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New Mountain Capital, an investment firm, completed the investment in Grant Thornton, a provider of audit and assurance, tax, and advisory services. Financial terms were not disclosed.
"We continue to be impressed by the Grant Thornton team and their unwavering focus on delivering the highest levels of quality and client experience. In this next chapter, we look forward to partnering with the team to invest even further in people, technology and new service line capabilities to accelerate the growth trajectory Grant Thornton is already on," Andre Moura, New Mountain Capital Managing Director.
Grant Thornton was advised by Deutsche Bank, Dechert, Mayer Brown (led by Paul Theiss and Camila Panama), Vedder Price (led by Steven R. Berger) and Kekst CNC (led by Daniel Yunger and Nathan Riggs). New Mountain Capital was advised by Guggenheim Partners, Jefferies & Company, Hunton Andrews Kurth (led by Matthew Bosher), Simpson Thacher & Bartlett (led by Ben Schaye) and Goldin Solutions. CDPQ was advised by Jones Day. OA Private Capital was advised by Gibson Dunn & Crutcher.
Blackstone on June 3 raised its offer for Hipgnosis Songs Fund by a cent to $1.31 per share, valuing the music rights owner of artists such as Shakira and Red Hot Chili Peppers at $1.58bn, Reuters reported.
The revised offer in part reflects "Hipgnosis incurring lower adviser fees in respect of the transaction than previously expected", the private equity fund said in a statement.
Hipgnosis is advised by Shot Tower Capital (led by David Dunn), Singer Capital Markets (led by James Moat), Carey Olsen, Shoosmiths and Headland Consultancy (led by Charlie Twigg). Blackstone is advised by Jefferies & Company (led by Philip Noblet), Kirkland & Ellis, Ogier, Shoosmiths and Teneo (led by Ed Cropley).
A consortium of investors including Arch Capital, BTG Pactual, Consulta, ICONIQ, Menora Mivtachim, agreed to acquire a 10% stake in Pershing Square Holdco, a newly formed limited partnership, from Pershing Square Capital, a private equity firm, for $1.05bn.
“We are delighted to invite a group of world-class, long-term partners as investors in our business, which has been entirely owned by Pershing Square employees since our inception more than 20 years ago. This new investment will help accelerate our growth in assets under management in existing and new strategies. As always, Pershing Square will remain intensely focused on generating high, long-term returns for our investors," Bill Ackman, Pershing Square Founder and CEO.
Pershing Square is advised by Bank of America, Citigroup, Evolve Capital, Jefferies & Company, UBS, Simpson Thacher & Bartlett, Skadden Arps Slate Meagher & Flom, Sullivan & Cromwell (led by Scott D. Miller and William G. Farrar) and Camarco.
Advent International, an American global private equity firm, and Leonard Green & Partners, an American private equity investment firm, agreed to invest in Genstar Capital-backed Prometheus Group, an asset management software provider. Financial terms were not disclosed.
“It has been an honor and pleasure to work with Eric Huang and the Prometheus team to build the business together over the last five years. This milestone is a great achievement, and we look forward to continuing to the next chapter of ownership with the Prometheus team, Advent, and LGP,” Eli Weiss, Genstar Capital Managing Partner.
Genstar Capital and Prometheus Group are advised by Aeris Partners, Evercore, Lazard, Simpson Thacher & Bartlett and Chris Tofalli Public Relations (led by Chris Tofalli). Advent International is advised by Centerview Partners and Ropes & Gray. Leonard Green & Partners is advised by Barclays and Latham & Watkins.
Homesteaders Life Company, an insurance services provider, and Birch Hill Equity Partners Management, a private equity firm, agreed to acquire Park Lawn, a funeral, cremation and cemetery provider, from Viridian Acquisition, a holding company, for $1.2bn.
"This Transaction represents tangible recognition of the value and strength of our organization. We are proud of the accomplishments of our team and look forward to partnering with Homesteaders and Birch Hill in a new chapter of Park Lawn where we can continue to execute on our strategic initiatives for the benefit of our stakeholders in the long-term," Brad Green, Park Lawn CEO.
Park Lawn is advised by National Bank Financial, Bennett Jones and Morgan Lewis & Bockius. Homesteaders is advised by BMO Capital Markets, Faegre Drinker Biddle & Reath, Paul Weiss Rifkind Wharton & Garrison and Torys. Birch Hill is advised by Stikeman Elliott.
Providence Equity Partners, a private equity firm, completed the investment in NexPhase Capital-backed Brandt, a provider of outdoor recreational technology platforms. Financial terms were not disclosed.
“NexPhase has been a great partner for Brandt during an exciting period of growth and innovation. Today, we are excited to build on the momentum delivering unparalleled solutions and experiences for outdoor enthusiasts by bringing in Providence to help us get to the next level of service for our recreational government agency customers," Richard Wise, Brandt Founder and Board Member.
Brandt was advised by Shea & Co, TD Securities, VRA Partners and Choate Hall & Stewart. Providence was advised by Robert W Baird and Simpson Thacher & Bartlett (led by Michael Holick). Debt financing was provided by Capital One Financial Corporation and HPS Investment Partners.
Apollo, an American asset management firm, and Intel, an American multinational corporation and technology company, agreed to form a $11bn joint venture.
“Intel’s agreement with Apollo gives us additional flexibility to execute our strategy as we invest to create the world’s most resilient and sustainable semiconductor supply chain. Our investments in leading-edge capacity in the US and Europe will be critical to meet the growing demand for silicon, with the global semiconductor market poised to double over the next five years. This transaction allows us to share our investment with an established financial partner on attractive terms while maintaining our strong investment-grade credit rating,” David Zinsner, Intel CFO.
Investment firm MNC Capital has raised its offer to acquire sporting and outdoor goods company Vista Outdoor, opens new tab to $39.50 per share, or over $3bn.
Shares of Vista Outdoor rose 7.4% to $36.99 in premarket trading. Vista Outdoor had rejected MNC Capital's proposal last week, despite engaging with the investment firm to increase its bid of $37.50 per share, saying it undervalued the company and its performance gear business, Revelyst.
Vista Outdoor is advised by Moelis & Co, Morgan Stanley, Cravath Swaine & Moore (led by Aaron Gruber) and Gibson Dunn & Crutcher (led by Jonathan Layne). MNC Capital is advised by Brunswick Group (led by Bob Christie) and Gladstone Place Partners (led by Lauren Odell).
nVent, a provider of electrical connection and protection solutions, agreed to acquire Trachte, a provider of easy-deployment application-engineered protection and control buildings, from Palladium Equity Partners, a private equity firm, for $695m.
“Trachte will expand our enclosures portfolio in new applications and enhance our system protection capability. It further strengthens our solutions in high-growth verticals, including power utilities, data centers and renewables. With the macro trends of modernizing and upgrading electrical infrastructure as well as the expansion of data centers, Trachte provides us with a platform to accelerate our growth and provide broader solutions for customers. We look forward to welcoming the Trachte team to nVent, and together helping to build a more sustainable and electrified world,” Beth Wozniak, nVent Chair and CEO.
Trachte is advised by Harris Williams & Co, Robert W Baird and Morrison & Foerster. nVent is advised Foley & Lardner. Palladium Equity Partners is advised by Kekst CNC (led by Jeffrey Z. Taufield and Todd Fogarty). Debt financing is provided by Citigroup.
Golub Capital, a private equity firm, to acquire a minority stake in Nassau Financial, a provider of fixed annuities and asset management, for $200m.
“We are excited to expand our investor group as we begin a new strategic partnership with Golub Capital. In addition to their significant capital investment, Golub Capital brings a market-leading track record in direct lending that will expand our balance sheet investment capabilities in support of our continued growth," Phil Gass, Nassau Chairman and CEO.
Nassau Financial is advised by Goldman Sachs, Sidley Austin and FGS Global. Golub Capital is advised by Morgan Stanley, Foley Hoag and Kirkland & Ellis.
Greenbriar Equity Group, a private equity firm, completed the acquisition of Renuity, a tech-enabled home services platform, from York Capital, a private equity firm. Financial terms were not disclosed.
“Renuity’s highly differentiated tech-enabled business model is a terrific fit for Greenbriar's strategy of partnering with businesses poised for significant growth. We are excited to partner with Daniel and his management team to further accelerate Renuity’s impressive track record of expansion while delivering extraordinary service and value to its customer base,” Niall McComiskey, Greenbriar Managing Partner.
Greenbriar was advised by Houlihan Lokey, Akerman, Kirkland & Ellis, Skadden Arps Slate Meagher & Flom and Prosek Partners (led by Mike Geller). York Capital was advised by Gasthalter & Co (led by Nathaniel Garnick).
New Mountain Capital, a private equity firm, agreed to acquire a minority stake in Consor, a provider of transportation and water infrastructure engineering and consulting services. Financial terms were not disclosed.
“New Mountain is our ideal partner. They believe in our long-term vision and bring extensive industry experience that will help us expand our potential. We’re excited about the many ways New Mountain will help support our growth through strategic planning, technology enablement and operational efficiency. This partnership will cultivate more career opportunities for our team members and make an even greater impact on the communities we serve," Chris Rayasam, Consor CEO.
Consor is advised by Harris Williams & Co, Houlihan Lokey and DLA Piper. New Mountain Capital is advised by AEC Advisors, Ropes & Gray and H/Advisors Abernathy.
Permira, an investment firm, agreed to invest in PharmaCord, a pharma services company. Financial terms were not disclosed.
“We are very excited to partner with a leading, growth-oriented, technology-focused investment firm like Permira to help us broaden our tech-enabled offerings and support our ambitious expansion efforts. We are guided by our commitment to innovation and our strength in developing and deploying effective technology-supported solutions to enable our clients to improve the patient experience. I’m incredibly proud of what our team has accomplished thus far and look forward to bringing even more services to our clients while capturing the exciting growth opportunities ahead with the benefit and support of a global investor like Permira," Nitin Sahney, PharmaCord Founder and CEO.
Permira is advised by Jefferies & Company, Leerink Partners, Skadden Arps Slate Meagher & Flom (led by Brett Fleisher) and FGS Global. PharmaCord is advised by Centerview Partners and Willkie Farr & Gallagher (led by Morgan Elwyn and Ziyad Aziz).
Highwire Capital, an investment company, agreed to acquire SPAR Group, a merchandising, marketing and distribution services provider, for $58m.
“The proposed merger with Highwire Capital will maximize value to our stockholders and enable us to continue our growth while offering innovation and more value to our clients. Highwire is expected to retain the SPAR executive team. Our commitment to clients and service is unchanged and our passion for results is unwavering,” Mike Matacunas, SPAR Group CEO and President.
Highwire Capital is advised by Ferguson Braswell Fraser Kubasta. SPAR Group is advised by Lincoln International, Foley & Lardner, RAM Communications (led by Ron Margulis) and Three Part Advisors.
L Squared Capital Partners, an investment firm, agreed to acquire TeachTown, a company that provides educational software to schools, clinicians and parents for children diagnosed with autism spectrum disorder, from Bain Capital, a private investment firm that specializes in private equity. Financial terms were not disclosed.
"Through our partnership with Bain Capital, we were able to significantly expand access to our educational solutions, invest to build a strong team, launch innovative products, and establish the infrastructure and processes to support our long-term growth. As we enter our next chapter with L Squared, we look forward to continuing to enable educational achievement, and positively impact the more than seven million students in the US with disabilities with our solutions," Richard Becker, TeachTown CEO.
TeachTown is advised by Robert W Baird, Tyton Partners, and Ropes & Gray. L Squared Capital Partners is advised by Vedder Price. Bain Capital is advised by Stanton PRM (led by Charlyn Lusk).
Aterian Investment Partners, a private equity firm, completed the acquisition of Contract Pharmaceuticals, a North American contract development and manufacturing organization of non-sterile liquid and semi-solid dosage forms. Financial terms were not disclosed.
“With Aterian’s backing, we are laser focused on innovation, growth and delighting our customers to further expand our unmatched position in the non-sterile liquid and topical drug products space. This collaboration undoubtedly strengthens our positioning in serving our customers and being the trusted partner to pharmaceutical companies around the world," Jan Sahai, Contract Pharmaceuticals CEO.
Contract Pharmaceuticals was advised by SSG Capital and Goodmans. Aterian Investment Partners was advised by Kirkland & Ellis, Osler Hoskin & Harcourt and Stanton PRM (led by Alex Goss).
Kelly, a global specialty talent solutions provider, completed the acquisition of Motion Recruitment Partners, a global talent solution provider, from Littlejohn, a private equity firm, for $425m.
“Today marks a transformational step forward on our journey to sharpen Kelly’s focus on higher-margin, higher-growth specialty outcome-based and staffing services in North America, and global RPO and MSP solutions. I’m excited to welcome MRP to the Kelly team and look forward to the significant growth and value creation we will deliver together,” Peter Quigley, Kelly President and CEO.
Motion Recruitment Partners was advised by Robert W Baird and Baker Hostetler. Kelly was advised by Houlihan Lokey and Jasso Lopez.
Goldman Sachs Asset Management, an asset manager, completed the acquisition of a minority stake in CarltonOne, a company that offers engagement + ecommerce platform for creating B2B employee recognition, from HIG, an alternative investment firm. Financial terms were not disclosed.
“This is the start of an exciting next chapter at CarltonOne. I’d like to firstly thank every CarltonOne employee who has helped build our company to where it is today. Goldman Sachs Asset Management sees the incredible potential of both our people and our platform. They will help us double down on growth with their significant global network and resources," Rob Purdy, CarltonOne Founder and CEO.
CarltonOne was advised by Canaccord Genuity, Robert W Baird and Paul Hastings. Goldman Sachs was advised by Simpson Thacher & Bartlett (led by Katherine Krause).
Peak Rock Capital, a private equity firm, completed the acquisition of HuFriedyGroup, a dental instrument manufacturing company, from STERIS, a medical equipment company, for $800m.
"This investment exemplifies Peak Rock's deep experience and capability in executing complex carve-out transactions. It also highlights our continuing efforts to expand our investments in medical technology and global manufacturing businesses. We believe that HuFriedyGroup represents an excellent platform for growth through near-term organic initiatives and strategic acquisitions," Anthony DiSimone, Peak Rock CEO.
KKR agreed to acquire a minority stake in Labrador Island Link, an HVdc transmission system, from Emera, an energy and services company, for $871m.
“This agreement is an important step in strengthening our company and positioning us to continue to capitalize on the growth opportunities in front of us. With this transaction, we look forward to a new relationship with KKR while remaining committed to our partnership with NL Hydro," Scott Balfour, Emera CEO.
KKR is advised by Scotiabank and Simpson Thacher & Bartlett (led by Breen Haire and Shamus Crosby). Emera is advised by TD Securities.
KKR agreed to acquire a majority stake in Agiloft, a technology company specializing in contract lifecycle management and business process management software. Financial terms were not disclosed.
"As businesses increasingly look for efficient ways to ensure regulatory compliance, realize cost efficiencies and manage complex workflows, Agiloft has differentiated itself by providing a simple, one-stop solution to meet its customers' needs. We are deeply impressed by Eric's leadership and the rest of the Agiloft team, and we look forward to working together to capture additional opportunities in the market," Jimmy Miele, KKR Director, Tech Growth.
Agiloft is advised by Moelis & Co and Baker McKenzie. KKR is advised by Gibson Dunn & Crutcher.
Wynnchurch Capital, a private equity firm, completed the acquisition of Hydraulic Technologies, a manufacturer of high-pressure hydraulic tools and equipment, from SPX FLOW, a multi-industry manufacturing leader producing highly-specialized, engineered products and innovative technologies. Financial terms were not disclosed.
“As a global leader of highly engineered hydraulic tools, HT’s customer-centric focus on delivering best-in-class solutions for the most demanding of needs fits well with our investment philosophy. We are delighted to partner with Aaron and his team to further support their next phase of growth," Frank Hayes, Wynnchurch Managing Partner.
Wynnchurch was advised by Morgan Stanley and Paul Hastings. SPX FLOW was advised by Citigroup.
Greenbriar Equity, a private equity firm, completed the acquisition of Sunvair Aerospace, a maintenance, repair and overhaul services provider, from Blue Sea Capital, a private equity firm. Financial terms were not disclosed.
“Sunvair’s evolution is a great example of Blue Sea Capital’s business transformation playbook. Sunvair has grown from a niche MRO to one of the largest independent providers of repair and overhaul services to global airlines. We are thrilled to have partnered with Kerry Jarandson and the Sunvair team to support the Company’s rapid capabilities expansion and a nearly tenfold increase in earnings. We wish Kerry and the Sunvair leadership team, the Company and Greenbriar continued success," Scott Kirkendall, Blue Sea Capital Partner.
Sunvair was advised by Houlihan Lokey and William Blair & Co. Blue Sea was advised by Jones Day (led by Lisa Lathrop).
Turnspire Capital Partners, a private equity firm, completed the acquisition of Swanson Industries, a provider of manufacturing, remanufacturing, repair, and distribution services of mining equipment, hydraulic cylinders, and related industrial equipment. Financial terms were not disclosed.
“Turnspire’s investment in Swanson is a significant step forward that positions our business for strategic growth. Our entire team is excited to collaborate with Turnspire, which has a long and consistent track record of operational excellence. Together with Turnspire, we will execute a strategic plan that builds on our market leading positions through growth, innovation, and product development, benefitting our customers, suppliers, and employees,” Steve Sangalli, Swanson CEO.
Turnspire was advised by Macquarie Group, Willkie Farr & Gallagher and Gasthalter & Co (led by Mark Semer).
APi Group, a construction engineering company, completed the acquisition of Elevated Facility Services Group, a provider of contractually based services for all major brands of elevator and escalator equipment, from L Squared Capital Partners, a private equity firm, for $570m.
"Today we welcome our 600 new teammates to the APi family and begin our work leveraging the opportunities created by this acquisition. We are excited to collaborate with Elevated and its talented leadership team as we expand into the $10+bn US elevator and escalator services market. This acquisition further strengthens APi's financial profile and represents a continuation of our focus on building a robust line of businesses that provide mandatorily required life safety services," Russ Becker, APi President and CEO.
Elevated Facility Services Group was advised by Piper Sandler. APi Group was advised by Cleary Gottlieb Steen & Hamilton.
Cerberus, an alternative investor, completed the acquisition of Calspan's Hypersonics and Test Systems Business Units from TransDigm, an aerospace manufacturing company. Financial terms were not disclosed.
"We've been tracking this company for a while and admire their innovation and expertise in hypersonics analysis and testing. Enabling the US to meet the great need for hypersonic capabilities, North Wind is an important investment. We couldn't be more thrilled to execute against the team's vision as a well-resourced standalone company," Michael Palmer, Cerberus Senior Managing Director, Supply Chain and Strategic Opportunities platform.
HTX Ventures, the global investment arm of the cryptocurrency exchange HTX, agreed to invest in Figment Capital, an early-stage venture fund focused on blockchain infrastructure. Financial terms were not disclosed.
"We are delighted to welcome Figment Capital as a strategic partner. This investment aligns with our mission to support promising companies and drive the next generation of technological innovations. By leveraging Figment's technical expertise and robust network, we can identify and support superior projects while also helping them expand into the Asian market. HTX Ventures continues to solidify its position as a global investment leade," Edward Chen, HTX Ventures Managing Partner.
Ackman's Pershing Square raises $1.05bn in stake sale ahead of potential IPO.
Billionaire Bill Ackman's Pershing Square Capital Management has raised $1.05bn by selling 10% stake in the hedge fund to a consortium of institutional investors and family offices, Reuters reported.
The sale is a precursor to a potential initial public offering that could happen next year or in 2026. Investors are valuing the firm at $10.5bn.
Blackstone sells Turtle Bay Resort for $725m.
Blackstone has reached an agreement to sell Turtle Bay Resort for $725m. Blackstone purchased the hotel in 2018 for $332m and subsequently invested significant capital in renovations.
“This transaction is an excellent outcome for our investors and a testament to Blackstone’s ability, including through the pandemic, to transform iconic, luxury hospitality assets. The team executed an ambitious business plan, investing significant capital to reposition the resort for long-term success while also adding high-quality jobs on the North Shore," Rob Harper, Blackstone Head of Real Estate Asset Management Americas.
Blackstone is advised by Eastdil Secured, Jones Lang LaSalle, Sumitomo Mitsui and Simpson Thacher & Bartlett.
Apollo plans to sell assets it originates to retail, ETFs.
Apollo Global Management plans to expand its asset origination business to sell private credit to retail channels, including exchange traded funds, Chief Executive Officer Marc Rowan said.
The firm already sells credit instruments to insurers, including its own Athene unit, and institutional investors. Apollo has set a five-year goal of boosting annual origination to $200bn to $250bn, Bloomberg reported.
“We built a third-party insurance business and then we built a third-party institutional business, a fixed-income replacement business, and you will watch us do this in retail. You will watch us do this in interval funds. You will watch us do this in ETFs," Marc Rowan, Apollo Global CEO.
Analytics startup AppsFlyer taps banks for IPO.
AppsFlyer, a marketing analytics provider, is weighing plans for an initial public offering. The San Francisco-based startup is working with Goldman Sachs, JPMorgan Chase and Bank of America as it plans a possible IPO, Bloomberg reported.
AppsFlyer, which is backed by private equity firm General Atlantic, could seek to raise about $300m in a listing in early 2025. A listing could come sooner, depending on market conditions. Deliberations are ongoing, and no final decisions have been made.
Bill Ackman’s Pershing Square targets raising $25bn for US Fund.
Bill Ackman’s Pershing Square aims to raise $25bn for a new closed-end fund expected to draw interest from US retail investors, which would more than double the fee-paying assets the firm manages, Bloomberg reported.
The vehicle, known as Pershing Square USA, has filed plans to list on the NYSE, and will significantly amplify the management company’s revenue ahead of a potential IPO. For the US closed-end fund, Pershing plans to charge a 2% management fee, which would be waived for the first 12 months, and no incentive fee.
Goldman Sachs raises over $20bn to invest in private credit.
Goldman Sachs amassed a war chest of more than $20bn for private credit investments, underscoring the surge of interest in the asset class.
The alternatives part of its asset management arm announced the final close of West Street Loan Partners V, its latest in a series of large-cap senior direct lending vehicles, at $13.1bn total capital. In addition, Goldman Sachs Alternatives closed on more than $7bn in large-cap senior direct lending management accounts and $550m of co-investment vehicles. Institutional investors in the strategy include US and international pension plans, insurance companies, and sovereign wealth funds. Investors from Goldman Sachs Private Wealth Management, family offices, and third-party wealth channels also made commitments.
"The market for senior direct lending continues to benefit from the growing demand from financial sponsors. While we expect the syndicated markets and private credit markets to continue to co-exist, we are seeing an increase in attractive opportunities for alternative lending sources that can provide size, structural flexibility and certainty of execution to borrowers," James Reynolds, Goldman Sachs Alternatives Global Head of Direct Lending.
Town Lane raises $1.25bn for inaugural real estate investment firm.
Town Lane, an opportunistic real estate investment firm, completed the final close of its inaugural fund, Town Lane Real Estate Opportunities Fund I with $1.25bn in total commitments. The fund was oversubscribed and closed on its investor commitments in the first half of 2024 above its initial $1bn target. Fund I is backed by a diverse and esteemed group of experienced institutional investors, including university endowments, charitable foundations, family offices and pension funds.
“Within the backdrop of ongoing distress in commercial real estate, Town Lane was formed to pursue high conviction, thematically oriented opportunities leveraging the team’s 20+ years of pattern recognition and to do so within a more aligned, relationship-centric model,” Tyler Henritze, Town Lane Founder and Managing Partner.
Town Lane was advised by Kirkland & Ellis.
KKR secured unconditional EU antitrust approval for its $24bn acquisition of Telecom Italia's fixed-line network.
"The Commission investigated the impact of the transaction on the market for wholesale broadband access services in Italy and concluded that it would not significantly reduce the level of competition," EU antitrust watchdog.
KKR is advised by Citigroup, Colombo & Associati (led by Paolo Colombo), JP Morgan, Morgan Stanley (led by Dominique Cahu), UBS (led by Riccardo Mulone), Freshfields Bruckhaus Deringer (led by Nicola Asti and Michael Hilton), Gianni Origoni Grippo Cappelli & Partners (led by Francesco Gianni) and Community Group. CPPIB is advised by Evercore, Freshfields Bruckhaus Deringer, Linklaters (led by Pietro Belloni and Michael Honan). Telecom Italia is advised by Equita SIM (led by Carlo Andrea Volpe and Simone Riviera), Goldman Sachs (led by Francesco Pascuzzi and Macario Prieto), LionTree Advisors (led by Jake Donavan), Mediobanca (led by Giuseppe Baldelli), UniCredit (led by Andrea Petruzzello), Vitale & Co (led by Orlando Barucci), Clifford Chance, Gatti Pavesi Bianchi Ludovici, Studio Carbonetti (led by Fabrizio Carbonetti) and Community Group (led by Auro Palomba). Financial advisors were advised by Sullivan & Cromwell. Vivendi is advised by Chiomenti (led by Filippo Modulo and Marco Maugeri).
I Squared Capital, a global infrastructure manager, completed the acquisition of Arriva Group, a provider of passenger transport, from Deutsche Bahn, a provider in the mobility and logistics sector. Financial terms were not disclosed.
“Closing this transaction marks an important milestone and an exciting new chapter for Arriva. It is an opportunity for Arriva to recommit to working alongside passenger transport authorities to deliver essential transport links and build a more sustainable future for our colleagues, customers and the communities we serve. With the backing of I Squared, an independent and highly reputable infrastructure investor, I am confident that we will deliver on that commitment for the benefit of the millions that Arriva serves," Mike Cooper, Arriva CEO.
I Squared Capital was advised by JP Morgan, Morgan Stanley, UBS, Skadden Arps Slate Meagher & Flom (led by Richard Youle and Steven Hannah) and Brunswick Group. Financial advisors were advised by Linklaters. Deutsche Bahn was advised by Citigroup and Freshfields Bruckhaus Deringer (led by Richard Thexton and David Sonter).
Palladium Equity-backed Kymera International, a specialty materials and surface technologies company, agreed to acquire Fiven, a company specialized in silicon carbide, a material used a variety of industrial applications, from OpenGate Capital, a private equity firm. Financial terms were not disclosed.
"Fiven has all of the strong attributes we look for in an acquisition. They have an excellent reputation for quality and service, are aligned with Kymera's strategy of focusing on attractive end markets such as electronics, aerospace and defense, and have an outstanding management team and dedicated workforce. We are excited to partner with Falk and his team to continue growing Fiven and capitalize on the numerous operational and commercial synergies we have already identified," Barton White, Kymera CEO.
Kymera is advised by Goldman Sachs, Lazard, Piper Sandler and Paul Weiss Rifkind Wharton & Garrison (led by Samuel J. Welt). OpenGate Capital is advised by Robert W Baird and Willkie Farr & Gallagher (led by Lionel Spizzichino and Hugo Nocerino).
Platinum Equity, an American private equity investment firm, agreed to acquire Sunrise Medical, an assistive mobility solutions company, from Nordic Capital, a private equity company. Financial terms were not disclosed.
"Sunrise Medical has established an impressive global network serving the mobility needs of people around the world. We will continue investing in organic growth and also pursue acquisitions that can expand or fill in gaps in the company's product line, provide new technological capabilities, or further extend the company's geographic reach," Igor Chacartegui, Platinum Equity Managing Director.
Platinum Equity is advised by JP Morgan, Latham & Watkins and Willkie Farr & Gallagher.
777 Partners, a controlling investment and private equity firm, failed to acquire a 94.1% stake in Everton Football Club, a professional football club from Liverpool, from Farhad Moshiri. Financial terms were not disclosed.
"The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority shareholding in the Club expired today. The Club’s Board of Directors recognises the considerable level of financial support 777 Partners has provided the Club over recent months and would like to take this opportunity to thank them for this. The Club will continue to operate as usual, while it works with Blue Heaven Holdings to assess all options for the Club’s future ownership," Everton Football Club.
Blackstone Real Estate, an investment management specialised in real estate, and Regis Group, a specialist in residential property investment opportunities, agreed to acquire 1,7k homes from Vistry Group, a British house-building company, for £580m ($740m).
"By working in partnership with organisations like Leaf Living we can maximise the number of high-quality homes we deliver every year. This agreement supports our differentiated business model, with the certainty provided by the pre-selling of homes enabling us to accelerate our build programmes, guarantee work for our supply chain, reduce sales and build costs and create vibrant new communities. This year we are on track to deliver more than a 10% increase in new home completions, playing a key part in helping to address the UK's acute housing shortage," Greg Fitzgerald, Vistry Group Chief Executive.
TotalEnergies, a global integrated energy company, agreed to acquire West Burton Energy, an independent power producer, from EIG, an American investment firm, for £450m ($575m).
“I am delighted to welcome the West Burton B team to TotalEnergies. This acquisition contributes to our integrated strategy in the UK, which combines renewable and flexible generation capacity. It complements our 1.1 GW Seagreen offshore wind farm and allows us to accelerate the development of our Integrated Power activities in power generation, trading and marketing in this market. The deal also contributes directly to our 2028 ROACE target of around 12% in this business sector,” Stéphane Michel, TotalEnergies President.
KKR, a private equity firm, agreed to acquire a 4.5% stake in FiberCop, a developer of digital services through high-performance fiber optic connections, from Fastweb, an Italian telecommunications company, for €439m ($374m).
Fastweb remains fully committed to its mission of driving innovation and connectivity in the country through investments in key telecommunications infrastructures. Fastweb will therefore keep making relevant investments to increase the coverage of its proprietary, end-to-end controlled fiber network and will continue to be a key provider of wholesale services to third parties, ensuring the availability of robust and competitive offerings in the market.
Advent is said to seek bids for Aareal's €3bn software arm.
Advent International has asked for first-round bids for the software arm of real estate lender Aareal Bank. The buyout firm may seek an equity value of at least €3bn ($3.3bn) for the Aareon unit, Bloomberg reported.
It is expected to attract interest from other buyout firms. Suitors may opt to bid for Advent's 30% direct stake in Aareon or for 100% of the business. Advent bought 30% of Aareon from Aareal in 2020.
MetLife is pursuing a $1.3bn deal for Hayfin.
MetLife is pursuing an acquisition of BCI-backed Hayfin Capital Management, the private credit specialist that began exploring a sale last year.
The insurance giant is talks for a deal that could value the London-based direct lender at more than €1.2bn ($1.3bn). The discussions are ongoing and may not ultimately lead to a deal.
Todd Boehly’s Eldridge Industries also held talks to acquire Hayfin and was among final bidders for the firm, Bloomberg reported.
Blackstone’s Blitzer taps Lazard for potential FC Augsburg sale.
A key investor of German football club FC Augsburg is sounding out a potential sale that could value the team at more than €150m ($163m), Bloomberg reported.
An investor consortium led by Blackstone partner David Blitzer is working with Lazard to assess interest in the club. The deliberations are early stage and potential suitors haven’t been approached yet.
TeamSport revs up £150m sale to buyout firm EMK.
Britain's biggest operator of indoor go-karting tracks is closing in on a sale to the private equity firm which owns Williams Advanced Engineering.
The owner of Williams Advanced Engineering is the leading contender for buying TeamSport, the pan-European operator of go-karting circuits. EMK Capital, a London-based private equity firm, has emerged as the frontrunner in acquiring the business. The price is expected to be in the region of £150m ($191m). Livingbridge and 3i Group were among the other buyout firms which had expressed interest in TeamSport.
Brookfield Asset Management mulls Tritax Eurobox takeover.
Brookfield Asset Management, a Canadian investment firm chaired by former Bank of England governor Mark Carney has said it’s in the early stages of making an offer for FTSE 250 member Tritax Eurobox.
However, Eurobox, which has a portfolio of logistics assets across Europe said it had not received an official proposal from Brookfield. Carney has chaired the Toronto-based investment giant, which manages nearly $1tn in assets for clients, since 2022.
Tritax EuroBox is advised by Lazard, Barclays and Jefferies.
ABB considering sale of some electric mobility assets.
ABB is considering selling part of its E-mobility business, which includes electric-vehicle charging stations worldwide as well as research and development facilities in China, Bloomberg reported.
The Swiss firm is working with China International Capital on a possible sale and has sounded out potential buyers. Chinese companies looking to expand globally have shown preliminary interest.
SVP eyes takeover of OQ Chemicals after Advent deal rejected.
Opportunistic credit firm Strategic Value Partners is proposing a deal to fix OQ Chemicals balance sheet, which would see it take control of the company, Bloomberg reported.
The deal would see fresh funds injected into the business and allow the company to address its nearly $1bn worth of term loans that come due in October. SVP has been scooping up the company's loans on the secondary market and is now one of its largest lenders.
ADIA, Pemberton raise $1bn to lend to private equity.
Pemberton Asset Management is raising at least $1bn along with Abu Dhabi Investment Authority to back private equity firms with a niche form of lending, Bloomberg reported.
The new strategy will focus on net asset value financing and will provide buyout firms with capital that will help them increase their commitments or do bolt-on acquisitions, Pemberton said in a statement. ADIA will anchor the strategy, which is expected to close in the coming weeks.
PAI Italy Partner Cavalieri set to leave private equity firm. (People)
The head of PAI Partners' flagship fund in Italy is leaving the buyout firm after five years. Simone Cavalieri, a partner in the Paris-based firm, has agreed to the terms of his exit with PAI’s management, Bloomberg reported.
Cavalieri’s departure will be effective July 1. His biography lists one acquisition he has been involved in, the purchase of Italian leather manufacturer Pasubio from CVC Capital Partners in 2021.
APAC
Temasek, a global investment company, and Fidelity, an American multinational financial services corporation, completed a $200m investment in Lenskart, an Indian eyewear retailer.
Lenskart has been able to keep prices low by bringing greater efficiency to the sector, Bansal told TechCrunch in an earlier interview. The startup manufactures its own glasses and contact lenses, and has the exclusive licensing rights for many global eyewear technologies in India.
Regal Partners, an ASX-listed, specialist alternative investment manager, agreed to acquire Merricks Capital, an investment company, for $156m.
“This is a transformational development for the Merricks Capital business and one that will significantly accelerate the scale and opportunity set available to its investors. Regal’s extensive corporate relationships, diverse access to deal-flow opportunities and deeply experienced industry specialists will provide Merricks with a strong foundation for continued growth. Merricks Capital will retain its key people, branding and local presence, at the same time benefiting from access to Regal’s well-regarded corporate and operating platforms," Adrian Redlich, Merricks Capital Executive Chairman and CIO.
Morgan Stanley Infrastructure Partners, an infrastructure investor, completed the acquisition of a 49% stake in Onslow Iron Road Trust, the owner of an approximately 150-kilometer private haul road from the Onslow Iron ore project to Ashburton Port in the northwest Pilbara region of Western Australia. Financial terms were not disclosed.
“We are pleased to partner with Mineral Resources as part of the Onslow Iron project and value its long-term track record of project execution. We are proud to be co-stewards of an asset we believe will deliver an attractive, inflation-protected cash yield, backed by significant barriers to entry and attractive underlying economics,” Tim Cooper, MSIP Managing Director.
GIC, Temasek join a global coalition that will invest $25bn in Indo-Pacific.
KKR, Global Infrastructure Partners and the Indo-Pacific Partnership for Prosperity have formed a coalition to invest $25bn in infrastructure in the Indo-Pacific region, DealStreetAsia reported.
Investment would include green data centres in Indonesia, renewable energy in the Philippines, smart metres, and hybrid renewables in India. Private equity firms KKR and GIP will co-chair the initiative, while global investors, including BlackRock, GIC, Rockefeller Foundation and Temasek, will be a part of the coalition.
Elliott pushes Softbank to buy back shares after taking a stake.
Elliott Management has built a sizable stake in SoftBank Group and is pushing the Japanese investment firm to launch a $15bn buyback, Bloomberg reported.
The US activist investor has amassed a stake worth more than $2bn and engaged with SoftBank executives in recent months. Elliott is arguing that a share repurchase of that magnitude would help founder Masayoshi Son signal to the market his confidence in SoftBank. Its shares rose 4.6% in Tokyo.
Blackstone is considering the sale of Alinamin Pharmaceutical.
Blackstone is considering a sale of Japanese consumer health-care firm Alinamin Pharmaceutical, which used to be owned by Takeda Pharmaceutical.
Blackstone, the world’s biggest alternative asset manager, is working with financial advisers on a potential sale of Tokyo-based Alinamin, which could be valued at about JPY300bn ($1.9bn), Bloomberg reported.
Country Garden seeks exit from CXMT.
As Chinese property developer Country Garden struggles under a mountain of debt, its venture capital arm is considering selling its stake in a chipmaker that may become a target of US sanctions.
Country Garden Venture Capital is seeking about $276m for its undisclosed stake in ChangXin Memory Technologies. Country Garden, a major focal point in China’s real estate crisis, is scouring for capital to appease creditors after extending some yuan bond repayments last month. It is also facing a winding-up petition from a creditor in Hong Kong after failing to make payments on a loan worth about $205m plus interest, Bloomberg reported.
IDG Capital considers offer for HKBN.
China-focused investment firm IDG Capital is exploring a buyout of HKBN, as the owners of the Hong Kong broadband service provider weigh their options for the company.
IDG has sounded out financing plans for a potential offer for the Hong Kong-listed firm. HKBN has also drawn preliminary interest from Chinese companies including China Mobile International.
HKBN’s shareholders include private equity firms MBK Partners and TPG, which have revived a strategic review with the aim of reducing their holdings. Considerations include going private, bringing in new investors or raising cash through some of HKBN’s assets. Deliberations are ongoing and may not result in a deal, Bloomberg reported.
QIA in advanced talks to buy 10% stake in ChinaAMC from Primavera Capital.
Qatar Investment Authority has agreed to buy a 10% stake in China's second-largest mutual fund company, ChinaAMC from Primavera Capital. This move underscores Beijing's increasing ties with the Middle East amid rising tensions with the West, Reuters reported.
Qatar's proposed investment in China Asset Management comes amid a flurry of activities between China and Gulf countries to deepen political, economic and financial ties, as geopolitical tensions heighten around the Gaza War and the Russia-Ukraine conflict.
KKR weighs entering private credit in Japan to challenge banks.
KKR is considering entering the private credit market in Japan to provide an alternative to bank loans, Bloomberg reported.
“It will be a medium to long-term initiative. I think it is very important in Japan that we do it ourselves,” Hiro Hirano, KKR Head of Japan.
Taiwan's Fubon Life commits $270m to KKR and Blue Owl funds.
Fubon Life Insurance, the insurance unit of Taiwanese financial conglomerate Fubon Financial, has committed to invest a total of $270m in funds managed by KKR and Blue Owl Capital, DealStreetAsia reported.
The Taiwanese insurer's recent infrastructure commitments have focused on core-plus and secondaries strategies across various regions.
Porsche Ventures' debut China-focused VC fund secures first close.
Porsche Ventures, the corporate venture capital arm of German automobile manufacturer Porsche, has secured the first close of its debut Chinese VC fund, DealStreetAsia reported.
Set up with investment bank China International Capital Corporation, the CICC Porsche Venture Capital Investment Partnership will help amp up Porsche's ambitions in China.
The CICC-Porsche Fund will be scouting for opportunities in new energy and intelligent connected vehicles.
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