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AMERICAS
TriArtisan and Treville, private equity firms, and Yadav Enterprises, a restaurant franchisee company, agreed to acquire Denny’s, a provider of full-service restaurant offerings, for $620m, according to press releases.
Denny’s is advised by Truist Securities, Caiola & Rose, Morgan Lewis & Bockius, Sidley Austin and Joele Frank (led by Aaron Palash). TriArtisan is advised by Global Leisure Partners and Ropes & Gray (led by Michael Littenberg). Treville is advised by Choate Hall & Stewart, according to press releases and MergerLinks data.
Gemspring Capital, a private equity firm, completed the acquisition of a majority stake in the chemical business from Goodyear Tire & Rubber, a tire manufacturer, for $650m, according to press releases.
Gemspring Capital was advised by Greenhill & Co, Piper Sandler (led by Matthew Page) and Kirkland & Ellis (led by Michael J. Sartor). Goodyear Tire & Rubber was advised by Deutsche Bank, Lazard, Squire Patton Boggs and Latham & Watkins (led by Andrew C. Elken), according to press releases and MergerLinks data.
Palomar, an insurance holding company, agreed to acquire Gray Surety, a surety bond provider, from Bernhard Capital Partners, a private equity management firm, and The Gray Insurance Company, an insurance carrier, for $300m, according to press releases.
Gray Surety is advised by JP Morgan and Kirkland & Ellis. Palomar is advised by Evercore and DLA Piper. BCP is advised by Joele Frank (led by Ed Trissel), according to MergerLinks data and press releases.
TPG, a private equity investment firm, agreed to acquire Kepware and ThingWorx businesses of PTC, a provider of software and technology solutions, according to press releases. Financial terms are not disclosed.
TPG is advised by Barclays, Evercore and Ropes & Gray. PTC is advised by Centerview Partners, Choate Hall & Stewart and Simpson Thacher & Bartlett, according to press releases.
Tinicum, a private investment firm, agreed to acquire the aerospace segment from TriMas, a company that designs and manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets, for $1.45bn, according to press releases.
TriMas is advised by Bank of America, PJT Partners and Jones Day. Tinicum is advised by Solomon Partners and Goodwin Procter. Blackstone is advised by Kirkland & Ellis, according to press releases and MergerLinks data.
TJC, a middle-market private equity firm, agreed to acquire Lindsay Precast, a concrete manufacturer, from MiddleGround, a private equity firm, according to press releases. Financial terms are not disclosed.
TJC is advised by Citigroup and Kirkland & Ellis (led by Keri Schick Norton). MiddleGround is advised by Harris Williams & Co, Raymond James, Eversheds Sutherland and Dukas Linden Public Relations (led by Doug Allen), according to press releases and MergerLinks data.
Lincoln International, an investment banking advisory firm, completed the acquisition of MarshBerry, an investment banking and strategic consulting company, from Atlas Merchant Capital, a global investment firm, according to press releases. Financial terms were not disclosed.
L Squared Capital Partners, a private equity firm, agreed to invest in Ergo, a technology-enabled geopolitical and strategic intelligence firm. Financial terms were not disclosed.
Ergo is advised by Ballast Consulting Group, Equiteq, and Fox Rothschild. L Squared Capital Partners is advised by Clearsight Advisors and Skadden Arps Slate Meagher & Flom (led by Raymond F. Bogenrief), according to press releases.
Arsenal Capital, a private equity investment firm, completed the acquisition of ThermoSafe business unit, a provider of temperature-assured packaging, from Sonoco for $725m, according to press releases.
Arsenal Capital was advised by Kirkland & Ellis (led by Kyle P. McHugh). Sonoco was advised by Morgan Stanley and Freshfields Bruckhaus Deringer (led by Damien R. Zoubek). Morgan Stanley was advised by Ropes & Gray, according to press releases and MergerLinks data.
Intuitive Machines, a space exploration, infrastructure, and services company, agreed to acquire Lanteris Space Systems, a manufacturer of satellites and space systems, from Advent, a global private equity investor, for $800m, according to press releases.
Intuitive Machines is advised by Perella Weinberg Partners and Simpson Thacher & Bartlett. Lanteris Space Systems is advised by Barclays and Weil Gotshal and Manges, according to press releases.
Motive Partners, a private investment firm, completed a $100m investment in Electric Mind, a business and technology consulting company, according to press releases.
Electric Mind was advised by McCarthy Tetrault. Motive Partners was advised by Envoy Capital Advisors and Weil Gotshal and Manges (led by Jenna McBain), according to MergerLinks data and press releases.
Sixth Street, a global investment firm, agreed to acquire Permian and Eagle Ford midstream assets from BP, a multinational oil and gas company, for $1.5bn, according to press releases.
BP is advised by Morgan Stanley and Hunton Andrews Kurth, according to press releases.
ARCHIMED, a private equity healthcare specialist, completed the acquisition of a 60% stake in ARK Diagnostics, a company specialised in the development and manufacture of specialty immunoassay in vitro diagnostics, from Soulbrain, a specialty chemical company, for $257m, according to press releases.
ARCHIMED was advised by Dechert (led by Michael Darby) and Lanchner Communications (led by David Lanchner), according to MergerLinks data and press releases.
Bain Capital, a private investment firm, agreed to invest in Innocap, a dedicated managed account platform, according to press releases. Financial terms were not disclosed.
Innocap is advised by Montieth (led by Cameron Penny). Bain Capital is advised by Ropes & Gray (led by Elizabeth Gallucci), according to MergerLinks data and press releases.
General Catalyst-backed Aethel, an energy company, agreed to acquire drilling portfolio in the Rocky Mountain region of KKR & Co-backed Crescent Energy, an energy company for $400m, according to press releases.
Crescent Energy is advised by Jefferies & Company, according to press releases and MergerLinks data.
Carrington, an operating across mortgages and real estate services, agreed to acquire Reliance First Capital, a direct‑to‑consumer mortgage origination platform, from Tiptree, a private equity firm, according to press releases. Financial terms were not disclosed.
Reliance First Capital is advised by Piper Sandler, according to press releases.
Warwick and GRP Energy, private equity firms, agreed to acquire non-Permian assets of Diamondback Energy-backed Viper Energy, a corporation focused on owning and acquiring mineral and royalty interests, for $670m, according to press releases.
Private equity firms Fortress Investment Group and Citadel Securities led a $500m round in Ripple, a blockchain-based financial technology company, with participation from Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace, according to press releases.
Venture capital firms General Catalyst, Lightspeed Venture Partners, and D1 Capital Partners, led a $250m Series B round in Beacon Software, an AI holding company focused on building the permanent home for essential vertical software and services, with participation from BDT & MSD Partners, Chris Rogers, and Sator Grove, according to press releases.
Avenir Growth, a private equity investment firm, led a $126m Series C round in Hippocratic AI, a healthcare technology company, with participation from CapitalG, General Catalyst, Andreessen Horowitz, Kleiner Perkins, Premji Invest, Universal Health Services, Cincinnati Children’s Hospital Medical Center, WellSpan Health, John Doerr, Rick Klausner, and others, according to press releases.
Millennium sells $2bn minority stake in hedge fund firm. ( Bloomberg)
Millennium Management has sold a roughly 15% stake in its management company to a group of institutional investors in a deal valuing the firm at about $14bn.
The $2bn transaction represents a minority, passive equity interest and marks a step toward succession planning for founder Izzy Englander. The investors were not disclosed, according to a note sent to employees.
EMEA
SK Capital Partners, an investment firm, completed the acquisition of the medical division from LISI Group, a global industrial group specializing in high value-added assembly solutions and components, according to press releases. Financial terms were not disclosed.
SK Capital Partners was advised by Jefferies & Company, Piper Sandler, Sycomore Corporate Finance, Kirkland & Ellis (led by Laurent Victor-Michel), Milbank (led by Marcus Dougherty), and Gregory FCA (led by Jeremy Milner). Debt financing was provided by Partners Group. LISI Group was advised by Rothschild & Co (led by Romain Nourtier and Robert Rozemulder) and Dentons, according to press releases and MergerLinks data.
Ardian, a private equity firm, agreed to acquire a 90% stake in centrotherm, a player in the design and production of power semiconductor manufacturing equipment, according to press releases. Financial terms were not disclosed.
Ardian is advised by Eight Advisory, ParkView Partners (led by Cai Berg), McDermott Will & Schulte, Taxess, BearingPoint, Marsh, Yole and ERM Group. Solarpark Blautal is advised by Heuking Kuhn Luer Wojtek, according to press releases and MergerLinks data.
Apollo Funds, a global alternative asset manager, agreed to acquire a 50% stake in Ørsted’s Hornsea 3, a Ørsted’s third gigawatt-scale project in the North Sea’s Hornsea zone, for $6.5bn, according to press releases.
Apollo is advised by RBC Capital Markets and Linklaters (led by Subir Rajadhyaksha). Debt financing is provided by RBC Capital Markets, PSP Investments, Lloyds Bank, ING Bank, Caisse de Depot et Placement du Quebec and BNP Paribas. Debt providers are advised by Paul Weiss Rifkind Wharton & Garrison (led by David Carmona). Ørsted is advised by Credit Agricole, according to press releases and MergerLinks data.
MPE Partners, an investment firm, completed the acquisition of Renold, a manufacturer of industrial chains and related power transmission products, for £187m ($246m), according to press releases.
State Street, a financial service and bank holding company, completed a minority investment in Coller Capital, a provider of secondary private capital solutions, according to press releases. Financial terms were not disclosed.
State Street was advised by Goldman Sachs, Ropes & Gray (led by Greg Davis) and Sullivan & Cromwell. Coller Capital was advised by Morgan Stanley, Kirkland & Ellis (led by Emma Lange-Novak) and Edelman, according to press releases and MergerLinks data.
IFM Global Infrastructure Fund, an infrastructure core fund managed by IFM Investors, completed the acquisition of Green Group, a digital infrastructure platform operating hyperscale and enterprise data centres, from InfraVia, a private equity firm, according to press releases. Financial terms were not disclosed.
Pacific Avenue Capital, a private equity firm, completed the acquisition of a cement business from FLSmidth, a Danish multinational engineering company, for €150m ($173m), according to press releases.
Pacific Avenue was advised by JP Morgan. FLSmidth was advised by UBS and Gorrissen Federspiel (led by Anders Orjan Jensen), according to press releases and MergerLinks data.
Amphenol, a supplier of advanced interconnect systems, completed the acquisition of Trexon, a provider of high-reliability interconnect and cable assemblies, from Audax, a private equity firm, for $1bn, according to press releases.
Amphenol was advised by H/Advisors Abernathy. Trexon was advised by William Blair & Co, according to press releases and MergerLinks data.
UAE's Masdar to invest in Austria's largest hydrogen project. ( Reuters)
The United Arab Emirates’ state-owned energy company Masdar will invest in Austria’s largest hydrogen project, operated by oil and gas firm OMV.
Under an agreement announced at the ADIPEC energy fair in Abu Dhabi, Masdar will take a 49% stake in the planned electrolysis plant in Bruck an der Leitha, while OMV will retain a 51% stake and operational control.
Montagu raises €2bn vehicle to back Wireless Logic growth. (Press Release)
Montagu has closed a €2bn ($2.3bn) single-asset continuation vehicle to extend its investment in Wireless Logic, a global Internet of Things platform provider. The fund is the largest of its kind completed in Europe this year.
The vehicle will be managed by Montagu, with TPG GP Solutions as lead investor and CVC Secondary Partners and Partners Group as co-leads. Montagu was advised by Evercore, Rothschild & Co, and Paul Weiss (led by Jeremy Leggate).
RedBird taps Apollo to fund £500m Telegraph takeover. (FT)
RedBird Capital Partners has secured about £150m ($196m) in financing from Apollo Global Management for its £500m ($653m) takeover of the Telegraph, ahead of a UK government decision on whether to refer the deal to regulators.
RedBird will be the lead investor in the consortium, with Abu Dhabi’s IMI taking a 15% stake under new foreign ownership rules. The sale, launched after Lloyds Banking Group placed the Telegraph’s parent company into insolvency, has faced delays amid political scrutiny.
Buyout firm Epiris plots £230m swoop on Next 15 divisions. ( Sky News)
Epiris, the private equity firm that owns restaurant chains Las Iguanas and Cafe Rouge, is in talks to acquire a significant portion of Next 15 Group, the London-listed marketing services company.
The proposed deal is understood to include subsidiaries such as MHP Communications, M Booth, Outcast and Activate. Epiris has approached Ares Management to help finance the potential transaction. Discussions are ongoing and may not result in a finalized agreement.
Montagu taps TPG for €2bn Wireless Logic continuation fund. ( Bloomberg)
Private equity firm Montagu has raised a €2bn ($2.3bn) continuation fund for Wireless Logic, a provider of smart connectivity services, allowing it to retain ownership of the asset for longer.
The new vehicle, led by TPG GP Solutions, will hold the business, with CVC Secondary Partners and Partners Group participating as co-lead investors.
Deutsche Glasfaser and owners explore debt restructuring amid stalled fundraising. ( Bloomberg)
Deutsche Glasfaser and its private equity backers are engaging with lenders to restructure the German fiber company’s debt after efforts to raise €500m ($578m) in preferred equity failed to progress.
EQT and Canadian pension fund OMERS, the company’s owners, plan to meet with banks to provide an update on its financial position. Deutsche Glasfaser intends to negotiate with lenders to develop a plan to refinance its debt and support its long-term business strategy.
APAC
Basalt Infrastructure Partners, a private equity firm, agreed to acquire JR Richards, a provider of waste and recycling services for commercial and domestic customers, according to press releases. Financial terms were not disclosed.
Basalt Infrastructure Partners is advised by Rothschild & Co and Ashurst, according to press releases and MergerLinks data.
Starbucks Coffee, a multinational chain of coffeehouses and roastery reserves, agreed to form a joint venture with Boyu Capital, an alternative investment firm, according to press releases. Financial terms were not disclosed.
Starbucks Coffee is advised by Paul Weiss Rifkind Wharton & Garrison (led by Kyle Seifried). Boyu Capital is advised by Morgan Stanley, according to press releases and MergerLinks data.
FountainVest and CPE, private equity firms, completed the acquisition of a minority stake in SML Group, a provider of RFID solutions, according to press releases. Financial terms were not disclosed.
Singapore’s CapitaLand and Mapletree mull merger. ( Bloomberg)
CapitaLand Investment and Mapletree Investments are exploring a potential merger that could create one of Asia’s largest real estate firms, with more than $150bn in assets under management, according to Dow Jones.
Both companies are backed by Singapore state investor Temasek, which has been reviewing options to consolidate and strengthen its portfolio businesses. Discussions are at an early stage and may not result in a transaction.
Bain in exclusive talks with Perpetual over wealth unit sale. ( Bloomberg)
Perpetual has signed an exclusivity agreement with Bain Capital as discussions progress over a potential sale of the Australian firm’s wealth management unit.
The company cautioned that there is no certainty a transaction will take place.
CVC’s AHAM Capital share sale said to attract Malaysia’s Amundi. ( DealStreetAsia)
Amundi has expressed preliminary interest in acquiring CVC Capital Partners’ controlling stake in Malaysian asset manager AHAM Asset Management.
Discussions are at an early stage, with no sell-side advisers appointed for the potential sale, which values AHAM at about $757m.
State Street in talks to buy stake in Indian mutual fund. (Bloomberg)
State Street Investment Management is in talks to buy a stake in an Indian mutual fund to expand its presence in the country’s $900m asset management market.
The firm plans to share technology to develop quantitative strategies and offer model portfolios of foreign stocks and ETFs through Smallcase, where it already holds a stake.
KKR, Singtel seek to fully own Singapore data centre firm in $3.9bn deal. (Reuters)
KKR and Singtel are in advanced talks to acquire the remaining shares of ST Telemedia Global Data Centres in a deal valued at over SGD5bn ($3.9bn). The purchase would give the pair full ownership of the data center operator.
KKR currently holds about 14%, while Singtel owns over 4%. The remaining stake belongs to ST Telemedia, a unit of state investor Temasek Holdings.
UK’s ICG group nears deal to sell Singapore private-education institution. (WSJ)
Intermediate Capital Group is in advanced talks to sell Singapore-based PSB Academy to local private equity firm Sun Venture for about SGD500m ($382m).
A deal could be signed as early as December 2025, marking the sale of one of Singapore’s largest private-education institutions, which serves more than 17k students annually.
Norway’s NBIM, ADIA, and Singapore’s GIC to invest in India’s Groww IPO. ( DealStreetAsia)
Norway’s Norges Bank Investment Management, Abu Dhabi Investment Authority, and Singapore’s GIC are among the investors participating in the IPO of Billionbrains Garage Ventures, the parent company of Indian stockbroker Groww, according to two people familiar with the matter.
The INR66.3bn ($754m) offering, valued at about $7bn at the top of its price range, opened for anchor investors on Monday ahead of a full subscription period running through November 7. The anchor tranche totals INR29.5bn ($336m), with shares priced at the upper end of the band.
General Atlantic leads funding in Indian BNPL player Snapmint. ( DealStreetAsia)
Buy now, pay later startup Snapmint has raised new funding led by global investment firm General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners and existing angel investors.
While financial terms were not disclosed, a report by The Economic Times valued the round at about $125m. The company plans to use the proceeds to expand its EMI-on-UPI offering and merchant network.
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