EMEA
Capital Dynamics gathers €200m+ for its FoF.
iXO Private Equity raised €200M for its fourth fund.
AMERICAS
BDT Capital Partners acquired a minority stake in WhistlePig, a luxurious whiskey distiller.
PE-backed Byju's acquires Osmo for $120m.
Equity38 invested in TRX, a training equipment maker.
Abry Partners invested in ADURO.
Macquarie gathers $5bn for North America Infrastructure Fund.
Sun Capital raised $1.9bn towards $2.2bn fund target.
Niantic Labs, Pokemon Go creator, raised $245m.
APAC
Edelweiss gathers $1.3bn to acquire India's sovereign debt.
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EMEA
Capital Dynamics gathers €208m for its FoF.
Swiss asset manager Capital Dynamics has closed its first fund-of-funds at €208m ($237m), beating an original €200m ($228m) target. The vehicle will be used to invest in mid-market growth and buyout funds, co-investment vehicles, and secondaries deals.
iXO Private Equity raised €200M for its fouth fund.
French investor iXO Private Equity has closed its fourth fund with €200m commitments. The vehicle will be used to invest between €5m ($5.7m) and €20m ($22.8m) in companies in the south of France. iXO will target businesses with a turnover ranging from €20m ($22.8m) to €200m ($228m).
AMERICAS
Arsenal Capital Partners has completed the previously announced sale of Elite Comfort Solutions, to Leggett & Platt for $1.3bn.
ECS is a leader in proprietary specialized foam technology primarily for the bedding and furniture industries. With 16 facilities across the U.S., ECS operates a vertically integrated model, producing specialty foam, developing many of the chemicals and additives used in foam production, and manufacturing private-label finished products.
“We are pleased with the sale of ECS to Leggett & Platt, a company that is committed to supporting the bedding industry for the long term. Leggett & Platt is the ideal home for the ECS business and its employees. We see a significant opportunity for ECS to leverage Leggett & Platt’s reputation and infrastructure and drive continued growth in the bedding and furniture markets.” Tim Zappala, Arsenal Senior Partner.
Leggett & Platt was advised by JP Morgan.
BDT Capital Partners acquired a minority stake in WhistlePig, a luxurious whiskey distiller. (FS)
WhistlePig, ultra-premium rye whiskey category, announced a partnership with BDT Capital Partners, a merchant bank that provides family- and founder-led businesses with long-term, differentiated capital. Financial terms were not disclosed.
The partnership with BDT provided WhistlePig the opportunity to offer liquidity to all shareholders, including Raj Bhakta, one of the founders who retired from the business in 2017 and has now fully exited his remaining stake.
“2018 was another stellar year for WhistlePig, with our revenues grew by more than 40%, more than twice the category, and our operating cash flow close to doubling, allowing us to expand our distillery further and build out our inventory of high quality and aging whiskey as well as expand our distribution. Also, BDT’s experience partnering with founders and entrepreneurs of some of the world’s most iconic brands, their long-term focus as well as their network of successful global business owners, will help us further accelerate our future growth potential.” Jeff Kozak, WhistlePig’s CEO.
WhistlePig was advised by Rothschild & Co and Skadden, Arps, Slate, Meagher & Flom LLP. BDT Capital Partners was advised by Davis Polk & Wardwell.
PE-backed Byju's acquires Osmo for $120m.
Byju's, one of the world's most valuable education start-ups, backed by Naspers Ventures, the Chan-Zuckerberg Initiative, Tencent Holdings, and Sequoia Capital bought Osmo for $120m as it looks to the US as part of global expansion.
Osmo, a developer of learning games, will continue as a standalone brand once the deal is completed.
"Osmo makes learning more effective and engaging, which is very important with younger children. It takes us into a new age demographic of younger kids as well as fitting into our plans for a bold global expansion." Byju Raveendran, Byju's Founder and CEO.
Equity38 invested in TRX, training equipment maker.
TRX announced recapitalization of the business with a strategic growth capital investment from Equity38. Financial terms were not disclosed.
Structured as a management buyout of previous investors by Equity38, the partnership maintains the company’s existing infrastructure, while also arming TRX with the capital and significant additional category expertise and resources from Equity38.
“I couldn’t be more excited to welcome the Equity38 team into the TRX family. In addition to arming TRX with a war chest of growth capital, Equity38 brings deep experience in our industry and their active involvement in the business and stewardship will be an important part of our next chapter.” Randy Hetrick, TRX Founder, and CEO.
1315 Capital, a Philadelphia-based healthcare investment firm that provides expansion and growth capital to commercial-stage healthcare services, medical technology, and specialty pharmaceutical companies acquired Biocoat, manufacturer of biomaterial coatings for medical devices. Financial terms were not disclosed.
The acquisition of Biocoat by 1315 Capital will assist the Company in taking a more aggressive and growth-oriented approach in the biomaterial coatings market for medical devices, a market projected to reach over $15bn by 2021.
“Biocoat’s combination of differentiated technology within an expanding market and growth-focused management team makes it a great fit for 1315 Capital and we’re excited to be working with Jim and his team,” Michael Koby, 1315 Capital Co-Founding Partner.
The transaction originally closed on December 20, 2018.
Abry Partners invested in ADURO.
Abry Partners made a strategic investment in ADURO, the leading Human Performance company. Financial terms were not disclosed.
ADURO, a top choice of Fortune 1000 corporations, will collaborate with Abry to accelerate innovation, fuel growth and expand globally.
“We will continue to rearchitect and reinvigorate this broken, risk-only focused industry. We deliver a holistic, inclusive experience that opens the possibility for anyone to flourish.” Dr. Darren White, ADURO Co-founder and Chief Executive Officer.
ADURO was advised by Cascadia Capital and Wilson Sonsini Goodrich & Rosati.
Macquarie gathers $5bn for North America Infrastructure Fund.
The investment arm of Australia’s Macquarie Group has raised $5bn for its latest fund to invest in infrastructure in North America.
The fundraising underscores the private sector’s appetite to invest in U.S. infrastructure, which runs the gamut from toll roads to airports to oil fields, amid a shortage of federal and state infrastructure funding for many projects.
“To the extent that there are government privatizations in areas where there has been historically few, we would certainly review those opportunities,” Karl Kuchel, Macquarie Infrastructure Partners Chief Executive.
Sun Capital raised $1.9bn towards $2.2bn target.
Sun Capital Partners has raised about $1.9bn towards its $2.2bn target for its seventh flagship buyout fund. The Florida-based firm reportedly closed its previous flagship effort on $2.2bn in 2014. Sun Capital typically invests in the middle market, targeting companies with revenues between $50m and $1.5bn.
Niantic Labs, Pokemon Go creator, raised $245m.
Niantic Labs, the AR developer behind the popular "Pokémon Go" game, has raised $245m in a round led by IVP. The company, which is now valued at some $4bn, plans to funnel some of the new funds toward its Niantic Real World Platform. An SEC filing from earlier this month indicated that Niantic had raised around $190m from an undisclosed list of investors.
APAC
Edelweiss gathers $1.3bn to acquire India's sovereign debt.
Edelweiss Financial Services raised as much as 92bn rupees ($1.3bn) from investors including insurance companies and pension funds as it seeks to profit from an unprecedented bad-loan clean up in India’s financial system.
The company will use the funds, which makes it the largest India dedicated alternative-investment unit, to buy and turn around stressed assets with “viable business models and potential of generating cash flows.”
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