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AMERICAS
Apollo Global, JF Lehman and Hill City Capital to acquire Atlas Air Worldwide for $5.2bn.
Private equity firms Apollo Global, JF Lehman and Hill City Capital agreed to acquire Atlas Air Worldwide, a global provider of outsourced aircraft and aviation operating services, for $5.2bn.
“We believe this transaction will deliver immediate and certain value to Atlas Air Worldwide shareholders at a substantial premium, and we are pleased to reach this agreement with the Consortium. The Board's decision to unanimously approve this transaction follows a careful evaluation and thoughtful review of value creation opportunities for shareholders. We believe this transaction is the right next step to maximize value for our shareholders and the best path forward to accelerate the Company’s ability to execute its strategic plan and achieve its long-term growth objectives," Duncan McNabb, Atlas Air Worldwide Chairman.
Atlas Air Worldwide is advised by Morgan Stanley, Cravath Swaine & Moore and Abernathy MacGregor Group. Apollo Global, JF Lehman and Hill City Capital are advised by Barclays, Evercore, Goldman Sachs and Mizuho Securities. Apollo Global is advised by Paul Weiss Rifkind Wharton & Garrison. JF Lehman and Hill City Capital are advised by Jones Day. Debt financing is provided by Apollo Global Management, Barclays, Credit Agricole, Goldman Sachs and Mizuho Securities.
Vestar Capital and New Mountain Capital-backed Information Resources, a provider of innovative solutions and services for consumer, retail and media companies, completed the merger with Hellman & Friedman-backed The NPD Group, a global provider of market information and advisory services, in a $5bn deal.
"We are excited about the prospect of combining our companies to give clients the tools and information they need to succeed amid changing consumer behavior. Both NPD and IRI share similar client-focused, innovative and collaborative cultures, making this combination a natural fit," Karyn Schoenbart, NPD CEO.
The NPD Group was advised by Jefferies & Company, Kramer Levin Naftalis & Frankel and Simpson Thacher & Bartlett. Information Resources was advised by Evercore, Goldman Sachs, Guggenheim Partners, Kirkland & Ellis and Sard Verbinnen & Co. Hellman & Friedman was advised by Finsbury Glover Hering. Vestar Capital was advised by Lambert & Co. New Mountain Capital was advised by Abernathy MacGregor Group.
Stonepeak completed the acquisition of the Latin American business of Lumen for $2.7bn.
Stonepeak, an alternative investment firm, completed the acquisition of the Latin American business of Lumen Technologies, a telecommunications company, for $2.7bn. AustralianSuper, Australia's pension fund, invested alongside Stonepeak in the transaction.
"This transaction unlocks value for our shareholders while allowing us to maintain our global presence through our strategic relationship with the New LATAM Company. This transaction allows Lumen to focus investments in key areas of the business to drive future growth while providing flexibility for our capital allocation strategy," Jeff Storey, Lumen President and CEO.
Lumen Technologies was advised by Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Jones Walker. Stonepeak was advised by JP Morgan, Lazard, Simpson Thacher & Bartlett and Sard Verbinnen & Co. AustralianSuper was advised by Skadden Arps Slate Meagher & Flom.
New Mountain Capital, a growth-oriented investment firm, agreed to acquire the Applied, Food and Enterprise Services businesses of PerkinElmer, an American global corporation focused in the business areas of diagnostics, life science research, food, environmental and industrial testing, for $2.45bn.
"PerkinElmer has a long history of market-leading innovation, and we are excited to partner with this dedicated team to support the next phase of growth. The business we are acquiring provides mission-critical solutions that enable scientists and researchers to perform their important work, including developing and manufacturing biopharmaceuticals, ensuring a cleaner and safer environment and food supply, and helping to provide high-quality products to demanding customers. New Mountain intends to continue to invest behind the business as we pursue a dynamic growth strategy," Andre Moura, New Mountain Capital Managing Director.
New Mountain Capital is advised by Jefferies & Company, Simpson Thacher & Bartlett and Abernathy MacGregor Group. Debt financing is provided by Owl Rock Capital. PerkinElmer is advised by Goldman Sachs, Hogan Lovells, McDermott Will & Emery, WilmerHale and Joele Frank.
GHO Capital-backed RoslinCT to acquire Lykan Bioscience.
GHO Capital-backed RoslinCT, a cell and gene therapy contract development and manufacturing organisation, agreed to acquire Lykan Bioscience, a provider of outsourced clinical and commercial manufacturing services for pharmaceutical and biotechnology companies. WindRose Health Investors have reinvested in the new combined group. Financial terms were not disclosed
"This combination puts us in a strong position as a leading global CDMO in the process development and manufacturing of advanced cell therapies, and we look forward to working with our new colleagues at Lykan to fuel future growth and meet the increasing demand for innovative therapies," Peter Coleman, RoslinCT CEO.
GHO Capital is advised by ERM Group, Alvarez & Marsal, Ropes & Gray, Slaughter & May, Consilium Strategic Communications and Dark Horse Consulting Group. Lykan Bioscience is advised by William Blair & Co and McDermott Will & Emery.
Veritas-backed MiraMed Global Services completed the acquisition of Coronis Health from 424 Capital.
Veritas-backed MiraMed Global Services, a provider of business process outsourcing solutions, completed the acquisition of Coronis Health, a medical billing service company, from 424 Capital, a private equity firm. Financial terms were not disclosed.
“This combination brings together two highly complementary businesses with a shared mission to improve operations for healthcare providers across the US Coronis’ end-to-end RCM solutions paired with MiraMed’s expertise and global infrastructure creates a robust platform for growth in a highly fragmented market. We look forward to leveraging our expertise in healthcare technology to support the combined company and, in partnership with management, deliver innovative technology-based solutions to ensure the continued success of the company’s healthcare provider clients," Ramzi Musallam, Veritas Capital CEO and Managing Partner.
Coronis Health was advised by Guggenheim Partners, Houlihan Lokey and Whiteman Osterman & Hannah. MiraMed Global was advised by Gibson Dunn & Crutcher. Veritas was advised by Lincoln International, TripleTree, Latham & Watkins and FGS Global.
SK Capital Partners, a private equity firm, completed the acquisition of Valtris Specialty Chemicals, a manufacturer of specialty polymer additives and specialty chemicals for a diverse set of end markets, from H.I.G. Capital, a global alternative investment firm. Financial terms were not disclosed.
"It has been a pleasure to work with H.I.G. since carving out the business from Ferro. Together, we have built a strong global leader in polymer additives that is well-positioned for robust future growth. SK’s investment is a strong validation of our Company and talented team and launches an exciting new chapter for Valtris," Paul Angus, Valtris CEO.
SK Capital was advised by TM Capital, Latham & Watkins and BackBay Communications. Debt financing was provided by Cerberus Business Finance. Valtris Specialty Chemicals was advised by Piper Sandler. H.I.G. Capital was advised by Lazard, Piper Sandler and McDermott Will & Emery.
Searchlight Capital, a private equity firm, and Rev Worldwide, a fintech company, agreed to acquire the Netspend's consumer business of Global Payments, an American multinational financial technology company, for $1bn.
"Third, we made significant progress in refining our portfolio to focus on our core corporate clients this quarter by entering into a definitive agreement to sell Netspend's consumer assets to Searchlight Capital and Rev Worldwide for $1bn. Consistent with our strategy, we will retain Netspend's B2B assets, which will be included in our Issuer Solutions business beginning with the third quarter of 2022," Jeff Sloan, Global Payments CEO.
Global Payments is advised by Evercore and Wachtell Lipton Rosen & Katz. Searchlight Capital is advised by Paul Weiss Rifkind Wharton & Garrison. Rev Worldwide is advised by Jefferies & Company, Nomura and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian.
Semantix went public via a SPAC merger with Innova Capital-backed Alpha Capital in a $693m deal.
Semantix, a Latin America’s first fully integrated data software platform, went public via a SPAC merger with Innova Capital-backed Alpha Capital in a $693m deal. The transaction includes a $94m PIPE investment from Inovabra Ventures, Crescera, FJ Labs, Oxenford, and Steinhauser.
“We are excited to have reached this important milestone in our mission to transform companies’ data driven models and impact billions of lives with data. Our entry into the public markets puts us in a stronger position to accelerate our growth plans and scale internationally. We are incredibly grateful to our leadership team, employees, partners, and customers for their support in our journey," Leonardo Santos, Semantix CEO and Founder.
Semantix was advised by Credit Suisse, Pinheiro Neto and Skadden Arps Slate Meagher & Flom. Alpha Capital was advised by Citigroup, Davis Polk & Wardwell and Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados.
MEAG, the asset management arm for entities of Munich Re, NZ Super Fund, a sovereign wealth fund in New Zealand, and Infratil, a New Zealand-based infrastructure investment company, agreed to invest $500m in Longroad Energy, a renewable energy developer.
"Infratil is extremely happy with this outcome. We remain very optimistic about the opportunities and outlook for Longroad. It is well-positioned in a key geography, with high-quality operating assets, built-in growth through its development portfolio, and a proven team. The new investment from a leading global infrastructure investor in MEAG is a strong endorsement of the business and the sector," Jason Boyes, Infratil CEO.
Longroad Energy is advised by Goldman Sachs, KeyBanc Capital Markets, Lazard and Morgan Lewis & Bockius. MEAG is advised by Barclays and Holland & Knight.
Bay Grove-backed Lineage Logistics, an international warehousing and logistics management company, completed the acquisition of VersaCold Logistics Services, a cold chain solution provider in Canada, from TorQuest Partners, IMCO and OPTrust. Financial terms were not disclosed.
"Our acquisition of VersaCold represents yet another milestone and an important broadening of our business in Canada. In its 80-plus year history, VersaCold has built a stellar reputation by providing customers with differentiated and fully integrated warehousing and transportation solutions across Canada. We are excited to bring them into the One Lineage family and work alongside the VersaCold leadership team to better serve customers across North America. We also look forward to supporting capacity expansion plans at a number of warehouses across key Canadian markets," Greg Lehmkuhl, Lineage Logistics President and CEO.
Lineage Logistics was advised by JP Morgan, Scotiabank, Bennett Jones and Latham & Watkins. VersaCold Logistics was advised by Wells Fargo Securities and Stikeman Elliott.
Hidden Harbor Capital Partners, a private equity firm that helps create business success stories by building teams focused on execution, agreed to acquire Dayco, an engine products and drive systems supplier for the automotive and aftermarket industries. Financial terms were not disclosed.
"This is an important milestone for our business, and we are excited as we enter our next phase of growth with our new partners at Hidden Harbor. We look forward to teaming up with Hidden Harbor and drawing upon the expertise of their operating partners to build on Dayco's success. Our partnership with Hidden Harbor will enable Dayco to have greater flexibility to deliver for our customers, supply chain partners, and employees and move forward together toward a successful future," Joel Wiegert, Dayco CEO.
Dayco is advised by Rothschild & Co, Skadden Arps Slate Meagher & Flom and FTI Consulting. Hidden Harbor is advised by Cowen & Company and McDermott Will & Emery. Debt financing is provided by Configure Partners.
Carlyle, a private equity firm, completed the acquisition of NSM Insurance, a provider of insurance broking and risk management services, from White Mountains Insurance, a diversified insurance and related financial services holding company, for $1.8bn.
"The NSM team has done a tremendous job building a market-leading specialty insurance distribution platform. It has been our pleasure to partner with them along the way. This transaction is a win for both White Mountains shareholders and NSM management and employees. We want to thank Geof, Bill, Marc, Jonathan and the entire NSM team for all of their hard work. NSM is well positioned going forward, and we wish them continued success," Manning Rountree, White Mountains CEO.
NSM was advised by Holland & Knight. Carlyle was advised by Morgan Stanley and Wachtell Lipton Rosen & Katz. White Mountains was advised by JP Morgan and Cravath Swaine & Moore.
HIG Capital, an alternative investment firm, completed the acquisition of Barton & Associates, a healthcare staffing company. Financial terms were not disclosed.
“We are very proud of Barton’s success to date and all that the team has accomplished. Under the guidance of Barton’s visionary founder, Thomas F. Ryan, our Company has dedicated itself to providing valuable career opportunities to its employees as we serve the critical provider and clinician staffing needs of healthcare facilities across the United States. We have long recognized that what we do at Barton is critical to the healthcare industry in our nation, especially at a time when demand continues to outstrip supply following a global pandemic. We expect to continue on this same path with HIG Capital, and are confident that a partnership with HIG Capital will enable us to continue executing on our long-term vision for Barton," Rob Indresano, Barton President and CEO.
Barton & Associates was advised by JP Morgan and WilmerHale. HIG Capital was advised by Bank of America, UBS and McDermott Will & Emery.
Permira, the global private equity firm, agreed to acquire a majority stake in Reorg, a global provider of data, analytics and intelligence for the credit markets, from Warburg Pincus, a global private equity firm, headquartered in New York. Financial terms were not disclosed.
"Through the hard work and innovation of Reorg's global team, we've grown from distressed debt and bankruptcy expertise into covering all aspects of the global credit markets, while maintaining our standards of best-in-class coverage. I couldn't be more appreciative of the Reorg team and the support of Warburg Pincus the last four years. We are relentless in solving our customers' most pressing problems and, with the investment from Permira, will push forward in finding ever smarter solutions in the years ahead," Kent Collier, Reorg Founder and CEO.
Reorg is advised by Evercore and Kirkland & Ellis. Permira is advised by Morgan Stanley, UBS and Weil Gotshal and Manges.
Colgate-Palmolive Company, an American multinational consumer products company, agreed to acquire three manufacturing plants from Arbor Investments-backed Red Collar Pet Foods, a manufacturer of mainstream and premium private label pet food, for $700m.
"Our Hill's business is growing well, and we continue to invest to expand production capacity, improve our capabilities with initiatives like our new Small Paws Innovation Center, and better engage pet parents, veterinarians and Hill's retail partners. This investment will help further strengthen the Hill's business today and for the long term," Noel Wallace, Colgate-Palmolive Company Chairman, President and CEO.
Red Collar Pet Foods is advised by Centerview Partners and Kirkland & Ellis. Colgate-Palmolive is advised by Perella Weinberg Partners and Wachtell Lipton Rosen & Katz.
Buyers Edge, a software and analytics company, completed the acquisition of ArrowStream, a provider of supply chain management visibility for the foodservice industry, from Tailwind Capital, a private equity firm. Financial terms were not disclosed.
“ArrowStream has invested heavily in its people, products, and technology since Tailwind Capital acquired the business. These growth initiatives have enhanced our cloud-based platform by providing real-time visibility and intelligence into the supply chain, which allows our customers to proactively make decisions to manage their businesses. Buyer’s Edge clearly recognized the value of the platform investments, the opportunity to further partner with our clients around innovation, and the talent of our team," Raleigh McClayton, ArrowStream Outgoing CEO.
Buyers Edge was advised by INK inc PR. Tailwind Capital was advised by FGS Global. ArrowStream was advised by Lincoln International and Davis Polk & Wardwell.
Thoma Bravo to acquire Ping Identity for $2.8bn.
Thoma Bravo, a private equity firm, agreed to acquire Ping Identity, a provider of the intelligent identity solution for the enterprise, for $2.8bn.
"This compelling transaction is a testament to Ping Identity's leading enterprise identity solutions, our talented team, and our outstanding customers and partners. Identity security and frictionless user experiences have become essential in the digital-first economy and Ping Identity is better positioned than ever to capitalize on the growing demand from modern enterprises for robust security solutions. We are pleased to partner with Thoma Bravo, which has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to turbocharge innovation and open new markets," Andre Durand, Ping Identity CEO.
Thoma Bravo is advised by Goodwin Procter. Ping Identity is advised by Goldman Sachs and Kirkland & Ellis.
Trelleborg, an engineered polymer solutions provider, agreed to acquire Minnesota Rubber and Plastic, a provider of materials science-based elastomer and thermoplastic solutions, from KKR, a private equity firm, for $950m.
“I am proud to have worked alongside MRP colleagues who have contributed in so many ways to the Company’s performance. Together we have been able to deliver the fantastic results that made this sale possible. This is a great outcome for all employee owners and our limited partners in KKR’s Americas XII Fund,” Josh Weisenbeck, KKR Partner.
KKR is advised by Houlihan Lokey and Kirkland & Ellis.
Energy Transfer to acquire Woodford Express from Quantum Energy Partners for $485m.
Energy Transfer, a small intrastate natural gas pipeline operator, agreed to acquire Woodford Express, a gas gathering and processing system, from Quantum Energy Partners, a private equity firm, for $485m.
The system, which is located in the heart of the SCOOP play, has 450 MMcf per day of cryogenic gas processing and treating capacity and over 200 miles of gathering and transportation lines, which are connected to Energy Transfer’s pipeline network. The system is supported by dedicated acreage with long-term, predominantly fixed-fee contracts with active, proven producers.
Woodford Express is advised by Jefferies & Company. Quantum Energy is advised by Vinson & Elkins.
FVLCRUM Funds completed the acquisition of Gulf Coast Crane Services.
FVLCRUM Funds, a vintage buyout fund, completed the acquisition of Gulf Coast Crane Services, a provider of crane rental services. Financial terms were not disclosed.
"As a part of FVLCRUM’s investment, Gulf Coast Crane has signed a community benefits agreement and will provide annual reporting to evidence its goals of material job creation in LMI communities and wage parity for its jobs. All in all, the FVLCRUM team is thrilled to welcome Gulf Coast Crane into its growing ecosystem of positive impact," Yves M. Mombeleur, FVLCRUM Managing Director of Impact.
FVLCRUM Funds was advised by Ernst & Young and Jones Day.
Sagewind Capital-backed By Light Professional completed the acquisition of Veraxx Engineering.
Sagewind Capital-backed By Light Professional, a systems integrator providing IT, leading edge training & simulation platforms and cyberspace operations, completed the acquisition of Veraxx Engineering, a provider of immersive, high-fidelity flight simulation training technologies. Financial terms were not disclosed.
“The acquisition of Veraxx strategically broadens By Light’s existing capabilities within modeling & simulation and virtual training. Veraxx further enhances our efforts to expand our product offerings and technology solutions. We look forward to augmenting By Light’s synthetic training environment capabilities to include Veraxx’s full-flight simulators and expand our expertise to include additional platform aircraft," Bob Donahue, By Light Founder and CEO.
Sagewind Capital was advised by Paul Weiss Rifkind Wharton & Garrison and Gasthalter & Co.
SBA Communications to acquire 2.6k Brazilian cell sites from Providence Equity-backed TorreSur for $725m.
SBA Communications, a firm that owns and operates roughly 34k cell towers, agreed to acquire 2.6k Brazilian cell sites from Providence Equity-backed TorreSur, a provider of infrastructure sharing services catering to the telecommunications industry, for $725m.
The sites to be acquired in this transaction are anticipated to produce approximately $68m of tower cash flow during their first full year of operations after closing based on current estimates of future foreign currency exchange rates.
Providence Equity is advised by JP Morgan.
Andreessen Horowitz, a private equity firm, and Casdin Capital, an investment company, led a $122 Series A round in IDRx, a clinical-stage biopharmaceutical company dedicated to transforming cancer treatment with purpose-built precision combination therapies, with participation from Nextech Invest and Forge Life Science Partners.
“Although precision medicines have revolutionized the treatment of some cancers, tumors can evolve multiple escape mutations. At IDRx, we are leveraging deep scientific insights in tumor biology with now available drug engineering capabilities to pioneer novel, selective, intelligently designed combination therapies that aim to hit driver mutations hard, cover escape pathways and provide sufficient therapeutic index and safety profiles for use in early lines of treatment where there is the best potential to provide patients with durable clinical benefits,” Alexis Borisy, IDRx Co-Founder.
IDRx was advised by 1AB.
Augment Infrastructure, a fund manager that focuses on growth strategies in renewable energy and sustainable infrastructure, and the Investment Fund for Developing Countries, a Development Financial Institution owned by the Government of Denmark, agreed to invest $85m in Origo Energia, a distributed generation company in Brazil.
"We are excited to become a shareholder in Origo Energia. Brazil has implemented a robust regulatory framework that we believe promotes the growth of distributed generation in the country and makes Origo well positioned to maintain its leadership in the sector," Viktor Kats, Augment Infrastructure Managing Partner.
Origo Energia is advised by Rothschild & Co.
AEA Investors, a private investment vehicle, completed the acquisition of Burke Porter Group, a provider of automated diagnostic, testing and production solutions, from CEL Global Investment Fund, a private equity fund. Financial terms were not disclosed.
"AEA has an extensive history of partnering with leading companies in the industrial technology and automation industries to achieve growth and operational improvements. Current and past investments include Dematic, Evoqua Water Technologies, Excelitas Technologies and ProMach Group," AEA.
AEA Investors was advised by Joele Frank.
Astorg-backed OPEN Health, a provider of scientific communications and market access services, agreed to acquire The CM Group, a medical communications platform, from NaviMed Capital, a private investment firm. Financial terms are not disclosed.
"We are thrilled to join OPEN Health and continue the journey of being a strategic partner to pharma and biotech customers. With new colleagues and capabilities to utilize, we now have the ingredients to offer an even better suite of integrated solutions to our clients. I would like to thank NaviMed Capital for their partnership in helping The CM Group develop and execute its vision to strengthen its core competencies while expanding into new services and technologies," Daniel Leonard, The CM Group CEO.
Astrog is advised by Latham & Watkins.
Sentinel Capital Partners, a private equity firm, completed the acquisition of Bandon Holdings, a fitness app developer. Financial terms were not disclosed.
"We look forward to the opportunity to partner with the Bandon team as they continue to expand through new development and a proven acquisition strategy. Bandon's talented management has developed an impressive growth model over the past decade and its robust acquisition pipeline is highly actionable," Marc Buan, Sentinel Principal.
Sentinel was advised by Broadgate Consultants.
Sverica Capital Management, a private equity investment firm, completed the investment in Omeda, a SaaS marketing platform. Financial terms were not disclosed.
"We are very excited to partner with Aaron, James and team. Through our work we concluded Omeda has the strongest product-market fit and highest NPS score in the category. We believe Omeda is uniquely positioned to continue to gain share with its robust, yet intuitive, technology suite while providing meaningful value to its expanding customer base," Jordan Richards, Sverica Managing Partner.
Permira nears a $1.3bn deal to acquire Reorg Research.
Buyout firm Permira is nearing a deal to acquire Reorg Research, a financial data vendor specializing in debt restructuring, for more than $1.3bn, including debt.
The deal would mark a lucrative exit for private equity firm Warburg Pincus, which valued Reorg at around $400m when it acquired a controlling stake in 2018. It underscores the growing value of niche financial data and news providers that are serving pockets of Wall Street looking for an edge, Reuters reported.
Talos Energy is in talks to buy Bain Capital-bcked EnVen for $1bn.
Talos Energy, an oil and gas company, is in talks to acquire Bain Capital-controlled EnVen Energy for about $1bn and also take on the debt of the US Gulf of Mexico operator.
The deal would be among the most significant in recent years in the Gulf, creating a bigger company that would be better placed to take advantage of higher oil prices.
Talks between the two companies have reached an advanced stage and a deal would see Talos buy EnVen using either mostly or all stock. The deal value is expected to be higher after including EnVen's debt, which stood at $288m at the end of 2021, Reuters reported.
Greenlight takes a stake in Twitter.
Hedge fund Greenlight Capital said it took a new stake in Twitter last month as the social media company sued to force Elon Musk to buy the company even as the billionaire entrepreneur said he has changed his mind about the deal.
Greenlight founder David Einhorn wrote to investors on Monday that his hedge fund had taken the position, paying an average of $37.24 for the stock, according to the letter seen by Reuters.
JLL secures $585m financing for mixed-use development in Boston.
JLL’s Capital Markets announced that it has arranged $585m in construction financing for a mixed-use project consisting of 581k square feet of life sciences, retail and multi-housing space in Boston, Massachusetts.
JLL worked on behalf of the borrower, a joint venture between King Street Properties, Brookfield and Mugar Enterprises, to secure the four-year, floating-rate loan through an institutional debt fund.
Balbec Capital raises over $1.5bn for fifth global credit fund.
Balbec Capital, a global alternative asset manager, announced the closing of its fifth global flagship fund, InSolve Global Credit Fund V, with total commitments of over $1.5bn as well as a $100m expandable co-investment vehicle, making it Balbec’s largest fund to date. The Fund received significant support from a diverse base of existing Balbec clients and new investors globally.
“We are pleased to have closed our fifth global flagship fund, exceeding our target, a true testament to investors’ trust in Balbec’s skilled investment team, unique sourcing capability, rigorous due diligence, and disciplined approach to managing complex assets globally. As we seek to strategically scale the Balbec platform, we will continue to employ our repeatable investment process – which has proven resilient to date across market conditions – to deliver attractive returns for our investors," Warren Spector, Balbec Chairman.
Silversmith Capital Partners raises $1.25bn for its fourth growth equity fund.
Silversmith Capital Partners, a private equity firm has held the first and final close of its fourth fund, Silversmith Capital Partners IV, which was significantly oversubscribed, at its hard cap of $1.25bn.
In addition to the $1.25bn from limited partners, the Silversmith team will contribute $90m to Fund IV. Fund IV is the firm’s largest to date and brings total capital raised to more than $3.3bn since its founding in 2015.
“Our investment strategy was built on four bedrock tenets that have not changed over the past seven years – invest in markets we know, invest in companies as they inflect, invest in companies that are capital efficient, and partner with truly exceptional entrepreneur. The steadfast support we received from our investors speaks volumes to how much the limited partner community values a disciplined approach. We are grateful for the trust and confidence our investors have in Silversmith and look forward to continuing to execute on our investment strategy," Jim Quagliaroli, Silversmith Managing Partner.
Silversmith was advised by Kirkland & Ellis.
JC Flowers lands $1.1bn for the fifth PE fund.
JC Flowers has closed its fifth flagship fund on more than $1.1bn. The firm focuses on investments within the financial services sector.
"We are grateful for the support from both our existing and new limited partners which allowed us to surpass our target, especially given the backdrop of uncertainty over the last two years. Our firm has built a deep bench of talented executives with significant financial services expertise, which has made us uniquely qualified to identify interesting investments through changing market conditions. We look forward to continuing to source, evaluate and invest in financial services opportunities worldwide where we can add significant value," Chris Flowers, JC Flowers CEO.
Portage Ventures is looking to raise up to $1bn to fund fintech startups.
Portage Ventures is seeking to raise up to $1bn for a structured equity fund that will focus on financing startups in the financial technology sector that are reluctant to take a hit in their valuation amid the market downturn.
The fund will be a so-called structured equity fund, investing in securities that combine debt and equity features and do not require startups to lock in a valuation as with traditional equity fundraising.
Portage is aiming to raise $750m to $1bn for the fintech-focused fund, with a $200m capital commitment. The firm is expecting to reach a first close for the fund in November this year, DealStreetAsia reported.
Artest Management Group targets a $1bn fund.
Artest Management Group, an investment firm by former basketball player Metta Sandiford-Artest, is planning a new investment fund.
The fund is targeting $1bn. The fundraising hasn’t begun yet and the target size could still change. Focusing on the US and Asia, the new fund would invest in sports real estate and professional teams, as well as startups across health, sports, blockchain technology and real estate. The fund could also potentially be used to acquire businesses and to make a large investment in a Las Vegas professional basketball arena, Bloomberg reported.
Assured Healthcare Partners closes second fund with over $750m of capital commitments.
Assured Healthcare Partners announced the closing of its latest fund, AHP Fund II, which exceeded both its target size and initial cap with aggregate commitments in excess of $750m. Fund II will allow AHP to continue to pursue its strategy of investing in North American healthcare service companies at inflection points in their lifecycle.
"We continue to appreciate the thoughtful engagement and support from our investors who seek a differentiated, non-commoditized approach to investing in the healthcare markets," Jim Pieri, AHP Managing Partner and Founder.
HighPost Capital raises $535m for consumer-focused investments.
HighPost Capital, a private investment firm focused on the global consumer sector, announced the successful close of its inaugural fund, HighPost Capital Fund I at $420m.
“We launched HighPost in order to capitalize on the significant disruption occurring across global consumer markets and draw on our complementary expertise in brand building and investing in the consumer goods and services, sports, and media sectors over multiple cycles. Importantly, we have sought to build a firm from the ground up that takes a long-term, patient investment approach that is deeply aligned with our LPs, management teams and partners," David Moross and Mark Bezos, HighPost Capital CEO and Partner.
Turning Rock Partners closes Fund II.
Turning Rock Partners, a New York-based private investment firm, has closed its second fund with commitments of approximately $475m, exceeding its target raise. Turning Rock received strong support from new and existing investors, including notable public and corporate pension plans, banks, insurance companies, global asset managers, foundations, and large family offices.
"Turning Rock Partners' growth can be attributed to a consistent strategy over its six-year operating history. We will continue to follow an approach informed by a combination of top-down capital markets knowledge, paired with fundamental equity and credit analysis. We are grateful for the continued participation and support of our clients and partners, including Eaton Partners," Saba Ahmad, TRP Partner and COO.
Variant commits $450m to backing Web3, DeFi projects.
Variant, an early-stage venture firm investing in crypto networks and platforms, raised $450m for a new umbrella fund split across a $150m seed purse for Web3 projects and a $300m opportunities vehicle that will double-down on projects with demonstrated traction in our portfolio.
Variant has started the fund, its third, during a bear market that saw venture capital investments in crypto drop 26% year over year in the first half of 2022.
VMG Catalyst closes Fund II at $400m.
VMG Catalyst, a San Francisco-based venture capital firm, announced on Wednesday that it has closed its Fund II at its target of $400m, bringing the total capital raised to $650m. The firm has invested in 22 companies across all investment stages through this investment lens.
“Our deep understanding of both the voice of the customer and the pain points facing brands and retailers of all sizes allows us to invest with the conviction and speed that we believe is required in today’s fast-moving commerce landscape,” Carle Stenmark, VMG Partners General Partner.
L’ATTITUDE Ventures completes first $100m fund.
L’ATTITUDE Ventures closed its first institutional fund, raising over $100m through a strategic anchor investment by JPMorgan and initial investments from Trujillo Group and Bank of America.
“I commend the institutions who came in—and stepped up first. This $100m fund, backed by some of the biggest financial names, represents an opening salvo for what should become an investment boom directed toward this sector of early-stage companies that are either founded or run by Latina(o) entrepreneurs and that have significant potential,” Sol Trujillo, L’ATTITUDE Ventures Founder and General Partner.
EMEA
PAI Partners-backed European Camping Group, a tour operator, agreed to acquire Vacanceselect, a camping and holiday villages operator, from Permira, a private equity firm. Financial terms were not disclosed.
“The combination of ECG and Vacanceselect creates a French champion and European leader in the outdoor accommodation space, offering more than 400 destinations to our clients. We are confident in the prospects for our sector which is seeing consistently increasing demand. Thanks to the continuous improvements to our accommodation and campsite facilities and, as a result, to the overall client experience, our combined offering will be even more attractive to European families," Alain Calmé, ECG President.
PAI Partners is advised by AT Kearney, Roland Berger, BNP Paribas, PricewaterhouseCoopers, Rothschild & Co, Clifford Chance, Mayer Brown, Shearman & Sterling, Greenbrook and Primatice. ECG is advised by Loyens & Loeff. Permira is advised by Amala Partners, PricewaterhouseCoopers, Clifford Chance and Vae Solis Communications.
Advent-backed Cobham Group completed the acquisition of Ultra Electronics for $3.6bn.
Advent-backed Cobham Group, a global technology and services innovator, completed the acquisition of Ultra Electronics, a British company serving the defence, security, critical detection and control markets, for $3.6bn.
"Today’s offer from Cobham reflects the significant progress and value that has been created by the whole Ultra team from our ONE Ultra strategy and from the progress we are making on our Focus; Fix; Grow transformation. The team should be very proud of what they have achieved so far. This combination will enhance Ultra’s prospects through Cobham’s stated intentions to accelerate our transformation, invest in our technology, and to continue to support our customers, operations, communities, and most importantly our talented and committed people," Simon Pryce, Ultra CEO.
Ultra Electronics was advised by JP Morgan, Numis Securities, Slaughter & May and MHP Communications. Cobham Group was advised by Credit Suisse, Goldman Sachs, Morgan Stanley, Rothschild & Co, Kirkland & Ellis and Tulchan Communications. Financial advisors were advised by Ashurst. Debt financing is provided by Credit Suisse.
Digital Realty completed the acquisition of Teraco from Berkshire Partners and Permira for $3.5bn.
Digital Realty, the largest global provider of cloud- and carrier-neutral data center, completed the acquisition of Teraco, a carrier-neutral colocation provider, from private equity firms Berkshire Partners and Permira for $3.5bn.
"We are very excited to complete this transformative transaction that positions Digital Realty as the premier data center and connectivity provider on the high-growth African continent. Today's milestone gives us significant regional scale and access to a premier, high-quality portfolio in Africa's largest market, enhancing our ability to serve growing customer demand for connectivity in the region. We're thrilled to strengthen our global platform and deepen our commitment to investment in Africa, as we capitalize on the tremendous opportunity in the region," A. William Stein, Digital Realty CEO.
Teraco was advised by Goldman Sachs, ENSafrica and Weil Gotshal and Manges. Digital Realty was advised by Solomon Partners, Bowmans, Latham & Watkins and Sard Verbinnen & Co. Permira was advised by Morgan Stanley and Skadden Arps Slate Meagher & Flom. Berkshire was advised by Citigroup, Morgan Stanley and Sard Verbinnen & Co.
Antin Infrastructure to acquire Wildstone from DigitalBridge.
Antin Infrastructure, a private equity firm, agreed to acquire Wildstone, an owner of independent outdoor media infrastructure in the UK, from DigitalBridge, a global digital infrastructure investment firm. Financial terms were not disclosed.
“Europe represents a huge untapped opportunity and expansion to these territories is a natural extension of our business model which is to acquire, upgrade and scale. The future of outdoor media infrastructure is digital and we are, by far, the best positioned to capture a substantial piece of the global market share. Antin recognises the significant growth potential and together we are well placed to accelerate expansion," Damian Cox, Wildstone CEO and Founder.
Antin Infrastructure is advised by Alvarez & Marsal, Bain & Co, DC Advisory, Kirkland & Ellis, Brunswick Group and Mott MacDonald. Wildstone is advised by Greenhill & Co, PricewaterhouseCoopers and Lewis Silkin. DigitalBridge is advised by Linklaters, American Stock Transfer & Trust and Joele Frank.
OPTrust-backed Kinetic Holding and Globalvia Inversiones to acquire Go-Ahead for £699m.
OPTrust-backed Kinetic Holding, a transportation services provider, and Globalvia Inversiones, a construction services provider, agreed to acquire Go-Ahead, a transportation services provider, for £699m.
"This transaction will create a leading global, multi-modal, mass transit platform and unlock value for all stakeholders. Given our track record and experience we will provide long term capital and expertise to support the acceleration of Go-Ahead's strategy and transition to net zero," Michael Sewards and Javier Pérez Fortea, Kinetic Co-CEO and Globalvia CEO.
Go-Ahead is advised by Investec, Peel Hunt, Rothschild & Co, Herbert Smith Freehills and Citigate Dewe Rogerson. Kinetic Holding and Globalvia Inversiones are advised by Santander, UBS, Linklaters and Tulchan Communications.
Spanish government approves a $2.3bn sale of ITP Aero.
Rolls-Royce, a luxury automobile maker, announces that the Spanish government has approved the sale of ITP Aero, a Spanish aero engine and gas turbine manufacturer, to a consortium of investors led by Bain Capital for $2.3bn. This follows the approval of all other relevant regulatory authorities.
Upon completion, sale proceeds will be used to help rebuild the Rolls-Royce balance sheet, in support of our ambition to return to an investment grade credit profile in the medium term. ITP Aero will remain a key strategic supplier and partner for Rolls-Royce across both civil aerospace and defence programmes.
Rolls-Royce is advised by Ernst & Young, Eversheds Sutherland and Brunswick Group. ITP Aero is advised by Uria Menendez. Bain Capital is advised by Rothschild & Co, Cuatrecasas Goncalves Pereira and Kirkland & Ellis.
Liberty Global, Telefónica and InfraVia Capital Partners to form a $4.5bn joint venture.
Liberty Global, a private equity firm, Telefónica, a Spanish multinational telecommunications company, and InfraVia Capital Partners, a private equity firm, agreed to form a $4.5bn joint venture, to build a new fibre network in the UK covering up to 7m homes.
“This landmark agreement with Liberty Global, Telefonica and InfraVia will expand our FTTH footprint to millions of new UK homes, creating the undisputed second national fibre network in the UK. VMO2 has already committed to upgrading its entire existing 16m footprint to FTTH. This JV will take our aggregate FTTH footprint to up to 23m homes, reaching around 80% of the UK. VMO2 will bring significant build expertise, and will benefit from a meaningful off-net growth opportunity and as the anchor client will support attractive returns for the JV – a winning combination. Finally, we are very excited to be working with InfraVia who we already partner with in Germany, and welcome the expertise they bring to the JV,” Mike Fries, Liberty Global CEO and Vice Chairman.
InfraVia is advised by Lazard, De Pardieu Brocas Maffei and Linklaters. Telefonica and Liberty Global are advised by Barclays, LionTree Advisors and Allen & Company.
Main Capital Partners completed the acquisition of a majority stake in Avinity.
Main Capital Partners, an investment management firm, completed the acquisition of a majority stake in Avinity, a provider of software solutions for healthcare institutions and healthcare professionals. Financial terms were not disclosed.
"Avinty develops smart software that optimally supports healthcare. We always do this with the interests of the client and patient at heart, so that the healthcare professional can excel at their jobs. We are proud of the results of Avinty, which was established in 2016 by combining several specialized healthcare software providers. The results achieved will be continued through our partnership with Main Capital Partners. We are convinced that Main, with its specialist experience in the software market and in healthcare, is the right partner for the successful further development of our ecosystem," Onno Verstegen, Avinty CEO.
Main Capital was advised by BDO and Loyens & Loeff. Avinty was advised by Deloitte, Boston Consulting Group, Dentons, Simmons & Simmons and JSA Tax.
Marti Technologies to go public via merger with Callaway Capital-backed Galata Acquisition in a $532m deal.
Marti Technologies, a mobility app in Turkey, agreed to go public via merger with Callaway Capital-backed Galata Acquisition, a blank check company, in a $532m deal.
"When we were evaluating the emerging market mobility space, we focused on three key areas: execution, unit economics, and scale. Alper and the Marti team have demonstrated their ability to execute, innovate, and operate within the Turkish landscape. Given relative capital scarcity in Turkey, the team has always focused on unit economics and profitability. And this business improves with scale – the more vehicles they provide, the more users they convert. We are delighted to be announcing our partnership today, and we look forward to Marti's continued success as a publicly traded company on the NYSE," Daniel Freifeld, Galata President.
Marti Technologies is advised by Latham & Watkins and MZ Group. Galata Acquisition is advised by B. Riley FBR and Willkie Farr & Gallagher. B. Riley FBR is advised by White & Case.
Tenzing completed the investment in MNI.
Tenzing, a private equity investment firm, completed the investment in MNI, a subscription-based platform providing traders and similar professionals with real-time data and market-leading insights to give them a trading advantage. Financial terms were not disclosed.
"Whilst we owe much to our former investors Hale Global for their vision and support in bringing us to this milestone, we are thrilled to be partnering with Tenzing on the next stage of our amazing journey. They have a first-class track record of turning high-growth businesses into global powerhouses, and we can’t wait to fully leverage the expertise and experience of the whole Tenzing team to drive MNI to exciting new heights," Terry Alexander, MNI CEO.
Tenzing was advised by DC Advisory, RSM International and Osborne Clarke. MNI was advised by Vista Point Advisors.
Actis to acquire Yellow Door Energy.
Actis, a private equity firm, agreed to acquire Yellow Door Energy, a UAE-based leading solar developer. Financial terms were disclosed.
"We’re delighted to be contributing to the Middle East and Africa region’s transition away from fossil fuels by deploying new solar PV technology, presenting an exciting opportunity to scale the business, and where we see a clear opportunity and large addressable market," Lucy Heintz, Actis Partner and Head of Energy Infrastructure.
Yellow Door Energy is advised by Cantor Fitzgerald and White & Case. Actis is advised by HSBC and Clifford Chance.
Apollo to invest $528m in Air France.
Apollo, a private equity firm, agreed to invest $528m in Air France, a French airlines.
“Apollo is pleased to serve as a long-term strategic capital partner to Air France-KLM and is uniquely positioned to provide custom capital solutions like this to some of the world’s leading companies. Our ability to structure creative, scaled solutions at a wide-range of capital costs differentiates us from other platforms and provides attractive investment opportunities for both affiliated and third-party insurers as well as other institutional clients,” Jamshid Ehsani, Apollo Partner.
Air France is advised by Deutsche Bank and Skadden Arps Slate Meagher & Flom. Apollo is advised by Jeantet and Milbank.
Platinum Equity to acquire the High Temperature Solutions business of Imerys for $944m.
Platinum Equity, a private equty firm, agreed to acquire the High Temperature Solutions business of Imerys, an industrial company, for $944m.
"We have great respect for the Imerys team, which has been an excellent steward of the HTS business for many years. We appreciate their confidence in our ability to deliver a transaction that is opportune for everyone involved. Platinum's carveout expertise and ability to manage through complex situations once again differentiated us. We are excited to add HTS to our growing pan-European portfolio and to support its new chapter of growth," Louis Samson, Platinum Equity Partner.
Platinum Equity is advised by National Bank Financial and Kirkland & Ellis.
Catalana Occidente to acquire Mémora Group from OTPPB for €600m.
Catalana Occidente, a property and casualty company, agreed to acquire Mémora Group, a provider of funeral services, from Ontario Teachers' Pension Plan Board, a pension plan manager, for €600m ($613m).
"We are proud to have worked with the Mémora team over the last five years and to have helped it reinforce its position as a leading funeral services company in the Iberian Peninsula. Having delivered on our investment plan for Mémora, we now feel that it is the right time to leave it in good hands. We look forward to watching the business continue to flourish under the stewardship of Grupo Catalana Occidente," Jean-Charles Douin, OTPPB Senior Managing Director, EMEA, Private Capital.
Catalana Occidente is advised by Deloitte and Cuatrecasas Goncalves Pereira.
Alimak to acquire Tractel from Cinven for $521m.
Alimak, a provider of vertical access solutions for professional use, agreed to acquire Tractel, a height safety specialist, providing reliable, innovative and cost-effective working-at-height solutions and services, from Cinven, a private equity investment firm, for $521m.
"The combination of Tractel and Alimak Group will create a leading global business with significant opportunity for future growth, in a market where there is substantial room for further penetration of our joint products and services. We look forward to the next chapter of our profitable growth journey as part of the Alimak Group," Philippe Gastineau, Tractel CEO.
Alimak is advised by Handelsbanken Capital Markets and Baker McKenzie.
Partners Group-backed Parmaco completed the acquisition of Fixcel.
Partners Group-backed Parmaco, a Finnish rental school and day care provider, completed the acquisition of Fixcel, an innovative Finnish modular builder specialized in advanced steel cell structures. Financial terms were not disclosed.
"I'm very happy to welcome Fixcel as part of the Parmaco family. Together we can broaden our offering to our clients in the social and healthcare sector. Fixcel's steel cell technology opens new opportunities for international expansion as steel is a more common building material in central Europe than wood," Ari Lehtoranta, Parmaco Group CEO.
Parmaco is advised by Carnegie Investment Bank and Dittmar & Indrenius.
Alfa Laval completed the acquisition of Desmet from Kartesia and Farallon Capital Management.
Alfa Laval, a provider of heat transfer, centrifugal separation and fluid handling, completed the acquisition of Desmet, a provider of processing plants and proprietary equipment, from Kartesia, an independent and privately-owned European specialist financing small and middle-market companies, and Farallon Capital Management, an investment management firm. Financial terms were not disclosed.
"The acquisition will be an excellent fit for our offering of specialized processing equipment designed to increase both yield and quality of customers' end products. It will add know-how and expertise to accelerate future innovations within food, feed and biofuels – and strengthen our ability to support the transformation towards renewable fuels," Tom Erixon, Alfa Laval President and CEO.
Alfa Laval was advised by Bredin Prat. Kartesia was advised by Rothschild & Co.
Blackstone to acquire a minority stake in Esdec.
Blackstone to acquire a minority stake in Esdec, a rooftop solar mounting systems provider. Financial terms were not disclosed.
"On behalf of the management board, I am very happy to announce this important step in the Company’s growth strategy. For Esdec, this is the best of both worlds. We can continue our successful partnership with Rivean, that has provided indispensable support during the expansion of our business in the past few years. Additionally, we can now work with Blackstone and make good use of their great knowledge of the renewable space and strong footing in the United States, one of our most important markets. I am looking forward to further growing our business and benefiting from Blackstone’s widespread, relevant network," Stijn Vos, Esdec CEO.
Blackstone is advised by Simpson Thacher & Bartlett. Esdec is advised by JP Morgan.
KIRKBI led a $100m Series B funding round in Kerecis.
KIRKBI, a private holding and investment company, led a $100m Series B funding round in Kerecis, a manufacturer of fish skin-based therapeutic products, with participation from Emerson Collective, BRU and LSV.
"Kerecis is a highly innovative company that has built a successful business transforming waste material into unique medical products. We are particularly inspired by the company's approach to sustainability, as we are responsible investors and owners. We are excited to support the company’s continued growth and strategic objectives to improve patient outcomes," Niklas Sjöblom, KIRKBI Senior Director, Long-Term Equity.
Kerecis was advised by Communications Plus.
ICG completed the acquisition of British Solar Renewables.
ICG, a private equity firm, completed the acquisition of British Solar Renewables, an integrated solar developer. Financial terms were not disclosed.
“Access to renewable energy is an important component of global climate efforts, and we are delighted to partner with BSR, providing capital to fund new solar projects, as we continue towards the Fund’s goal of investing in sustainable European infrastructure,” Guillaume d’Engremont, ICG Head of Infrastructure.
British Solar Renewables was advised by Pier Marketing.
Macquarie to acquire a minority stake in VIRTUS Data Centres from ST Telemedia.
Macquarie, an Australian global financial services group, agreed to acquire a minority stake in VIRTUS Data Centres, a data center provider, from ST Telemedia, a Singapore-headquartered strategic investor. Financial terms were not disclosed.
"We are pleased to have propelled VIRTUS' growth journey over the past seven years which has seen their platform grow into the UK's leading hyperscale data centre provider today. Our commitment has demonstrated the value of developing high-quality data centres in strategic locations. With Macquarie's partnership, we look forward to building on this strong momentum, accelerating VIRTUS' growth strategy and expanding our services to customers across Europe," Bruno Lopez, ST Telemedia Global Data Centres CEO.
ST Telemedia is advised by Citigroup.
StoneCalibre-backed Calibre Scientific completed the acquisition of Agar Scientific.
StoneCalibre-backed Calibre Scientific, a provider of life science reagents, tools, instruments, completed the acquisition of Agar Scientific, a manufacturer and distributor of microscopy consumables and equipment. Financial terms were not disclosed.
“For five decades, Agar Scientific has endeavored to support the electron microscopy market by providing exceptional sales support, comprehensive product choice, and technical expertise. We’re excited to be joining the Calibre Scientific family, who will enable us to further accelerate our long-term strategic growth objectives. Calibre Scientific is a great platform with the resources to take Agar to the next level, and I’m very excited to see what the future brings for Agar, as part of Calibre Scientific," Darren Likely, Agar Scientific Managing Director.
StoneCalibre was advised by Morgan Lewis & Bockius.
PE and data firms vie for a $10bn Global Switch deal.
About 10 private equity firms and data companies are considering bidding for a Chinese-controlled Global Switch, in a deal that could value the company at a $10bn.
The UK-based data center operator, controlled by Chinese steelmaker Jiangsu Shagang Group, kicked off a formal sale process earlier this month with non-binding bids due in the next couple weeks. Potential suitors include global fund KKR, Europe-based EQT Group as well as regional fund PAG.
The funds are expected to compete with a number of global data companies for a controlling stake in Global Switch. Global Switch said last month its shareholders were exploring a divestment transaction and it had appointed JP Morgan, Morgan Stanley, UBS and CITIC Securities to advise on the sale, DealStreetAsia reported.
Masdar, CPPIB among those seeking a stake in Iberdrola’s $1.4bn German wind farm.
Abu Dhabi’s Masdar and Canada Pension Plan Investment Board are weighing binding offers for a 40% stake in Iberdrola’s German offshore wind farm in a deal that would value it at c. $1.4bn.
Infrastructure funds InfraRed and EIP are also close to making offers on the project known as Wikinger. Europe’s largest utility is holding calls with prospective buyers for the minority stake in the wind farm, and it will select a winner in the coming weeks.
Iberdrola is selling stakes in its wind developments to investment funds to help finance its $153bn 2020-2030 investment plan, mostly devoted to renewables and power grids.
Avatel nears $1bn deal for Spain fiber firm Lyntia.
Avatel Telecom is close to agreeing an acquisition of a local fiber-optic broadband operator in Spain from Antin Infrastructure Partners, Bloomberg reported.
The Spanish carrier is putting the final touches on a $1bn takeover of Lyntia Access. A deal is expected to be completed in the fourth quarter.
TymeBank to buy lender to small businesses.
South Africa’s TymeBank plans to acquire a local lender to small businesses to help the banking startup backed by South African billionaire Patrice Motsepe accelerate its expansion plans, Bloomberg reported.
The bank controlled by Motsepe’s African Rainbow Capital will acquire Johannesburg-based Retail Capital. Retail Capital, which started in 2011, has funded more than 43k business owners with over $329m in working capital.
ICG almost doubles Europe VII to close €8.1bn fund.
Intermediate Capital Group has almost doubled its predecessor to close its eighth European Corporate fund on €8.1bn. The fund has attracted commitments from more than 100 clients, including 33 new ones.
“We are immensely proud of the strong endorsement from our existing and new clients which has enabled this highly successful fundraise," Benoît Durteste, ICG CIO and CEO.
Tikehau Capital raises $3.4bn for its direct lending strategy.
Tikehau Capital, a global alternative asset manager, announces that it has raised a record $3.4bn for the fifth generation of its direct lending strategy. The fundraise comprises Tikehau Direct Lending V, the flagship vehicle for the Group’s direct lending strategy, which has reached a final close, and bespoke mandates and side vehicles.
The record fundraise reflects Tikehau Capital’s position as one of the most established direct lenders in Europe and signals continued strong appetite for the asset class from institutional investors globally. The $3.4bn raised for the fifth generation of the direct lending strategy exceeds by 57% the $2.1bn raised for the previous generation in 2019.
The capital raise received strong support from a variety of investors globally, including family offices, pension funds and insurance companies. The strategy attracted capital from investors already present in the previous vintage and which increased their commitments by c. 60% in the fifth generation, as well as a growing number of new international LPs, which shows a wide recognition of Tikehau Capital’s expertise and is a testament to the Group’s global expansion strategy.
Gail's investors raised a $512m fund backed by Abu Dhabi.
Food industry entrepreneurs Henry McGovern and Steven Winegar, who've backed brands including craft bakery Gail's and pasta chain Vapiano, have raised $512m to invest in restaurants, Bloomberg reported.
McGovern and Winegar have launched their McWin Restaurant Fund with primary backing from the Abu Dhabi Investment Authority. It brings total capital managed by McWin, which also runs smaller food tech and ecosystem funds, to more than $1bn.
Oman’s Rakiza infrastructure fund receives $300m from Saudi PIF.
Oman’s private equity infrastructure fund Rakiza announced the receival of a capital commitment fund worth $300m from Saudi Arabia’s Public Investment Fund.
“The Sultanate of Oman and Kingdom of Saudi Arabia share public policy support for privatization and (are) key to Rakiza’s investment strategy to foster capital market growth, foreign direct investment, and privatization,” Muneer Al Muneeri, Oman Infrastructure Investment Management CEO.
Slate Asset Management announced a €178m capital commitment for Slate European Essential Real Estate Income Fund.
Slate Asset Management, a global alternative investment platform targeting real assets, announced the close of another €178m ($182m) in capital commitment for Slate European Essential Real Estate Income Fund.
"We are very appreciative of the support we've received from our institutional partners. Since 2010, we have believed in owning the critical real estate, near roof-tops, that facilitates the distribution of goods and services to the consumer. Whether visiting in store, click and collect or delivery; food, healthcare and other non-discretionary goods need to get to consumers in good times and in bad. We are very pleased with our pipeline of opportunities and believe this strategy offers a tremendous opportunity for growth," Jerry Cain, Slate Managing Director of Investor Relations.
Flashpoint Venture Capital announces $102m close of its VCIII fund.
Flashpoint Venture Capital, an international technology investment firm that manages equity and debt funds that are focused on global Series A tech startups originating in Emerging Europe and Israel, announces that Széchenyi Funds signed up for a commitment of $20m in Flashpoint's VC III fund becoming Flashpoint's first institutional limited partner.
"We are delighted to reach our initial goal of over $100m in commitments for our VC III fund despite the extremely challenging backdrop for fundraising. Being a Hungarian, I am especially proud that our first institutional investor is from Hungary. We are pursuing a shared mission in developing the venture capital ecosystem in Hungary and the Carpathian basin," Michael Szalontay, Flashpoint co-founder and General Partner.
APAC
The Carlyle Group to invest $1.1bn in Yes Bank.
The Carlyle Group, a global investment firm, agreed to invest $1.1bn in Yes Bank, one of India's largest and fastest growing full-service commercial bank.
"We are pleased to welcome Carlyle as a high-caliber investor and partner in Yes Bank. Carlyle has extensive and proven operating experience in the financial services sector, and we look forward to having their invaluable support as we continue to focus on value creation and delivering sustained profitable growth for our customers and shareholders," Prashant Kumar, Yes Bank Managing Director and CEO.
Carlyle is advised by McKinsey & Company, PricewaterhouseCoopers, AZB & Partners, Shardul Amarchand Mangaldas & Co and Adfactors PR. Yes Bank is advised by Ernst & Young.
Fullerton Health completed a merger with RRJ Capital in a $283m deal.
Fullerton Health, a healthcare platform, completed a $283m merger with RRJ Capital, a private equity firm.
“The successful merger marks a fresh and exciting new chapter. It positions the Company on a much stronger foundation to implement growth strategies. The pandemic has disrupted the healthcare sector in many ways and opened up opportunities for a proven regional operator such as Fullerton Health to seize them,” Michael Lim, Fullerton Health Chairman.
Fullerton Health was advised by Bank of America.
Centurium Capital led a $200m Series C2 round in NTX.
Centurium Capital, a private equity investment firm, led a $200m Series C2 round in NTX, a textile technology company, with participation from NRL Capital.
"Through its proprietary dyeing technology, NTX brought about revolutionary innovation to the global textile supply chain, effectively solving the long-standing pain points of traditional textile manufacturing of high water and energy consumption and pollution. In addition, NTX adds significant value to the industry by helping improve their production efficiency and service capabilities. With ESG as an integral part of our 'invest to transform' investment thesis, we look forward to a long-term partnership with NTX to make positive contributions to the sustainable development of the global textile supply chain," Gary Liu, Centurium Capital Managing Director.
Centurium Capital was advised by Index Capital.
CRED completed the acquisition of smallcase from Sequoia Capital for $400m.
CRED, a repayment platform for credit cards, completed the acquisition of smallcase, a capital markets-focussed financial technology startup, from Sequoia Capital, an American venture capital firm, for $400m.
The development comes on the heels of CRED’s $140m, Singapore sovereign wealth fund GIC-led fundraising round in June at a valuation of $6.4bn. CRED is expected to use part of the proceeds to finance the acquisition.
Abu Dhabi Investment Authority and GIC led a $300m funding round in Taibang Biologic.
Sovereign wealth funds Abu Dhabi Investment Authority and GIC led a $300m funding round in Taibang Biologic, a biopharmaceutical firm.
The proceeds will be used to finance its expansion of plasma stations and its research and development of new products.
Gaorong Capital and Yunfeng Capital led a $200m Series B funding round in Sironax.
Gaorong Capital, a venture capital company, and Yunfeng Capital, a private equity investment services, led a $200m Series B funding round in Sironax, a developer of pharmaceuticals for inflammatory and neuro-degenerative diseases, with participation from Temasek, Invus, F-Prime Capital, Eight Roads, ARCH Venture Partners, K2 Venture, MSA Capital, CBC Group, Long River Investments, LSV Capital, Superstring Capital, Future Innovation Fund and Abu Dhabi Investment Authority.
"We are pleased to be supported by a syndicate of leading investors to enable us to achieve our vision of bringing transformational therapies to patients around the globe whose lives are impacted by a broad range of degenerative diseases. Building upon groundbreaking discoveries—including many by our co-founder Dr. Xiaodong Wang—we have built a robust pipeline of novel programs of both small molecules and biologics that target critical pathways underlying degenerative disease pathogenesis. With this investment, we are well-positioned to advance additional programs into the clinic and continue to move our lead program forward," Aaron Ren, Sironax CEO.
Qiming Venture Partners and Quan Capital led a $120m Series B round in OriCell Therapeutics.
Venture capital firms Qiming Venture Partners and Quan Capital led a $120m Series B round in OriCell Therapeutics, a biotechnology company.
"We are grateful to our new and existing investors for their continued support in OriCell. We have achieved a number of significant milestones in terms of clinical development of our CAR-T and partnered bispecific antibody programs, as well as continued to strengthen our senior management team. We look forward to delivering more innovative discoveries and clinical milestones in the next three years. In today's open, inclusive, and dynamic innovative pharmaceutical ecosystem in China, we endeavor to become a world-leading cell therapy company with a broad vision that can integrate seamlessly into the global market," Helen Yang, OriCell Chairman and CEO.
Falcon House may sell a stake in Mount Scopus.
Private equity fund Falcon House Partners is mulling the sale of its controlling stake in Mount Scopus, which owns Indonesia’s biggest European-style bakery chain, in a deal that could value the business at about $200m.
The Singapore-headquartered, Southeast Asian-focused fund is talking to an adviser about the potential sale. Mount Scopus Indonesia also owns a smaller cake and pastry chain, Almondtree.
Li Ka-shing is cutting ties with AMTD after wild 14,000% gain.
One of the world’s most successful investors is cutting ties with the parent of AMTD Digital, whose 14,000% stock-market rally in a matter of weeks has raised eyebrows across Wall Street, Bloomberg reported.
Billionaire Li Ka-shing’s CK Group is selling its remaining stake in AMTD Group, according to a statement on Thursday. Its unit AMTD Digital, a formerly obscure Hong Kong financial services firm, vaulted into the spotlight this month after its market value inexplicably surpassed those of global giants including Goldman Sachs and Wells Fargo & Co.
Abu Dhabi's ADIA awards $490m mandate to Australian real estate investor Qualitas.
ADIA, the biggest sovereign wealth fund in the United Arab Emirates, has awarded a $490m mandate to real estate investment manager Qualitas to invest in Australia.
In a statement, Qualitas said the mandate is to invest in Australian commercial real estate private credit opportunities on behalf of a new investment vehicle.
Bain Capital seeks $5bn in Asia fund, smaller than rivals.
US-based multi-asset alternative investment firm Bain Capital is seeking to raise $5bn for its fifth Asia-Pacific fund. The Boston-based buyout firm started marketing its fifth Asia fund in July, targeting a first close in December and final completion in the first quarter. The fund has the remit to grow to $6bn, Bloomberg reported.
The smaller fund reflects Bain Capital trying to strike a balance between management fees and finding investments it can then exit later to reap better returns. Its previous four funds have clocked net returns of 20% to 25%, after investing in healthcare and drug companies, digital infrastructure as well as software, and restaurant firms.
Warburg-backed Ecom Express is raising funds at $1bn value.
Ecom Express, a logistics services provider to Indian e-commerce companies, is seeking to raise fresh funds at a $1bn valuation, Bloomberg reported.
The Warburg Pincus-backed company is working with an adviser to raise at least $100m. Ecom is also considering strategic options including a merger with another logistics provider. It could also weigh an initial public offering.
US pension fund commits to invest over $700m in Hamilton Lane, CVC Capital vehicles.
NYSCRF has committed to invest a sum of $400m in Hamilton Lane NY Israel Fund II, which will target Israel-focused funds and co-investments primarily in the technology and healthcare/life sciences sectors, DealStreetAsia reported.
It has also committed €300m ($306m) to Knickerbocker Co-Investment Partners, a co-investment vehicle by CVC Capital Partners, which will invest in select, high conviction opportunities alongside the firm’s European/Americas and Asian funds.
Insignia Ventures raises $516m for its new set of funds.
Insignia Ventures Partners announced the close of its latest funds totalling $516m. This includes $388m for the main fund IVPF III, $28m for an Entrepreneurs' pool that invests alongside the main fund and Annex Fund I at $100m. These funds will focus on early-stage technology investments in Southeast Asia and comes as the firm celebrates five years of "building great companies."
Like the prior funds raised by the Southeast Asia-focused early-stage technology venture capital firm, Fund III was oversubscribed and reached its hard cap for limited partner commitments. Investors in the new fund span premier institutional investors including sovereign wealth funds, foundations, university endowments, and renowned family offices from Asia, Europe, and North America.
Lighthouse in talks to raise $400m fund.
Lighthouse Funds is in talks to raise $400m for a new fund, in what will be the biggest fundraising by the private equity firm that is targeting fast-growing consumer brands in the country.
Lighthouse is in talks with potential investors to raise its fourth fund, a partner at the private equity fund. The latest fund will be Lighthouse's largest so far, after its first $100m fundraising in 2009, followed by $135m and $230m in two funds in 2015 and 2019, respectively, Business Standard reported.
"We are seeing good interest, and are hopeful that the strength of the portfolio and performance of Funds II and III are good tailwinds for these discussions," Mukund Krishnaswami, Lighthouse Co-Founder.
Indian mid-market PE firm Carpediem Capital seeks to raise up to $100m for second fund.
Carpediem Capital, a mid-market private equity fund manager in India, is in advanced talks with institutional firms and family offices to raise about $100m as it looks to ramp up its investments in the burgeoning SME segment in the country, DealStreetAsia reported.
The firm is understood to have garnered about 65% of the target corpus and has already started deploying from the vehicle. The fund aims for a final close over the next 10-12 months.
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