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AMERICAS
Clayton, Dubilier & Rice, a private equity firm, completed the acquisition of a 51% stake in the industrial businesses of Roper Technologies, an American diversified industrial company, for $2.6bn.
“This is the final step in Roper’s divestiture strategy to reduce the cyclicality and asset intensity of our enterprise. We have created a meaningfully enhanced and higher-quality go-forward portfolio of market-leading businesses that is better positioned to deliver higher and more resilient organic growth, an improved working capital profile, and strong cash conversion. Selling a majority interest in these industrial businesses will provide Roper with significant upfront cash, while maintaining the ability to receive additional cash proceeds from the future exit of our minority interest,” Neil Hunn, Roper Technologies President and CEO.
Clayton, Dubilier & Rice was advised by BMO Capital Markets, BNP Paribas, JP Morgan, Mizuho Securities, Natixis Partners, RBC Capital Markets, UBS, Debevoise & Plimpton (led by Uri Herzberg and Kevin Rinker). Roper Technologies was advised by Evercore, Jones Day (led by William Zawrotny) and Gasthalter & Co (led by Mark Semer). Debt financing was provided by BMO Capital Markets, BNP Paribas, Mizuho Securities, Natixis Partners, RBC Capital Markets and UBS.
Galaxy Digital, a private equity firm, completed the acquisition of Helios facility of Argo Blockchain, a cryptocurrency mining firm, for $65m.
“This transaction with Galaxy is a transformational one for Argo and benefits the company in several ways. It reduces our debt by $41m (£34m) and provides us with a stronger balance sheet and enhanced liquidity to help ensure continued operations through the ongoing bear market. It also allows us to focus on optimizing our operations with significantly lower capex and opex requirements," Peter Wall, Argo Blockchain CEO.
Galaxy Digital was advised by Berkeley Research Group, Stifel and Kirkland & Ellis. Argo Blockchain was advised by Houlihan Lokey, Tennyson Securities (led by Peter Krens), finnCap (led by Jonny Franklin-Adams), Fladgate, McDermott Will & Emery and Tancredi (led by Salamander Davoudi).
Aptiv, a global technology company that develops safer, greener and more connected solutions, completed the acquisition of Wind River, a global company delivering software for mission-critical intelligent systems, from TPG Capital, a private equity firm, for $3.5bn.
"The automotive industry is undergoing its largest transformation in over a century, as connected, software-defined vehicles increasingly become critical elements of the broader intelligent ecosystem. With Aptiv and Wind River's complementary portfolios and decades of combined experience in delivering innovation in safety-critical systems, we will drive significant value for our customers," Kevin Clark, Aptiv President and CEO.
Wind River was advised by Morgan Stanley and Ropes & Gray. Aptiv was advised by Goldman Sachs, Covington & Burling, Machado Meyer Sendacz e Opice Advogados (led by Maria Novis), Paul Weiss Rifkind Wharton & Garrison (led by Steven Williams and Scott Barshay) and Joele Frank.
Butterfly, a private equity firm, agreed to acquire Milk Specialties Global, a manufacturer of nutritional ingredients, from American Securities, a private equity firm. Financial terms were not disclosed.
“We’ve admired Dave and team from afar for many years and are excited to welcome them to the Butterfly family. We’re confident that Milk Specialties’ industry leadership and best-in-class team, combined with our expertise in the space, will enable us to drive even greater success for the business going forward. We can't wait to see what we can accomplish together,” Adam Waglay and Dustin Beck, Butterfly Co-Founders and Co-CEOs.
Milk Specialties is advised by Credit Suisse, Goldman Sachs, Rabo Securities and Arnold & Porter Kaye Scholer. Butterfly is advised by Kirkland & Ellis and Full Picture.
IBM, an American multinational technology corporation, completed the acquisition of Octo Consulting Group, a technology firm, from Arlington Capital Partners, a private equity firm. Financial terms were not disclosed.
“Since our partnership with Octo began in early 2019, the Company has consummated four highly complementary acquisitions, expanding the Company’s healthcare footprint, while also doubling down on its strong positioning with forward-leaning modernization customers within the national security and civilian customer communities. The partnership with the Octo management team and their tireless efforts enabled us to build a great business focused on the infusion of modern technology into government applications and solidified the Company as an attractive workplace for technologists,” Michael Lustbader, Arlington Capital Managing Partner.
Octo was advised by JP Morgan. IBM was advised by Evercore and Cravath Swaine & Moore (led by George Schoen and Keith Hallam). Arlington was advised by Robert W Baird.
Hastings Equity Partners, a private equity firm, completed the acquisition of GridSource, a utility contractor that specializes in infrastructure solutions for the telecom and gas industries. Financial terms were not disclosed.
“Hastings has deep experience working in the industrial field-services market. The rapid growth in fiber deployment stemming from a more connected world creates significant growth opportunities for project and construction management services provided by GridSource. The telecom industry and the federal government have come together to ensure that every home in America is provided with the opportunity to enjoy the benefits of this greater connectivity," Joe Conlon, Hasting Equity Managing Director.
Hastings Equity was advised by Locke Lord, Forvis Capital Advisors, Katz Sapper Miller and Equity Risk Solutions.
BC Partners, a British international investment firm, agreed to acquire a majority stake in Madison Logic, a software company, from Clarion Capital Partners, a private equity investment firm. Financial terms were not disclosed.
"With the active support of the Clarion team, Madison Logic has grown substantially and established its leadership position in the market. The Madison Logic team and I are thrilled to now continue in the next stage of our very ambitious growth path with BC Partners, and confident that this will unlock significant new growth opportunities across the business. We look forward to a collaborative partnership with BC Partners, which has extensive experience fostering portfolio companies' potential," Tom O'Regan, Madison Logic CEO.
BC Partners are advised by LUMA Partners and Kirkland & Ellis. Clarion Capital Partners are advised by William Blair & Co and Brownstein Hyatt Farber Schreck.
Suburban Propane Partners, a nationwide distributor of propane and other energy products to local communities, agreed to acquire renewable natural gas assets of Equilibrium Capital, a sustainability-driven asset management firm, for $190m.
"This investment meaningfully advances our strategic goal of building out a renewable energy platform to help drive the energy transition to a low carbon economy. We are excited to be partnering with the Equilibrium team, which has a proven track record of sourcing, developing and managing high-quality renewable natural gas-producing assets. We look forward to building upon and advancing this opportunity as we seek to leverage Equilibrium's seasoned management team with a well-established network of operators, engineering and construction providers and off-takers, and a strong commitment to sustainable investments. The scalable platform complements our existing portfolio of renewable energy assets, either as a stand-alone RNG distributor, or as a pathway to rDME and hydrogen production," Michael Stivala, Suburban Propane President and CEO.
Equilibrium Capital is advised by Evercore. Suburban Propane is advised by Wells Fargo Securities.
AT&T, a network company and BlackRock, a private equity firm, agreed to form Gigapower a fiber services joint venture. Financial terms were not disclosed.
“Now more than ever, people are recognizing that connecting changes everything. With this joint venture, more customers and communities outside of our traditional service areas will receive the social and economic benefits of the world’s most durable and capable technology to access all the internet has to offer," John Stankey, AT&T CEO.
AT&T is advised by Morgan Stanley.
Advent International, a private equity firm, led a $175m Series B round in Tredence, a data science and AI solutions company, with participation from Chicago Pacific Founders.
“We are thrilled to welcome Advent as a partner to Tredence. Advent’s global reach, deep sector expertise, and vast experience in scaling businesses like ours through organic and inorganic growth will be invaluable to us as we look to drive continued business innovation. Tredence was founded to help clients solve some of the most complex challenges across industries through pragmatic innovation and continuous experimentation. CPF has been a value-added partner over the last few years, and we are excited to be joined by Advent on this journey," Shub Bhowmick, Tredence CEO.
Torque Capital, a private equity firm, completed the acquisition of Metal Forming & Coining, a manufacturer of advanced, highly engineered flow-formed, and cold-formed components and assemblies, primarily serving transmission and propulsion applications in the automotive and truck markets. Financial terms were not disclosed.
"For nearly seventy years, MFC / Netform has had a reputation as a leading, differentiated supplier to the transportation markets. In an industry focused on price, MFC / Netform has thrived given its ability to consolidate manufacturing processes, eliminate waste and reduce costs for its blue-chip customer base. We are excited to partner with this talented team and support the company in its next phase of growth," Terry Culmone, Torque Capital Partner.
Bluestem Equity, an investment management group, completed the acquisition of United Vision Logistics, a land transportation and logistics services provider. Financial terms were not disclosed.
"Over the past decade, UVL has been under the ownership of a group of large capital providers and credit managers. Bluestem's purchase allows us to partner with an industrial services leader with similar goals and ambitions. With our renewed emphasis on customers, employees, and partners, Bluestem and UVL will work together to continue to build our business into a formidable presence in the logistics industry," Colby Domingue, UVL President.
Justin Bieber might sell his $200m worth of music rights to Hipgnosis.
Justin Bieber is nearing a deal to sell his music rights to Blackstone-backed Hipgnosis Songs Capital. The deal is valued at around $200m and includes his interest in both his publishing and recorded music catalogs.
News of Bieber's reported deal comes seven months after another pop superstar Justin Timberlake sold his song catalog to Hipgnosis in a deal worth $100m.
Clean Energy receives Riverstone Credit's funding for RNG growth.
Clean Energy Fuels, a provider of the cleanest fuel for the transportation market, entered into a four-year $150m sustainability-linked senior secured term loan with credit investment platform Riverstone Credit Partners.
"As we articulated at the beginning of the year, we have big plans to increase our supply of RNG from dairies because when it ends up in the tank of a heavy-duty truck or a transit bus, it is rated cleaner than any other alternative in the marketplace. Our joint ventures with bp and TotalEnergies are having great success. We are currently constructing multiple RNG projects at dairies around the country with a healthy pipeline of other projects. This additional financing will allow us to stay on this rapid pace of development," Andrew J. Littlefair, Clean Energy President and CEO.
Levine Leichtman eyes up to $3.3bn for flagship fund.
Levine Leichtman Capital Partners is back in the market with a seventh flagship buyout offering set to bring in $3.3bn.
At $3.3bn, Fund VII would be the largest pool in Levine Leichtman’s nearly four-decade history. It would be 32 percent larger than Fund VI, closed in 2019 at $2.5bn.
EMEA
John Laing Group, a private equity firm, agreed to acquire three Irish assets of AMP Capital, a private equity firm. Financial terms were not disclosed.
The three assets include Convention Centre Dublin, Ireland’s only purpose-built convention centre with an 8k-person capacity. Towercom, Ireland’s largest independent telecommunications tower company. Valley Healthcare, Ireland’s largest primary care centre operator.
“This acquisition, the largest single investment in John Laing’s history, enables us to scale and diversify our portfolio with three assets that enjoy strong market positions and limited correlation to economic cycles, all underpinned by long-term contracts. We are also excited by the chance to invest in Ireland, the fastest-growing economy in the eurozone and a country where we expect to see a pipeline of further investment opportunities," Jamie Christmas, John Laing Acting CEO and CFO.
John Laing Group is advised by Evercore, Rothschild & Co, Arthur Cox, Simpson Thacher & Bartlett and Headland Consultancy. AMP Capital is advised by IBI Corporate Finance, Jefferies & Company, Dentons, Matheson and McCann FitzGerald.
GIC, a sovereign wealth fund, and Greystar, a provider of real estate services, completed the acquisition of Student Roost, a purpose-built student accommodation provider, from Brookfield, an alternative asset management company, for $4.17bn.
“GIC is pleased to close on Student Roost, the UK’s third-largest student accommodation provider. This partnership with Greystar will provide a strong platform for Student Roost to pursue further growth while continuing to offer exceptional purpose-built student accommodation with good occupancy rates. We look forward to working closely with them both," Lee Kok Sun, GIC CIO of Real Estate.
Partners Group, a private equity firm, agreed to acquire a majority stake in Breitling, a luxury watchmaker, from CVC Capital Group, a private equity firm. Financial terms were not disclosed.
"After a fundamental transformation in the past five years, Breitling is building on its outstanding achievements and is now in a position to scale the business and become one of the world leaders in the watch industry. We are delighted to increase our stake in the Company. Breitling has a strong foundation for continued growth, with significant future value creation potential. In line with our entrepreneurial governance approach, we look forward to continuing our successful partnership with the management team and CVC," Alfred Gantner, Partners Group Co-Founder.
Hassana Investment Company, a private equity firm, completed a $2.4bn investment in UAE assets of DP World, an Emirati multinational logistics company.
"We are delighted to announce this new partnership with Saudi Arabia-based Hassana, which manages one of the largest global pension funds. We believe this partnership will serve to enhance our assets and allow us to capture the significant growth potential of the wider market," Sultan Ahmed Bin Sulayem, DP World Chairman and CEO.
DP World was advised by JP Morgan.
Inflexion Private Equity, a private equity firm, agreed to acquire a 25% stake in YER, an employment agency, in a €500m ($532m) deal.
"This is a really exciting opportunity for YER and the continued potential for the business in both the Netherlands and internationally is huge. We are confident that Inflexion is the right partner for the next stage of our growth and have been impressed with their global presence and sector knowledge, whilst benefiting from a local presence in the Dutch market. This partnership will allow us to continue building out YER, and we can’t wait to get started," Johan Overgaauw, YER CEO.
YER is advised by Rothschild & Co.
PGE, a state-owned public power company, agreed to acquire PKP Energetyka, a cross-country electricity distributor to the Polish railway network, from CVC Capital Partners, a private equity company, for $436m.
“I am glad that the distribution of electricity for the entire rail transport is back in Polish hands. We will continue to develop the company towards a low-emission economy. Our ambition will be to supply green energy to rail transport,” Wojciech Dąbrowski, PGE CEO.
CVC Capital Partners are advised by Greenberg Traurig.
Deutsche Invest Capital Solutions, a private equity firm, completed an investment in GLOBOGATE concept, a recruitment firm. Financial terms were not disclosed.
“A new chapter is now beginning for GLOBOGATE. We have found the ideal partner in DI Capital Solutions. We will continue to drive our growth and optimize our services for the benefit of all our stakeholders. The DI Capital Solutions team has already proven to be a valuable partner and has already provided crucial support for our growth," Thomas Gehrig, GLOBOGATE Founder and CEO.
Abanca, a banking services provider, agreed to acquire Targobank, a bank, from Credit Mutuel, a private equity firm. Financial terms were not disclosed.
"The purchase would consolidate ABANCA's presence throughout the Iberian Peninsula, by significantly reinforcing our activity in the Mediterranean arc, following our Strategic Plan," Juan Carlos Escotet Rodríguez ABANCA President.
Credit Mutuel is advised by Rothschild & Co.
EQT weighs sale of stake in Ottobock.
EQT is exploring strategic options for its stake in prosthesis firm Ottobock including a potential sale.
The buyout firm is working with JP Morgan to study various possibilities for its 20% holding in Ottobock, ranging from a sale to initial public offering. Any deal could value the business, which is controlled by German billionaire Hans Georg Näder, at more than €5bn ($5.3bn).
EQT could also opt to keep its investment for longer. The deliberations come after several rival financial investors expressed interest in buying EQT’s Ottobock stake after a planned IPO of the firm was postponed this summer, Bloomberg reported.
Jadwa Investment plans $532m deals and possible listing.
Saudi Arabia's Jadwa Investment plans to invest about $532m in new private equity deals and to list stakes in three of its portfolio companies by 2025 as it looks to capitalize on rapid economic growth in the region, Bloomberg reported.
The private equity firm is in advanced talks to complete two private equity deals in the next 12 months, and is focusing on consumer and healthcare industries.
ABP set to sell laggards as sharpens climate focus.
ABP, the largest Dutch pension fund with around $530bn in assets, expects to cut a large number of companies from its portfolio to restrict its investments to those that make a real effort to become climate neutral.
"The new policy could halve the number of companies in ABP's portfolio. We need to take a hard look at which companies fit our new vision. Companies that can't or don't want to contribute to the transition are too risky for us. We will invest in fewer companies and we will take bigger stakes in them," Dominique Dijkhuis, ABP Investment Director.
Tikehau Capital completed its first CFO for $300m.
Tikehau Capital today announced that it has successfully completed an inaugural Collateralized Fund Obligation for an amount of $300m.
The CFO’s assets consist of interests in private debt funds that were mainly held on Tikehau Capital’s balance sheet. They notably include exposure to the firm’s flagship Direct Lending strategy and to its innovative Private Debt Secondaries strategy.
Speedinvest raises $532m for European tech startups.
Speedinvest, a pan-European early-stage venture capital fund, has raised $532m in new capital to help European startups scale, with 90% of that total already committed by the fund’s investors.
Some $319m is being invested into new pre-Seed and Seed tech startups through the firm's fourth flagship fund, Speedinvest 4, while the remaining capital is reserved for selective follow-on co-investments in existing Speedinvest portfolio companies to support their long-term growth.
APAC
Australia's Nitro Software, an electronic signature solution company, rejected an alternative takeover offer from private-equity firm Potentia Capital, which gave Nitro shareholders the choice of an all-cash, stock, or a combination of both, at the same offer price.
The company also said it would recommend shareholders to vote for KKR-backed Alludo's all-cash, sweetened takeover offer of $320m and an off-market takeover, Reuters reported.
Nitro Software is advised by Cadence Bank (led by Garren Cronin), UBS, Allens and Cato & Clive (led by Clive Mathieson). Alludo is advised by Perella Weinberg Partners and Greenberg Traurig. Potentia Capital is advised by Jarden, Johnson Winter & Slattery (led by James Rozsa) and Domestique (led by Ross Thornton).
QIC, a private equity firm, agreed to acquire a 50% stake in Vector Metering, a smart metering business of Vector, an electricity and gas distribution company, in a $1.58bn deal.
“We’re very satisfied with the outcome of our strategic review. QIC is a strong long-term partner for Vector Metering, given QIC’s scale, experience and breadth of relationships in the New Zealand and Australian energy markets, its access to capital and its shared commitment to growth and customer outcomes," Simon Mackenzie, Vector Group CEO.
QIC is advised by Craigs Investment Partners, JP Morgan, Herbert Smith Freehills and Russell McVeagh. Vector is advised by Citigroup, Barrenjoey Capital Partners and Chapman Tripp (led by Roger Wallis and Kelly McFadzien).
ICG, an alternative asset manager, completed the acquisition of PresMed Australia, a provider of private day hospitals, from Advanced Health, an investment holding company. Financial terms were not disclosed.
“We are delighted to be partnering with ICG as we look to accelerate PresMed’s growth along with our doctor-partners. ICG has deep expertise in the local healthcare sector and PresMed intends to draw on ICG’s extensive understanding of the business and sector to support our mission to deliver leading healthcare services across Australia," Marc Resnik, PresMed Managing Director.
Advanced Health was advised by Monash Private Capital, Grindrod Bank and Gilbert + Tobin.
MBK Partners, a private equity firm, completed the acquisition of a 99.5% stake in Medit, a 3D dental scanner and solutions provider, from Unison Capital, a private equity firm, for $1.89bn.
"We have shared a common view of developing Medit into a globally renowned digital dental platform operator by building an ecosystem encompassing not just dental scanners, but medical teams, dealerships, solutions and devices. We are pleased to partner with Medit," MBK Partners.
Unison Capital was advised by Citigroup.
Advent International, a global private equity firm, agreed to acquire a 50.01% stake in Suven Pharmaceuticals, a pharmaceutical company, for $762m.
"We are delighted to bring Advent into Suven Pharma as a strategic investor. We have built a business with industry-leading growth and margins.Their experience and resources will launch the next phase of growth for Suven pharma. This move will benefit Suven platform immensely. The proposed collaboration with Cohance is a win-win for Suven and its public shareholders," Venkateswarlu Jasti, Suven Pharmaceuticals Managing Director.
China Mobile, a mobile telecommunication company, and Hexie Health, an insurance company that offers life, health, pension, accident and other insurance services, led a $215m Series B funding round in Moore Threads, a Chinese fabless semiconductor company, with participation from Dianshi Capital.
“Moore Threads has developed new-generation, multipurpose GPU products to target metacomputing and the next generation of the Internet. Its products integrate visual computing, AI computing, and other multidimensional, multi-component computing platforms, with the capacity to digitise daily office work, customer service, high-definition video processing, AI applications, and beyond,” Lu Di, Miracle Capital CEO.
BlackRock, an American global investment management corporation, completed a $100m investment in Brite Energy Partners, a solar development firm.
“South Korea’s carbon neutrality goal is a core mission for the current generation to accomplish in an accelerated fashion and an overriding obligation we should contribute to the next generations, be it environmental or economic considerations,” Heeseong Brian Kim, BEP CEO and founder.
BPEA, the Hong Kong-based alternative investment firm, completed a $67m investment in WeWork India, a provider of co-working spaces.
WeWork India will use the fresh funds to achieve growth and consolidate business opportunities.
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