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AMERICAS
THL, a private equity firm, agreed to acquire Headlands Research, an integrated clinical trial site organization, from KKR, a global investment firm, according to press releases. Financial terms were not disclosed.
THL is advised by Edgemont Partners, Jefferies & Company, McDermott Will & Schulte, Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel) and Edelman Smithfield (led by Nicole Hakimi). KKR is advised by Houlihan Lokey and Kirkland & Ellis (led by Lee Blum), according to MergerLinks data and press releases.
Ames Watson, a private equity firm, agreed to acquire the business operations in North America from Claire's, a fully integrated global fashion brand, for $140m, according to press releases.
Ames Watson is advised by Paul Hastings. Claire's is advised by Alvarez & Marsal, Houlihan Lokey, Kirkland & Ellis, Osler Hoskin & Harcourt and Prosek Partners, according to press releases.
New Mountain Capital-backed Grant Thornton Advisors, a management consulting services provider, agreed to acquire Stax, a strategy consulting firm, according to press releases. Financial terms were not disclosed.
Stax is advised by Stout Capital, William Blair & Co and Jones Day. Grant Thornton is advised by Clearsight Advisors, Harris Williams & Co and Simpson Thacher & Bartlett (led by Ben Schaye), according to MergerLinks data and press releases.
Arlington Capital, a private investment firm, completed the acquisition of GovOS, a provider of transaction and compliance software, from Audax Private Equity, a middle market investment firm, according to press releases. Financial terms were not disclosed.
Arlington was advised by Prosek Partners (led by Ryan Fitzgibbon). Audax was advised by Guggenheim Partners, Shea & Co, Ropes & Gray (led by Kendrick Chow) and FGS Global (led by Julie Rudnick), according to MergerLinks data and press releases.
Thoma Bravo, a software investment firm, agreed to acquire Dayforce, a human capital management technology company, for $12.3bn, according to press releases.
Dayforce is advised by Evercore and Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy and Brandon C. Price). Thoma Bravo is advised by Goldman Sachs, JP Morgan and Kirkland & Ellis (led by Cole Parker), according to MergerLinks data and press releases.
ArcLight Capital-backed Enstor, a natural gas storage operator, agreed to acquire Black Bear Transmission, an oil and gas company, from Basalt Infrastructure Partners, an independent infrastructure investment firm, according to press releases. Financial terms were not disclosed.
Enstor is advised by TD Securities, Kirkland & Ellis and Redbird Communications (led by Meggan Morrison). Basalt Infrastructure Partners is advised by Citigroup and Morgan Lewis & Bockius, according to press releases.
Citizens Financial, a financial services firm, agreed to acquire Miners and Merchants Bank, a full-service bank, according to press releases. Financial terms were not disclosed.
Miners and Merchants Bank is advised by Performance Trust Capital Partners and Dinsmore & Shohl. Citizens Financial is advised by Commonwealth Advisors and Gerrish Smith Tuck, according to press releases.
CORE Industrial, a private equity firm, completed the investment in IMMEC, a full-service provider of facility maintenance, retrofit and renovation services, according to press releases. Financial terms were not disclosed.
CORE Industrial was advised by Winston & Strawn and Gregory FCA (led by Jeremy Milner), according to press releases.
AGC Equity Partners, a global institutional investment firm, completed the investment in Atmosphere Data Centers, a data center platform, according to press releases. Financial terms were not disclosed.
Atmosphere was advised by Guggenheim Partners and Jaymie Scotto & Associates, according to press releases.
Charlesbank Capital, a private equity firm, completed the investment in Gauge Capital-backed CENTEGIX, a provider of innovative workplace safety solutions, according to press releases. Financial terms were not disclosed.
CENTEGIX was advised by Robert W Baird (led by Jeremy Fiser), according to MergerLinks data.
Platinum Equity, a private equity firm, agreed to acquire Anuvu, a provider of global entertainment and high-speed connectivity solutions for airlines, according to press releases. Financial terms were not disclosed.
Anuvu is advised by Drake Star Partners, according to press releases.
A consortium of investors, including HSG, Valor Equity Partners, Atreides, Founders Fund and Y Combinator, led a $100m funding round in Eight Sleep, a sleep-fitness company, according to press releases.
Eight Sleep was advised by Jack Taylor PR (led by Taylor Georgeson), according to press releases.
Enlightenment Capital-backed Cryptic Vector, a communications solutions company, completed the acquisition of Caesar Creek Software, a software company, according to press releases. Financial terms were not disclosed.
Springcoast Partners, a private equity firm, led a $105m Series C round in Overhaul, an in-transit cargo risk management solutions company, with participation from Morgan Stanley and Edison Partners, according to press releases.
BlackRock eyes growth in venture secondaries with new dedicated fund launch. ( Bloomberg)
BlackRock plans to launch a venture secondaries fund targeting discounted stakes in VC portfolios, broadening its role in the secondary market. The strategy focuses on assets trading at deeper discounts than buyout stakes.
The fund, outlined in regulatory filings, will be managed by Jarid Colucci, Derek Krouner, and Lisa Sun. It is BlackRock’s first vehicle dedicated solely to venture secondaries.
EquipmentShare weighs US IPO this year. (Bloomberg)
EquipmentShare, a construction equipment rental company backed by BDT & MSD Partners, is considering launching an IPO as soon as this year. The listing could raise over $1bn.
The Missouri-based firm is working with Goldman Sachs, JP Morgan, and Bank of America on the deal.
Neuberger Berman approaches first close of $5bn secondary fund. ( Bloomberg)
Neuberger Berman is nearing the first close of its flagship $5bn fund focused on acquiring secondary private equity stakes. The firm expects to raise at least half of the target in the initial phase by year-end.
This effort follows $4bn already secured earlier in the year for a related investment strategy, highlighting ongoing investor demand for secondaries.
EMEA
Astorg, a pan-European private equity firm, completed the investment in ATTIKON, a German commercial insurance brokerage platform, according to press releases. Financial terms were not disclosed.
Astorg was advised by Ernst & Young, Rothschild & Co, Kirkland & Ellis, Willkie Farr & Gallagher, Prosek Partners, Steele and Holt, Howden, Oliver Wyman and ERM Group, according to press releases.
Advent International, a private equity firm, offered to acquire u-blox, a global provider of positioning and wireless communication technologies and services, for CHF1.05bn ($1.3bn), according to press releases.
u-blox is advised by Morgan Stanley, Walder Wyss and IFBC. Advent International is advised by UBS and Bar & Karrer, according to press releases.
APG, a pension administrator, agreed to acquire a portfolio of seven UK PPP assets from InfraRed-backed HICL Infrastructure, a large British investment company dedicated to infrastructure investments, for £225m ($305m), according to press releases.
KKR, an investment firm, and Ocean Yield, a ship owning company, agreed to acquire CapeOmega, a low carbon maritime platform, from Partners Group, a private equity firm, according to press releases. Financial terms were not disclosed.
KKR and Ocean Yield are advised by BAHR and Simpson Thacher & Bartlett (led by Jiaying Zhang). Partners Group is advised by Wikborg Rein, according to MergerLinks data and press releases.
STG, a private equity firm, agreed to acquire the Public Sector business of Formpipe Software, a software company, for SEK850m ($88.8m), according to press releases.
STG is advised by Willkie Farr & Gallagher (led by Daniel Gendron). Formpipe Software is advised by ABG Sundal Collier and Cirio, according to press releases.
Associated British Foods, a diversified international food, ingredients and retail group, agreed to acquire Hovis Group, an integrated bakery business, from Endless, a private equity firm, according to press releases. Financial terms were not disclosed.
ABF is advised by Citigate Dewe Rogerson (led by Claire de Groot) and FGS Global (led by James Murgatroyd), according to MergerLinks data and press releases.
Global Infrastructure Partners, an infrastructure investment fund, agreed to acquire a 49.99% stake in Eni CCUS, a business operating in the carbon capture, utilization and storage sector, from Eni, a multinational energy company, according to press releases. Financial terms were not disclosed.
Eni is advised by JP Morgan, according to MergerLinks data.
IDG Capital, an investment and asset management firm, agreed to acquire a majority stake in LAKRIDS BY BÜLOW, a Danish licorice company, from Valedo Partners, a growth-oriented active owner investing in small and mid-size companies, according to press releases. Financial terms were not disclosed.
Valedo Partners is advised by Gorrissen Federspiel (led by Mikael Philip Schmidt), according to MergerLinks data.
Mobeus, an equity investor in UK-based SMEs, completed the investment in Big Potato Games, a board games company, according to press releases. Financial terms were not disclosed.
Mobeus was advised by DC Advisory (led by Andrew Strudwick), according to MergerLinks data.
H.I.G. Capital, an alternative investment firm, agreed to acquire a majority stake in Avanta Salud Integral, a provider of occupational health and safety services, according to press releases. Financial terms were not disclosed.
H.I.G. Capital is advised by Paul Weiss Rifkind Wharton & Garrison (led by Roger Johnson), according to MergerLinks data.
Motive Partners, a private investment firm, and Apollo, a global alternative asset manager, agreed to merge Alchelyst, a full-service fund administrator, and Lyra Client Solutions, a client servicing organization, according to press releases. Financial terms were not disclosed.
Apollo is advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew Goldstein), according to MergerLinks data and press releases.
Aurobindo Pharma leads talks to acquire Zentiva for $5.5bn. ( Reuters)
Aurobindo Pharma is reported to be the frontrunner in acquiring Prague-based generic drugmaker Zentiva from Advent International for up to $5.5bn. If completed, the deal would mark the largest-ever acquisition by an Indian pharmaceutical company.
Talks are ongoing with Advent, Zentiva’s US-based private equity owner, though no final agreement has been reached yet.
U-blox in talks with Advent over possible $1.2bn takeover. ( Bloomberg)
Swiss positioning chipmaker U-blox is in negotiations with Advent about a potential transaction that could lead to a takeover. The company noted that it remains uncertain whether the talks will result in a deal.
Advent is preparing an offer to acquire U-blox in a deal that could be worth more than $1.2bn.
Kushner’s private equity firm to acquire 8% stake in UK lender OakNorth. ( Sky News)
The private equity firm founded by Jared Kushner, son-in-law of former US president Donald Trump, is set to acquire an 8% stake in OakNorth, the British-based lender pursuing rapid expansion in the US.
It is said that Affinity Partners, which manages billions of dollars in assets, has signed the agreement, with the deal expected to close in the coming weeks.
Evelyn Partners’ owners prepare sale of UK wealth manager. ( Financial Times)
Evelyn Partners’ private equity backers are preparing to launch a sale of the UK wealth manager in the coming months, marking the latest major deal in the sector.
Permira and Warburg Pincus are approaching potential buyers, including NatWest, Royal Bank of Canada, other private equity firms, and US wealth managers looking to expand in the UK.
Schroders sees private equity exit strategies reshaping industry. ( Bloomberg)
Schroders warns that rising use of continuation vehicles in a difficult exit market could reshape the buyout model, as firms hold assets longer and slow new deals.
Smaller funds, once sellers to mid and large buyout firms, are now also relying heavily on continuation vehicles. This disrupts the traditional deal chain and limits opportunities for bigger sponsors.
MSQ Partners rules out merger talks with S4 Capital. ( Reuters)
London-based marketing agency MSQ Partners has ruled out a potential merger with Martin Sorrell’s advertising group S4 Capital.
The company noted that while discussions may have occurred between its majority shareholder, One Equity Partners, and S4 Capital, its board had no involvement in those talks.
Anchorage Capital Advisors raises $1.5bn for credit opportunities. ( Press Release)
Anchorage Capital Advisors has closed its Anchorage Credit Opportunities Fund IX with $1.5bn in commitments, surpassing its $1.25bn hard cap. The firm manages $26.1bn in assets and focuses on global credit markets.
The new fund will target stressed and distressed credit, special situations, structured credit, and other assets across US and European markets. More than 70% of the commitments came from Limited Partners in previous Anchorage funds.
Shawbrook revives IPO plans amid bank rally. ( FT)
Shawbrook, a UK business bank, delayed its planned 2025 IPO earlier this year due to market volatility. Its private equity owners, BC Partners and Pollen Street Capital, are targeting a £2bn valuation.
At that level, Shawbrook would be valued at about 1.2 times book value, which would have made it one of Europe’s most highly valued banks when the listing was first proposed in January.
Stada owners resume IPO plans after CapVest talks fall through. ( Bloomberg)
Stada Arzneimittel’s private equity owners are reviving plans for a public listing of the German drugmaker after talks over a potential sale to CapVest Partners failed to progress.
Bain Capital and Cinven, which jointly control Stada, are now preparing for an initial public offering that could take place as soon as October. The renewed push for a listing comes as market conditions for healthcare and pharmaceutical firms show signs of improving.
L&G and Federated Hermes merge $6.4bn UK property funds. (Press Release)
Legal & General and Federated Hermes Property Unit Trust have merged their UK property funds, creating a combined portfolio worth £4.7bn ($6.4bn). The consolidation brings together two of the country’s largest institutional property investors under a single platform.
The deal comes at a time when commercial property markets remain under pressure from higher borrowing costs and shifting workplace trends. Since the pandemic, several UK property funds have been forced to either close or consolidate, making the L&G-FHPUT tie-up a notable response to ongoing challenges in the sector.
APAC
Partners Group, a private equity firm, and Hillhouse-backed EZA Hill, a real estate investment platform, agreed to acquire a logistics portfolio from CapitaLand Ascendas REIT, an industrial real estate investment trust, for $238m, according to press releases.
Lightspeed and Premji Invest, venture capital firms, led a $170m round in Weaver Services, a housing finance platform, with participation from Gaja Capital, according to DealStreetAsia.
CK Hutchison sees progress on $22.8bn ports sale with new investor plan. ( Reuters)
CK Hutchison said that its $22.8bn ports business sale has a “reasonable chance” of proceeding, helped by a plan to add a major Chinese strategic investor to the buying consortium as it works to ease Sino-US tensions.
The Hong Kong-based conglomerate has faced sharp criticism from Beijing since announcing in March its intention to sell 43 ports across 23 countries — including two near the Panama Canal — to a group led by BlackRock and MSC, the family-run shipping firm of Italian billionaire Gianluigi Aponte.
Quadria explores stake sale in Encube. ( Bloomberg)
Healthcare-focused private equity firm Quadria Capital is considering selling its minority stake in Encube Ethicals, an Indian topical pharmaceutical company.
Discussions with potential advisers are underway, with Quadria seeking a valuation of around $2bn for the entire Mumbai-based business. The talks are still at a preliminary stage, and no final decision has been made.
KKR leads bidding for Nissan’s $610m headquarters sale. ( Bloomberg)
KKR has emerged as the top bidder for Nissan’s global headquarters in Japan, offering about ¥90bn ($610m) through its real estate unit KJR Management. The sale is part of Nissan’s efforts to raise funds by divesting assets.
The deal includes leasing the 22-story building back to Nissan for 10 years. Financing discussions are underway, and the transaction is not yet finalized.
KKR-backed Korea fashion retailer Musinsa considering IPO. ( Bloomberg)
KKR-backed South Korean fashion e-commerce firm Musinsa is exploring an initial public offering, inviting several investment banks to pitch for lead manager roles.
Musinsa has not disclosed IPO specifics, but the company could seek a valuation of around KRW10tn ($7.2bn). More details on timing and size will be provided once arrangers are selected.
Insignia CEO confident on AUD3.3bn CC Capital deal. ( Bloomberg)
Hartley expects progress by February or March.
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