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AMERICAS
Apollo Global-backed Yahoo, an American multinational technology company, agreed to acquire a 25% stake in Taboola, a public advertising company headquartered in New York City. Financial terms were not disclosed.
"Partnering with Taboola enables Yahoo to further enhance the contextual and native offerings within our unified advertising stack. The partnership also allows Yahoo and Taboola to continue to differentiate in market, improving user, advertiser and publisher experiences across properties, while benefiting from the long-term tailwinds in digital native advertising. Together with Taboola, we will maximize reach and campaign performance for advertisers, enhance monetization opportunities for publishers, and drive improved, privacy-forward experiences for users. As we continue to build the next era of Yahoo, we are thrilled to have strong partners by our side," Jim Lanzone, Yahoo CEO.
Taboola is advised by Davis Polk & Wardwell and Meitar Law Offices. Yahoo is advised by Evercore, LUMA Partners, LionTree Advisors, Erdinast Ben Nathan Toledano & Co and Paul Weiss Rifkind Wharton & Garrison.
MML Capital, an international mid-market private equity firm, agreed to acquire OnPoint Industrial Services, a specialized provider of safety, logistics and planning services designed to support complex maintenance projects in the refining and petrochemical industries, from Capstreet, a Houston-based lower middle market private equity firm. Financial terms were not disclosed.
"OnPoint has established itself as a leader in this large and growing market, with a highly impressive management team and strong reputation amongst its blue-chip customer base. OnPoint delivers cost savings to plants by reducing the time and man hours required to complete projects. We are excited to continue investing in technology and expanding OnPoint's capabilities to ensure OnPoint becomes an even more critical relationship for its customers to fully leverage going forward," Sean Quinn, MML Managing Director.
Highlander Partners, a Dallas-based private investment firm, agreed to acquire Liteye Systems, a technology manufacturer and integrator of multi-domain and multi-mission defense systems. Financial terms were not disclosed.
"Despite meaningful private and public investment, many of today's C-UAS solutions lag advancements in offensive drone technology. However, Liteye's system of systems approach and technology provide a leading solution to the market compared to many other C-UAS platforms. Needless to say, we are impressed with what Kenneth, Tom, and the rest of the Liteye team have built and we look forward to working together with them to take the Company to new heights," Jeff L. Hull, Highlander President and CEO.
Liteye Systems is advised by Forbes M&A and Holland & Knight. Highlander is advised by Baker McKenzie.
Audax Private Equity, an alternative investment manager, completed the acquisition of Medi-Weightloss, an operator of science-based, physician-supervised weight-loss and wellness clinics. Financial terms were not disclosed.
“The obesity epidemic is only getting worse. Our customized programs, tailored to the specific conditions of each individual, are developed by physicians board-certified to treat obesity. We’re thrilled to partner with Audax Private Equity to accelerate our growth and address this challenge through personalized programs that catalyze the lifestyle and behavioral changes necessary to deliver improved health outcomes to our patients," Ken Hall, Medi-Weightloss CEO.
Medi-Weightloss was advised by Kroll and Quarles & Brady. Audax Private Equity was advised by Ropes & Gray and FGS Global (led by Julie Rudnick).
CloudWave, a provider of healthcare data security, completed the acquisition of Sensato Cybersecurity, a managed cybersecurity services company focused on protecting healthcare providers from ransomware events and other cybersecurity threats. Financial terms were not disclosed.
"As a managed cloud service provider to hundreds of hospitals, CloudWave has witnessed how devastating a cyber event can be to healthcare organizations. Unfortunately, the frequency of these attacks continues to rise—an increasing number of customers have called upon CloudWave for rapid response services to help halt and remediate cyberattacks on their on-premises systems in just the last two years. With the addition of the innovative, proprietary technologies included in the Sensato Cybersecurity suite, along with the cyber expertise of the Sensato team, CloudWave will be able to offer customers the high-level cybersecurity we provide for our cloud-based delivery to on-premises systems," Erik Littlejohn, CloudWave President and CEO.
CloudWave was advised by SVM PR.
NEA, Abingworth and Forge Life, three venture capital firms, led a $120m Series C round in Escient Pharmaceuticals, a biotechnology company, with participation from Avego, PFM Health Sciences, The Eleven Fund, The Column Group, 5AM Ventures, Redmile Group, Cowen Healthcare Investments, Sanofi Ventures, Osage University Partners, and Altitude Life Science Ventures.
“By specifically blocking the activation of MRGPRX2 and MRGPRX4 with small molecule antagonists, we aim to develop effective oral medications with novel mechanisms of action for serious neurosensory-inflammatory diseases without the serious side effects observed with other approaches. We are thrilled with the support from both existing and new investors, and this significant financing puts us in a great position to advance our pipeline to clinical proof-of-concept in multiple indications," Joshua Grass, Escient Pharmaceuticals CEO.
Blackstone-backed Simplilearn, an online Bootcamp for digital economy skills training, completed the acquisition of Fullstack Academy, a provider of tech education in the United States. Financial terms were not disclosed.
"Bootcamps have been an extremely popular concept in the edtech industry, and there is no denying that learners are looking for the holistic learning experience that bootcamps offer. Through Fullstack Academy's wide-spread footprint in the US and its strong partnerships with top universities, we are confident that this collaboration will enable us to accelerate our global expansion plans. It is amazing to find a business whose vision is similar to ours and complements our pedagogy and belief system. We are certain we will be able to leverage each other's capabilities synergisitically to build a strong company," Krishna Kumar, Simplilearn Founder and CEO.
Mereo Capital and Hyperion Capital, two private equity firms, completed the acquisition of Algus Packaging, a provider of thermoformed blister and clamshell packaging. Financial terms were not disclosed.
“We are excited to partner with the management team of Algus to build on its history of success and invest in its future growth. We are attracted to Algus’ superior packaging solutions, reputation for exceptional quality and strong growth prospects," Leo Helmers, Mereo Co-Founder.
Bravo Infrastructure, an investment vehicle, completed the acquisition of Radiance Solar, a solar engineering, procurement and construction contractor, from Orion Infrastructure Capital, an investor. Financial terms were not disclosed.
“We are very excited to announce the acquisition of Radiance and our capital partnership with OIC. Radiance is a leader in the commercial and industrial EPC market and the O&M market in the southeast. We look forward to working with their outstanding team on meeting the needs of the high growth C&I solar market. Radiance will be the perfect complement to BIG’s other solar platform, Sunshine Solar the second largest C&I mechanical installation firm in the US. With OIC as a partner, both companies are strongly capitalized, and we expect both to benefit from the significant growth and tailwinds in solar deployment," Steve Newby, BIG Owner.
Patrick Industries, a manufacturer and distributor of component products and building materials, completed the acquisition of Transhield, a designer and manufacturer of customized and proprietary protection solutions. Financial terms were not disclosed.
"We are extremely excited to partner with Jim Glick, Matt Peat and the entire Transhield team. Transhield's innovative and quality product solutions have significant potential across multiple market sectors, and their culture, spirit, and industry reputation for customer service are an ideal fit within our portfolio of companies and independent brands. As with previous acquisitions, we will provide a financial and operational foundation that will allow Transhield to continue to drive its strategic vision and capitalize on its core competencies," Andy Nemeth, Patrick CEO.
Mainsail Partners, a growth equity firm, completed the acquisition of a minority stake in Instinct Science, a veterinary practice management software. Financial terms were not disclosed.
“The veterinary industry that we care deeply about faces some unique challenges. Instinct’s mission is to be part of the solution by building software that is actually loved by veterinary teams and those that operate veterinary centers. As we reflect on this exciting milestone, we’re constantly reminded of how impactful Instinct has become to our hospitals and we take this awesome responsibility seriously. We believe that we are just getting started and with this investment and the experience Mainsail brings as a partner, we’re looking forward to expanding our products and services for the long term. We see this as not just an investment in Instinct but also a vote of confidence in the broader veterinary world, animal care, and future veterinary teams," Caleb Frankel, Instinct Founder and CEO.
Citi Mexico suitor Mifel enlists Apollo, ADIA to fund bid. (FS)
Mexico's Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority to fund a bid for Citigroup’s Mexican retail bank, Reuters reported.
The debt financing could attract more investors to join in Mifel's bid to buy Citibanamex, although there is enough funding already in place to fully support Mifel's proposal.
EMEA
EQT Infrastructure, an infrastructure fund, agreed to acquire a majority stake in Trescal, a provider of essential and regulated calibration services, from OMERS, a Canadian public pension fund. Financial terms are not disclosed.
"EQT Infrastructure has followed Trescal for a long time. We are deeply impressed by the management team's achievements in creating a global leader in calibration laboratories with a differentiated one-stop-shop offering to serve its customer's requirements. We believe EQT's track record of building global companies, industrial DNA, and value-add approach strongly positions us to support the Company in its next phase of growth," Christoph Balzer, EQT Infrastructure Partner.
Senior, a global group of firms in the manufacturing and engineering industries, completed the acquisition of Spencer Aerospace, a manufacturer of highly engineered, high-pressure hydraulic fluid fittings for use in commercial and military aerospace applications, for up to $100m.
"We are very pleased to be joining forces with Senior. We have a shared vision about the critical role of fluid conveyance and are sure there will be a strong cultural fit with the Senior team. Our combined resources will enable us to accelerate our product qualification activities and increase our speed to market with source-controlled fittings. I feel certain that our existing and new customers will benefit from this exciting collaboration," Steven Spencer, Spencer Aerospace President.
Bridgepoint makes a £400m offer for The Hundred. (FS)
The England and Wales Cricket Board received a £400m ($484m) private equity approach that would see it relinquish majority ownership of The Hundred while raising funds to inject into the sport's cash-strapped counties, Sky News reported.
Bridgepoint had proposed buying a 75% stake in The Hundred, potentially injecting £300m ($363m) of new money into English cricket. Allan Leighton, the serial company chairman who has worked with Bridgepoint on a number of its investments, is said to have been working with the firm on developing its proposed offer.
Qatari owners of Paris Saint-Germain target valuation of over €4bn.
The Qatari owners of Paris Saint-Germain are targeting a valuation of more than €4bn ($4.2bn) in talks with potential investors that would set a new benchmark for a football club and boost expectations for others currently on the market, FT reported.
The French champions have been in discussions with several investors since the summer over a stake sale of up to 15%, including at least two US-based funds. Nasser Al-Khelaifi, PSG president, told the Financial Times that talks were continuing based on a valuation of “over €4bn ($4.2bn)”, although completing any deal could still “take months”.
Mediterrania Capital Partners exits six portfolio companies in the last 12 months. (FS)
Mediterrania Capital Partners, a private equity firm focused on growth investments for SMEs and mid-cap companies in North Africa and Sub-Saharan countries, is set to make its sixth portfolio company exit in 12 months with the approval from AMMC, the Moroccan Capital Market Authority, for an IPO of Akdital Group in December 2022.
Akdital Group, one the largest private clinics group in Morocco, is launching an IPO at the Casablanca Stock Exchange in mid-December enabling Mediterrania’s partial exit. The capital increase will support Akdital’s geographical and medical services expansion maintaining the fast pace set during Mediterrania’s 3-year tenure.
UAE plans global energy push with Adnoc’s $150bn spending.
The United Arab Emirates will expand its global energy reach as the OPEC member’s biggest energy company boosts spending to increase oil and natural gas production capacity, Bloomberg reported.
Abu Dhabi National Oil will invest $150bn in the five years through 2027. That’s an increase on the previous spending plan of $127bn over five years that was announced a year ago.
Peab has completed the repurchase of own shares.
Peab has repurchased 8m shares for around $45m between May 20 and November 18, 2022. Repurchasing has taken place after a decision by the Board, supported by authorization from the Annual General Meeting on May 5, 2022.
The aim of the repurchasing was to improve the company's capital structure. One of group targets, net debt/equity ratio, is that net debt in relation to equity according to segment accounting should be in the interval 0.3 - 0.7. As of September 30, 2022 the net debt/equity ratio was 0.4.
Ex-Greene King CEO talks with lenders. (FS)
Rooney Anand, the ex-CEO of Greene King, had its biggest shareholder injected new funding into his business amid talks with lenders, SkyNews reported.
Oaktree Capital has committed millions of pounds to RedCat Pub Company, set up by Rooney Anand, which trades from roughly 120 venues.
Revolution Beauty lenders hire advisers amid accounting chaos.
Lenders to Revolution Beauty, the online cosmetics retailer, have drafted in City advisers amid the accounting chaos which has left it unable to file financial results, SkyNews reported.
Sky News understands that HSBC and NatWest, Revolution's main bank lenders, have asked Teneo Financial Advisory to monitor the situation amid an independent probe.
Russian e-scooter firm Whoosh to pursue Moscow IPO.
E-scooter firm Whoosh said on Monday it is considering an initial public offering on the Moscow Exchange, in what would be Russia's first public listing since the country invaded Ukraine, Reuters reported.
From commodities to finance and retail, at least 10 companies had been looking to go public in 2022, advisers and bankers said late last year, before Russia's IPO market stalled.
Barloworld’s car-rental unit sees valuation of $260m on listing.
Barloworld’s car-rental business, which will be carved out and listed in Johannesburg next month, will have a valuation of about $260m, Bloomberg reported.
Barloworld has hired Goldman Sachs to advise the diversified South African industrial group on the spinoff and listing of Zeda, set for December 13, according to stock exchange filings Monday. The business houses the Avis and Budget rental brands, with Barloworld shareholders receiving one Zeda share for each Barloworld share they own.
Saudi Aramco refiner hires banks for $1bn share sale.
Saudi Aramco Base Oil, a refining unit of the state-owned oil producer, named banks, including Citigroup and HSBC Holdings, for its initial public offering on the Saudi stock exchange, which could raise about $1bn.
The company, also known as Luberef, is planning to sell 50m shares, or a nearly 30% stake, Bloomberg reported. The price at which all subscribers in the offering will purchase the shares will be determined after the book-building period.
Direct lender Pemberton eyes $50bn to plug Europe lending hole. (FS)
Pemberton Asset Management is fast-tracking plans to triple the size of its private debt funds and plug a European lending gap being created by increasingly skittish banks, Bloomberg reported.
"The $17bn investment firm is in the process of raising capital for five credit strategies, which include lending on mid-market buyouts," Symon Drake-Brockman, Pemberton Founder and Managing Partner.
Carlyle raises more than $3bn to invest in European tech. (FS)
US buyout firm Carlyle Group has raised more than $3.12bn for a pan-European technology fund that is taking advantage of “pockets of life” in the economy.
Focused on lower mid-market and growth technology companies across Europe, the fund, called CETP V, has exceeded its $2.5bn target in less than a year of fundraising, more than doubling the size of the previous fund CETP IV.
Pictet Asset Management adds private debt team. (FS, People)
Pictet Asset Management continues to strengthen its Fixed Income offering with the recruitment of four private debt specialists. The new Private Debt team is headed by Andreas Klein in London, who joined Pictet AM in early 2022.
Klein was previously a Managing Director at ICG where he spent eight years helping to set up and build out the direct lending strategy.
APAC
HSBC, a British multinational investment bank and financial services holding company, completed the acquisition of L&T Investment Management, an investment manager, from L&T Finance Holdings, a well-diversified non-banking financial company, for $425m.
"This transaction enhances the strength of our business in India and reinforces our status as one of Asia's leading wealth managers. Combining LTIM with our existing Indian asset management business gives us the scale, reach and capabilities to capture some of the 15-20% annual asset management market growth expected in India over the next five years," Noel Quinn, HSBC CEO.
HSBC was advised by HSBC and Talwar Thakore & Associates (led by Kunal Thakore). L&T Finance Holdings was advised by Citigroup, JP Morgan, Cyril Amarchand Mangaldas, Ketchum Sampark (led by Girish Dikey) and PricewaterhouseCoopers.
Adani Group has already found investors willing to sell 5.3m shares of the Indian broadcaster New Delhi Television despite the deep discount to the stock’s current level, bolstering the conglomerate’s hostile takeover bid, Bloomberg reported.
The category of corporate investors have tendered the most at 3.9m shares while retail investors have offered to sell a little over 706k shares to the ports-to-power conglomerate with qualified Institutional buyers making up the rest. All shares being offered will fetch a fixed price of $3.6 a piece, that is 27% lower than Monday’s closing price for NDTV.
CVC Capital Partners among potential bidders for Aesop deal. (FS)
Private equity firm CVC Capital Partners is reportedly among a host of potential investors currently considering a move to acquire skin care brand Aesop in a takeover deal expected to be worth in excess of $1.2bn.
The private equity firm faces competition from luxury cosmetics giants, such as Japan's Shiseido and Luxembourg-based sustainable beauty retailer L'Occitane.
PhonePe is in talks to acquire ZestMoney for up to $300m.
Digital payments and financial services provider PhonePe is the process of acquiring buy-now-pay-later fintech startup ZestMoney, Mint reported. The deal is set to be valued at $200-$300m.
The Buy Now Pay Later startup has been looking for a buyer for at least six months now as it has struggled to raise funding. ZestMoney was earlier in acquisition talks with Pine Labs and BharatPe, but the deals fell through.
Toshiba’s preferred bid delayed amid loan uncertainty.
A buyout deal to potentially take Toshiba private is taking longer than anticipated as banks haven’t yet decided whether to extend loans to the company’s preferred bidding group, Bloomberg reported.
Banks including Sumitomo Mitsui are considering issuing commitment letters for loans to a consortium led by Japan Industrial Partners and aren’t expected to make a decision until mid-December, which is later than planned. The lenders are reviewing the JIP-led group’s plans for Toshiba’s business, and to assess whether the loans will be redeemed on schedule.
Everstone weighs sale of $1bn medical device firm Everlife. (FS)
Everstone Capital, the private equity arm of Mumbai-based Everstone Group, is considering selling its health-care platform in Asia that could be valued at as much as $1bn in a deal, Bloomberg reported.
The buyout firm has asked investment banks to submit proposals for Singapore-headquartered Everlife Holdings. Everstone Capital is seeking a valuation of $500m to $1bn for Everlife.
Link REIT leads the race to buy Singapore shopping malls.
Link Real Estate Investment Trust, Asia’s biggest REIT, has emerged as the frontrunner to buy a portfolio of assets from Singapore shopping mall owner NTUC Enterprise Co-operative, DealStreetAsia reported.
The deal value has been trimmed to about $1.8bn from roughly $2.1bn after one more of the Singapore assets was removed from the proposed sale.
PAG, Platinum among bidders for Advent's stake in Singapore tuition chain. (FS)
Private equity firms PAG and Platinum Equity are among bidders vying for Advent International’s stake in Singaporean tuition chain The Learning Lab that could fetch up to $500m, DealStreetAsia reported.
The sale process, which is being run by Rothschild & Co, has entered a second round of bids.
India's Table Space said to have raised $300m from global PE firm Hill House. (FS)
Table Space, a flexible office operator in India, has raised around $300m in fresh funding as it looks to expand its operations across the country, DealStreetAsia reported.
The corpus will be pumped in by global private equity firm Hillhouse Capital in two tranches.
Gojek, ComfortDelGoro to share a ride in Singapore.
Indonesian superapp operator Gojek has teamed up with Singapore’s largest taxi operator, ComfortDelGoro, to explore ways to address challenges affecting the point-to-point transport industry in the city-state, including driver shortage, DealStreetAsia reported.
As part of the collaboration, Gojek users will be able to book ComfortDelGro taxis via the Gojek app. They will also explore sharing resources, including electric vehicle and ancillary revenue opportunities, as well as support solutions such as insurance, driver training, and vehicle maintenance.
VinaCapital defers $160m worth PE deals due to market uncertainty. (FS)
Vietnam-based asset management firm VinaCapital has postponed investments worth about $160m in two private equity projects due to unfavourable market conditions.
The firm had signed legal documents to invest about $100m and $60m in each project since the start of July but has now decided to postpone the deals with a hope to resume next year, DealStreetAsia reported.
Thailand’s i-Tail raises $588m pricing IPO at top of band.
Pet food maker i-Tail priced shares in its initial public offering at $0.85 each, the top of the marketed range in Thailand’s second-biggest listing this year, Bloomberg reported.
The unit of frozen and seafood products maker Thai Union Group is offering 660m shares, which were previously marketed at $0.80 to $0.85 each. The IPO is set to raise $588m, the largest in Bangkok since Thai Life Insurance's debut in July.
Macquarie bets on network infrastructure with $13bn raise. (FS)
Macquarie Group, one of the world’s largest infrastructure investors, raised $13.1bn to bet on everything from gas networks to water treatment facilities.
The Australian firm’s asset management arm hit the final close on a series 2 fundraising for its Super Core Infrastructure Fund. The fund drew commitments from investors including insurers, sovereign wealth funds and family offices from 22 countries.
Cargill-backed Proterra Asia closes Food Fund 3 at over $200m. (FS)
Proterra Investment Partners’s Asian subsidiary, Proterra Asia, has closed its third food fund at over $200m, DealStreetAsia reported.
The food and agribusiness-focused private equity firm drew in limited partners from institutional investors, international and regional foundations, and family offices from Europe and Asia. The Development Bank of Japan also joined as an LP. Cargill also remains one of Proterra’s longtime LPs.
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