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AMERICAS
Centerbridge, a global, multi-strategy private investment firm, and Bridgeport, a private investment firm, completed the acquisition of Computer Services, a provider of end-to-end fintech and regtech solutions, for $1.6bn.
“As a private company, our goal is to grow organically and expand our product portfolio to best serve the financial services industry. We believe Centerbridge and Bridgeport will support our goals for innovation and share in our commitment to employee satisfaction, community engagement and customer service. We are pleased to have partners that can provide insight and resources to help CSI continue to grow and evolve our capabilities to better serve our customers,” David Culbertson, CSI CEO and President.
PTC, a firm that develops and delivers technology solutions, agreed to acquire ServiceMax, a software provider, from Silver Lake, a private equity firm, for $1.5bn.
"ServiceMax and PTC have a longstanding relationship rooted in the common profile of our customers, the natural synergies of our products, and a shared understanding of the importance of product data at different stages of the lifecycle. PTC has a strong and consistent track record of success, and now following the growth and innovation we've achieved during our partnership with Silver Lake, we're excited for the ServiceMax team to strengthen the service offerings of PTC's digital thread and closed-loop PLM portfolio," Neil Barua, ServiceMax CEO.
ServiceMax is advised by Barclays and Ropes & Gray. PTC is advised by Centerview Partners (led by David J. Hess) and Goodwin Procter. Debt financing is provided by Bank of America, Huntington, JP Morgan and TD Securities.
Morningside Venture, a private equity firm, and J. Wood Capital Advisors, a broker-dealer, completed the acquisition of Stealth BioTherapeutics, a clinical-stage biotechnology company. Financial terms were not disclosed.
Stealth BioTherapeutics is an innovative biopharmaceutical company developing therapies to treat mitochondrial dysfunction associated with mitochondrial genetic diseases and common diseases of aging. The team works with patients and advocacy organizations to better understand their journey with mitochondrial disease and raise awareness of the unmet need our programs seek to address.
Stealth BioTherapeutics was advised by Houlihan Lokey, Walkers, WilmerHale and Kendall Investor Relations. Morningside Venture and J. Wood Capital Advisors were advised by Campbells and Goodwin Procter.
Partners Group, a private equity firm, completed the acquisition of EdgeCore Digital Infrastructure, an owner, operator, and builder of hyperscale data centers, for $1.2bn.
"EdgeCore differentiates itself through a combination of superior site locations, excellent reliability, flexible customer solutions, and speed to market. We build data centers in areas that maximize our pool of potential customers and design them to the performance standards of the top hyperscale customers. We have identified a pipeline of opportunities across the US and believe Partners Group's extensive experience working with infrastructure platforms, coupled with its financial resources, will enable us to execute on current and future opportunities," Tom Ray, EdgeCore CEO.
EdgeCore Digital was advised by Ernst & Young, RBC Capital Markets and Greenberg Traurig. Partners Group was advised by KPMG, Clifford Chance, Latham & Watkins and Ropes & Gray.
Billtrust announced that it has set the date for the special shareholder meeting to consider and vote on the proposal to adopt the merger agreement in connection with the proposed acquisition of the Company by EQT Private Equity. The special meeting will be held on December 13, 2022, for Billtrust shareholders of record at the close of business on November 4, 2022.
On September 28, 2022, the Company announced that it entered into a definitive agreement to be acquired by EQT Private Equity, a global investment organization, in an all-cash transaction valuing Billtrust’s equity at approximately $1.7bn.
Billtrust is advised by JP Morgan, Davis Polk & Wardwell and Morgan Lewis & Bockius (led by Steven M. Cohen). JP Morgan is advised by Sullivan & Cromwell (led by Melissa Sawyer). EQT is advised by Evercore, Weil Gotshal and Manges and Kekst CNC (led by Daniel Yunger).
AE Industrial, a middle market private equity firm, completed the acquisition of a majority stake in York Space Systems, a firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets. BlackRock invested alongside AE Industrial. Financial terms were not disclosed.
"York has transformed the small satellite market with its complete mission solutions and mass manufacturing capabilities. The Company has become a critical partner to the Space Development Agency, Space Force, and other national security customers given its ability to deliver new satellite technology solutions faster and more cost efficiently than any other player in the market," Kirk Konert, AEI Partner.
AE Industrial was advised by Ernst & Young, Kirkland & Ellis and Lambert & Co (led by Jennifer Hurson). York Space was advised by Jefferies & Company, Gibson Dunn & Crutcher and Jones Day ( Lisa Lathrop).
Sentinel Capital, an investment firm, agreed to acquire L2 Brands, a designer, manufacturer, and marketer of custom apparel and headwear, from Dominus Capital, an operationally-focused private equity firm. Financial terms were not disclosed.
"The L2 Brands story is very similar to many other Dominus investments where both organic and acquisition growth are part of the strategy. The resources we brought to L2 Brands enabled it to more than triple its size during our ownership period," Gary Binning, Dominus Capital Founding Managing Partner.
Sentinel Capital is advised by BMO Capital Markets and Broadgate Consultants (led by Roland Tomforde). Dominus Capital is advised by Lincoln International, Robert W Baird and White & Case.
BlackRock, an American multi-national investment company, agreed to acquire Jupiter Power, an energy infrastructure company focused on the development, ownership, and optimization of energy storage resources, from EnCap Investments, a provider of growth capital to independent energy companies. Financial terms were not disclosed.
Jupiter has focused on proprietary data-driven approaches to large scale, stand-alone energy storage projects designed to meet the growing need for grid support and renewables integration driven by the energy transition.
BlackRock is advised by Simpson Thacher & Bartlett. EnCap Investments is advised by Lazard, White & Case, Prosek Partners (led by Philip Walters) and Redbird Communications (led by Meredith Howard).
Genstar Capital, a private equity firm focused on investments in targeted segments of the financial services, healthcare, software, and industrials industries, agreed to invest in Jet Support Services, an independent provider of aircraft maintenance support and financial tools for the business aviation industry. Financial terms were not disclosed.
"We are laser focused on creating value for our customers by simplifying and easing the complexities of aircraft maintenance. My team and I are appreciative for the ongoing collaboration with GTCR, which has been a fun and rewarding partnership since 2020. As we start this next chapter, Genstar is an ideal partner, with a tremendous track record, to support our ambitious growth plan," Neil Book, JSSI CEO.
Jet Support Services is advised by 8020 Communications. Genstar Capital is advised by Simpson Thacher & Bartlett and Chris Tofalli Public Relations (led by Chris Tofalli). GTCR is advised by Kirkland & Ellis.
LS Power, a development, investment and operating company focused on the North American power and energy infrastructure sector, agreed to acquire a portfolio of 42 run-of-river hydro facilities from Hull Street Energy, a capital market company. Financial terms were not disclosed.
"With the addition of this large, geographically diverse, run-of-river hydroelectric portfolio, combined with our existing energy transition platforms, LS Power continues to lead the effort to develop a cleaner, more reliable, and more affordable energy ecosystem," Paul Segal, LS Power CEO.
LS Power is advised by BMO Capital Markets, Scotiabank and Milbank.
Wellington Management, an investment management company, led a $115m Series B funding round in MBX Biosciences, a developer of pre-clinical biotechnology drugs, with participation from RA Capital Management, Norwest Venture Partners, Frazier Life Sciences, New Enterprise Associates and OrbiMed.
"MBX has grown tremendously as a company since closing our Series A two years ago, including bringing our lead program MBX 2109 into the clinic, achieving proof of mechanism, and now starting the multiple ascending dose portion of our Phase 1 trial. With the support of these leading healthcare investors, we look forward to further advancing our Precision Endocrine Peptides as part of our goal to improve outcomes and quality of life for patients with endocrine disorders," Kent Hawryluk, MBX Biosciences President and CEO.
MBX Biosciences was advised by Evoke Canale (led by Ian Stone) and Westwicke (led by Robert Uhl).
L Catterton, the largest global consumer-focused private equity firm, agreed to invest in CantuStore, an omnichannel aftermarket tire retailer and distributor in Brazil. Financial terms were not disclosed.
"With its distinctive brand positioning, impressive portfolio, long-standing supplier relationships, and pioneering omnichannel capabilities, CantuStore represents a unique opportunity to invest in the undisputed leader in the attractive and resilient tire aftermarket category in Brazil. We see numerous organic and inorganic value-creation levers for CantuStore and look forward to supporting the company's efforts to unlock its full potential," Julio Babecki, L Catterton Managing Partner.
Opn, an one-stop payments solutions company, completed the acquisition of MerchantE, an end-to-end payments and commerce platform, from Integrum, an investment firm focused on partnering with technology-enabled services companies. Financial terms were not disclosed.
"While we continue to see tremendous opportunity to continue building and growing the MerchantE platform, we and our management team partners believe that joining with Opn presents a compelling opportunity to accelerate the Company's growth and realize unique synergies. Given current market conditions and having made substantial progress against our value creation plan, we determined that this is the right time to exit our investment in MerchantE," Ursula Burns and Tagar Olson, Integrum co-founders.
ORI Capital, a venture capital firm, Longitude Capital, a healthcare venture capital firm, and Decheng Capital, an investment firm that provides capital and strategic support to early stage life science companies, led a $120m Series E funding round in CG Oncology, an oncolytic immunotherapy company, with particpation from RA Capital Management, Acorn Bioventures, Malin Corporation, Ally Bridge Group and Sirona Capital.
“We have strong conviction in CG Oncology which continues to generate compelling data to develop potential bladder-sparing innovative therapeutics for patients suffering from bladder cancer. We’ve been strong supporters of the CG Oncology team from an early stage by leading the Series C round, and we are particularly proud to co-lead this round with Longitude Capital and Decheng Capital, as we see tremendous potential for CG0070 to be a game changer for patients with NMIBC,” Simone Song, ORI Capital Founder and Senior Partner.
CG Oncology was advised by KKH Advisors (led by Kimberly Ha).
Achieve Partners, a private equity firm based in New York, completed the acquisition of MasteryPrep, a Baton Rouge-based education tech startup. Financial terms were not disclosed.
"At a time when end-of-course exams are becoming table stakes for high school graduation and accountability, too many students – especially those in under-resourced communities – are still struggling with the severe learning loss caused by the pandemic. MasteryPrep was founded on the belief that with the right support, all students can graduate high school and continue on to postsecondary education. Achieve's backing will enable us to accelerate that mission at a time when new approaches to boost student achievement have never been more important," Craig Gehring, MasteryPrep CEO and Founder.
San Francisco Equity Partners, a private equity firm, completed the acquisition of a majority stake in DGS Retail, a provider of décor, signage, fixtures, displays and other critical products. Financial terms were not disclosed.
“DGS has an impressive track record of growth built on strong, long-term relationships with a large and diverse base of national and regional customers. The DGS team has built a broad set of capabilities through both organic growth and synergistic acquisitions, which enable the company to compete and win in a large and extremely fragmented market,” David Mannix, SFEP Partner.
SFEP was advised by Blueshirt Group (led by Jeff Fox).
SCF Partners, a private equity firm, agreed to invest in Westbrook Energy Group, a manufacturer of pressure control connection products for the downstream, natural gas distribution, LNG, upstream, and general industrial markets. Financial terms were not disclosed.
"This new alliance with SCF will allow the Westbrook family of companies to build upon our proud history of providing the energy and industrial sectors with high-quality products. With support and guidance from the SCF team, our future has never been brighter, and our brand will flourish with new offerings and partnerships providing our customers with an unparalleled source of products," Howard Houston, Westbrook CEO.
Westbrook is advised by Houlihan Lokey.
Blockchain Capital, a venture capital and private equity firm, and Dragonfly, a venture capital firm, led a $200m Series C funding round in Matter Labs, a developer of scaling decentralized application, with participation from LightSpeed Venture Partners, Variant and Andreessen Horowitz.
Matter Labs is known for its work on zkSync, an Ethereum scaling solution that drastically reduces the cost of Ethereum transactions. The company will be able to iterate on zkSync for a while.
Generation Investment Management, a financial services and investment management firm, led a $135m Series D round in WEKA, the global data platform provider for next-generation workloads, with participation from 10D, Atreides Management, Celesta Capital, Gemini Israel Ventures, Hewlett Packard Enterprise, Hitachi Ventures, Key1 Capital, Lumir Ventures, Micron Ventures, Mirae Asset Capital, MoreTech Ventures, Norwest Venture Partners, NVIDIA, Qualcomm Ventures, and Samsung Catalyst Fund.
The new funding will enable the company's continued investment in developing the WEKA® Data Platform to expand its features and cloud integrations, support new use cases, and accelerate the delivery of innovative solutions to its customers. It will also allow WEKA to reach profitability, fuel significant global expansion, and rapidly scale its cloud, customer success, sales, marketing, operations, and human resources teams.
Ara Partners, a private equity firm, completed the acquisition of a majority stake in Lincoln Terminals, a renewable fuel logistics and infrastructure provider. Financial terms were not disclosed.
"We strongly believe that renewable fuels are critical to accelerate decarbonization of the industrial sector. We have been incredibly impressed with Lincoln's depth of knowledge and experience in renewable fuel infrastructure, and we are thrilled to partner with Larry, Josh and their team to capitalize on the many opportunities that exist in this evolving market," George Yong, Ara Partners Partner and Co-Head of Infrastructure.
SpaceX in talks to raise funds that could value it more than $150bn.
Elon Musk's SpaceX is in talks to raise a funding round that values the rocket launch and satellite company to more than $150bn, Bloomberg reported.
The transaction being discussed represents a jump from the $125bn valuation the company commanded earlier this year. Terms including the price haven't been finalized and could still change.
Carlyle might acquire Heritage.
Carlyle Group is in talks about putting together an acquisition offer for Heritage Provider Network, an US urgent care group that has been exploring a sale at a valuation of between $8bn to $10bn.
There is no certainty that a Carlyle-led bid will materialize or that will be attractive enough to clinch a deal with HPN's controlling shareholder Richard Merkin, who is also the company's founder and chief executive.
Elliott completed the acquisition of a 1.5% stake in Clarivate for $94m.
Elliott Investment Management disclosed a new stake in analytics company Clarivate amid a wave of take-private transactions in the information services sector, Bloomberg reported.
The Florida-based hedge fund said it owned a 1.5% stake in the company, without giving any other details about the nature of the investment. The stake is valued at about $94m, although Elliott often bolsters its positions in companies that it invests in through derivatives.
Bennett Goodman’s Hunter Point, ADQ buy stake in Vistria Group.
Bennett Goodman’s Hunter Point Capital and Abu Dhabi sovereign wealth fund ADQ acquired a stake in Vistria Group, an investment firm which aims to advance social change through the companies it backs.
The Chicago-based firm intends to use proceeds from the transaction to fund growth and expand ownership among senior employees, said Kip Kirkpatrick, the firm’s co-chief executive officer alongside Marty Nesbitt. The deal represents a stake of less than 20% in Vistria, Bloomberg reported.
CVC Capital, Group Black circle Vox Media.
CVC Capital Partners and Group Black, a media firm, are working on a bid for Vox Media, an independent modern media company, which could be valued at around $1bn.
The bid comes as the media sector is grappling with a tough economic climate and as CVC, the European private equity giant, is eyeing a consolidation move into more media assets across the US. Media company is not looking to sell, but the firms have sent Vox a term sheet.
Canada Pension will sell firms that don’t take ESG seriously.
The head of Canada’s $400bn pension fund said he’s willing to cut ties with firms that aren’t committed to their net-zero targets, Bloomberg reported.
While the Canada Pension Plan Investment Board doesn’t believe divestment is the right path forward, it will do so if other efforts fail, Chief Executive Officer John Graham said on a panel at the Bloomberg New Economy Forum in Singapore.
GTCR seeks $9.5bn for newest main buyout fund.
Chicago-based firm GTCR is targeting $9.5bn for GTCR Fund XIV, which will take control positions in companies across the healthcare, business services, financial services and technology industries.
The buyout manager is looking to raise a fund that is nearly 27% larger than its predecessor as more institutional investors wrestle with overallocation to private equity.
Brighton Park Capital completed its second fundraise with $1.8bn of commitments.
Brighton Park Capital Management, a private equity firm, announced that it has completed a $1.8bn fundraising for Brighton Park Capital Fund II, exceeding its target of $1.5bn.
“Amid today’s uncertainties, we continue to find highly disruptive, entrepreneur-inspired growth companies. The team at Brighton Park is committed to making a real difference in supporting the global aspirations of our portfolio companies. Our firm’s focus on helping to build great management teams, developing innovative products and services, and providing extraordinary customer success is at the core of everything we do as a business and capital partner," Mark Dzialga, Brighton Park Capital Managing Partner.
Brighton Park Capital was advised by Paul Weiss Rifkind Wharton & Garrison and FGS Global.
GLP Capital Partners announces $1.5bn final closing of self-storage property fund.
GLP Capital Partners announced the final closing of its North American self-storage real estate fund, GCP SecureSpace Property Partners. The Fund was oversubscribed at its $1.5bn hard cap, making it the largest self-storage fund ever raised. The Fund secured commitments from a diverse group of limited partners including domestic and international institutional investors, including public and corporate pensions, insurance companies, asset management firms, and family offices.
"The closing of our inaugural value-add fund marks a major milestone for GCP US's self-storage platform. We are excited about the SecureSpace brand and operating platform we have built and the premium, scaled portfolio we have assembled in densely populated, high barrier-to-entry markets. The current macroeconomic environment is particularly conducive for well-capitalized platforms with sophisticated operating capabilities like ours, and we believe GSA's coastal-focused strategy positions us to outperform," Daniel Ward, GCP US Head of Asset Management.
CAI closes Climate Adaptive Infrastructure Fund at $825m.
Climate Adaptive Infrastructure, an investment firm that targets control investments in large-scale, low-carbon real assets in the clean energy, water, and urban infrastructure sectors, closed its inaugural fund, Climate Adaptive Infrastructure Fund, raising more than $825m in equity.
The fund attracted an institutional set of global limited partners comprised of endowments, foundations, insurance firms, pensions and superannuation funds, and fund of funds, in addition to prominent family offices and high net-worth individuals.
HighBrook Investors closes Fund IV at $632m.
HighBrook Investors, a private equity firm, announced the closing of its most recent fund, HighBrook Property Fund IV, at $632m.
“We are grateful to both our existing and new limited partners for their strong support and commitment to HighBrook, particularly in a challenging economic environment. Their support allows us to continue our nimble yet highly focused investment approach with an emphasis on preservation of capital while capitalizing on high-quality value opportunities," Brian Carr, HighBrook Investors Managing Partner.
HighBrook Investors was advised by BackBay Communications.
Energy Impact Partners raises $485m to back clean-energy technologies.
Energy Impact Partners raised $485m for a new fund to invest in technologies that help reduce carbon emissions, including corporate capital from companies such as software giant Microsoft, pipeline operator Williams and electric utility Duke Energy.
The New York venture-investment firm exceeded its $350m target for EIP Deep Decarbonization Frontier Fund I.
Tangency Capital raises $200m.
Reinsurance hedge fund Tangency Capital has raised $200m from investors, bringing its total assets under management to "north of $600m," as the market anticipates sharp rises in premium rates.
Tangency Capital launched in 2018 and invests in the property reinsurance market, Reuters reported.
"Hurricane Ian affected the entire industry. The industry has not delivered on risk-adjusted return targets. We finally have a much better chance of doing that," Dominik Hagedorn, Tangency Co-Founder.
MassMutual Ventures launches $100m climate technology fund.
MassMutual Ventures launched a new $100m fund to invest in early and growth-stage companies across the US in the climate technology sector, MMV Climate Tech Fund.
"Climate change represents a challenge to the world economy of unprecedented urgency and scale, leaving no industry or business process unaffected. Meeting this challenge will require an equally unprecedented level of commercial ingenuity and innovation. We believe there is a growing investment opportunity to support the companies and founders who are building solutions to mitigate, measure and manage climate change. MMV's investment capabilities, access to fund and founder networks and early-stage business expertise will enable the next generation of climate innovators to scale over time while creating a more sustainable future," Karl Beinkampen, MMV Managing Director, MMV Climate Technology Fund Co-Lead.
Private equity funds tap exotic loans for liquidity as deals ebb.
Private equity firms are increasingly turning to an unconventional type of debt to shore up portfolio companies as surging interest rates and declining valuations make it harder to sell assets, fund distributions and raise money for new investments.
So-called NAV loans, which allow firms to borrow against a pool of portfolio companies within a fund, are gaining in popularity, with more traditional financing options drying up, Bloomberg reported.
Ex-Calpers, Alaska Permanent CIO Russell Read joins 10X Capital. (People)
Russell Read, the former chief investment officer of California Public Employees' Retirement System, the Alaska Permanent Fund and Gulf Investment, has joined 10X Capital as CIO, Bloomberg reported.
Read, who's joining the firm's executive committee, will oversee 10X's global investment strategy and report to founder and Chief Executive Officer Hans Thomas.
Waterfall Asset Management appoints co-CIOs. (People)
Waterfall Asset Management has promoted Patrick Lo and Brian Rebello to co-chief investment officers. Waterfall is a global alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans, real assets, and private equity. LIntelo and Rebello are both partners of the firm.
Lo has over 17 years of industry experience. Prior to joining Waterfall in 2006, he worked as an analyst at Citigroup Global Markets, focusing on origination, structuring, and financing of various asset classes of ABS. Rebello has over 22 years of industry experience. Prior to joining Waterfall in 2010, he was a portfolio manager at Aberdeen Asset Management.
EMEA
Italy’s billionaire Benetton family and investment firm Blackstone are set to move forward with their bid for infrastructure giant Atlantia, even after their takeover offer fell just short of the required 90% shareholder threshold.
Schema Alfa, the bidders’ vehicle owned by the Benettons and Blackstone, will waive a threshold condition, it said in a statement. In addition, terms for accepting the offer will be reopened starting from November 21-25, Bloomberg reported.
Atlantia is advised by BNP Paribas, Morgan Stanley and Chiomenti (led by Marco Maugeri and Filippo Modulo). Edizione is advised by Citigroup and Santander. Blackstone is advised by Bank of America, Goldman Sachs, JP Morgan, Mediobanca, UBS, UniCredit, Gatti Pavesi Bianchi Ludovici, Hengeler Mueller (led by Vera Jungkind, Emanuel P. Strehle and Elisabeth Kreuzer), Legance, McCarthy Tetrault (led by Jonathan See), Simpson Thacher & Bartlett and Tancredi. Financial advisors are advised by Shearman & Sterling.
Metrika, a private equity firm based in Milan, completed the acquisition of a majority stake in SEFO, a company active in the production and marketing of high-end components and accessories for professional and racing motorcycles. Financial terms were not disclosed.
"With Metrika, we want to mark the beginning of a new and further phase of growth and consolidation thanks to the strong industrial vocation of the Fund and the attention it has shown towards those non-traditional market approaches that they have allowed us to grow solidly in recent years," Luca Fornaini, SEFO CEO.
Becketts Bidco, a consortium comprising Luxembourg-based private equity firm Astorg and London-based private equity firm Epiris, has secured all necessary regulatory approvals for its £1.66bn acquisition of Euromoney, a business and financial information company.
The London-based global business-to-business information-services company made the report saying that "all of the conditions relating to the regulatory and antitrust approvals have now been satisfied." The scheme remains subject to the waiver or satisfaction of the remaining conditions set out in the scheme document, including the sanction of the scheme by the court at the court hearing, which is scheduled for November 22, 2022.
Peninsula Capital, a private equity firm, completed the investment in MC2 Saint Barth, an Italian holiday wear group. Financial terms were not disclosed.
Peninsula Capital said it aims to develop MC2's business, initially focused on beachwear, to fashion for all seasons and open new shops abroad, mainly in the US, Middle East and Asia.
UPS completed the acquisition of Bomi Group from ArchiMed.
UPS, a company that delivers packages and documents throughout the United States and other countries and territories, completed the acquisition of Bomi Group, a healthcare logistics provider, from ArchiMed, a private equity firm. Financial terms were not disclosed.
"We had best-in-class growth and development support from ArchiMed. ArchiMed helped us source, negotiate and close 15 acquisitions over three years, crucially strengthening our business in both Europe and the Americas and expanding our capabilities. In three years, our organic growth moved from high single-digit to high double-digit," Marco Ruini, Bomi Chief Executive.
UPS was advised by JP Morgan and Freshfields Bruckhaus Deringer. Bomi was advised by Morgan Stanley and Simmons & Simmons. ArchiMed was advised by Latham & Watkins (led by Farah O'Brien).
Cordiant Digital, a specialist investment fund, completed the acquisition of Emitel, an operator of terrestrial radio and television infrastructure, from Astatine Investment Partners, a private equity firm, for $460m.
"In Cordiant we have an investor bringing both a long investment horizon and significant industry expertise; as such it can deploy capital, insight and patience to support us in our medium- and long-term growth plans in broadcasting and become an even more significant provider of outsourced digital infrastructure. We look forward to working with the Cordiant Digital team," Andrzej J. Kozlowski, Emitel CEO.
DIF, a global independent investment manager, agreed to acquire a majority stake in Alight, a developer of subsidy-free solar projects in the Nordics, for €150m ($155m).
"We have been impressed by Alight's track record as a first mover in the growing Nordic solar market, in addition to their top quality customer-led approach to winning long-term solar contracts. We also share Alight's vision on how to accelerate the energy transition in Europe and more specifically for their C&I customers, whilst also providing them with energy security at low cost in the current high power price environment. Alight's team and outlook are a strong foundation to build upon and we are pleased to take this step, enabling Alight to realise its growth ambitions," Gijs Voskuyl, DIF Partner.
Alight is advised by Newsec and Mannheimer Swartling. DIF is advised by Augusta & Co and DLA Piper.
Helios Investment to acquire a majority stake in Maroc Datacenter and IXAfrica Data Centre.
Helios Investment, a private equity investment firm, agreed to acquire a majority stake in Maroc Datacenter, a carrier-neutral data center in Morocco, and IXAfrica Data Centre, a developer and operator of hyperscale-ready data centers in Kenya. Financial terms were not disclosed.
"The acquisition of MDC as a key building block in Helios' broader Moroccan hyperscale DC platform and the strategic investment in IXAfrica are aligned with our criterion of making investments that have the potential to integrate climate-sensitive solutions into our value creation plans. In both Morocco and Kenya, the delivery of essential infrastructure that is critical to economic growth can be done in manner that is climate-sensitive; from focusing on low-carbon sources of power to lower intensity consumption of resources, these data center investments have potential to be blueprints for digital infrastructure's part in reducing carbon intensity on the continent," Babatunde Soyoye, Helios Investment Co-Founder and Managing Partner.
Helios Investment is advised by Debevoise & Plimpton (led by Geoffrey P. Burgess) and Teneo (led by Haya Herbert-Burns).
Private equity firms Partners Group and Daiwa International Capital Partners, agreed to acquire a minority stake in Blue Phoenix Group, an operator of incinerator bottom ash processing installations. Financial terms were not disclosed.
"We are excited to be entering into a partnership with Partners Group to continue the successful expansion of our platform. This is a significant achievement reflecting the calibre, experience and industry knowledge of the team," Gregor Jackson, Daiwa-ICP CEO.
Daiwa ICP is advised by Shearman & Sterling (led by Phil Baynes). Partners Group is advised by Ropes & Gray.
Antin Infrastructure Partners, a private equity firm, completed an investment in HOFI, a funeral infrastructure operator. Financial terms were not disclosed.
“HOFI’s mission is to provide the highest level of service to bereaving families during difficult times. With Antin, we are welcoming a new long-term partner which will allow us to provide these high-quality services to additional communities and families," Marco Mantica, HOFI Chairman.
HOFI was advised by Mediobanca. Antin was advised by Comin & Partners.
EQT-backed Molslinjen, a shipping company, agreed to acquire ForSea, a ferry company, from Igneo Infrastructure Partners, a private equity firm. Financial terms were not disclosed.
"ForSea is a leader in its industry and shows that it is possible to run a sustainable ferry line which at the same time creates excellent results. Sustainable transport is the model of the future and ForSea will continue the work of leading the way for the green journey," Kristian Durhuus, ForSea CEO.
Igneo Infrastructure Partners is advised by Rothschild & Co.
Partners Group, a private equity firm, agreed to acquire a majority stake in Cloudflight, a software developer, from Deutsche Beteiligungs, a private equity firm, in a €400m ($414m) deal.
"At Cloudflight, we differentiate ourselves through our broad technological capabilities, where we work with customers at every step of their digital journey from ideation through development to the operational phase. After a period of growth, we are now looking to continue this exciting journey and also explore further geographic possibilities beyond the DACH region and into other high-growth European markets. Partners Group's extensive operational experience in the sector and transformational investing approach make the firm an ideal future partner," Roger Kehl, Cloudflight CEO.
Cloudflight was advised Houlihan Lokey.
H.I.G. Capital, a global private equity investment firm, agreed to acquire a majority stake in Onis Visa, an operator at European level in the design, assembly and sale of generating sets and motor pumps. Financial terms were not disclosed.
"The investment by H.I.G. represents a fundamental step for the future of our Group, and will allow an expansion of the commercial strategy to further expand our presence in international markets, as well as the acquisition of companies with synergic businesses," Marco Barro, Onis Visa Co-CEO.
Apollo, a private equity firm, agreed to acquire the securitized products group from Credit Suisse, a provider of banking services. Closing of the transaction is expected in the first half of 2023. Financial terms were not disclosed.
Apollo is expected to hire the majority of the SPG team and will receive customary transitional services from Credit Suisse following the closing of the transaction to maintain a seamless experience for clients.
Duke Street, a private equity firm, completed the acquisition of Suir Engineering, a provider of mechanical, electrical and instrumentation engineering services. Financial terms were not disclosed.
"We are delighted to acquire Suir Engineering, a market-leading business that is a great fit for our investment program. The Duke Street team has previous successful experience in industrial services as well as Suir's underlying sectors. The company has a highly skilled workforce, an extremely strong safety record and a healthy pipeline of projects across Europe in all of its highly attractive end-sectors. We have been impressed with Suir's growth strategy and we look forward to actively supporting the existing management team in delivering their ambitious plans," Paul Adams, Duke Street Partner.
Lam Research, a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry, completed the acquisition of Semsysco, a global provider of wet processing semiconductor equipment, from Gruenwald Equity, a private equity firm. Financial terms were not disclosed.
"The strategic acquisition of SEMSYSCO furthers our commitment to help chipmakers address their emerging technology challenges, adding deep capabilities in advanced substrates and packaging processes. With innovative offerings and leading-edge research and development in packaging, Lam is well-positioned to support our customers as they scale to future chiplet-based technologies," Tim Archer, Lam Research president and CEO.
BDT Capital, a private equity firm, agreed to acquire a minority stake in Exxyte, a global provider of high-tech facilities. Financial terms were not disclosed.
"Our clear focus on high-tech industries is paying off. Due to the favorable market outlook and Exyte's focus on semiconductors and batteries, biopharma and life sciences, and data centers, we are well positioned in our markets and successfully on our "Pathway to Ten". This year, too, we will exceed our forecasts with targeted sales of around $7.25bn, putting us closer to our goal of reaching $10.3bn in sales in 2027. With our successful ongoing projects and significant project pipeline, we are well positioned for future profitable growth. I am pleased that BDT is convinced of Exyte's potential and prospects and will accompany us on our journey," Wolfgang Büchele, Exyte CEO.
Merck picks Goldman Sachs to launch pigments sale in 2023.
German diversified group Merck has tapped Goldman Sachs to revive a $1bn sale of its pigments division after previous attempts to sell the business fell through during the pandemic.
The business, known as Surface Solutions, has already drawn interest from Austrian rival Heubach, owned by SK Capital Partners, speaking on condition of anonymity, Reuters reported.
General Atlantic seeks more control of Kahoot!
Growth equity investor General Atlantic is exploring ways to boost its control of Norwegian educational technology company Kahoot!, Bloomberg reported.
The investment firm, which signed a deal in September to become Kahoot's largest shareholder, is in the early stages of studying options that may include a potential bid to buy out the company's other investors.
Novartis weigh sales of ophthalmology and respiratory units.
Novartis is weighing sales of non-core assets as it seeks to raise money to invest in cutting-edge medicines, Bloomberg reported.
The Swiss pharmaceutical giant is in the early stages of considering options for its ophthalmology and respiratory units. Some private equity firms are already studying the businesses. The ophthalmology business alone could fetch about $5bn.
PIF raises $610m in a stock market sale.
Saudi Arabia’s sovereign wealth fund PIF raised $610m from the sale of a 10% stake in the kingdom’s stock exchange as part of its plans to pare down holdings in some of the country’s biggest companies and fund other investments.
The Public Investment Fund sold 12m shares in Tadawul Group Holding at $50, a 9% discount to their last closing price. Investors put in orders for all the stock on offer within an hour of the books opening on Thursday, the latest example of strong demand for share sales in the Middle East, Bloomberg reported.
Deutsche Lufthansa close to selling rest of catering unit to Aurelius.
Deutsche Lufthansa, the flag carrier of Germany, is in talks to sell the remaining part of its airline catering unit to German private equity firm Aurelius.
Germany’s flagship airline group and Aurelius could announce a deal for the LSG Sky Chefs business in the coming weeks. While talks are advanced, they could still be delayed or falter, Bloomberg reported.
Any proceeds from the sale of the rest of the business would help Lufthansa reduce a debt hangover from the Covid-19 pandemic, which grounded most of its fleet and led to record losses.
South Africa’s PIC won’t sell stake key to platinum takeover battle.
South Africa’s Public Investment's decided against selling its shares in Royal Bafokeng Platinum, the miner at the center of an increasingly heated takeover battle, Bloomberg reported.
The PIC, Africa’s biggest fund manager, owns almost 9.9% of RBPlat, according to data compiled by Bloomberg. Those shares could help either Impala Platinum or rival Northam Platinum get closer to gaining control of RBPlat.
“PIC, after considering both financial returns for its clients and societal impact of the proposed transaction involving RBPlat, has decided to hold on to its position in RBPlat. The PIC has communicated this decision to both Impala Platinum and Northam Platinum,” PIC spokesperson.
Saudi sovereign wealth fund PIF reduces majority stake in stock exchange operator.
Saudi Arabia’s Public Investment Fund has sold a 10% stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising $612m, DealStreetAsia reported.
The sovereign wealth fund with over $600bn in assets said it sold 12m shares through an accelerated bookbuild offering. The fund’s remaining stake amounts to 72m shares or 60% of the company.
Saudi Wealth fund weighs IPO of $5n driller ADES.
Saudi Arabia’s wealth fund is considering an initial public offering of oil and gas driller ADES International by the first half of next year, as it accelerates efforts to raise billions of dollars for new investments, Bloomberg reported.
The Public Investment Fund is looking to hire investment banks for a potential listing and is expected to make a decision as soon as this year. An IPO could value the business, whose clients include Saudi Arabian Oil and Kuwait Oil, at about $5bn.
PIF is working with Lazard on funding options and IPO of Masar.
Saudi Arabia's Public Investment Fund, a private equity firm, is working with Lazard, on funding options and a potential initial public offering of Masar, a $27bn mega project in the holy city of Mecca.
The kingdom's sovereign wealth fund, which has over $600bn in assets, is working with the US financial advisory on Masar, and several other projects including the $500bn economic zone NEOM.
Masar's IPO plan was slated for next year, but the time horizon may be shifted as it is still in the early stages and the size or value of the deal is yet to be determined, Reuters reported.
EIF promises €2.5bn of climate action investment.
At the COP27 climate conference, the European Investment Fund signed investments totalling €247m ($256m) to enable five equity funds to back €2.5bn ($2.58bn) of climate action investment that the European Commission says will help to deliver the European Union’s climate and energy targets.
The new funding from the European venture capital and private equity financier contributes to the European Green Deal, the roadmap for Europe to become the first climate-neutral continent by 2050, and REPowerEU, the plan to rapidly reduce dependence on Russian fossil fuels and fast forward the green transition.
MVM closes oversubscribed fund at $500m hard cap.
MVM Partners is pleased to announce the closing of its sixth healthcare fund, MVM VI, with $500m in limited partner commitments. Demand was well above the hard cap.
“We are grateful for the strong support from sophisticated investors. This fund will continue our disciplined focus on accelerating the commercial growth of companies that develop innovative products to improve healthcare,” Eric Bednarski, MVM Managing Partner.
Isara launches £300m maiden fund.
Isara, a new specialist investor in the food sector, has launched its debut £300m ($353m) fund, which will focus on improving the efficiency, quality and sustainability of food supply systems across the UK, Ireland and Western Europe.
Isara will invest in food production and distribution businesses, helping to stabilise and transform the existing food ecosystem which is undergoing structural shifts caused by rising inflation, the Covid-19 pandemic, labour supply scarcity, and a growing commitment to sustainability.
Round2 Capital completes first closing of €100m software lending fund.
European software investment firm Round2 Capital has held the first close of its second software lending fund with €62m ($64m), expanding its total assets-under-management to €115m ($119m).
Round2 Capital is a pan-European software lending firm applying an actively managed revenue-based credit strategy and has invested in more than 25 companies throughout eight European jurisdictions.
APAC
Australia's Nitro Software said its board had determined the near AUD500 m ($335m) offer from KKR's Alludo to be superior to an earlier bid from major shareholder Potentia Capital Management.
Nitro has asked its shareholders to back the North-America based Alludo scheme and accept it, on the condition that no new superior offer prevails. The company expects to hold a shareholders meet related to the Alludo offer in March 2023, Reuters reported.
Nitro Software is advised by Cadence Bank (led by Garren Cronin), UBS, Allens and Cato & Clive (led by Clive Mathieson). Alludo is advised by Perella Weinberg Partners and Greenberg Traurig. Potentia Capital is advised by Jarden, Johnson Winter & Slattery (led by James Rozsa) and Domestique (led by Ross Thornton).
Blackstone, an American alternative investment management company, agreed to acquire a 52% stake in R Systems, an IT service management company, from Satinder Singh Rekhi, for $359m.
“I am excited that our partnership with Blackstone will take R Systems on the path to its next level of growth. Today, R Systems is a well-known product engineering brand that attracts top-notch talent looking to work on cutting-edge solutions for our global clients. The company’s management team will be excited to welcome Blackstone and benefit from their scale, expertise, and global track record in IT services. Our employees, customers, and partners will gain immensely from this partnership with Blackstone. I am happy for my new role as an advisor to the company under Blackstone’s ownership,” Satinder Singh Rekhi, R Systems CEO.
Blackstone is advised by KPMG, Cyril Amarchand Mangaldas and Simpson Thacher & Bartlett (led by Ian Ho). Satinder Singh Rekhi is advised by BDA Partners (led by Jeff Acton and Manoj Balwani) and AZB & Partners.
India Resurgence Fund, an India-focused investment platform, completed a $68m investment in Impresario, a food and beverage company.
"IndiaRF is delighted to partner with Impresario, which has built a profitable business on the back of strong brands, a professional team and a culture that allows the Company to stay nimble and creative. We plan to work alongside and augment the efforts of the management team, by leveraging on our deep operational engagement across multiple sectors. We believe that the next decade will see significant opportunities for Impresario as non-metro cities come up India's aspirational curve and become major economic centres," Shantanu Nalavadi, IndiaRF Managing Director.
Impresario was advised by Lodha & Co.
Fortress Investment Group, a private equity firm, to acquire Sogo & Seibu, a shop retailer, from Seven & Holdings, a Japanese diversified retail group, for $1.8bn.
The deal highlights the downfall of department stores, once major players in the Japanese retailing industry, with their wide range of products attracting young and old alike when the country's economy was strong.
Bain Capital, a private investment firm, agreed to acquire Mash Holdings, an apparel maker, for $1.44bn.
"We would like to expand further overseas in the future, centred on China," Mash. The fund believes that there is room for Mash to open new stores in Japan. It is aiming to list Mash in an initial public offering in three to five years. Bain hopes that the company would be worth more as a result of overseas expansion, particularly in China, and the digitization of its operations.
Sembcorp, an energy and urban development company, agreed to acquire Vector Green, an independent power producer with renewable power generation assets, from Global Infrastructure Partners, an infrastructure investment fund, for $345m.
"Sembcorp remains committed to growing its renewables portfolio in India, one of the fastest growing renewables markets in the world. This acquisition is aligned with the Group's brown to green transformation strategy. With the completion of this acquisition, Sembcorp's gross renewable energy capacity will increase to 8.5GW, pushing us closer towards our 2025 target of 10GW," Wong Kim Yin, Sembcorp President and CEO.
Mubadala, a sovereign investor, completed the acquisition of a minority stake in AirCarbon Exchange, a commodities exchange and trading solutions company. Financial terms were not disclosed.
"We are honoured today to announce Mubadala's investment in ACX. It represents Mubadala's confidence in the growth potential of ACX and validates the hard work the team has committed into developing ACX and our joint commitment going forward to scaling the voluntary carbon market both in region and globally," Thomas McMahon, ACX CEO & Co-Founder.
GIC spent $4bn in APAC real estate in 2022.
Singapore's sovereign wealth fund GIC has become APAC's top real estate spender this year, with $4bn of investments so far. Chinese e-commerce major JD.com stood a distant second with $3bn worth of property deals in the region year-to-date, DealStreetAsia reported.
China's state-owned CITIC Group ranked third, while South Korean real asset manager IGIS Asset Management and Australia-based Charter Hall Group were placed fourth and fifth, respectively.
Apax, TA, Carlyle make shortlist to acquire 40% Quest Global stake for $1bn.
Three private equity investors – Apax Partners, TA Associates and Carlyle – have made the shortlist to acquire a significant minority stake in Singapore-based engineering outsourcing firm Quest Global in a $1bn deal that could value the business at around $2.5bn.
And the report cites unnamed sources as revealing that other PE funds could make the cut too, with existing investors Advent International and Bain Capital, which together own around 33% of the company, also looking to monetise their five-year-old investment. Singapore’s investment firm GIC, which owns a small 2-3% stake in the company, may also sell its stake.
Temasek said to be weighing sale of Advanced MedTech at around $1bn valuation.
Temasek Holdings is exploring selling Advanced MedTech, after the medical devices firm, fully-owned by the Singaporean state investor, received interest from suitors including buyout funds, DealStreetAsia reported.
Two investment banks have been tapped to launch a sale process for Singapore-headquartered MedTech, which could be valued at roughly $1bn.
SoftBank shares crash on hefty Vision Fund losses.
Shares in Japan’s SoftBank Group Corp plunged on Monday after the company reported a heavy loss at its Vision Fund investment arm for a third consecutive quarter.
The shares sank 13% in early afternoon trade – heading for their biggest one-day loss in more than two and a half years.
Indonesia's SWF, China's CATL, CMBI to set up $2bn fund for electric vehicles.
Sovereign wealth fund Indonesia Investment Authority, Chinese battery manufacturer Contemporary Amperex Technology and CMB International Capital have signed a Memorandum of Understanding to establish, and invest in, a $2bn fund targeting electric vehicles, DealStreetAsia reported.
All parties will jointly invest in the formation of the Green Fund focusing on building the EV value chain in Indonesia, from upstream to downstream. This is part of efforts in supporting Indonesia’s plan to reach carbon neutrality by 2060.
IMM PE said to make first close of latest RoseGold fund at $510m.
IMM Private Equity, a major player in South Korea’s PE space, has raised 700bn won ($510m) in the first close of its fifth fund in the RoseGold series.
IMM Private Equity seeks to raise about $2.1bn for IMM RoseGold V, which will continue to invest in conglomerates and mid-cap companies in the sectors of consumers, retails, industrials, TMT, and financial services.
The first close of RoseGold V comes about two years after IMM raised $1.8bn for the fourth flagship fund. The latest fund, the largest in the firm’s history, expects to hold a final close in Q4 2023, DealStreetAsia reported.
Indonesia's Pertamina NRE invests $500m in energy fund with MDI Ventures.
Indonesian state-owned firm Pertamina’s new renewable energy subsidiary, Pertamina NRE, will be investing $500m in an energy fund set up in collaboration with state-owned Telkom Indonesia’s venture capital arm, MDI Ventures, DealStreetAsia reported.
Pahala Mansury, Indonesia’s vice minister of state-owned enterprises, said the energy fund will invest over a five-year period. “We expect more investors to join,” Pahala Mansury.
Kotak Investment Advisors raises $500m for new real estate fund.
India's Kotak Mahindra Group's asset management arm secured a $500m investment from a unit of the UAE-based sovereign wealth fund Abu Dhabi Investment Authority for its $1bn real estate fund. Kotak Investment Advisors has so far raised, managed or advised over $3.3bn under its real estate fund series.
"The new platform is primarily targeted at the significant demand for housing in India, which is driven by sustained economic growth and a shortage of urban housing clusters," Mohamed AlQubaisi, ADIA Real Estate Department Executive Director.
Renewables-focused Alcazar Energy Partners II raises $337m from AIIB, others.
The Middle East-focussed power producer and developer Alcazar Energy Partners has received $337m for its fund Alcazar Energy Partners II, which targets solar and onshore wind technologies, DealStreetAsia reported.
The fund, which is aiming to achieve up to $500m in its final closing, with a hard cap of $650m, will deploy capital in clean energy infrastructure in the Middle East, North Africa, Turkey, Eastern Europe and Central Asia.
Taiwan's AppWorks to make first close of fourth fund this month.
Taiwan-based venture capital firm AppWorks is looking to make the first close of its fourth flagship fund at about $200m as early as this month, DealStreetAsia reported.
The total corpus that the firm is targeting to raise by mid-2023 is $360m, even as the global economic uncertainty has slowed down the overall fundraising activity of several investors – both in the private equity and VC space.
CAI closes Climate Adaptive Infrastructure Fund at $825m.
Climate Adaptive Infrastructure, an investment firm that targets control investments in large-scale, low-carbon real assets in the clean energy, water, and urban infrastructure sectors, closed its inaugural fund, Climate Adaptive Infrastructure Fund, raising more than $825m in equity.
The fund attracted an institutional set of global limited partners comprised of endowments, foundations, insurance firms, pensions and superannuation funds, and fund of funds, in addition to prominent family offices and high net-worth individuals.
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