AMERICAS
Private equity firms Clearlake Capital Group and TA Associates agreed to acquire a majority stake in Precisely, a global software company specializing in Big Data, high-speed sorting products, data integration data quality, data enrichment and location intelligence offerings, from Centerbridge Partners for $3.5bn.
“We believe Precisely is uniquely positioned to meet enterprise customers’ urgent need for secure, trusted, accurate and reliable data both on-premises and in the cloud as they rapidly adopt data integrity software solutions to help support mission-critical business use cases across increasingly disparate data repositories,” Harry Taylor and Michael Libert, TA Associates Managing Director and Principal.
Clearlake Capital Group and TA Associates are advised by Bank of America Merrill Lynch, Barclays, Evercore and JP Morgan. Precisely is advised by Goldman Sachs, Jefferies & Company and UBS. Clearlake is advised by Lambert & Co. TA Associates is advised by BackBay Communications. Centerbridge Partners is advised by Kekst CNC. Debt financing is provided by Bank of America Merrill Lynch, Barclays, Credit Suisse, Goldman Sachs, Jefferies & Company, Morgan Stanley and JP Morgan.
Waterous Energy Fund, a private equity firm, agreed to acquire a 40% stake in Osum Oil Sands, an oil and natural gas exploration firm, for $136m.
Osum had earlier rejected Waterous’ original offer to take over the company, calling it inadequate. However, last week, the company’s board withdrew its recommendation that shareholders reject Waterous’ approach after a sweetened bid.
Waterous is advised by CIBC World Markets, Scotiabank, Blake Cassels & Graydon, Stikeman Elliott and Kingsdale Advisors. Debt financing is provided by CIBC World Markets and Scotiabank. Osum is advised by RBC Capital Markets, TD Securities, McCarthy Tetrault and Norton Rose Fulbright.
TPG Capital-backed Centrify, a privileged access management firm, agreed to merge with Insight Partners-backed Thycotic, a cloud-first company with innovative identity security solutions. Financial terms were not disclosed.
“The increasing cost and impact of cyber breaches coupled with the explosive growth of cloud services and the interconnection of networks has driven rapid adoption of identity security software. Now more than ever, organizations are looking to strengthen their capabilities to ensure improved protection from the ever-increasing risk of cyber-intrusions. The combined company will deliver one of the most comprehensive product offerings in the business with the ability to adapt and scale to meet the evolving needs of customers,” Art Gilliland, Centrify CEO.
TPG Capital is advised by Citigroup and Davis Polk & Wardwell. Thycotic is advised by Bank of America Merrill Lynch and Lumina Communications. Insight Partners is advised by Evercore and Willkie Farr & Gallagher.
Apollo Global Management agreed to acquire with The Michaels Companies, North America's specialty provider of arts, crafts, framing, floral, wall décor, and seasonal merchandise for an equity value of approximately $3.3bn (for a transaction valued at $5bn). The purchase price represents a 47% premium to the closing stock price on February 26, 2021.
"Our Michaels strategy and the work that we have done in the past year have led to phenomenal business results, strengthened our core business, and positioned Michaels for long-term sustainable growth. We are excited to enter into this new chapter together with Apollo, who shares our strategic vision for Michaels as an omnichannel retailer that offers a one-stop-shop experience for the entire Michaels community. As a private company, we will have the financial flexibility to invest in, expand, and improve our retail and digital platforms," Ashley Buchanan, Michaels Chief Executive Officer.
Apollo Global Management is advised by Credit Suisse, Paul, Weiss, Rifkind, Wharton & Garrison and Simpson, Thacher & Barlett. The Michaels Company is advised by UBS and Ropes & Gray.
Warburg Pincus completed the acquisition of Infinite Electronics, a global supplier of electronic components, from Genstar Capital, a private equity firm. Financial terms were not disclosed.
"This investment will further strengthen and expand our industry-leading product portfolio, while enhancing our mission to provide our global engineering customer base with deep technical expertise and support. We are excited to partner with Warburg Pincus to accelerate the company’s mission and strategy,” Penny Cotner, Infinite Electronics President and Chief Executive Officer.
Infinite and Genstar Capital were advised by Jefferies & Company, Robert W Baird and Weil Gotshal and Manges. Genstar Capital was advised by Chris Tofalli. Warburg Pincus was advised by Cleary Gottlieb Steen & Hamilton.
Apollo Global to acquire The Venetian Resort and Sands Expo from Las Vegas Sands in a $2.25bn deal. (FS)
Apollo Global Management to acquire The Venetian Resort and Sands Expo from Las Vegas Sands, a developer of destination properties that feature accommodations, gaming, entertainment and retail, convention and exhibition facilities and celebrity chef restaurants, in a $2.25bn deal, subject to customary closing conditions, of which $1.2bn is in the form of a secured term loan from LVS and the remainder is payable in cash.
"The Venetian changed the face of future casino development and cemented Sheldon Adelson's legacy as one of the most influential people in the history of the gaming and hospitality industry. As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson's legacy while starting a new chapter in this company's history," Robert Goldstein, Las Vegas Sands Chairman and Chief Executive Officer.
Apollo is advised by Eastdil Secured and Paul Weiss Rifkind Wharton & Garrison. Sands is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom.
Lovell Minnick Partners-backed Pathstone, an independently operated advisory firm, agreed to merge with Cornerstone Capital Group, an SEC-registered investment advisor. Financial terms were not disclosed.
"We believe that by empowering clients to amplify the impact of their investments and aligning their goals with their values, clients can enhance returns and foster positive impact. With Erika and her team set to lead and energize these efforts, Pathstone is set to further establish itself as a real thought leader in this critically important area," Matthew Fleissig, Pathstone President.
Pathstone is advised by Nesvold Capital Partners and Alston & Bird. Cornerstone Capital is advised by Morrison & Foerster.
Accel Entertainment, a distributed gaming operator in the US, to acquire Century Gaming, a gaming operator in the Western United States, for $140m.
“We are constantly seeking innovative opportunities to broaden our reach and expand our operations into new markets. As we continue to scale our presence across the United States, Steve and his leadership team at Century make for an ideal partner in the Western US,” Andy Rubenstein, Accel CEO.
Accel is advised by Abernathy MacGregor Group. Century Gaming is advised by Houlihan Lokey.
Entrepreneurial Equity Partners, a Chicago-based private equity firm focused on the food and consumer packaged goods industries, completed an investment in Ya YA Foods, a manufacturer of a broad range of aseptic food and beverage products. Financial terms were not disclosed.
“We were drawn to e2p as a partner because of their industry experience, specifically in the contract manufacturing space, their reputation for partnering with entrepreneurs and family businesses, and our shared vision for growth going forward. We are excited to pair their experience with our people, technology, and culture for innovation to continue providing high-quality products and services to our customers. We are excited for what lies ahead with our partnership,” Yahya Abbas, Ya YA Foods President and CEO.
Ya YA Foods was advised by Duff & Phelps.
Quantic Electronics, an electronic component company, agreed to acquire Corry Micronics, a supplier of RF and microwave components and subsystems. Financial terms were not disclosed.
"CMI's broad portfolio of RF and microwave components perfectly complements our current RF portfolio, while at the same time deepens our customer relationships in key markets. For decades, CMI has had success as a supplier and partner to major companies serving aerospace, defense, medical, and communications markets, and we look forward to helping them achieve their future growth objectives," Kevin Perhamus, Quantic Electronics President and CEO.
Quantic Electronics is advised Joele Frank.
Telefonica, a telecommunications service operator, and Caisse de depot et placement du Quebec agreed to create FiBrasil, a neutral and independent optical fibre wholesale networ, joint venture, in a $322m deal.
“We are delighted to put our FTTH expertise and commercial capabilities behind this partnership, joining forces with CDPQ as a key element for success, strengthening our value proposition and reinforcing our growth strategy,” Angel Vila, Telefónica Chief Operating Officer.
Telefonica is advised by Santander.
Venture capital and private equity firms Andreessen Horowitz, Sequoia Capital, D1 Capital Partners, Fidelity Management & Research and T. Rowe Price Associates led the $265m funding round in Instacart, the online grocery platform in North America. The round increases the company's valuation to $39bn.
"This past year ushered in a new normal, changing the way people shop for groceries and goods. While grocery is the world's largest retail category with annual spend of $1.3trn in North America alone, it's still in the early stages of its digital transformation. As online grocery penetration increases over the coming years, we'll continue to invest in our people, products and partners to support all of the communities we serve," Nick Giovanni, Instacart Chief Financial Officer.
Silver Lake led a $150m Series E round in Clari, which provides software for sales management, finance, marketing and revenue operations, with participation from B Capital Group and existing investors Sequoia Capital, Bain Capital Ventures, Sapphire Ventures, Madrona Ventures, Thomvest and Tenaya Capital.
"Clari became even more strategic for revenue teams in the pandemic year, as the need for visibility and control over the revenue process became essential. The transparency and rigor of a modern Revenue Operations approach allowed Clari customers to quickly pivot their go-to-market strategies to respond to changing market conditions. Over the last year, we've seen record usage and engagement with our platform, as revenue teams established more accountability and discipline across their different channels," Andy Byrne, Clari CEO.
Woolpert agreed to acquire CivilTech Engineering, a multidisciplinary engineering firm that specializes in transportation, water resources, municipal, structural, and construction services. CivilTech has three offices in Texas and serves local, state, and federal clients. Financial terms were not disclosed.
This acquisition complements and enhances the capabilities of both companies. Woolpert will extend its state and federal transportation and water initiatives and its engineering and geospatial presence in Texas, which has critical transportation infrastructure and flood-risk mitigation needs. For CivilTech, the move expands its footprint in Texas, provides international exposure, and integrates industry-leading engineering and geospatial technologies.
"One of our core business lines is flood-risk management at the federal, state and local level, and data acquisition and advanced GIS mapping applications are very important to this work. Through science and engineering, we can advance flood modeling and disaster mitigation, improve riverine and coastal resilience, and address the impact of climate change. We were looking for a partner who has the experience and the ready-to-work platforms needed to create high-quality, state-of-the-art deliverables, and we found that in Woolpert," Melvin G. Spinks, CivilTech President and CEO.
Next Insurance, the digital insurtech company transforming small business insurance, agreed to acquire AP Intego, a digital insurance agency providing a suite of small commercial insurance products to some of the largest small business software ecosystems in the US, including Intuit, Gusto, Square and Toast. Financial terms were not disclosed.
AP Intego's platform provides an embedded insurance offering alongside its partners' core products. With a foundation built around many of the leading payroll software providers, AP Intego delivers a digital buying experience for pay-as-you-go workers' compensation insurance to tens of thousands of small businesses.
"At Next Insurance, we're modernizing a centuries-old industry to better provide small business owners with convenience, value, and choice. We're excited to welcome the AP Intego team to Next Insurance. This acquisition marks an industry-defining milestone in our efforts to build a market-leading one-stop-shop for small business insurance," Guy Goldstein, Next Insurance CEO and co-founder.
EQT-backed Sitecore, the global firm in digital experience management software, agreed to acquire Boxever, a SaaS-based Customer Data Platform providing decisioning and experimentation and Four51, a company delivering modern B2B and B2C experiences for enterprise brands. Financial terms were not disclosed.
"Our mission is to disrupt the digital experience market and these acquisitions will extend our leadership position. Sitecore's innovative digital experience platform spanning content-to-commerce provides companies with the flexibility and agility necessary to keep pace with changing demands ensuring they seize the digital opportunity to strengthen consumer connections. We're thrilled to welcome the Boxever and Four51 teams to Sitecore and together, we'll shape the future of digital engagement," Steve Tzikakis, Sitecore CEO.
ArchiMed-backed NAMSA, a medical device-focused contract research organization, agreed to acquire American Preclinical Services, a Minneapolis-based full service preclinical CRO. Financial terms were not disclosed.
“With NAMSA’s trusted biocompatibility and biological safety solutions, coupled with both organization’s preclinical services, Sponsors now have a clear choice when partnering with the CRO industry’s foremost expert in medical device development and preclinical research,” Michael Conforti, APS President and CEO.
GM-backed Cruise in talks to acquire Voyage.
Cruise, the self-driving vehicle company majority-owned by General Motors, is in talks to acquire Voyage, an autonomous technology startup that operates in retirement communities, Bloomberg reported.
If an agreement is struck, it will merge Cruise's engineering and software capabilities with Voyage's presence in the retirement community market, which is well suited for a driverless taxi business.
"We have nothing to announce, but Cruise is always looking to add to our world-class engineering team as we work to solve the greatest engineering challenge of a generation," Ray Wert, Cruise spokesman.
Prudential is on track with spinning off its US business.
Prudential, which has been pressed by activist investor Third Point to split the business in two, said in January that it would separate US unit Jackson through a demerger and could raise up to $3bn in new equity.
The life insurer said that it is making "good progress” with the plans, adding that its preferred option for the capital increase is a global offering to institutional investors and a public share sale to Hong Kong retail investors.
“These two transactions constitute the largest structural change in Pru’s 172-year history,” Mike Wells, Prudential Chief Executive.
BayPine nears $6bn Mavis Tire acquisition.
BayPine is in the lead to acquire Mavis Tire Express Services for more than $6bn, including debt, in what would be the private equity firm's biggest deal since its inception last year, Reuters reported.
BayPine, which was formed by Silver Lake Partners co-founder David Roux and former Blackstone Group executive Anjan Mukherjee, has submitted the highest bid in the auction for the US car service chain operator. It is partnering with buyout firm TSG Consumer Partners on its offer.
The deal would represent a bet that Mavis is set to bounce back from the financial fallout of the Covid-19 pandemic, which weighed on its sales as customer traffic declined.
Bessemer Venture Partners raised $3.3bn for its two new funds. (FS)
Bessemer Venture Partners, an American venture capital firm founded in 1911, raised $3.3bn for the creation of two new funds. The BVP XI fund, at $2.47bn, will focus on early-stage companies spanning across the enterprise, consumer, healthcare, and frontier technologies. The $825m Century II fund is designed for growth-stage companies.
Bessemer Ventures is advised by Proskauer.
Hamilton Lane raised $900m for its latest Strategic Opportunities Fund. (FS)
Hamilton Lane, a private markets investment management firm, has held the final closing of Hamilton Lane Strategic Opportunities Fund VI with nearly $900m in commitments from a wide range of global LPs.
The Fund is focused on making credit-oriented investments striving for consistent cash yield, shorter duration, and attractive risk-adjusted returns. Consistent with previous vintage vehicles, the Fund is comprised of a diverse set of institutions, including returning as well as new investors from Asia, the Middle East, Europe and North and South America.
"The private credit landscape continues to evolve, marked by growing LP interest-driven generally by the opportunity for risk mitigation, yield and return characteristics offered within the context of a broader private markets portfolio," Drew Schardt, Hamilton Lane Head of Direct Credit.
An ex-Apollo senior partner prepares for $200m energy SPAC. (FS)
Greg Beard, a former senior partner at Apollo Global Management, a private equity company, plans to raise $200m in an IPO for a blank-check acquisition firm focused on the energy sector, Reuters reported.
Beard's SPAC will file for an IPO with the US Securities and Exchange Commission in the coming weeks. The offering size and other details could still change and are subject to market conditions.
Beard headed Apollo's global natural resources group for nearly a decade until late 2019 when he moved to an adviser role as the private equity firm shuffled the group's management.
EMEA
Providence Equity Partners agreed to acquire a stake in Node4, a provider of hybrid managed cloud and integrated IT solutions, from Bowmark Capital, a mid-market private equity firm. Financial terms were not disclosed.
“We are excited to be working with Providence as Node4 continues to build momentum and swiftly moves on to the next stage of its ambitious growth journey. We will continue down our well-proven path of organic growth, building on Node4’s best-in-class systems and supplementing this with exciting strategic acquisitions,” Andrew Gilbert, Node4 Chief Executive.
Node4 is advised by PricewaterhouseCoopers, Arma Partners, Liberty Partners, Pinsent Masons, Touchdown PR and Deloitte. Providence is advised by KPMG, Weil Gotshal and Manges, Raymond James, DC Advisory, CMA Strategy Consulting, FTI Consulting and Sard Verbinnen. Bowmark is advised by Caroline Cecil Associates.
Jacobs Engineering, an American international technical professional services firm, completed the acquisition of 65% stake in PA Consulting, a management consultancy that specialises in strategy, technology and innovation, from The Carlyle Group for $2.5bn.
"Their pipeline of strategic and technical consulting work continues to grow and looking further into fiscal 2021 and beyond, the Jacobs-PA partnership presents a compelling organic growth opportunity driven by technology-enabled solutions in response to industry disruption and client needs," Bob Pragada, Jacobs President and Chief Operating Officer.
Jacobs was advised by Rothschild & Co, Accura Advokatpartnerselskab, Fried Frank Harris Shriver & Jacobson and Joele Frank. PA Consulting was advised by Dickson Minto. The Carlyle Group was advised by HSBC, JP Morgan, Linklaters and FTI Consulting.
Equistone and Thorsten Klapproth, a former CEO of Hansgrohe and WMF, agreed to acquire Franke Water Systems, a kitchen and bathroom fittings provider, from Franke Group, an industrial manufacturer. Financial terms were not disclosed.
“The European market for kitchen and bathroom solutions has been developing very positively for years and Franke Water Systems is ideally positioned to play an important role in this market environment. With Thorsten Klapproth, we were able to bring a proven industry expert with many years of experience on board, who has repeatedly shown that it is possible to successfully grow strong brands through enthusiastic employees and innovative products – both organically and acquisitively," Stefan Maser, Equistone Partner.
Anghami, a music streaming platform and service in the Middle East and North Africa, agreed to go public via merger with Vistas Media Acquisition, a publicly-traded SPAC, in a $220m deal.
“Elie and I co-founded the company in 2012 with a vision for Anghami to be a first of its kind, digital media entertainment technology platform in the MENA region. Today, we have taken a significant step forward in our growth plans in seeking to become the region’s first Arab technology company to list on NASDAQ. Being a US listed public company gives us access to growth capital and a global platform that is the best in the world,” Eddy Maroun, Anghami Co-founder and CEO.
Anghami is advised by SHUAA Capital and Norton Rose Fulbright. SHUAA is advised by Baker Botts. Vistas Media Capital is advised by deNovo, Winston & Strawn, ASDA’A BCW and ICR.
Boston Scientific, a manufacturer of medical devices, agreed to acquire Lumenis, a privately-held company that develops and commercializes energy-based medical solutions, from Baring Private Equity Asia, a private equity firm, for $1.07bn. Boston Scientific expects to complete the transaction in the second half 2021 and sees no material impact to its annual adjusted earnings from the deal.
"The acquisition will expand our global footprint throughout Europe and Asia and accelerate the delivery of our robust stone management offerings to more urologists – ultimately serving more patients worldwide – while also improving our top-line growth and margins," Meghan Scanlon, Boston Scientific Senior Vice President and President of Urology and Pelvic Health.
Lumenis is advised by Scherf Communications. Boston Scientific is advised by Latham & Watkins. BPEA is advised by Newgate Communications.
Gamma Communications, a technology-based provider of communications services to the businesss in the UK and mainland Europe, completed the acquisition of Mission Labs, a digital services provider for £46.2m ($64.3m).
"This will enable Gamma to realise both current and future growth opportunities and ensure that we continue to successfully execute against both our immediate and long-term commitments. On a personal level and on behalf of everyone at Gamma, we warmly welcome all of Mission Labs' staff and customers into the Gamma family and we look forward to working with them," Andrew Taylor, Gamma Chief Executive Officer.
Gamma Communications was advised by Investec and Tulchan Communications. Mission Labs is advised by Bermans.
Daily Mail and General Trust, which owns news titles, events and data businesses, completed the acquisition of New Scientist, a science magazines, for $97m.
"It is a natural step in our consumer strategy to improve the quality of our revenues through building up subscriptions and digital capabilities. We are committed to supporting the talented team and their plans for the future and are confident that the business is well positioned for future growth," Paul Zwillenberg, DMGT CEO.
DMGT was advised by Teneo and Reed Smith.
Apeiron Investment, a family office and. merchant banking business of Christian Angermayer, led a $157m Series D round in atai Life Sciences, a clinical-stage biopharmaceutical company, with participation from Thiel Capital and Woodline Partners.
"This marks a monumental moment for atai; we continue on our mission challenging the current way mental health conditions are treated. We have become better equipped than ever to accelerate the development of more efficacious treatments. With support from our investors, we are determined to improve care and innovate," Florian Brand, atai CEO & Co-Founder.
atai Life Sciences was led by KCSA Strategic Communications.
PharmaLex, a provider of specialized services for the pharma, biotech and medtech industries, completed the acquisition of ERA Consulting Group, a strategic product development and regulatory consulting group serving the global biopharmaceutical industry. Financial terms were not disclosed.
"PharmaVentures has a comprehensive understanding of our business and helped me identify the ideal partner that shared our strategic vision. The company's strong market position was effectively communicated to the potential buyer. I truly value the professional advice and the expert guidance made through every step of the process which enabled us to close the transaction to the satisfaction of all stakeholders," Sabine Husmann-Holloway, ERA Consulting Group Co-Founder & CEO.
ERA Consulting Group was advised by PharmaVentures.
KnowBe4, a provider of the security awareness platform, completed the acquisition of MediaPRO, a security and privacy training solutions company. Financial terms were not disclosed.
"This acquisition presents KnowBe4 with a great opportunity to provide our customers with an abundance of engaging privacy and compliance training content that will benefit their organizations. This is also an opportunity to provide MediaPRO's solid enterprise-level customer base with even more of the award-winning security awareness training content that KnowBe4 currently offers. We welcome MediaPRO to the KnowBe4 team and look forward to collaborating together in the future," Stu Sjouwerman, KnowBe4 CEO.
Air Liquide, a listed French supplier of industrial gases and services to various industries, agreed to acquire nitrogen production units of Atyrau refinery from KazMunayGas, the Kazakhstan operator for exploration, production, refining and transportation of hydrocarbons, for €86m.
This new agreement illustrates our continued commitment to providing long-term expertise and innovative environmentally responsible solutions to our customers. With this investment - the most important we have yet announced in the country - to increase energy efficiency and provide reliable supply, we will contribute to the modernization and development of the country’s industry,” Francois Jackow, Air Liquide Executive Vice-President and a member of the Executive Committee supervising Europe Industries activities.
Inflexion, a mid-market private equity firm, completed an investment in DR&P Group, a corporate insurance broker. Financial terms were not disclosed.
"Our investment from Inflexion will allow us to offer our flexible solutions to like-minded businesses who want to become part of a truly independent broker, providing a genuine alternative to the consolidator model. We are excited to see where this collaboration will take DR&P in the coming years," John Page, DR&P Group CEO.
HID Global, an American manufacturer of secure identity products, completed the acquisition of textile services business of Invengo Information Technology, which is engaged in the development of radio frequency identification technology and system solutions. Financial terms were not disclosed.
“The acquisition of the Invengo Textile Services Business further extends our identification technologies offering to meet the escalating demand for loss prevention capabilities, high-value analytics and real-time inventory visibility that increase efficiency in commercial laundry management,” Bjorn Lidefelt, HID Global CEO.
CPP-backed Sportradar in talks with Boehly SPAC. (FS)
Sportradar, a Swiss gambling data company, is in talks to go public through Todd Boehly's SPAC Horizon Acquisition II, Bloomberg reported.
A transaction value could not immediately be learned. As with any deal that has not been finalized, it's possible terms change, or talks fall apart. Representatives for Horizon Acquisition and Sportradar declined to comment.
Sportradar, led by Chief Executive Officer Carsten Koerl, counts Canada Pension Plan Investment, Revolution Growth, basketball star Michael Jordan and Mark Cuban among its backers. The National Football League invested in Sportradar in 2015 and in 2019, signing a multiyear deal for exclusive rights to distribute official NFL data to legal sports-betting operators in the US and abroad.
ADQ and CVC among bidders for $1bn NMC hospital business. (FS)
Abu Dhabi state-owned holding company ADQ and private equity firm CVC Capital Partners are among the suitors that have shown interest in core hospital business of NMC Health, a healthcare chain and distribution company, Reuters reported.
NMC has hired advisers for the sale of NMC’s healthcare business in the United Arab Emirates and Oman, which could generate around $1bn.
Orange seeks a new investor for its banking unit.
Orange, a French telecoms firm, is looking for a new investor in its banking unit, as it seeks to mitigate the heavy losses made by the four-year-old division, Reuters report.
Chief Executive Officer Stéphane Richard trumpeted the launch in 2017 of Orange Bank as a key strategic step toward diversifying revenues streams for the group, which faces tough competition from rivals in France and Spain, its two biggest markets.
The online bank was developed thanks to the acquisition of a majority stake in lender Groupama Banque. Groupama, a French insurer, now owns 22% of the group. Orange controls the remaining 78%.
MetLife explores the divestment of Peripheral European assets.
MetLife is exploring the sale of some European assets as the US life insurance giant seeks to streamline it global business, Bloomberg reported.
New York-based MetLife is working with an adviser to explore options for units in Greece, Poland and Ukraine. The businesses could be valued at more than €500m.
MetLife Chief Executive Officer Michel Khalaf said that the company was looking at pruning its portfolio of businesses. It had been in talks with Italy’s Assicurazioni Generali in 2019 over the sale of European assets, only to see the negotiations fall apart due to price disagreement
Renishaw considers the sale.
The founders and two largest shareholders of Renishaw, a UK-based engineering firm, intend to sell their shares in the company. Following the announcement, Renishaw’s shares jumped by 18% to £68.85, valuing the company at around £4.8bn and McMurty and Deer's shares at £2.5bn.
“Now finding ourselves in our 80s, our thoughts have increasingly turned to how we can actively contribute to securing the future success of the business. With that in mind, we approached the rest of the board to indicate that we felt the time was now right to discuss the best way to achieve this,” McMurty and Deer.
French Connection seeks new suiters.
French Connection, a UK-based global retailer and wholesaler of fashion clothing, accessories and homeware, was seeking new suitors as investment firms Spotlight Brands and Gordon Brothers had backed out of preliminary talks to acquire the company.
French Connection said it had formally launched a sale process and had been approached by three other parties and was also still in preliminary talks with previously announced joint suitor Go Global Retail and HMJ International, Reuters reported.
Sofinnova Partners raised $540m for a late-stage healthcare crossover fund. (FS)
Sofinnova Partners, a European life sciences venture capital firm based in Paris, London, and Milan, closed of the Sofinnova Crossover Fund at €445m ($540m). The fund was oversubscribed and significantly exceeded its target. This capital raise positions Sofinnova Partners as the largest crossover investor in Europe dedicated to late-stage biopharma and medtech investments.
The fund will maintain its focus on European clinical-stage companies needing scale-up capital and will also support best-in-class companies in the US and elsewhere. The fund has, to date, invested in 10 high-profile companies developing unique products that address major unmet clinical needs.
"European biopharma and medtech companies have matured tremendously in the last decade. Sofinnova Partners was the first European VC to seize the opportunity to unlock the potential of these high-growth startups by providing late-stage capital, building on our decades of experience funding innovative life science companies. With over €2bn ($2.4bn) of assets under management dedicated to life science investing and an outstanding international team, Sofinnova Partners continues its expansion to partner with ambitious entrepreneurs across Europe, from company creation to late-stage developments," Antoine Papiernik, Sofinnova Partners Chairman and Managing Partner.
Alderwood Capital begins approaching institutional investors. (FS)
Alderwood Capital, the fund management business launched by former Northill Capital founder Jon Little, has made a trio of hires as it begins approaching institutional investors, FN London reported.
The business founded by Little in 2020 seeks to provide equity capital to specialist boutique active managers to replace existing shareholders. It is a similar business model to the one employed at Northill Capital, backed by Swiss pharmaceutical billionaire Ernesto Bertarelli and his family.
TA Associates hires Rafael Telahun to Menlo Park. (FS, People)
TA Associates, a global growth private equity firm, has appointed Rafael Telahun as a Vice President in its Menlo Park office and as a member of the firm's North America Services Group.
"It is a great pleasure to welcome Rafael to TA. Rafael brings a wealth of private equity experience across a number of industry sectors. We are confident that his skills will prove valuable in helping TA source and analyze new growth investment opportunities in financial and tech-enabled services companies with high quality, profitable business models," Todd Crockett, TA Associates Managing Director and Co-head of North America Services Group.
APAC
PAG Asia Capital, an alternative Investment firm, completed the acquisition of Unispace, a global design firm. Financial terms were not disclosed.
"Our investment will facilitate Unispace’s plans for further global expansion and build on an already successful business. We believe our extensive experience in real estate and property management investments will bring tremendous value to support the growth of Unispace,” Weijian Shan, PAG Chairman and CEO.
Unispace was advised by Allens, Linklaters and Bastion Elevate.
Thryv, a customer experience software provider, completed the acquisition of Sensis, an Australia’s digital, marketing and directory services provider, from private equity firm Platinum Equity and Telstra, an Australia’s telecommunications company, for $257m.
“Covid-19 has radically reshaped the perspective of small businesses around the globe. Solutions that ensure SMBs have the tools they need to generate confidence and convenience for their customers have gone from a ‘nice to have’ to a ‘must have’ in this post-pandemic world," Joe Walsh, Thryv CEO and President.
Thryv was advised by FMC Change and Weil Gotshal and Manges.
City Index Eleventh, a Japanese fund backed by Yoshiaki Murakami, canceled its bid for Japan Asia Group, which provides consulting services relating to social infrastructure development, after pressuring Carlyle Group to withdraw a competing offer last month.
City Index Eleventh was withdrawing its bid after JAG refused to cooperate with its efforts to carry out due diligence and announced a large, special dividend, Reuters reported.
Two private equity companies General Atlantic and IDG Capital led a $100m funding round in Biotheus, a clinical development stage company. Other new investors include Kunlun Capital, CPE, and Cowin Capital, with participation by previous investors Highlight Capital, Shiyu Capital, New Alliance Capital, Huajin Capital, and others.
"This round of financing will fund the development of our existing product pipeline and the construction of our manufacturing facility. With the strong support of all our investors, we will fully drive the development of our product pipeline, strengthen our position in the global market for cancer immunotherapy, and bring much-needed innovative treatments and options to a larger population of cancer patients," Xiaolin Liu, Biotheus President and CEO.
Indonesia seeks a $500m merged geothermal firm IPO.
Indonesia is planning an IPO that could raise at least $500m as part of its bid to create the world’s biggest geothermal company, Bloomberg reported. The move to combine the three state-backed businesses, PT Geo Dipa Energy, PT Pertamina Geothermal Energy and PT PLN Gas and Geothermal, would boost the nation’s use of renewable energy, Indonesia’s Deputy State-Owned Enterprises Minister Pahala Mansury said on Feb 27.
The Southeast Asian nation, which last week announced its plan to combine three separate state-owned geothermal companies, is working with advisers to complete the tie-up within three months, said one of the people. The potential first-time share sale of the merged entity could take place in Jakarta as soon as the end of this year.
UBS looks to raise its stake in Chinese JV to 67%.
UBS Group plans to deepen its control over its Chinese securities unit as two of its partners in the venture are seeking to sell their stakes. UBS, which in 2018 became the first foreign bank to win approval for majority control of a securities venture in the nation, is planning to snap up another 16% of the firm, boosting its control to 67%, Bloomberg reported.
Unlike rivals such as Goldman Sachs and Credit Suisse, the Zurich-based bank currently has no intention of going for full ownership, which China allowed foreign banks to do last year. UBS has said it has a good relationship with its Chinese partner and prefers to keep the asset management arm of the Beijing government as a shareholder because of the connections it can provide in China.
Asia Partners raised $384m for its debut fund. (FS)
Asia Partners, launched by former Sea president Nick Nash and Naspers B2C e-commerce division's former CEO Oliver Rippel, announced the final close of its inaugural PE fund at $384m.
The fund – Asia Partners I – is the largest debut technology fund that is focused specifically on Southeast Asia. The PE vehicle seeks to make investments starting from $20m across Southeast Asian tech startups.
The closing commitment of $384m signals a strong investor appetite for the region’s burgeoning market for e-commerce, payments, mobile apps, and other tech and internet startups. The fund made a $78m first close in November 2019 and another close at $118m in January 2020. The firm's filing with the US Securities and Exchange Commission in January 2021 showed that the fund was able to secure $282m in commitments at that time.
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