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AMERICAS
Ares, an American global alternative asset manager, agreed to acquire GCP International, a global alternative asset management firm, from GLP Capital Partners, a global alternative asset manager investing in logistics, infrastructure and renewable energy assets, for $3.7bn.
"We have long admired the global real estate experience of GCP and its capabilities in facilitating the economy of the future, which includes investing in and managing industrial, data center and self-storage assets. As a combined business, we believe that Ares' and GCP International's experienced management teams, highly collaborative cultures and investment track records will create a powerhouse in global real assets investing," Michael Arougheti, Ares President and CEO.
GCP International is advised by Citigroup, Deutsche Bank, Greenhill & Co, Morgan Stanley, United Overseas Bank and Kirkland & Ellis. Ares is advised by Barclays, Eastdil Secured, Goldman Sachs, Wells Fargo Securities and Latham & Watkins (led by Alexandra Croswell Kelly, Owen J.D. Alexander and Daniel R. Breslin). GLP Capital Partners is advised by Gasthalter & Co (led by Jonathan Gasthalter).
Reneo Pharmaceuticals, a pharmaceutical company, completed the merger with OnKure, a privately-held, clinical-stage biopharmaceutical company. Financial terms were not disclosed.
“We are ecstatic to finalize this merger, and move to accelerate the development of our mutant-specific PI3Kα inhibitor portfolio. Combined with our unique expertise in PI3K-mutated cancers, we aim to fully target and exploit the vulnerabilities of this oncogenic menace for the benefit of patients suffering needlessly. Our lead program OKI-219, a highly selective inhibitor of PI3KαH1047R, has the potential to provide benefit to breast cancer patients,” Nicholas Saccomano, OnKure President and CEO.
Reneo Pharmaceuticals was advised by Evercore, Leerink Partners, Cooley (led by Jason Kent), Jones Day (led by Bradley Brasser and Jonn R. Beeson), LifeSci Partners (led by Dan Ferry) and Wilson Sonsini Goodrich & Rosati (led by Michael Hostetler). Financial advisors were advised by Covington & Burling. OnKure was advised by Oppenheimer & Co and Wilson Sonsini Goodrich & Rosati.
Cannae Holdings, an investment firm holding stakes in restaurants and technology-enabled healthcare companies, and KDSA, an investment partnership focused on food and beverage industry, agreed to acquire majority stake in The Watkins Company, a health remedies, baking and flavoring products manufacturer. Financial terms were not disclosed.
"We are looking forward to the future with great optimism. This new chapter will allow us to continue to build on our rich legacy while exploring new avenues for growth and innovation. Together with Cannae and KDSA, we will ensure that Watkins remains a leader in the flavoring industry. Guaranteeing that Watkins continues to operate efficiently and effectively while maintaining a steadfast commitment to quality for consumers is our utmost priority," JR Rigley, Watkins CEO.
Watkins is advised by Intrepid Investment Bankers and Sklar Kirsh. Cannae Holdings is advised by Cooley and Solebury Strategic Communications (led by Jamie Lillis). KDSA is advised by Fifth Third Securities and Greenberg Traurig.
VitalHub, a health-tech company, completed the acquisition of MedCurrent, a physician-founded clinical decision support company, for $12m.
“We are pleased to welcome the MedCurrent team to the VitalHub family. The combined talents of our teams will foster innovation, underscoring our commitment to staying ahead of an evolving market. We look forward to integrating MedCurrent’s technology and strengthening our market positioning and value proposition to customers,” Dan Matlow, VitalHub CEO.
VitalHub was advised by Torkin Manes. MedCurrent was advised by IMAP, Morrison Park Advisors and Norton Rose Fulbright.
ARCH Venture Partners, an American venture capital firm, led a $135m series A round in City Therapeutics, a biopharmaceutical company harnessing next-generation engineering of small interfering RNAs, with participation from Fidelity Management & Research Company, Invus, Slate Path Capital, Rock Springs Capital, Regeneron Ventures and AN Ventures.
"As an early investor in Alnylam, ARCH supported the creation of RNAi medicines as a new frontier of medicine. The time to re-enter the RNAi revolution is now, and our investment in City Therapeutics is based on our conviction that RNAi therapeutics will expand as a major category of breakthrough medicines," Robert Nelsen, ARCH Venture Partners Co-Founder and Managing Director.
Riverside-backed OutSolve, an affirmative action consulting firm, completed the investment in Labor Law Center, a labor law compliance services provider. Financial terms were not disclosed.
“Labor Law Center brings an unmatched expertise that seamlessly complements our existing services. By integrating Labor Law Center’s services, we’re able to offer clients the convenience and efficiency of managing regulatory obligations through a single provider,” Jeremy Mancheski, OutSolve Founder and CEO.
Honeywell, an American multinational conglomerate producing commercial and consumer products, is set to spin-off its Advanced Materials business. Financial terms were not disclosed.
"Given the sustained market demand for advanced specialty chemicals and materials around the globe, we are confident now is the right time for this business to grow independently, leveraging its leading technologies and deep customer relationships," Vimal Kapur, Honeywell Chairman and CEO.
Vivakor, a remediation services company, completed the acquisition of Endeavor Crude, Meridian Equipment Leasing Equipment Transport and Silver Fuels Processing for $120m.
"The closing of the Endeavor Entities was a significant undertaking, with multiple business lines, spanning over six months in the making, culminating in Vivakor now owning one of the largest combined fleets of oilfield services in the continental United States. The integration and consolidation of existing operations creates immediate value within our financial framework, by delivering sustainable accretion to earnings that will result in increased shareholder value over time. We couldn't be more excited about this acquisition," James Ballengee, Vivakor Chairman, President, & CEO.
BlackRock, JP Morgan Asset back Dynasty Financial at $800m valuation. (FS)
Dynasty Financial Partners, a provider of back-office services to independent investment advisers, won backing from BlackRock and JPMorgan Asset Management as it looks to accelerate growth, Bloomberg reported.
The minority capital raise values Dynasty at about $800m. The firm didn’t disclose the size of the deal, which also included previous investors.
Hamilton Lane expands evergreen platform with launch of global, US private infra funds. (FS)
Leading private markets investment management firm Hamilton Lane has launched two evergreen funds that offer expanded access to private market infrastructure investments to accredited investors around the world, DealStreetAsia reported.
With the addition of the two funds The Hamilton Lane Global Private Infrastructure Fund and The Hamilton Lane Private Infrastructure Fund, the firm’s evergreen platform now includes five funds across multiple strategies with an AUM of approximately $7.9bn.
Citi hires LaVoie from Wells Fargo to head West Coast private equity M&A. (People)
Investment banker John LaVoie is joining Citigroup to head up its US West Coast private equity dealmaking unit, Reuters reported.
LaVoie joins the New York-based bank from Wells Fargo, where he was responsible for growing its private equity M&A business on the West Coast. He will be based in San Francisco.
Cinven appoints Partner to focus on European mid-market investment. (FS, People)
International PE firm Cinven has appointed Dr Michael Weber as Partner with effect from 1 October 2024 to focus on mid-market investments in the DACH region in sectors including technology, tech-enabled services and financial services.
Weber joined Cinven from European mid-market firm, Riverside, where he was a Senior Partner and member of the Investment Committee for the Riverside Europe Fund. In this role, he was responsible for investment activities in the DACH region; led the Software and Technology sector team in Europe; and originated and led transactions.
EMEA
Epiris, a private equity firm, agreed to acquire Amber Taverns, a pub operator. Financial terms were not disclosed.
“We are excited to enter the next growth phase in partnership with Epiris, who invested the time and effort to understand our business and what makes an Amber pub. We are confident that they can support us in our ambitious expansion plans," James Baer, Amber Taverns CEO.
Amber Taverns is advised by Savills, Alvarez & Marsal, Rothschild & Co (led by Edward Duckett), DLA Piper and Instinctif Partners. Epiris is advised by Greenbrook (led by Peter Hewer).
Brooks Macdonald, an investment management company, agreed to acquire LIFT, a financial services provider, for £45m ($59m).
"I am pleased to announce today the acquisition of LIFT, a high-quality and well-established financial services business with a track record of profitable growth. This is an exciting step in the execution of our strategy and reinforces our commitment to delivering trusted financial planning services backed by best-in-class multi-asset investment solutions. I look forward to welcoming the talented and experienced LIFT team to Brooks Macdonald," Andrea Montague, Brooks Macdonald CEO & CFO.
Pangaea, a seaborne drybulk transportation and logistics services provider, agreed to acquire the remaining 50% stake in Nordic Bulk Partners, a Pangea and HS Nordic joint venture formed to construct four Ice Class 1A Post-Panamax dry bulk vessels, from HS Nordic, an inspection, expediting, material and quality engineering services provider, for $17m.
"This strategic move to take full ownership of these four modern dry bulk vessels further consolidates our fleet of niche Ice Class 1A vessels, cleans up our balance sheet, and improves our operating cash generation. We continue to pursue our strategic initiative of investing in our fleet of owned vessels, while taking advantage of the favorable macro backdrop in the dry bulk market to unlock incremental net asset value and maximize future returns on our owned fleet," Mark Filanowski, Pangaea CEO.
Pangea is advised by Vallum Advisors (led by Noel Ryan).
Central Group, a Thai multinational conglomerate, and PIF, a sovereign wealth fund of Saudi Arabia, agreed to form a joint venture.
“We became the majority shareholder in Selfridges Group’s operating company in November last year. Today we are glad to welcome our new partner PIF, and together we will immensely strengthen the Selfridges Group’s financial position. The Group is ready to embark on a new chapter of development and growth supported by the shared long-term vision of its shareholders,” Tos Chirathivat, Central Group Executive Chairman and CEO.
Central Group is advised by JP Morgan.
Germany said to tap Citi, Deutsche Bank and UBS for Uniper deal.
Germany's government has selected banks to arrange a potential selldown of power company Uniper, which can be the biggest share sales in recent years, Bloomberg reported.
Citigroup, Deutsche Bank and UBS have been appointed as joint global coordinators on the potential offering. More banks could be added to the lineup ahead of the share sale in the first quarter of next year.
Continental picks Goldman, JP Morgan for car parts spinoff.
Continental has lined up banks to help with the separation of its struggling car parts business, moving ahead with the plans despite recalls related to faulty braking systems it supplied, Bloomberg reported.
The German company is working with Goldman Sachs Group and JPMorgan Chase & Co. to prepare the automotive business for the spinoff. Deliberations are ongoing and details could still change.
Sheffield United Football Club in takeover talks with US investor group. (FS)
An American consortium led by a private equity executive is in takeover talks with Sheffield United, one of the biggest English football teams outside the Premier League, Bloomberg reported.
Steven H. Rosen, who co-founded Cleveland-based Resilience Capital Partners, has been leading the negotiations on behalf of a group of investors.
Blackstone set to provide over €250m debt to Italian firm. (FS)
Private credit fund manager Blackstone is nearing a deal to provide a debt package of more than €250m ($329m) to refinance the existing debt of Wateralia, in the latest example of an Italian borrower seeking financing from a direct lender, Bloomberg reported.
The Italian water pumps specialist picked the private credit fund to replace its existing pool of banks when needing fresh debt. The package is expected to feature drawn debt of €250m and a delayed draw debt of around €50m.
Shein’s UK sales hit $2bn ahead of possible London listing.
Shein’s UK sales soared to £1.55bn ($2bn) last year ahead of the online fashion retailer’s potential initial public offering in London, Bloomberg reported.
The company, which was founded in China but is now based in Singapore, saw its British revenue rise 38% in 2023 from a year earlier.
APAC
KKR, a global investment firm, completed a $45m investment in PHINMA Education, a private higher education group. Financial terms were not disclosed.
"PHINMA Education's mission of delivering quality, affordable education to underserved communities aligns strongly with our Global Impact strategy. We will look to leverage KKR's deep experience investing in education companies globally to support the management team's vision to scale the company and become a leading education platform across Southeast Asia," George Aitken, KKR Managing Director.
GIC is said to weigh selling $5bn stake in India’s Greenko. (FS)
GIC is considering options for its 50% stake in India’s Greenko Energy, including a possible sale that could be worth around $5bn, Bloomberg reported.
The Singaporean sovereign wealth fund is in initial discussions with financial advisers to help evaluate a full or partial sale of its holding in Greenko. A deal could value the renewable energy firm at about $10bn.
BlackRock, tycoon-backed YTL set to buy Singapore serviced apartments. (FS, RE)
BlackRock and the hotel unit of Malaysian developer YTL are set to purchase a group of serviced apartments in a prime office building in Singapore’s Central Business District, Bloomberg reported.
The world’s largest asset manager is seeking to buy the Citadines Raffles Place for just under SGD290m ($223m). YTL Hotels, which owns and manages hotels for Malaysian tycoon Francis Yeoh’s property group, will hold a minority stake in the 299-room development.
INCJ is said to be reviving sale of stake in telecom tower operator Edotco.
Innovation Network of Japan is reviving the sale of its 21% stake in Malaysian telecommunications tower company Edotco Group, Bloomberg reported.
The Tokyo-based investment firm is expected to start the process to sell its stake this quarter.
Hyundai aims to raise $3.3bn in record India IPO next week.
Hyundai Motor is seeking to raise as much as $3.3bn through an initial public offering of its Indian unit, kicking off the country’s biggest-ever listing, Bloomberg reported.
Hyundai Motor India set the price range at INR1,865 ($22) to INR1,960 per share. The price range was reported earlier in the day by Reuters.
Al Rajhi inks largest Middle East bank loan for this year.
Saudi Arabia’s Al Rajhi Bank has raised a $1.92bn sustainability-linked Islamic syndicated loan, in what is the largest financing from a Middle Eastern bank this year, Bloomberg reported.
The three-year sharia-compliant facility drew nearly 20 lenders, including coordinating banks Emirates NBD Bank, HSBC and Maybank Investment Bank. The financing - split into a $1.2bn tranche and a $705m portion - will be used for general corporate purposes.
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