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AMERICAS
Carlyle, a multinational private equity firm, and Insight Partners, a global software investor, completed the acquisition of a majority stake in Exiger, a SaaS company. Financial terms were not disclosed.
"Exiger's AI technology transforms the way organizations identify and manage risk, reduce cost and increase resilience across their supplier and third-party ecosystems. We are thrilled to partner with Carlyle and Insight Partners as we continue to invest in our 1Exiger platform which empowers our customers to make confident, deliberate decisions informed by real-time insights," Brandon Daniels, Exiger CEO.
Exiger was advised by McKinsey & Company, Ernst & Young, Jefferies & Company and Sidley Austin. Insight Partners was advised by Boston Consulting Group, Alvarez & Marsal, Deutsche Bank, NextFed, PricewaterhouseCoopers and Willkie Farr & Gallagher. Carlyle was advised by Boston Consulting Group, Alvarez & Marsal, NextFed, PricewaterhouseCoopers, Union Square Advisors and Latham & Watkins.
Vistra, an integrated retail electricity and power generation company based in Irving, Texas, completed the acquisition of Energy Harbor, an electric utility company in Akron, Ohio, from Avenue Capital Group, an investment firm, and Nuveen, an American asset manager, for $3.43bn.
"Today's closing represents our commitment to leading a responsible transformation of the country's energy supply to greener energy sources through the expansion of our zero-carbon generation portfolio while continuing to prioritize reliable and affordable electricity for the customers we serve. We now own the second-largest competitive nuclear fleet in the US, complementing our existing reliable, flexible, and dispatchable generation assets and our leading retail business," Jim Burke, Vistra President and CEO.
Arkhouse Management, a real-estate-focused investing firm said it and Brigade Capital Management have raised their offer for Macy's after the department store chain rebuffed their prior proposal as too low, Reuters reported.
The firms are now offering to acquire Macy's stock they don't already own for $24 per share, about 14% more than its previous offer of $21 per share.
Macy's is advised by Bank of America, Wells Fargo Securities and Wachtell Lipton Rosen & Katz (led by David A. Katz). Arkhouse Management is advised by Cadwalader Wickersham & Taft and Longacre Square Partners (led by Scott Deveau and Joe Germani). Brigade Capital is advised by Jefferies & Company and Paul Weiss Rifkind Wharton & Garrison.
American Industrial Partners, a private equity firm, completed the acquisition of the restraint control systems business from SSW-backed Veoneer, a provider of automotive technology. Financial terms were not disclosed.
"We are pleased to announce this transaction with AIP, who bring a differentiated operating skillset alongside long-term capital that present a compelling platform for Veoneer's future growth, We are grateful for our loyal customers, supplier partners, and our dedicated employees, whose relentless pursuit of quality and innovation has created a leading platform of life-saving technology," Jacob Svanberg, Veoneer CEO.
American Industrial Partners was advised by Baker Botts and Ropes & Gray. Veoneer was advised by Evercore, Morgan Stanley, Baker Botts, Davis Polk & Wardwell (led by Darren M. Schweiger and William H. Aaronson) and Eversheds Sutherland.
Charlesbank Capital, a middle-market private investment firm, completed the acquisition of EverDriven Technologies, a student transportation platform, from Palladium Equity, a private equity investment firm. Financial terms were not disclosed.
“We are grateful for Palladium’s partnership and support, and are energized by the opportunities ahead. Charlesbank’s strategic acquisition of EverDriven will help us continue investing in our pioneering technology and services. We have a very passionate team and a company that exists to help get students to and from school, safely, every day, and we are thrilled at the prospect of being able to do that for more students across the country through this new partnership with Charlesbank," Mitch Bowling, EverDriven CEO.
EverDriven was advised by Harris Williams & Co, Houlihan Lokey and Greenberg Traurig. Charlesbank Capital was advised by William Blair & Co, Ropes & Gray (led by Taylor Hart and Paul Sullivan) and Prosek Partners (led by Ryan Fitzgibbon).
General Atlantic, a global growth investor, completed the acquisition of a minority stake in Plusgrade, a company engaged in powering ancillary revenue solutions for the travel industry, from Novacap, a private equity firm. Financial terms were not disclosed.
“Ancillary revenue has become a critical driver of financial robustness for travel companies in every sector, and as the global ancillary revenue powerhouse, Plusgrade plays a central role in helping our travel partners create, grow, and enable major new revenue opportunities. We believe we have significant opportunity ahead of us to continue innovating and building out our leading portfolio even further. Our team is deeply grateful to Novacap for their transformative partnership and all the new heights that we achieved together. We are thrilled to welcome General Atlantic as a strategic partner to help us accelerate our mission and vision by leveraging the firm’s deep expertise across travel, software, and technology," Ken Harris, Plusgrade Founder and CEO.
Plusgrade was advised by JP Morgan, Scotiabank and Davies Ward Phillips & Vineberg. General Atlantic was advised by Barclays, Goodmans and Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott).
MNC Capital, an investment firm, offered to acquire Vista Outdoor, a sporting goods and outdoor products company, for $2.9bn.
Vista Outdoor's board is reviewing the offer and it has not changed its recommendation in support of the acquisition of its sporting products business by Czechoslovak Group.
Vista Outdoor is advised by Moelis & Co, Morgan Stanley, Cravath Swaine & Moore and Gibson Dunn & Crutcher. MNC Capital is advised by Brunswick Group (led by Bob Christie).
Software investment firm Thoma Bravo increased the price at which it has agreed to acquire all outstanding shares of Everbridge, a provider of critical event management and national public warning solutions, to $35 per share in cash, $6.4 per share higher the original transaction price.
"We're pleased to have negotiated an even higher price for our shareholders. The interest we received as part of the go-shop process is a testament to the exceptional company we've built, the significant value of our products for organizations all over the world, and Everbridge's long-term growth potential," David Henshall, Everbridge Chairman.
Pretium, an investment firm, agreed to acquire BH Management Services, a property management platform. Financial terms were not disclosed.
"BH's multifamily property management platform prioritizes the resident and employee experiences and is critical to enhancing communities at a time when quality housing options are in short supply. The addition of BH is a natural adjacency to Pretium's residential ecosystem and enables us to continue providing diverse housing options for residents based on their preferences and stages of life. We look forward to working with the entire BH team to continue to strengthen BH's model and market position," Don Mullen, Pretium Founder and CEO.
BH is advised by CenterCap Group and Faegre Drinker Biddle & Reath. Pretium is advised by Wells Fargo Securities, Sidley Austin and Joele Frank (led by Erik Carlson and Lyle Weston).
TruArc Partners, a private equity firm, completed the acquisition of Meyer Laboratory, an industrial and institutional cleaning chemicals and applications systems manufacturer. Financial terms were not disclosed.
“Selling Meyer was a hard decision for my father and me. The entire company is part of our family. However, it was the right time for us and for the company to make this transition. We believe TruArc is the right partner to help accelerate the growth of Meyer Lab well into the future,” Rusty Meyer, Meyer Labs Co-Owner.
TruArc Partners was advised by Robert W Baird, Davis Polk & Wardwell (led by Evan Rosen) and Greentarget (led by Abby Aylman Cohen). Meyer Laboratory was advised by Lincoln International and Husch Blackwell.
Sentinel Capital Partners, a private equity firm, agreed to acquire industrial fire business of Carrier, a provider of innovative heating, ventilating and air conditioning, refrigeration, and fire & security technologies, for $1.42bn.
"Industrial Fire is a great business with leadership positions in the markets in which it operates, and an engaged, experienced team focused on delivering differentiated solutions to customers. We look forward to watching its continued growth under the ownership of Sentinel. This transaction marks another milestone in our transformation as we become a more focused, higher growth company, and furthers our vision to become the global leader in intelligent climate and energy solutions," David Gitlin, Carrier Chairman & CEO.
Carrier is advised by Goldman Sachs, JP Morgan, Linklaters and Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano).
United Rentals, the world's largest equipment rental company, agreed to acquire Yak, one of the largest matting providers of ground protection and temporary roadway solutions in the United States, from Platinum Equity, a private equity firm, for $1.1bn.
"Over the past six years we worked with the Yak team to transform the business using the full range of Platinum's M&A&O® tool kit. Yak has evolved into a well-managed, diversified industry leader ready to take the next step as part of United Rentals," Jacob Kotzubei, Platinum Equity Co-President.
United Rentals is advised by Sullivan & Cromwell (led by Frank Aquila). Platinum Equity is advised by Houlihan Lokey, JP Morgan and Morgan Lewis & Bockius.
BigBear.ai, an AI-enabled business intelligence solutions provider, completed the acquisition of Pangiam, a technology company, for $70m.
"The decision to acquire Pangiam is rooted in a strategy to bolster our portfolio through both organic and inorganic tactics, accelerate our growth in adjacent market categories and customers, and deliver increased value to our stockholders. Today marks a milestone in BigBear.ai's journey," Mandy Long, BigBear.ai CEO.
Pangiam was advised by Jefferies & Company and Lincoln International. BigBear was advised by Latham & Watkins.
Core & Main, a specialized distributor of water, wastewater, storm drainage and fire protection products, and related services, completed the acquisition of Dana Kepner, a distributor of water, wastewater, storm drainage, and geotextile products, from Littlejohn & Co, a private investment firm. Financial terms were not disclosed.
“The team at Dana Kepner recognizes the importance of providing local expertise to its customers in the waterworks industry. Like the Core & Main team, they add value by serving as knowledgeable and trusted advisors to municipalities and contractors. We are excited about this opportunity to extend our geographic reach, expand the range of products and services that we offer, and add key talent into our organization,” Steve LeClair, Core & Main CEO.
Investment companies BlackRock and Morgan Stanley Infrastructure Partners to acquire the Portland Natural Gas Transmission System, a 475km FERC-regulated transporter of natural gas serving the upper New England and Atlantic Canada markets, from TC Energy, a natural gas company, and Énergir, an energy company, for $1.14bn.
"Today's announcement represents continued progress toward achieving our 2024 strategic priority of enhancing our balance sheet strength by delivering approximately $3bn in asset divestitures. We are committed to reaching our 4.75 times debt-to-EBITDA upper limit by year-end and expect to have further asset divestiture announcements through the year," François Poirier, TC Energy President and CEO.
TC Energy and Énergir are advised by Barclays and Bracewell.
SCF Partners, a private equity firm, completed the acquisition of pipeline and industrial materials business from Entegris, a supplier of advanced materials and process solutions for the semiconductor and other high-technology industries, for $285m.
Entegris is a leading supplier of advanced materials and process solutions for the semiconductor and other high-tech industries. Entegris has approximately 8k employees throughout its global operations.
Entegris was advised by Jefferies & Company and Wachtell Lipton Rosen & Katz (led by Brandon C. Price).
Nextech Invest, a global, cancer therapeutics-focused venture capital firm, led a $145m Series E round in FogPharma, a clinical-stage biopharmaceutical company, with participation from RA Capital Management, Rock Springs Capital, General Catalyst, Marshall Wace, Samsara Biocapital, Foresite Capital, Symbiosis, Catalio Capital Management, Sixty Degree Capital and Alex Gorsky.
"Millions of colorectal cancer patients have been told by their oncologists that no more can be done for them. We believe FOG-001 may represent the long-awaited major technological breakthrough needed to address one of the most common yet unaddressed oncogenic signaling pathways. This financing will allow us to execute on our expanded clinical development and commercialization strategy to deliver FOG-001 to patients, while simultaneously strengthening our discovery efforts against other compelling intracellular targets that drive a range of diseases," Mathai Mammen, FogPharma Chairman, President and CEO.
SC, a private equity firm, Al Tylis and Tom Dundon, the owners, completed the merger of Carvana PPA Tour and MLP by Margaritaville, two professional pickleball organizations, in a $75m deal.
"Today is an exciting day for everyone involved or interested in the world of pickleball. MLP and the PPA Tour working as partners creates a sustainable, viable, and healthy ecosystem for all key participants in which the best players in the world can play in both of the thrilling pickleball formats, ensuring that we're promoting the highest-quality, most exciting events," Connor Pardoe, PPA Tour Founder and CEO.
Carvana PPA Tour and MLP by Margaritaville were advised by Prosek Partners.
L Catterton, a global investment firm, agreed to acquire a majority stake in AmaWaterways, an award-winning luxury river cruise line, from Certares, an investment management company. Financial terms were not disclosed.
"This is an exciting new chapter for AmaWaterways. L Catterton brings unique insight into today's customers, as well as exciting ideas on how we can work together to capitalize on a number of growth opportunities across our business. They share our passion for innovation and an unwavering commitment to creating unparalleled guest experiences. We look forward to working with them to continuously expand and enhance our river cruise portfolio for our customers," Rudi Schreiner, AmaWaterways Co-Founder and CEO.
AmaWaterways is advised by JP Morgan.
Omers, Harvest considers potential $3bn sale of Epiq Systems.
Omers Private Equity and Harvest Partners, are exploring the sale of Epiq, a provider of technology and other services to the legal profession.
The investment firms have tapped advisers to solicit interest from potential suitors in the company. The company might fetch $3bn or more, including debt, in a sale. Epiq has at least $1.2bn in outstanding debt, Bloomberg reported.
JAB seeks up to $2.5bn in Keurig Dr Pepper share sale.
German conglomerate JAB is seeking to raise as much as $2.5bn from the sale of a block of producer and distributer of hot and cold beverages Keurig Dr Pepper shares, Bloomberg reported.
A subsidiary of the investment firm backed by the billionaire Reimann family is marketing about 87m shares for $29.10 to $29.25 each.
Embattled lender NYCB secures $1bn investment from cohort including Mnuchin's firm.
New York Community Bancorp said on March 6 that it had raised $1bn from investors, including former US Treasury Secretary Steven Mnuchin's Liberty Strategic Capital, and named a former Comptroller of the Currency its new CEO, Reuters reported.
Investment firms Hudson Bay Capital, Reverence Capital Partners, Citadel Global Equities, other institutional investors and certain members of the bank's management also participated in the equity investment, according to NYCB. The bank's stock had a rollercoaster session, falling 45% prior to the announcement, bouncing 30% higher after finally closed 7.4% higher.
NFL helmet maker pauses sale talks, seeks debt for dividend deal.
Private equity firm Fenway Partners has paused its efforts to sell football helmet maker Riddell, and is instead seeking new debt and preferred equity, Bloomberg reported.
Bids for the company, which supplies helmets to the National Football League and holds the license for collectible versions for fans, came in at around $600m. Fenway was seeking about $800m for the business.
Fidelity cut the value of stake in Musk’s X by 10% in January.
Fidelity cut the value of its position in Elon Musk’s social-media company X by about 10% in January just a month after saying the value of its stake had risen, Bloomberg reported.
The investment firm, which gained a stake in X by helping Musk complete his $44bn purchase, dropped the value of its holding to $5.6m. In December, it marked the position up 11.4% to $6.2m.
Blackstone's giant property arm wants to double India warehouses.
Blackstone plans to more than double its holdings of Indian warehouses and may eventually take the logistics business public as the asset manager increases its bets on the world's fastest-growing major economy, Bloomberg reported.
The New York-based firm may boost the warehouse space to at least 100m sq. feet in India in two to three years. Blackstone would eventually look to raise money from the booming business through a large strategic sale or public offering in the next 12 to 24 months.
Andreessen Horowitz nears $7bn funding haul for growth and sector-focused funds.
Andreessen Horowitz, one of the most well-known venture capital funds, is moving closer to raising nearly $7bn for multiple funds across investment stages with a sector-focus approach, Reuters reported.
The fundraising efforts, which are expected to close in early April, have involved asking limited partners to commit capital to its fourth growth fund, which will account for half of the total target. Capital is also being raised for a follow-on fund for gaming and three early-stage funds with different focus on enterprise infrastructure, application, and American Dynamism, which will invest in defence and manufacturing technology.
GIP closes its inaugural emerging markets fund at $2.1bn.
Global Infrastructure Partners, an infrastructure investor, announced that GIP Emerging Markets Fund I has completed fundraising for aggregate committed capital of more than $2.1bn.
"We are extremely gratified by the confidence that EM Fund investors have placed in us. The infrastructure opportunity in emerging markets countries is significant. While global economic growth may be decelerating, GIP believes that conditions in the Target Countries for GIP EM remain constructive and present an attractive investing environment," James Amine, GIP Partner and Head of Emerging Markets.
Capitol Meridian Partners raises $1.2bn for defence and aerospace investments.
Capitol Meridian Partners, a Washington-based investment firm founded by former Partners at Carlyle, has raised more than $1bn to back US government contractors, aerospace and defence companies.
The report that Capitol Meridian Partners raised about $900m for its first fund, exceeding a $650m target, with investors providing an additional $300m for dealmaking.
Manulife closes $752m private credit fund.
Manulife Investment Management has closed Manulife Capital Partners VII, its $752m private credit fund, which will focus on 20-30 portfolio companies with over $20m in EBITDA across sectors including business services, industrial manufacturing, aerospace and defence, as well as building products.
According to a press release, MCP VII targets high yield with equity upside through investment of junior credit capital in US middle market companies, providing contractual cash coupons and capital appreciation for investors. The fund is backed by a global investor base of institutional and private capital investors including a capital commitment from Manulife.
EMEA
Cinven, an international private equity firm, agreed to invest in Alter Domus, a provider of end-to-end tech-enabled fund administration, private debt, and corporate services for the alternative investment industry, at a €4.9bn ($5.3bn) valuation.
“In little more than two decades, Alter Domus has grown from being a small Luxembourg-based spin-off from PwC to become a world-leading fund administrator. The investment from Cinven is a significant milestone in the development of Alter Domus as it continues along this trajectory. Together with Permira, we are confident that Cinven is the perfect partner as it continues to grow and scale internationally, and I am excited to continue to be a part of the Alter Domus journey,” René Beltjens, Alter Domus Founder and Chairman of the Supervisory Board.
Alter Domus was advised by Goldman Sachs, Raymond James, DLA Piper, Jamieson Group, Oliver Wyman, Ernst & Young, Clifford Chance, Kroll, Crosslake and BackBay Communications.
VIAVI Solutions, a provider of communications test, measurement and optical technologies, agreed to acquire Spirent Communications, a global provider of automated test and assurance solutions for networks, cybersecurity and positioning, for $1.28bn.
“Combining with VIAVI brings together a highly complementary product offering which can be marketed globally. It will enable Spirent to build on the strategic progress we have made to date, with a partner that has the scale and resources to capitalize on the long-term growth opportunities ahead. The combination of VIAVI and Spirent creates a stronger business that will be better able to compete, and we are confident in the opportunities this will bring for our stakeholders,” Eric Updyke, Spirent CEO.
Thoma Bravo-backed J.D. Power, a consumer insights, advisory services and data and analytics company, completed the acquisition of Autovista Group, a pan-European and Australian automotive data, analytics and industry insights provider, from Hayfin Capital, an alternative asset management firm. Financial terms were not disclosed.
"Autovista Group is home to some of Europe and Australia's most well-known brands in automobile valuation, repair estimation and predictive analytics, and they have been pioneering the use of data-driven insights since the early 1930s. Bringing the Autovista Group team into the J.D. Power family will help leverage our complementary strengths to develop even more powerful insights and forecasting solutions for our worldwide client base," Dave Habiger, J.D. Power President and CEO.
Adenia Partners, a private equity firm, completed the acquisition of The Courier Guy, a last-mile delivery and express parcel services provider. Financial terms were not disclosed.
"The acquisition of The Courier Guy is a significant milestone for us and our esteemed co-investors, DEG, Proparco, and South Suez. It underscores our collective belief in the vast potential of the last-mile delivery sector in South Africa. Together, we are eager to further enhance The Courier Guy's market position, stimulate innovation and expand its service offerings to meet the evolving needs of customers in South Africa and beyond," Florent de Boissieu, Adenia Partner.
Adenia Partners was advised by Ernst & Young, PricewaterhouseCoopers, Webber Wentzel and BackBay Communications. Debt financing was provided by Rand Merchant Bank.
Abu Dhabi National Oil, the state-owned oil company of the United Arab Emirates, completed the acquisition of a 24.9% stake in OMV, a multinational integrated oil, gas and petrochemical company, from Mubadala, a sovereign wealth fund, at a €15.5bn ($16.8bn) valuation.
"ADNOC is proud to become a shareholder in OMV, a leading international energy and chemicals company, with whom we share a long-standing strategic partnership. Together, we have created significant value through our joint venture Borouge, and today's investment will unlock further value and future growth opportunities for both companies. Building on our 25% shareholding in Borealis, this transaction marks the next transformative step as we accelerate our ambitious chemicals growth strategy, unlocking significant growth and value creation opportunities for ADNOC, OMV and their respective shareholders," Khaled Salmeen, ADNOC Executive Director, Downstream Industry, Marketing & Trading.
ADNOC was advised by Citigroup, Shearman & Sterling and Wolf Theiss (led by Florian Kusznier).
Villeroy & Boch, a manufacturer of ceramics, completed the acquisition of Ideal Standard, a manufacturer of products and solutions for private and public bathrooms, from private equity firms Anchorage Capital Group and CVC, for €600m ($640m).
"With the acquisition of Ideal Standard, we are systematically pursuing our strategic growth path, expanding our core business and enhancing our international presence. We firmly believe that the two companies will also be a good cultural fit. In addition to our traditional brands, we share common values, including a dedication to quality and service, an appreciation for exemplary design and the constant pursuit of innovation. We would like to welcome our new colleagues and we look forward to shaping our future together," Gabi Schupp, Villeroy & Boch CEO.
Ideal Standard was advised by White & Case (led by Will Summers). Villeroy & Boch was advised by JP Morgan and Freshfields Bruckhaus Deringer (led by Christoph H. Seibt).
BlackRock, an American multinational investment company, agreed to invest $200m in ENVIRIA, a commercial and industrial decentralized energy solutions provider.
With this investment, ENVIRIA and BlackRock are leveraging one of the greatest growth areas in the energy transition: offering decentralized energy via rooftop solar and adjacent services at scale. It is estimated that German companies consume around 70% of the total national electricity usage while only around 10% of suitable company roofs are equipped with a solar system. This leaves a potential of several hundred GW of renewable energy capacity untapped. With rooftop sizes across the C&I sector being on average significantly larger than residential buildings, renewable energy capacities can be rapidly deployed.
ENVIRIA is advised by JP Morgan and White & Case.
Compagnie Financière Jousset, an investment holding company, agreed to acquire SMAC, a supplier of waterproofing and building envelop systems, from OpenGate Capital, a global private equity firm. Financial terms were not disclosed.
The partnership with CFJ and its management team is poised to propel SMAC towards new growth trajectories, emphasizing long-term value creation and a positive impact on both human and environmental fronts.
Intel, a semiconductor corporation, completed the acquisition of Silicon Mobility, a company that designs and develops flexible, real-time, safe and open solutions technologies for automotive applications, from Cipio Partners, a private equity firm. Financial terms were not disclosed.
“The transaction is a win for France’s deep tech technology ecosystem. Cipio Partners is proud to be one of the leading foreign growth investors in the French market," Roland Dennert, Cipio Managing Partner.
Silicon Mobility was advised by Ancoris Capital Partners and Jones Day (led by Renaud Bonnet).
Bow River Capital, a private equity firm, completed an investment in Accelo, a provider of cloud based work management platform. Financial terms were not disclosed.
"We're elated to announce our third platform investment in SGE Fund II, and to partner with the global Accelo team to rapidly implement our SaaS value creation playbook and utilize all our resources for transformative change," John Raeder, Bow River Capital Vice Chairman and Head of Software Investments.
Accelo was advised by Vaquero Capital. Bow River was advised by Morrison & Foerster.
LDC completed the investment in 15below.
LDC, a mid-market private equity house, completed the investment in 15below, a specialist software developer. Financial terms were not disclosed.
"LDC is known for its commitment to supporting growth and innovation in businesses like ours. Their ethos of placing a high value on people and culture resonates deeply with us at 15below, making them the perfect partner as we embark on this next phase of our journey," Nicholas Key, 15below Co-Founder and CEO.
15below was advised by Clearwater International. LDC was advised by PricewaterhouseCoopers.
Wienerberger, an Austrian brick maker, completed the acquisition of Terreal, a manufacturer of such building products as ceramic roof tiles, wall claddings, facades, and structural material, from Park Square Capital, a private debt firm, and Goldman Sachs Asset Management, an investment manager, for €785m ($851m).
"Renovating and refurbishment of the European building stock is an essential step on the path toward climate neutrality and an important contribution to the creation of sustainable and affordable housing. With the acquisition of Terreal, wienerberger positions itself as the European pitched-roof expert capable of integrating solar, rainwater, and additional solutions, including accessories and insulation material, and thus establishing a strong platform for further growth," Heimo Scheuch, Wienerberger CEO.
Goldman Sachs AM was advised by Weil Gotshal and Manges (led by Jean Beauchataud).
A group of investors, including LGT Private Banking, GIC, Ahren Innovation Capital, Carbon Equity, Lightrock, Planet First Partners, Carbon Direct Capital, the Amazon Climate Pledge Fund, and Blue Earth Capital, led a €215m ($233m) Series E round in Sunfire, a German electrolyzer manufacturer.
“This substantial financing round is good news for Europe’s leading role in hydrogen production and for the European clean-tech industry. I am delighted to welcome additional investors backing our vision, product offering, and capabilities to deliver industrial electrolyzers at pace and scale. With this new capital, we are uniquely positioned to further accelerate our company’s growth and industrialization plans to meet the fast-growing demand for electrolysis technologies,” Nils Aldag, Sunfire CEO.
Sunfire was advised by JP Morgan.
Private equity investors Supernova Invest, ISALT and UNEXO led a €85m ($92m) investment round in Unseenlabs, a maritime surveillance company, with participation from 360 Capital, OMNES, Bpifrance, Breizh Up, and S2G Ventures.
"After our previous fundraising rounds in 2018 and 2021, we are proud to announce this new €85m fundraising. Unseenlabs has accumulated a total funding of €120m since its inception. This reflects our steady progress and the continued confidence of our investors. The year 2023 marked an inflection point for Unseenlabs, reinforcing the relevance of our business model and the attractiveness of our offering in the market. This funding will allow us to accelerate our growth, particularly by developing new solutions and strengthening our presence in the private sector. We have the means to achieve our ambitions and are excited to continue this journey with our historical partners while welcoming new ones," Clément Galic and Jonathan Galic, Unseenlabs Co-Founders.
Supernova Invest was advised by Chammas & Marcheteau.
ABC Impact, a private equity firm, completed the investment in Winnow, an AI-driven food waste reduction solutions provider. Financial terms were not disclosed.
"Food loss and wastage has a vast economic, social, and environmental impact – depleting resources, worsening global hunger, and increasing greenhouse gas emissions. The innovative AI-driven food waste management solution developed by Winnow has been successfully deployed globally and we are excited to support Winnow's growth by reaching more commercial kitchens in Asia in the coming years. When we reduce food loss and waste, we can mitigate the pressure on climate, water, and land resources – and ultimately contribute towards a more sustainable future," Sugandhi Matta, ABC Impact Chief Impact Officer.
ABC Impact was advised by Bird & Bird (led by Marcus Chow).
Summa Equity, a thematic investment firm, agreed to acquire a majority stake in STIM, a fish health products and service supplier, from Nordly, a specialist in pharmaceuticals and aquaculture industries. Financial terms were not disclosed.
“I am convinced that Summa is the right strategic and long-term partner for us. They recognize that our employees' expertise and efforts is the bedrock of this company. With Summa on our side, I am confident that STIM can become the world leader within sustainability and health, not just within the salmon industry, but for the seafood industry as a whole. There is a huge demand for advisory services within this sector, and that is something we have our eyes on,” Jim-Roger Nordly, STIM Chairman and Founder.
Sosteneo, an asset manager, agreed to acquire a 49% stake in Enel Libra Flexsys, a battery energy storage systems company, from Enel, an energy firm, for €1.1bn ($1.19bn).
"Energy storage systems are a key asset in the energy transition, to which Enel is strongly committed: this is why they hold such an important position in our 2024-2026 Strategic Plan. This partnership with a leading player such as Sosteneo enables us to further accelerate the development of storage solutions supporting Italy's energy system, optimizing capital allocation with the aim to create value for all stakeholders," Stefano De Angelis, Enel CFO.
Investcorp, a global manager of alternative investment products, Sanabil, a commercial investment company, and STV, a technology venture capital fund, led a $130m funding round in Salla, a Saudi Arabian software startup firm.
“Saudi Arabia today has over a million SMEs, having grown three times over the past five years. We believe that the Kingdom’s transformation agenda will continue to drive innovation and empower the next generation of entrepreneurs, with Salla acting as a key enabler to support the development of new companies in the e-commerce ecosystem,” Walid Majdalani, Investcorp Head of Emerging Markets Private Equity.
Saudi Arabia moves $164bn Aramco stake to wealth fund.
Saudi Arabia's government transferred a further $164bn stake in Aramco to the Public Investment Fund, a move aimed at bolstering cashflow at the state-backed investor that's ramping up spending on huge local projects, Bloomberg reported.
The 8% stake transfer will cut the government's direct ownership in the world's largest oil company to 82%. The move will have no impact on Aramco's dividend, which the oil giant kept at $29bn for the third quarter despite a drop in production and weaker oil prices.
Bridgepoint eyes $4.4bn sale of MotoGP rights holder.
British private investment company Bridgepoint Group is in advanced talks to sell Dorna Sports, which holds the commercial rights to MotoGP, in a bid to raise £3.5bn ($4.4bn).
MotoGP is the top division of Grand Prix motorcycle racing, the sport's highest class of events, Reuters reported.
Blackstone, Thomson Reuters sell £1.9bn of LSEG Shares.
Blackstone, Thomson Reuters and other investors have sold a 4% stake in the London Stock Exchange Group as they continue to sell down their holdings in the market infrastructure and data provider, Bloomberg reported.
The offering saw the consortium of investors dispose of 21.5m shares by way of a placing and a directed buyback, according to a regulatory filing on March 6. Sellers also include the Canada Pension Plan Investment Board and GIC, who are members of the consortium of former investors in Refinitiv, which LSEG acquired.
KKR in talks to buy energy firm Encavis for over €2bn.
KKR is in talks to acquire renewable-energy producer Encavis in a deal that could value the German company at more than €2bn ($2.2bn), Bloomberg reported.
The buyout firm is in advanced negotiations on terms of a potential transaction. KKR could reach a deal as soon as next week. Encavis confirmed that it has been in contact with KKR regarding a potential transaction without providing details.
Norway wealth fund sells stakes in 3 Jardine firms on environment concerns.
Norway's $1.6tn sovereign wealth fund has excluded three companies from its portfolio due to concerns that mining activity may destroy the natural habitat of critically endangered orangutans, DealStreetAsia reported.
The fund sold its holdings in Jardine Matheson, Jardine Cycle & Carriage and PT Astra International due to a risk that they were contributing to, or responsible for, "severe environmental damage".
Springboks says private equity deal to fuel sponsorship boom.
SA Rugby, which oversees the reigning world champion Springboks team, expects to double sponsorship revenue by the 2027 World Cup on the back of a planned private equity deal that values its commercial rights at $375m, Bloomberg reported.
The organization, following the Springboks’ back-to-back World Cup victories including last year’s triumph in France, is seeking approval at a May 30 general council meeting to sell a 20% stake of the rights to Seattle-based private equity firm Ackerley Sports Group.
Seera slumps after Saudi PIF scraps plans to buy stake in unit.
Shares of the Riyadh-listed Seera Group dropped nearly 10% after the firm said it failed to reach a deal with Saudi Arabia’s wealth fund to acquire a stake in one of its units, Bloomberg reported.
The Public Investment Fund and Seera terminated an initial pact that would have seen the fund acquire a 30% in Almosafer Travel & Tourism “due to the inability to reach an agreement between the parties,”.
CVC Capital Partners revives plans for Amsterdam IPO.
CVC Capital Partners, Europe's biggest buyout firm with around €188bn ($204bn) in AUM, is reviving its plans for a $15bn-plus Amsterdam stock market listing that could happen as soon as next month.
CVC's decision had not been finalised and could be delayed beyond spring or early summer. The firm postponed its IPO plans last November due to "unfavourable market conditions", which, at the time, was to be the largest IPO in Europe upon completion, with a planned raise of around $1.09bn.
EQT’s Galderma seeks to raise $2.3bn in Swiss listing.
Skincare business Galderma Group is looking to raise about $2.3bn in what’s expected to be one of the largest listings in Europe this year, serving as a key test for the region’s initial public offering market, Bloomberg reported.
The IPO in Zurich will comprise mainly new shares issued by Galderma and a smaller tranche of existing shares sold by owners including EQT, according to a statement on March 6.
ADQ explores Etihad listing in first for Gulf hub carrier.
Abu Dhabi’s ADQ is considering a listing for Etihad Airways, potentially making it the first of the Gulf’s major hub carriers to become publicly-traded, Bloomberg reported.
The wealth fund has held discussions with banks about a possible deal as soon as this year. ADQ has been evaluating whether to pursue a traditional IPO as well as a direct listing.
German perfume retailer Douglas plans Frankfurt IPO by end March.
Perfume retailer Douglas plans an IPO on the Frankfurt Stock Exchange aiming to raise €800m ($868m), in Germany's largest listing since Schott Pharma last September.
The share sale is due to be completed in the first quarter subject to capital market conditions. Germany's DAX stock index hit a record high on Friday. Douglas is targeting €800m ($868m) in proceeds, with an additional equity injection of around €300m ($325m) from existing shareholders, including CVC Capital Partners, Reuters reported.
Dutch pension fund ABP aims for $32.5bn in 'impact' investments by 2030.
ABP, the Netherlands' largest pension fund, said it would cut investments with a large climate impact, while targeting more money to companies and projects that help improve society and the environment, Reuters reported.
The Dutch fund, with about €502bn ($545bn) in assets, said it aimed to have at least €30bn ($32bn) in "impact investments" by 2030, for example in projects for affordable and sustainable housing and energy.
APAC
PAG, an alternative investment firm focused on Asia Pacific, completed the acquisition of a majority stake in Australian Venue, a food and beverage hospitality business, from KKR, a global investment firm. Financial terms were not disclosed.
"We are very pleased to partner with AVC, a proven market leader with an exceptional management team and great potential. Our goal is to work with strong businesses and help them become even stronger in Australia. AVC has created some of the most unique and iconic venues across Australia and New Zealand, and we are looking forward to supporting them on their next stage of growth," Lincoln Pan, PAG Partner and Co-Head of Private Equity.
PAG was advised by Bank of America, Ashurst and FTI Consulting. Debt financing was provided by KKR Capital Markets. KKR was advised by Jefferies & Company, Allens, Citadel Magnus and FGS Global.
EQT, a global investment organization, agreed to acquire VetPartners, a provider of veterinary services, from National Veterinary Associates, a global pet care organization. Financial terms were not disclosed.
"We are delighted to welcome EQT as a partner given their strong global track record in animal health and healthcare more broadly. Together, we will continue to be an advocate for the advancement of the veterinary profession, fostering a collegiate community of professionals delivering the highest-quality healthcare services to pet parents in the region with a common mission to improve the comfort and well-being of animals," Mark Jeffery, VetPartners CEO.
VetPartners was advised by Jefferies & Company. EQT was advised by UBS and Domestique.
KKR weighing stake sale in biggest Philippine hospital firm.
KKR is exploring a possible sale of its stake in Metro Pacific Health, the biggest private hospital operator in the Philippines, Bloomberg reported.
The private equity firm is seeking financial advisers to help prepare a potential sale of its stake in the health-care services provider. New York-listed KKR could seek a valuation of at least $3bn for the company.
Alibaba backs $2.5bn MiniMax.
Alibaba Group is leading a financing round of at least $600m for Chinese AI startup MiniMax, spearheading its second major deal in the space this year as it unleashes capital in pursuit of growth, Bloomberg reported.
The two-year-old firm has secured funds from Alibaba and other investors at a valuation of more than $2.5bn. The fundraise remains in progress but Alibaba and HongShan, formerly Sequoia China, have committed to the financing. The terms could still change because negotiations with more investors are proceeding.
IM Motors raises $1.1bn in one of the biggest recent deals in Chinese EV space.
IM Motors, a premium electric vehicle brand of state-owned Chinese automaker, said it has raised more than $1.1bn to work on new smart car models and technologies, DealStreetAsia reported.
Carlyle launches sale of Japanese cosmetics supplier Tokiwa in $800m deal.
Private equity firm Carlyle Group has begun the sale process of Japanese cosmetics supplier Tokiwa in a deal that could value the company at $800m, Reuters reported.
Non-binding bids for the company are expected by mid-March. Potential buyers include private equity firms and several companies in the cosmetics industry.
Singapore's Temasek in talks to invest in OpenAI.
Singapore’s Temasek is in discussions to invest in Microsoft-backed artificial intelligence company OpenAI, DealStreetAsia reported.
According to the portal, senior executives from the Singaporean state investment firm have reportedly met OpenAI’s CEO Sam Altman on multiple occasions in recent months.
GIP closes debut emerging markets fund at $2.1bn.
New York-based Global Infrastructure Partners (GIP) has closed its debut emerging markets infrastructure fund with an aggregate capital commitment of over $2.1bn, DealStreetAsia reported.
The GIP Emerging Markets Fund I has already deployed over $1bn across a diversified portfolio of assets.
Indian PE Lighthouse set to close Fund IV by mid-year, taps domestic LPs for the first time.
Lighthouse Funds, a growth-stage private equity firm in India, has roped in limited partners from the domestic market for time since its inception in 2007 as it gears up to raise its over $400m fourth investment vehicle, DealStreetAsia reported.
The trend goes on to highlight how domestic capital is increasingly becoming a force to reckon with in the Indian private equity and venture capital landscape with a new pool of homegrown LPs looking to bet big on the country's long-term growth story.
ADB Ventures looking to raise $200m for new climate fund.
ADB Ventures, the tech investment arm of Asian Development Bank, is targeting to raise $200m for a new fund to back climate-focused startups in Asia, DealStreetAsia reported.
"We expect the fund to generate significant climate impact with a focus on climate-tech solutions disrupting traditional industries, greening regional supply chains, and supporting climate adaptation and resilience," ADB Ventures.
China's Innoangel Fund holds second close of new Tech Innovation Fund at $140m.
China's Innoangel Fund, which focuses on early-stage investments in technological innovations, has reached the second close for its new CNY-denominated fund at over CNY1bn (almost $140m).
Innoangel Fund, which operates from mainland China, Hong Kong, and Silicon Valley, updated its fundraising development with several Chinese media outlets, DealStreetAsia reported.
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