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AMERICAS
Blackstone, an alternative asset manager, agreed to acquire Tricon Residential, an owner, operator and developer of a portfolio of approximately 38k single-family rental homes, for $3.5bn.
"Tricon provides access to high-quality housing, and we are fully committed to delivering an exceptional resident experience together. We are excited that our capital will propel Tricon's efforts to add much needed housing supply across the US and in Toronto, Canada," Nadeem Meghji, Blackstone Real Estate Global Co-Head.
Tricon is advised by Morgan Stanley, RBC Capital Markets, Scotiabank, Goodmans (led by John Connon), Osler Hoskin & Harcourt and Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott, Brian C. Lavin and Christopher Cummings). Blackstone and BREIT is advised by Bank of America, Deutsche Bank, JP Morgan, Wells Fargo Securities, Davies Ward Phillips & Vineberg and Simpson Thacher & Bartlett (led by Brian Stadler and Matthew Rogers).
Franklin BSP Capital, a business development company, completed the merger with Franklin BSP Lending, a non-listed business development company. Financial terms were not disclosed.
“We are pleased to announce the completion of the merger between FBLC and FBCC. We believe this transaction will be immediately accretive to stockholders and unlock nearly $700m of capital that we can deploy into a very attractive origination environment. We look forward to capitalizing on the combined company’s synergies and will continue to deliver strong growth and long-term value for our stockholders,” Richard Byrne, Franklin BSP CEO & Chairman.
Franklin BSP Capital was advised by Keefe Bruyette & Woods (led by Allen
Laufenberg), Dechert, Simpson Thacher & Bartlett, Benefit Street Partners and Franklin Templeton. Franklin BSP Lending was advised by JP Morgan, Dechert and Sullivan & Worcester. JP Morgan was advised by Debevoise & Plimpton (led by Andrew Bab).
Archer-Daniels-Midland, an American multinational food processing and commodities trading corporation, completed the acquisition of Revela Foods, a Wisconsin-based developer and manufacturer of innovative dairy flavor ingredients and solutions, from New Heritage Capital, a private equity firm. Financial terms were not disclosed.
“Over the last few years we have expanded our management team, added new product capabilities, launched a comprehensive go-to-market strategy - including a new brand - and completed a significant acquisition, all resulting in significant growth. Heritage was by our side throughout that entire journey, helping us to transform the company while preserving our history. We are proud of what we have accomplished together,” Terry Schneider, Revela CEO.
Revela Foods was advised by Houlihan Lokey, Lincoln International, Choate Hall & Stewart and Reinhart Boerner Van Deuren. New Heritage Capital was advised by Houlihan Lokey, Lincoln International, Choate Hall & Stewart, Reinhart Boerner Van Deuren and BackBay Communications.
Arcline, a growth-oriented private equity firm, agreed to acquire Kaman, an American aerospace company, for $1.8bn.
“Following robust engagement with Arcline and careful evaluation of other potential value creation opportunities, we are pleased to have reached this agreement. Given the rigorous review of alternatives we recently completed, we are confident this transaction maximizes value for shareholders and is in the best interest of Kaman as well as our employees, customers and other stakeholders,” Ian K. Walsh, Kaman Chairman, President and CEO.
General Atlantic, a global growth investor, agreed to acquire an additional stake in The Argus Media Group, an independent provider of intelligence to the global energy and commodity markets, from Hg Capital, a private equity firm. Financial terms were not disclosed.
"We are delighted that General Atlantic remains a committed partner to Argus in the next phase of our growth. Argus serves its customers around the world by navigating the challenges presented by the move to a sustainable future, which involves both traditional hydrocarbon and energy transition commodities. Our mission to bring transparency to these markets remains unchanged. I am pleased that Argus continues to be an independent business with many employees invested in the Company. I would like to express my thanks to the Hg team for their support and partnership which has been instrumental in helping Argus continue to grow," Adrian Binks, Argus Media Chairman and CEO.
The Argus Media Group is advised by JP Morgan, Macfarlanes and White & Case. General Atlantic is advised by Morgan Stanley, Freshfields Bruckhaus Deringer and Edelman. Hg Capital is advised by Evercore and Skadden Arps Slate Meagher & Flom (led by Richard Youle and George Gray).
Investment companies Arkhouse and Brigade Capital offered to acquire Macy's, an American department store chain, for $5.8bn.
The offer was rejected. In light of the board's concerns, as well as the lack of compelling value in their non-binding proposal, Macy's has determined not to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade. Arkhouse threatened to bring the matter directly to Macy's shareholders if talks do not pick up.
Macy's is advised by Bank of America, Wells Fargo Securities and Wachtell Lipton Rosen & Katz. The bidders are advised by Jefferies & Company, Cadwalader Wickersham & Taft, Paul Weiss Rifkind Wharton & Garrison and Longacre Square Partners (led by Scott Deveau and Joe Germani).
Monomoy, a private equity firm, completed the acquisition of EnviroTech Services, a value-add distributor of road surface products and provider of road maintenance services. Financial terms were not disclosed.
“Our team is enthusiastic about welcoming EnviroTech to the Monomoy portfolio and collaborating closely with the company’s management team. With its extensive service footprint, impressive infrastructure and history of remarkable growth, we believe EnviroTech is well positioned for continued expansion with Monomoy's resources and partnership. We are honored that Roger and the EnviroTech leadership team have entrusted us with the responsibility of guiding the company into this next chapter," Mel Bartoul, Monomoy Managing Director.
Monomoy was advised by Kirkland & Ellis, and MiddleM Creative (led by Jan Morris). Debt financing was provided by Kayne Anderson Capital Advisors. EnviroTech Services was advised by Integris Partners and Sherman & Howard.
HIG Capital, an investment firm, completed the acquisition of CHA Consulting, a full-service engineering consulting and construction management firm. Financial terms were not disclosed.
“We are excited to partner with Jim and his exceptional management team. CHA provides critical engineering services through its talented team and is well-positioned for continued growth, capitalizing on accelerating investments in the end markets they serve across the United States and Canada. We look forward to supporting the team’s growth strategy and strategically broadening its operational scope across North America, both organically and through additional add-on acquisitions,” Matt Hankins, HIG Capital Managing Director.
HIG Capital was advised by Harris Williams & Co and Ropes & Gray. CHA Consulting was advised by AEC Advisors, Houlihan Lokey, and Simpson Thacher & Bartlett (led by Michael Holick).
TD&I Cable Maintenance, a family-owned and operated telecommunications company, and Tower Arch Capital, a private equity firm, completed the acquisition of Midwest Utility Services, a full service underground construction company. Financial terms were not disclosed.
"Midwest has a deep-rooted legacy of providing exceptional infrastructure services for regional telecom providers. We are excited to partner with TD&I and Tower Arch Capital as we seek to further grow our presence across Minnesota and the surrounding states," Steve Kvistad, Midwest Founder.
Tower Arch Capital was advised by BDO and Gibson Dunn & Crutcher. Midwest Utility Services was advised by Copeland Buhl and Fabyanske, Westra, Hart & Thomson. Debt financing was provided by Zions Bancorporation.
Roper Technologies, a diversified industrial company, agreed to acquire Procare Solutions, a child care software company, from Warburg Pincus, a private equity firm, and TA Associates, a private equity firm, for $1.86bn.
"Our mission at Procare is to meet the complete management and family communication needs of all child care organizations, helping centers improve the education of young learners. I am proud of the successes and growth of our company and look forward to working with the Roper team to take us to the next level. I would also like to thank Warburg Pincus and TA for their support and partnership, resulting in this exciting new chapter for our company. Through our partnership, we have achieved incredible growth and had substantial impact on the child care industry, providing essential technology and automation tools for centers and families to navigate everything from addressing day-to-day needs to managing child care through a global pandemic," JoAnn Kintzel, Procare Solutions CEO.
Blackstone, a private equity firm, completed an investment in Salas O’Brien, an employee-owned engineering and technical services firm. Financial terms were not disclosed.
“Salas O’Brien is thrilled to partner with Blackstone as we continue our journey of growth. As more companies and institutions pursue their decarbonization, energy transition, and critical infrastructure goals, Salas O’Brien’s expertise has never been more needed in the world. Blackstone’s investment helps us gain greater access to talent, enhances our technology resources, and helps us better serve more clients. The fact that we can do all of this while retaining our employee ownership approach and in partnership with the incredible professionals at Blackstone is an amazing validation of our team’s hard work—and positions us to get even better,” Darin Anderson, Salas O’Brien Chairman and CEO.
Salas O’Brien was advised by Guggenheim Partners and Latham & Watkins. Blackstone was advised by Chartwell and Kirkland & Ellis.
TPG, a private equity firm, completed the investment in G&A Partners, a human resources and technology services platform. Financial terms were not disclosed.
“For more than 25 years, we have served as a trusted partner to growing organizations in supporting the unique needs of their people, allowing them to reduce costs while retaining and competing for the best talent. TPG’s long history of investing behind industry-leading technology-enabled services companies makes them an ideal partner for G&A as we look to expand the capabilities and services we provide our customers," John W. Allen, G&A Partners Co-Founder, President, and CEO.
G&A Partners was advised by Piper Sandler and Dentons. TPG was advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott) and Ropes & Gray.
BlackRock, an American investment firm, agreed to acquire a 20% stake in Recurrent Energy, a solar and energy storage project development, ownership and operations platform, for $500m
"We are delighted to have the support of BlackRock, one of the largest and most sophisticated renewable energy investors in the world, as we scale Recurrent Energy in response to massive global demand for renewable energy and energy storage solutions. This investment will support our growth and continued ambition to make a difference by leading the renewable energy transition across the world. Our mission is to deliver clean, reliable and affordable power to the world, today and tomorrow, and this milestone will help us continue to achieve this goal," Ismael Guerrero, Recurrent Energy CEO.
Canadian Solar is advised by Bank of America, Santander, and InnovantPR (led by Ally Copple).
Patrick Industries, a manufacturer and distributor of component products and building materials, completed the acquisition of Sportech, a supplier of premium component solutions to powersports OEMs, from Monomoy Capital Partners, a private equity firm, for $315m.
"Sportech's growth underscores the unique strength of our closely integrated teams and their commitment to our supportive approach as companies make the leap from a family- or founder-led operation to an enterprise with even broader scale and breadth. We are honored to have worked alongside the company's management team to exceed the goals we outlined together, and we are confident they are well-equipped for continued success as they join the Patrick family of brands," Dan Collin, Monomoy Founding Partner and Co-CEO.
Webster Financial, a commercial bank, completed the acquisition of Ametros Financial, a custodian and administrator of medical funds from insurance claim settlements, from Long Ridge Equity, an investment firm. Financial terms were not disclosed.
“This acquisition closely aligns with our strategic focus on building a diverse and unique funding base. Ametros’ market position and value proposition for its clients and partners underpin a robust growth trajectory for this highly complementary business. Ametros builds on Webster’s history of developing non-traditional deposit verticals with a favorable financial profile, including HSA Bank and interLINK," John Ciulla, Webster Financial President and CEO.
Webster Financial was advised by Wachtell Lipton Rosen & Katz (led by Matthew M. Guest). Long Ridge Equity was advised by Choate Hall & Stewart (led by Daniel Riley).
Angeles Equity Partners, a private equity firm, completed the acquisition of Acieta, a Midwest-based industrial robotics manufacturer and integrator, from Mitsui, a global trading and investment company. Financial terms were not disclosed.
“Our team is eager to help build what we believe is the country’s most technically capable and experienced automation systems integrator. This combination is designed to provide our customers an expanded reach, additional resources, and what we view as unmatched industry experience to advise on optimizing all processes to maximize returns on their robotic equipment investments,” Robby Komljenovic, Acieta CEO.
Angeles Equity Partners was advised by Simpson Thacher & Bartlett. Acieta was advised by Lincoln International.
General Catalyst, a venture capital firm, led a $200m funding in Bilt Rewards, a loyalty program, with participation from Eldridge, Left Lane Capital, Camber Creek and Prosus Ventures.
"Bilt plans to use the new capital toward expanding its Rewards Alliance, which partners with multifamily, single-family, and student housing operators nationwide. It will also go towards bolstering its Neighborhood Rewards program, which aims to help local merchants “connect and build loyalty” with new and existing residents in their community. The company also plans to expand into mortgage payment rewards," Bilt Rewards.
Bilt Rewards was advised by Financial Technology Partners.
Arcane Capital Partners, a privately held investment firm, completed the acquisition of a majority stake in Petroflex North America, a plastic fabrication company, from Transition Capital Partners, a private equity firm. Financial terms were not disclosed.
Petroflex manufactures superior quality, continuous length HDPE (High Density Polyethylene) conduit and accessories for the Electric Utility, Renewables (Wind & Solar), Irrigation, Telecommunications and Data/Voice industries.
Transition Capital Partners was advised by Lincoln International.
Coatue, a technology-focused investment manager, and Viking Global Investors, a hedge fund, led a $170m funding in Valsoft, a company specializing in the acquisition and development of vertical market software businesses.
"Valsoft's impressive track record of acquiring companies and growing its portfolio demonstrates the significant opportunity to innovate in the vertical market software industry. Coatue is thrilled to help accelerate Valsoft's remarkable growth and join the team on the next phase of their journey," Aaron Weiner, Coatue Managing Director.
Canada's top pension funds pile into private credit as banks retreat.
Four of Canada's biggest pension funds managing nearly CAD$1tn ($742bn) in assets have begun a major expansion into private credit, moving into an area previously dominated by banks, Reuters reported.
Canada Pension Plan Investments, Ontario Teachers' Pension Plan, Ontario Municipal Employees Retirement System and OPTrust intend to increase their exposure to private credit - typically tailored loans to companies underwritten by non-banks.
Zara owner Ortega becomes Amazon’s landlord in Vancouver.
Fast fashion billionaire Amancio Ortega’s family office has acquired a Canadian warehouse leased by Amazon, in the latest expansion of his property portfolio, Bloomberg reported.
Ortega’s Pontegadea Inversiones paid about €250m ($272m) for the facility in Burnaby, southeast of Vancouver. Ortega is the majority owner of Inditex.
Apollo is among private equity firms considering a Redstone buyout.
Apollo Global Management is considering making an offer for National Amusements, the Redstone family company that controls film and TV giant Paramount Global, Bloomberg reported.
Apollo is one of several investors, both wealthy individuals and professional money managers, that have reached out in recent weeks to BDT & MSD Partners.
SEC probes B. Riley deals with client tied to failed hedge fund.
US authorities are investigating B. Riley Financial's deals with a client who was linked to a securities fraud, and the use of his assets to help the investment bank obtain a loan from Nomura, Reuters reported.
B. Riley was unaware of any SEC investigation regarding any of the matters and that it would cooperate if such a situation occurred.
The SEC has carried out interviews in recent months about B. Riley and its relationship with Brian Kahn. Kahn is one of two co-conspirators named by co-founder of hedge fund Prophecy Asset Management John Hughes who last year pleaded guilty to securities fraud.
Exxon sues two ESG investors.
Exxon Mobil is suing two sustainable investment firms in a bid to block them from putting forward a shareholder proposal that would commit the oil company to further curb its greenhouse-gas emissions and target its customers’ emissions, WSJ reported.
In a federal lawsuit filed in Texas, the Houston-based oil giant said investment firms Arjuna Capital and Follow This became Exxon shareholders only to put forward proposals that would “diminish the company’s existing business.”
Arjuna submitted a proposal in December asking shareholders to pass resolutions committing Exxon “to go beyond current plans, further accelerating the pace of emission reductions in the medium-term.” This joined the proposal the following day, Exxon said. In a departure from Exxon’s current policy, they advise the oil company to target the emissions of its suppliers and customers in addition to its own.
Churchill Capital VII announces intention to transfer listing to Nasdaq.
Churchill Capital VII, a special purpose acquisition company, announced that it plans to transfer the listing of its shares of Class A common stock, public warrants and public units from the New York Stock Exchange to Nasdaq Global Market.
Churchill VII expects that listing and trading of its securities on the NYSE will end at market close on February 2, 2024, and expects to commence trading as a Nasdaq-listed company upon market open on February 5, 2024. Churchill VII's Class A common stock, public units and public warrants will trade under the respective ticker symbols, "CVII," "CVIIU" and "CVIIW," on Nasdaq after the transfer from NYSE to Nasdaq is completed.
Wynnchurch Capital closes fund VI at $3.5bn.
Wynnchurch Capital, a middle market private equity firm focused on recapitalisations, growth capital, management buyouts, corporate carve-outs, and restructurings, has closed its sixth private equity fund, Wynnchurch Capital Partners VI, with $3.5bn of capital commitments.
The fund, which had a target of $3bn, was significantly oversubscribed, resulting in the final closing being held less than five months after its initial launch.
Bain Capital Credit closes latest fund at more than $1bn.
Bain Capital Credit, the firm’s global credit business with $45bn in AUM, has closed its latest debt vehicle, Bain Capital Middle Market Credit 2022 or MMC 22, with commitments totalling more than $1bn.
MMC 22, Bain Capital Credit’s fourth fund in its private credit strategy, is intended to provide flexible, junior debt to middle market companies with EBITDA between $25m to $75m, located across the US, Europe, Australia and New Zealand.
Ex-Gojek CEO Kevin Aluwi joins Lightspeed as venture partner. (People)
Lightspeed, a multi-stage venture capital firm focusing on Southeast Asia and India, has appointed Gojek Co-Founder and former CEO Kevin Aluwi and veteran C-suite Executive Vivek Gambhir as venture partners, expanding its leadership team in the two regions, DealStreetAsia reported.
EMEA
Bridgepoint, an alternative asset fund management group, agreed to acquire RoC Skincare, a skincare brand, from Gryphon, a middle-market private equity firm. Financial terms were not disclosed.
“With Bridgepoint's deep expertise in the dermatology sector and its strong European presence, RoC is poised to capitalise on the promising growth opportunities that lie ahead. I would like to thank the RoC team and Gryphon for their support over the past few years. Through the hard work and innovation of RoC's talented team, we've become one of the largest independent skincare brands globally, while upholding our commitment to delivering the best clinically proven skin health solutions," Fernando Acosta, RoC Skincare CEO.
RoC Skincare is advised by PricewaterhouseCoopers, Raymond James and Kirkland & Ellis. Bridgepoint is advised by Boston Consulting Group, Marsh, Environmental Resources Management, Ernst & Young, Jefferies & Company and Latham & Watkins.
PSG, a growth equity firm, agreed to invest €100m ($108m) in Visit Group, a hospitality and travel software company.
“As a product-led business with high ambitions to make a real difference in the development of the hospitality industry, we believe that we have found the right partner for both continuing to strengthen our offer, and to accelerate our growth in and outside the Nordics. I believe that we will get the best of both worlds with our product building DNA and PSG’s experience in areas like M&A and growth operations,” James Dixon, Visit Group CEO.
PSG is advised by Houlihan Lokey. Visit Group is advised by MCF Corporate Finance and Prosek Partners (led by Matthieu Roussellier).
Brighton Park Capital, a private equity firm in Greenwich, Connecticut, led a $116m Series D round in Silverfort, an identity protection company, with participation from Acrew Capital, Greenfield Partners, Citi Ventures, General Motors Ventures, Maor Investments, Vintage Investment Partners and Singtel Innov8.
"Identity has become the weakest link in enterprise security, and solving it requires a new approach – a unified, end-to-end layer of security that covers all the silos and blind spots of the identity infrastructure. We are very excited about our new partnership with BPC, which will allow us to accelerate our platform vision and strong business momentum. We look forward to reshaping the way identity security is done in every company, to effectively answer today's and tomorrow's cyber threats," Hed Kovetz, Silverfort Co-Founder and CEO.
SoftBank Vision Fund 2, a 2019 vintage venture capital fund managed by SoftBank Investment Advisers and SoftBank Group, led a $104m funding round in TravelPerk, the hyper-growth business travel management platform, with participation from Kinnevik and Felix Capital.
"Within the enormous global business travel market, SMBs have remained a largely underserved segment. TravelPerk continues to innovate, integrating AI across the product stack to deliver a world-class experience for customers and travellers. We are excited to partner with TravelPerk and support the next stage of growth," Stephen Thorne, SoftBank Investment Director.
Main Capital Partners, a software investor managing investment funds active in Northwestern Europe and North America, completed the investment in buchner, a provider of therapy and medical rehabilitation. Financial terms were not disclosed.
"We are delighted to join forces with Main and are confident that this partnership will support us in maintaining and improving our market position as the go-to partner when it comes to practice management for general therapists. Together with Main, we will continue to put our customers in the center of our strategy by innovating our products and helping our customers to navigate through the daily challenges of being a general therapist," Ralf Buchner, Buchner Founder and CEO.
Adler’s €6bn debt restructuring derailed by UK court.
Holders of Adler’s long-term debt won an appeal over its €6bn ($6.5bn) restructuring, threatening to jeopardize the embattled German real estate firm’s turnaround plan, Bloomberg reported.
The UK’s Court of Appeal overturned a previous ruling that green-lit the restructuring and allowed the challenge from dissenting creditors, including DWS Group and Strategic Value Partners, with debt maturing in 2029.
Brookfield weighs investment in Dubai’s GEMS Education.
Brookfield Asset Management is in talks to invest in Dubai-based GEMS Education, one of the world’s largest private school operators, Bloomberg reported.
The Canadian firm is considering investing about $2bn in GEMS. The potential deal could allow CVC Capital Partners to exit its stake in GEMS.
Hillhouse vying for Everstone's $1bn Asia health services firm Everlife.
Global investment firm Hillhouse is emerging as one of the final few bidders for Everlife in a deal that could value the Asian healthcare services company at up to $1bn, Reuters reported.
The deadline of the final binding bid for Everlife, which offers products and solutions to clinical and scientific laboratories in South and Southeast Asia, is January 31.
Instagrid valued at $400m in OTPP-led funding.
German portable-battery maker Instagrid raised $95m from investors including the Ontario Teachers’ Pension Plan and a Morgan Stanley fund in a funding round that values the company at more than $400m, Bloomberg reported.
Instagrid plans to use the proceeds to expand to North America. The Stuttgart-based company sells or rents its portable battery systems for use in industries such as construction and film production, saying they’re a clean alternative to fossil fuel-powered generators.
Intrum to sell large chunk of investment portfolio to Cerberus for $785m.
Intrum will sell a large portion of its investment portfolio to affiliates of Cerberus Capital Management for SEK8.2bn ($785m). Intrum will use the proceeds from the transaction to reduce its debt and will retain a 35% stake in the purchasing entity, Reuters reported.
The company also said it expects to book an accounting loss of SEK845m ($80m) due to the transaction, aimed at helping Intrum meet its debt maturities up to 2025 without having to rely on the markets.
Bill Ackman, wife buy 4.9% stake in Israeli stock exchange.
Billionaire hedge fund manager Bill Ackman and his Israeli-born wife Neri Oxman have agreed to buy an equity stake of around 4.9% in the Tel Aviv Stock Exchange, the Israeli bourse said on January 24, Reuters reported.
The purchase was part of the TASE's secondary offering of 18.5% of its shares, in which it sold 17.2m shares at ILS20.60 ($5.47) per share for ILS353m ($95m).
The TASE said net proceeds amounted to ISL242m ($64m) after deducting placing commissions and other offering expenses.
US Fund KPS explored takeover offer for UK's Elementis.
KPS Capital Partners recently explored a bid for UK specialty chemicals maker Elementis but has since paused its work, Reuters reported.
The New York-based private equity firm in December submitted an offer valuing the FTSE 250 company at about 160p ($2) per share, but the Elementis board wanted around 180p ($2.3).
London Southend Airport lender Carlyle demands faster loan repayment.
Esken, the owner of London Southend Airport, is facing demands by a Carlyle fund to repay an outstanding convertible loan four years before its maturity date, Reuters reported.
The demands are part of a legal dispute over a convertible loan extended by Carlyle Global Infrastructure Fund in 2021. Convertible loans are a form of debt that can be transformed into a company's shares under certain conditions.
Abrdn pursues deep cost cuts after fund drain.
British asset manager abrdn confirmed plans to axe 500 roles as part of deep cost cuts on January 24 after suffering worse than expected outflows of client cash in the second half of 2023, Reuters reported.
Abrdn and other active asset managers have been grappling with turbulent markets and growing competition from low-cost passive investors.
The Edinburgh-based company reported net outflows of £12.4bn ($15.75bn) for the period, more than double the £5.2bn ($6.6bn) withdrawn in the first six months of 2023, in a trading update ahead of its full-year results next month.
CVC opts for bank deals over private credit for latest buyouts.
Global alternative investment manager Ares Management is set to hold a final close on what would be the largest ever direct lending fund raised to date, with over €20bn ($21.9bn) in capital commitments.
Lenders including UniCredit, Crédit Agricole and Natixis beat private lenders to provide a €200m ($218m) loan for the La Piadineria deal, with those lenders expected to sell on some of the debt to a wider group of banks.
CVC also funded its acquisition of German vitamin and supplement manufacturer Sunday Natural with about €200m ($218m) of financing from banks including Deutsche Bank, UniCredit and UBS.
Low Carbon secures funds to begin constructing UK solar and battery portfolio.
Renewable energy company Low Carbon had secured the necessary funding for a 385 megawatt portfolio of solar and battery storage projects in Britain, enabling it to begin construction, Reuters reported.
Most of the projects will start construction early this year and are part of a 3 gigawatt pipeline of solar and battery storage projects in Britain.
Arcmont raises €10bn for European direct-lending fund.
Arcmont Asset Management raised €10bn ($10.9bn) for its latest European direct-lending fund, the high end of its target range, as institutional investors show a growing preference for larger managers like the investment firm, Bloomberg reported.
It’s the fourth fund devoted to London-based Arcmont’s direct-lending strategy. The company, an affiliate of investment heavyweight Nuveen, has already committed about 55% of the capital.
Alto Partners closes latest fund at €273m.
Alto Partners, an Italian mid-market private equity firm, has closed its latest fund, Alto Capital V, at €273m ($297m), notching a 30% increase over its predecessor, Alto Capital IV, which closed at €210m ($229m).
The fund’s investment strategy focuses on high-growth, family-owned companies mainly in northern Italy and valued between €30m ($33m) and €100m ($109m). It utilises both buyout and selected expansion investments, with the equity ticket ranging from €20m ($22m) to €40m ($44m).
APAC
Apollo-backed aerospace supplier Arconic to sell China business in $300m deal.
US aerospace supplier Arconic, controlled by private equity firm Apollo Global Management, is selling its China business in a deal that could value it at as much as $300m, DealStreetAsia reported.
The Pittsburgh-based company has mandated Goldman Sachs to run the sale.
BlackRock to sell Shanghai office towers at 30% discount. (RE)
BlackRock is seeking to sell an office complex in Shanghai at about a 30% discount to its purchase price reflecting the sluggish commercial property market in China’s biggest city, Bloomberg reported.
The New York-based asset manager is marketing the property in northwestern Shanghai at a reduced rate to speed up the sale.
BlackRock bought two towers at Waterfront Place from PGIM Real Estate for a reported CNY1.2bn ($167m) in 2018. They have a total area of 27.8k square meters of office space in Chang Feng, a decentralized business district.
SoftBank offloads another 2% in Indian payments app Paytm.
SoftBank has sold an additional 2% in India’s Paytm, the latest in a string of selldowns in the digital payments firm, DealStreetAsia reported.
The Japanese conglomerate, which sold shares between December 19 and January 20, now holds a 5.06% stake in the company, according to an exchange filing on January 24.
Paytm has recently seen a spate of selldowns, including the exit of Warren Buffett’s Berkshire Hathaway and China’s Alibaba. The Netherlands-based unit of Chinese fintech firm Ant Financial has also trimmed its stake in the company.
Macquarie raises $8.7bn for European infrastructure fund.
Australia's Macquarie had raised more than €8bn ($8.72bn) for a new European infrastructure fund as investor appetite for tangible assets from ports and power to data centres remains strong, DealStreetAsia reported.
The seventh European Infrastructure Fund raised money from more than 100 investors including pension funds and sovereign wealth funds and with more than 90% contributed by previous Macquarie investors.
BPEA Credit plans to launch first India-SE Asia fund at $750m this year.
BPEA Credit, a prominent mid-market performing credit platform in Asia, plans to launch its inaugural India-Southeast Asia fund with a targeted size of $750m by the end of the year, DealStreetAsia reported. While this will be the firm’s fourth fund to date, it will be the first to include Southeast Asia.
The key drivers for the firm behind its Southeast Asia expansion are the substantial size of these economies, the region’s growth and its ability to absorb a large amount of capital to support it. Complementing these are the reforms that further the growth, allowing them the ability to earn attractive returns.
China’s Key Broad Capital launches $282m CNY PE fund to invest in new energy sectors.
China’s Key Broad Capital is setting up an CNY-denominated CNY2bn ($282m) private equity fund to focus on the new energy and energy storage industries, DealStreetAsia reported.
Earlier this month, Key Broad Capital signed agreements to rope in two domestic limited partners, including Hong Kong-listed battery products maker CALB New Energy, a Shanghai-listed provider of energy-saving solutions and core comp vehicles.
AC Ventures closes $210m for Fund V and co-investment vehicles.
Indonesia-focused venture capital firm AC Ventures has closed $210m for its Fund V and other co-investment vehicles from the IFC, as well as institutional investors from the US, Middle East and North Asia, DealstreetAsia reported.
AC Ventures's fund close took place amid tepid fundraising conditions for venture capital, which saw sharp market corrections as investors diverted their capital to safer and lower-risk asset classes like credit and private equity.
Clime Capital hits $127m first close of second SE Asian clean energy fund.
Singapore-based Clime Capital, a long-established listed investment company, wrapped up the initial round for its South East Asia Clean Energy Fund II, securing $127m.
Key investors in the fund include Allied Climate Partners, Australian Development Investments, and the Global Energy Alliance for People and Planet.
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