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AMERICAS
Roark Capital, a private equity firm, completed the acquisition of a majority stake in GPRS, a provider of subsurface damage prevention, existing conditions documentation, and facility management solutions, from Kohlberg, a private equity firm. Financial terms were not disclosed.
New Mountain Capital, an investment firm, agreed to acquire Machinify, a provider of artificial intelligence-powered software transforming healthcare payments. Financial terms were not disclosed.
Machinify is advised by Deutsche Bank, Cooley and 120/80. New Mountain is advised by JP Morgan, Ropes & Gray and H/Advisors Abernathy (led by Dana Gorman).
Berkshire Partners, a specialist investor in private and public equity, and Court Square Capital, a middle market private equity firm, agreed to invest in Thrive, a provider of cybersecurity, cloud, and IT managed services. Financial terms were not disclosed.
Thrive is advised by Lazard, Moelis & Co and V2 Communications. Berkshire is advised by Guggenheim Partners. Court Square is advised by Edelman. Debt providers are advised by Alliance Bernstein.
Branford Castle, a private equity firm, completed the acquisition of Eastern Dental Management, a dental services organization, from Staple Street Capital, a private equity firm. Financial terms were not disclosed.
Eastern Dental was advised by Weil Gotshal and Manges (led by Jakub Wronski). Branford Castle was advised by RSM International, Akerman and Lambert & Co (led by Caroline Luz and Jennifer Hurson). Debt financing was provided by Siguler Guff & Company. Staple Street was advised by Lincoln International.
Advanced Material Processing, a high-value material processing equipment and solutions company, agreed to merge with Automated Handling Solutions, a material handling equipment and integrated solutions company. Financial terms were not disclosed.
May River Capital is advised by Robert W Baird, and Winston & Strawn. Debt financing is provided by Kayne Anderson Private Credit and Northstar Capital. Debt providers are advised by Paul Hastings.
Brookfield Asset Management, a global investment firm, and Antin Infrastructure Partners, a private equity firm, completed the investment in Origis Energy, a renewable energy platform. Financial terms were not disclosed.
Origis Energy was advised by JP Morgan, PJT Partners, Santander and Latham & Watkins (led by Alex Kelly). Brookfield was advised by Vinson & Elkins.
Princeton Equity Group, a private equity firm, completed the investment in Barry's, a boutique fitness brand. Financial terms were not disclosed.
Barry's was advised by JP Morgan and Greenberg Traurig. Princeton was advised by Piper Sandler, Akin Gump Strauss Hauer & Feld (led by Thomas Yan) and DLA Piper.
GTCR, a private equity firm, completed the investment in Winged Keel Group, an independent life insurance brokerage firm. Financial terms were not disclosed.
Winged Keel Group was advised by Houlihan Lokey, Finn Dixon & Herling and Foley Hoag. GTCR was advised by Ardea Partners and Simpson Thacher & Bartlett.
PSG, a growth equity firm, completed a $80m investment in Core Sound Imaging, the provider of medical imaging platform Studycast. Financial terms were not disclosed.
Core Sound Imaging was advised by Software Equity Group and Holland & Knight. PSG was advised by Latham & Watkins and Prosek Partners (led by Jacqueline Ryan).
Apollo, a provider of alternative asset management and retirement solutions, agreed to acquire Argo Infrastructure Partners, a mid-market asset manager targeting essential infrastructure assets in North America. Financial terms were not disclosed.
Argo Infrastructure Partners is advised by Fenchurch Advisory Partners, Latham & Watkins and Edelman (led by Ira Gorsky). Apollo Global is advised by Paul Weiss Rifkind Wharton & Garrison (led by David C. Hepp and Joseph Glatt).
Montagu, a mid-market private equity firm, agreed to acquire Tyber Medical, an orthopaedic device manufacturer. Financial terms were not disclosed.
Tyber Medical is advised by Houlihan Lokey and Dechert. Montagu is advised by Weil Gotshal and Manges (led by Ryan Taylor) and Greenbrook (led by James Madsen).
InTandem Capital, a healthcare services focused private equity firm, completed the investment in Healthfuse, a revenue cycle vendor management company. Financial terms were not disclosed.
Healthfuse was advised by Cantor Fitzgerald and Bass Berry & Sims. InTandem was advised by TripleTree and Goodwin Procter.
KKR, a global investment firm, and PSP Investments, a pension investor, agreed to acquire a 19.9% stake in Ohio and Indiana & Michigan transmission companies from American Electric Power, an electric utilities company, for $2.82bn.
KKR and PSP Investments are advised by Moelis & Co, Morgan Stanley and Simpson Thacher & Bartlett.
Cerity Partners, an independent wealth management firm, agreed to acquire Prio Wealth, a wealth management firm. Financial terms were not disclosed.
Prio Wealth is advised by Echelon Partners and Buchalter.
CBRE Group, a real estate company, agreed to acquire Industrious National Management, a provider of flexible workplace solutions. Financial terms were not disclosed.
CBRE Group is advised by PJT Partners. Industrious National Management is advised by Sullivan & Cromwell (led by Werner F. Ahlers).
Pelican Energy Partners, a highly specialized private equity fund, completed the acquisition of Lancs Industries, a provider of radiation containment and shielding solutions. Financial terms were not disclosed.
Lancs Industries was advised by Cairncross & Hempelmann. Pelican Energy Partners was advised by McGuireWoods.
New Mountain Capital, an investment firm, completed the investment in Access Healthcare, a technology-enabled platform for revenue cycle management. Financial terms were not disclosed.
Access Healthcare was advised by Culver Public Relations (led by Jeanne Culver). New Mountain Capital was advised by H/Advisors Abernathy (led by Dana Gorman).
Corient, a wealth management firm, completed the acquisition of multi-family office business of Geller & Company, a provider of custom strategic financial advisory and wealth management solutions to individuals, businesses, families and NPO's.
Corient was advised by StreetCred PR (led by Jimmy Moock).
Pershing Square, an American hedge fund management company, is set to invest an additional $1bn in Howard Hughes, a real estate development and management company.
ADIA, a sovereign wealth fund owned by the Emirate of Abu Dhabi, agreed to invest $500m in AlphaGen, a critical power infrastructure owner and operator.
New Enterprise Associates, Yosemite, Regeneron Ventures and Hevolution Foundation led a $175m funding round in Tune Therapeutics, an epigenome editing company.
Compass, a residential real estate broker, completed the acquisition of @properties, a real estate services company, from Quad-C Management, a middle market private equity firm. Financial terms were not disclosed.
Blackstone considers selling Liftoff for as much as $4bn. ( Reuters)
Global investment firm The Blackstone Group is exploring strategic alternatives for Liftoff, a mobile app marketing provider based in Redwood City, California. The options under consideration include a sale or an initial public offering, potentially valuing the company at over $4bn, including debt.
Liftoff has enlisted Goldman Sachs and Jefferies & Company to advise on the process.
BlackRock in talks to sell stake in Authentic Brands Group. ( Bloomberg)
An investor group including CVC Capital Partners, General Atlantic, HPS Investment Partners and Leonard Green & Partners is in talks to buy BlackRock’s stake in Authentic Brands Group, an American brand management company.
A potential deal could value the state at as much as $3bn. BlackRock’s Long-Term Private Capital Fund paid $875m for the stake in 2019.
Historically, BlackRock has worked with Morgan Stanley, Simpson Thacher & Bartlett and Linklaters, according to MergerLinks data.
Honeywell plans split amid pressure from Elliott. ( Bloomberg)
Honeywell International is preparing to move forward with a breakup after facing pressure from activist investor Elliott Investment Management.
The Charlotte, North Carolina-based industrial giant plans to separate into two independent publicly traded companies, with one focusing on automation and the other on aerospace and defense.
Universal plans US share sale for Pershing Square stake. ( Press Release)
Universal Music Group has committed to planning a US share sale by September 15 as part of an agreement with billionaire Bill Ackman’s hedge fund, Pershing Square.
The Amsterdam-listed entertainment company will make reasonable efforts to initiate an underwritten offering for shares owned by Pershing Square.
Sagard to open new private equity fund for retail investors. ( Press Release)
Canada’s Sagard is launching a private equity fund aimed at retail investors, marking its expansion beyond institutional and ultra-high-net-worth clientele.
A unit of Power Corp. of Canada, Sagard will target Canadian accredited investors with at least CAD1m ($695k) in financial assets or an annual income exceeding CAD200k ($139k) for its new offering, Sagard Private Equity Strategies.
a16z and Eli Lilly partner to launch a venture capital fund. ( Press Release)
Venture capital firm Andreessen Horowitz Bio + Health, in collaboration with Eli Lilly, unveiled a $500m Biotech Ecosystem Venture Fund.
The fund aims to advance innovation in human health by investing across all stages of development, from early-stage startups to growth companies. It will focus on therapeutic platforms, novel modality development, and emerging health technologies, with a commitment to fostering transformative progress in healthcare.
Cohere Capital announces close of Fund II and strategic partnership with TPG. (Press Release)
Cohere Capital Partners, a Boston-based private equity firm specializing in tech-enabled lower middle market companies, announced on January 16 the successful closing of Cohere Capital Fund II with over $215m in commitments.
The firm has also secured a strategic minority investment from TPG NEXT, TPG's initiative focused on supporting and scaling emerging investment firms.
Advent said to name D’Angelo to lead health care deals in Europe. ( Bloomberg)
Buyout firm Advent has appointed Sergio D’Angelo to lead its health-care dealmaking efforts in Europe.
D’Angelo succeeds Tom Allen, who will remain with the private equity firm, shifting his focus to managing the health-care portfolio in the region.
EMEA
DBAY Advisors, an investment company in Douglas, Isle of Man, agreed to acquire Alliance Pharma, a United Kingdom-based international consumer healthcare company, for £350m ($427m).
Strategic Value Partners, an alternative investment firm, agreed to invest €200m ($205m) in Bjelin Group, a flooring company.
Bjelin Group is advised by Mannheimer Swartling. SVP is advised by Citigroup, Nordea Bank, Kirkland & Ellis, Schjodt, Wolf Theiss and Greenbrook (led by James Madsen).
AustralianSuper, an Australian superannuation fund, agreed to acquire a 50% stake in a logistics real estate portfolio from Oxford Properties, the real estate arm of the Ontario Municipal Employees Retirement System, at a €840m ($860m) valuation.
AustralianSuper is advised by Savills. Oxford Properties is advised by Eastdil Secured.
KKR, a global investment firm, and Highland Europe, a technology fund, agreed to acquire a majority stake in smaXtec, a provider of agri-tech for the global dairy industry, from Sophora Unternehmerkapital, an equity investment firm. Financial terms were not disclosed.
smaXtec is advised by William Blair & Co. KKR is advised by FGS Global (led by Alastair Elwen).
ADQ, a sovereign wealth fund based in Abu Dhabi, offered to acquire Aramex, an Emirati multinational logistics, courier and package delivery company, for $1.2bn.
ADQ is advised by Rothschild & Co.
Ardian, a private investment house, agreed to acquire a 60% stake in three real estate properties in Paris, including Hôtel de Nocé, located 26, place Vendôme, and two buildings located on avenue Montaigne, at 35-37 and 56, from Kering, a global Luxury group, for €837m ($1.02bn).
Ardian is advised by Headland Consultancy.
Lingotto, an investment management company, led a €120m ($124m) Series B round in NEURA Robotics, a German robotics company specializing in advanced AI-powered cognitive robots, with participation from BlueCrest Capital Management, Volvo Cars Tech Fund, InterAlpen Partners, Vsquared Ventures, HV Capital, Delta Electronics, C4 Ventures, L-Bank and David Reger.
NEURA Robotics was advised by FrauWenk (led by Miriam Graf).
Meridiam, an investor and asset manager, completed the acquisition of a majority stake in Oxand, a real estate and infrastructure asset management company, from Latour Capital, an investment company. Financial terms were not disclosed.
Presidio, a private equity firm, completed the acquisition of Hellas Verona FC, a professional football club. Financial terms were not disclosed.
Presidio was advised by Deloitte.
KKR mulls £7bn sale of UK waste firm Viridor. ( Bloomberg)
KKR & Co is evaluating strategic options for its portfolio company Viridor, including a possible sale that could value the UK-based waste management firm at up to £7bn ($8.5bn), including debt. The private equity firm has begun consultations with potential advisers to prepare for a divestment, which may commence later this year.
Viridor, which generates approximately £400m ($490m) in annual EBITDA, represents a significant player in the UK waste management and recycling sector.
Historically, KKR has worked with Morgan Stanley, Goldman Sachs, Simpson Thacher & Bartlett and Latham & Watkins, according to MergerLinks data.
Saudi Arabia reportedly nearing $1bn-plus investment in Dazn. ( TechNave)
Saudi Arabia’s sovereign wealth fund’s sports investment arm is in advanced discussions to invest at least $1bn in Len Blavatnik’s streaming platform Dazn Group, which broadcasts several top-tier European football leagues.
The potential deal between SURJ Sports Investment, a division of the $925bn Public Investment Fund, and Dazn could be announced as early as this month. Final terms are still being negotiated and may change.
KKR, CPPIB pursue €1bn loan to acquire Aviv from Axel Springer. ( Bloomberg)
Lenders are arranging a €1bn ($1bn) loan to support the sale of Axel Springer’s real estate ads unit, Aviv Group.
KKR and Deutsche Bank are leading the effort. This move is part of a broader plan by KKR, the Canada Pension Plan Investment Board, and German billionaire Mathias Döpfner to restructure media giant Axel Springer.
Kushner’s Affinity gets nod to double stake in Israel’s Phoenix. ( Bloomberg)
Jared Kushner’s Affinity Partners has secured approval from Israeli regulators to double its stake in Phoenix Financial, paving the way for the Saudi-backed investment firm to proceed with the deal.
Affinity is now authorized to acquire an additional 4.95% stake in the financial services company from Centerbridge Partners and Gallatin Point Capital at a price of ILS37.5 ($10.3) per share.
Historically, Historically, Affinity has worked with UBS, JP Morgan, Latham & Watkins and Freshfields Bruckhaus Deringer, according to MergerLinks data.
Carlyle lines up bankers for possible sale of British fund network Calastone. ( Reuters)
Carlyle has enlisted bankers to explore the sale of its British funds network and data business, Calastone, marking the latest potential transaction in a sector that has drawn significant investor interest.
The US private equity firm is collaborating with Barclays to evaluate a sale of the London-based company, which operates a blockchain-powered marketplace for trading and settling investment funds.
South African regulator urges African Rainbow Capital to divest produce agency stake. ( Bloomberg)
South Africa's antitrust regulator has recommended that African Rainbow Capital, backed by billionaire Patrice Motsepe, divest its stake in one of the nation’s largest fresh agricultural produce agencies, citing anti-competitive practices.
The Competition Commission highlighted that African Rainbow Capital holds substantial stakes in both the RSA Group and Subtropico, which together control between 50% and 90% of South African markets for staple fruits and vegetables, including potatoes, apples, bananas, onions, and tomatoes. The regulator argues that this dominance is hindering market competition.
EG Group, the petrol station operator backed by private equity firm TDR Capital, is preparing for an initial public offering in New York as early as this year, with a potential valuation of around $13bn.
The IPO would allow TDR Capital to partially divest its investment in the company, which it first entered into more than a decade ago in partnership with Blackburn’s billionaire Issa brothers, Zuber and Mohsin.
Travel tech firm HBX Group announces plans for Spain IPO. ( Press Release)
HBX Group International, the travel technology company behind the Hotelbeds brand, has announced plans for an initial public offering on the Spanish stock exchanges.
The company aims to raise up to €725m ($747m) through the sale of new shares, with part of the proceeds earmarked for debt reduction. Existing shareholders, including Canada Pension Plan Investment Board, Cinven, and EQT, also intend to sell shares as part of the offering, though the amount has not been specified.
Ares Management raises €30bn for European Direct Lending. ( Press Release)
Ares Management, a global leader in alternative investments, announced the final closing of its sixth European direct lending fund, Ares Capital Europe VI. The Fund secured total commitments of €17.1bn ($17.5bn), surpassing its €15bn ($15.4bn) target and reaching its hard cap.
Ares states that ACE VI is the largest institutional fund in the global direct lending market to date, based on LP equity commitments. The final fund size reflects a 53% increase in LP commitments compared to its predecessor, Ares Capital Europe V, which closed in 2021 with a €11.1bn ($11.4bn) hard cap. Including related vehicles and anticipated leverage, the Ares European Direct Lending strategy is expected to have approximately €30bn ($30.7bn) in total available capital.
White Summit Capital completes first close for its decarbonisation infrastructure fund. ( Press Release)
White Summit Capital, an investor and asset manager specialising in sustainable energy infrastructure, successfully completed the first close of its decarbonization infrastructure fund, surpassing 50% of its target size of €500m ($514m).
"The convergence of energy transition and energy security within our target markets make WDIF-II the perfect partner for industrial companies, management teams and platforms seeking to gain scale. We are very excited to see a tremendous off-market deal flow opportunity in the mid-market space, which caters very well to institutional co-investment structures where White Summit Capital has a decade-long expertise," Gonzalo López Medina, Managing Partner.
APAC
Shares of Australia's Insignia Financial have surged to their highest level in over three years as a bidding war between private equity firms Bain Capital and CC Capital intensified. Bain Capital raised its offer for Insignia Financial to AUD2.87bn ($1.76bn), matching CC Capital's bid.
The revised offer values Insignia shares at AUD4.30 ($2.64) each, a 7.5% premium over Bain's previous offer and a 4.4% premium above the last closing price of AUD4.12 ($2.54).
Insignia Financial is advised by Citigroup, Gresham and King & Wood Mallesons.
PAG, an Asia-focused alternative investment firm, completed the acquisition of a majority stake in Pravesha, a largest pharma-focused packaging company. Financial terms were not disclosed.
Stake sale talks value China's TikTok-rival Xiaohongshu at $20bn. ( Bloomberg)
Major shareholders of China’s Xiaohongshu are exploring a partial stake sale to potential buyers, including Tencent, in a deal that could value the TikTok rival at a minimum of $20bn.
Key stakeholders GGV Capital, GSR Ventures, and Tiantu Capital have attracted interest from existing backers such as HongShan Capital Group and Hillhouse Investment.
Apollo is considering a $9.5bn investment in Seven & i buyout. ( Bloomberg)
Private equity firm Apollo Global Management is reportedly considering a substantial investment to support the founding Ito family's effort to privatize Seven & i, a Japanese convenience store operator.
The private equity giant is in discussions to commit up to JPY1.5tn ($9.5bn) for an equity stake in the proposed deal. Seven & i current valuation is around JPY6.3tn ($38.8bn).
Historically, Apollo has worked with Barclays, Citigroup, Paul Weiss Rifkind Wharton & Garrison and Sidley Austin, according to MergerLinks data.
KKR considers joining Seven & i management buyout after Apollo. ( Bloomberg)
KKR is evaluating a potential stake in a proposal by the founding family of Seven & i to take the Japanese convenience store operator private, joining Apollo Global Management in the record buyout bid.
The US private equity firm is in discussions to invest several hundred billion yen for an equity stake in the operator of 7-Eleven convenience stores.
Historically, KKR has worked with Simpson Thacher & Bartlett, Latham & Watkins, FGS Global and Kirkland & Ellis, according to MergerLinks data.
India's Aditya Birla Fashion to raise $500m via share sales to Fidelity. (Press Release)
India's Aditya Birla Fashion and Retail (ABFRL) announced on January 15 that it will raise $500m through a share sale, including an investment from US firm Fidelity.
The retailer plans to generate $275m by issuing preference shares, with the allocation split between its controlling shareholders and Fidelity, while the remaining $225m will be raised through a qualified institutional placement.
I Squared Capital reportedly nearing buyout offer for HKBN. ( Bloomberg)
I Squared Capital is nearing a buyout bid for HKBN, potentially sparking a bidding war with China Mobile for the Hong Kong-listed broadband provider.
After beginning due diligence in December, I Squared is now assessing potential synergies to determine the pricing of a new offer. The US-based infrastructure fund could submit its offer in the coming weeks.
Historically, I Squared Capital has worked with Barclays, Rothschild & Co, Linklaters and Gibson Dunn & Crutcher, according to MergerLinks data.
Yinson nears investor commitments for $1.5bn funding round. ( Bloomberg)
Malaysian energy infrastructure firm Yinson is close to securing investors for a significant funding round in its unit specializing in offshore oil and gas equipment.
Abu Dhabi Investment Authority, British Columbia Investment Management, and RRJ Capital are expected to commit $1bn in redeemable convertible preference shares as early as this week. The same investors are anticipated to contribute an additional $500m at a later, yet-to-be-determined date.
Macquarie Asset Management appoints Gabriel Ho as managing director for Southeast Asia. ( FSA)
Macquarie Asset Management has announced the appointment of Gabriel Ho as managing director to bolster its investment activities in Southeast Asia.
With 17 years of investment experience, Ho brings a wealth of expertise to the Australian asset manager. Prior to joining Macquarie, he served as a partner and investment committee member at Dymon Asia Private Equity, a private equity fund focused on Southeast Asia.
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