset, established in 2007, announced on December 7 that it was winding down, having lost a key mandate from UK wealth manager St James's Place that accounted for around two-thirds of its assets under management.
Julius Baer's Signa losses could reach $460m.
Julius Baer's exposure to toppled property group Signa could result in losses that far exceed the provisions taken by the Swiss wealth manager, Reuters reported.
"We have increased our expectation for credit losses to CHF400m ($461m) on the mentioned exposure," Michael Klien, Zuercher Kantonalbank Analyst.
Klien, who previously estimated the loss at CHF300m ($345m), said the increased figure reflects that private debt often has no direct recourse to real assets.
Saudi’s Tabby gets $700m credit line from JP Morgan.
Saudi Arabia-based Tabby, one of the Middle East’s first fintech unicorns, bolstered its balance sheet with an asset-backed credit line of as much as $700m from JP Morgan, before a planned listing in the kingdom, Bloomberg reported.
The buy-now-pay-later firm also increased a recent funding round to $250m after adding Saudi Arabia’s Hassana Investment as an investor. It was also joined by US-based Soros Capital Management and Saudi Venture Capital.
Blackstar Capital secures $1bn in funding to support government contractors and subcontractors.
Blackstar Capital, a provider of invoice financing to businesses, announced that it has secured $1bn in funding to support government contractors and subcontractors.
The funding will be used to provide working capital solutions to businesses that provide services to the government, both prime contractors and subcontractors.
Saudi PE firm Jadwa eyes $530m fund for Mideast deals.
Saudi private equity firm Jadwa Investment is planning to raise as much as $530m for a new fund to boost dealmaking in fast-growing oil-exporting countries in the Middle East, Bloomberg reported.
The firm is raising its first blind pool fund with a view to taking significant minority stakes in as many as 12 companies over the next three years. It will target investments in Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman, an economic bloc known as the Gulf Cooperation Council of GCC.
APAC
CYVN, an investment vehicle based in Abu Dhabi, agreed to invest $2.2bn in Nio, a company in the premium smart electric vehicle market.
"We are deeply inspired by CYVN’s vision to accelerate the global transition to a more sustainable future, and we appreciate its endorsement of NIO’s unique values. With the enhanced balance sheet, NIO is well prepared to sharpen brand positioning, bolster sales and service capabilities, and make long-term investment in core technologies to navigate the intensifying competitive landscape, while continually improving execution efficiency and system capabilities. We are confident that NIO will further solidify its leading position in the transformation of the automotive industry," William Bin Li, NIO Founder, Chairman and CEO.
CVC Capital, an investment company, agreed to acquire Sogo Medical, Japan's fifth biggest pharmacy by store numbers, from Polaris Capital Group, a private equity firm, for $1.2bn.
"We are looking forward to working together with Sogo as one to continue its development and expansion, while making sure we uphold the company’s long-term philosophy," Atsushi Akaike, CVC Managing Partner and Co-Head of Japan.
Crescendo Equity Partners, a private equity firm, led a $140m funding round in LINE NEXT, LINE’s venture dedicated to developing and expanding the NFT ecosystem.
This investment represents the largest funding round in the Asian blockchain Web3 industry for this year. With the raised funds, LINE NEXT aims to expand its global business and develop new services as part of its plan to popularize the Web3 ecosystem.
India's Edelweiss Financial to sell stake in unit for up to $240m.
India's Edelweiss Financial Services on December 18 said it has started the process of selling equity in its alternative asset management unit and plans to raise about $180m-$240m by a divesting 10%-20% stake, Reuters reported.
The company is receiving significant interest for the stake sale in Edelweiss Alternative Asset Management, and the process is likely to be concluded in four to five months. The move to sell the stake will reduce the company's debt and improve its market value.
Vietnam's VinaCapital explores sale of SkyX Solar at $100m valuation.
Vietnamese investment management firm VinaCapital is considering the sale of SkyX Solar in a deal that could value the Ho Chi Minh City-headquartered solar rooftop power developer at over $100m, DealStreetAsia reported.
The potential sale comes at a time when renewable companies and assets have become increasingly attractive as investors look to tap growth in the sector driven by global drive to transition to zero-emission economies.
Novo Tellus closes fund 3 at $510m, surpasses target.
Singapore-based private equity firm Novo Tellus has closed its third fund at $510m, DealStreetAsia reported.
Novo Tellus reached the $375m first close for the vehicle in June 2023 to eventually surpass its fundraising target by 36% this year. It reached the hard cap of its fund and closed the fundraising process within one year, making it one of very few Southeast Asian PE firms who managed to meet their fundraising targets this year.
Northstar closes maiden VC fund at $140m with support from existing LPs.
Southeast Asian private equity major Northstar Group has secured the final close of its maiden venture capital fund at $140m, a tad below its target, DealStreetAsia reported.
The early-stage-focused Northstar Ventures I, was targeting a final close of $150m.
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