EMEA
BC Partners and PSP Investments exit Antelliq to Merck for €3.25bn.
Gioconda, Italian subsidiary of LBO France acquired stake in Bluclad.
Societe Centrale Prevoir acquired AssurOne Group from AnaCap Financial Partners.
Erhvervsinvest buys Arminox from Knud Laursen.
Waterland acquired digital agency Intracto.
Scout24 explores a €5bn sale, PE funds show interest.
Bankia is close to selling its $3.4bn portfolio of bad loans.
Amundi raised nearly €900m for its largest ever senior debt fund.
LINET explores a $621m sale, PE funds are among bidders.
Diesel Founder explores the potential acquisition of Roberto Cavalli.
AMERICAS
Thoma Bravo is in talks to acquire McAfee from TPG Capital and Intel.
APAC
Gaw Capital Partners and Consortium Partners acquired 12 Shopping Centers from Link Asset Management for HK$12bn.
Multiples PE acquired a 37% stake in APAC Financial Services.
IndoSpace closed its third fund with commitments of $580m.
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Latest Deals
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EMEA
BC Partners and PSP Investments exit Antelliq to Merck for €3.25bn.
Merck agreed to acquire Antelliq Group owned by BC Partners and PSP Investments. Merck will make a cash payment of approximately €2.1bn ($2.4bn) to acquire all outstanding shares of Antelliq and will assume Antelliq’s debt of €1.15bn ($1.3bn).
“Merck Animal Health is a leader in the animal health business and has delivered consistent above-market growth driven by a broad portfolio of innovative pharmaceuticals, vaccines and other value-added technologies and services. Antelliq’s people and products complement this portfolio by adding market-leading digital products, extending the range of solutions we can provide our customers and further driving the growth of our business." Kenneth C. Frazier, Merck Chairman and CEO.
Jean-Baptiste Wautier, chairman of Antelliq and partner at BC Partners commented, “Antelliq is a unique business which played a pivotal role in driving forward the convergence of the animal intelligence and animal health industries globally. We are proud of the transformation of the company that we initiated together with a fantastic leadership team over the past five years and believe that Merck is an ideal partner for Antelliq to support the next stage of its growth. As a truly innovative market leader with a clear vision and dynamic team, Antelliq has significant potential to continue leading the industry, as the use of intelligence, data and technology play an increasingly important role in animal health and care.”
Merck was advised by Barclays and Centerview Partners. Antelliq was advised by Rothschild & Co and Goldman Sachs.
Laureate Education, the world’s largest global network of higher education institutions, has signed an agreement with a company backed by the Permira funds, for the sale of Laureate’s institutions in Spain and Portugal. The institutions included in this agreement are Universidad Europea de Madrid, Universidad Europea de Valencia, Universidad Europea de Canarias, Universidade Europeia in Portugal, and Instituto Portugues de Administracao de Marketing in Portugal. The transaction value is €770m ($871m).
“These institutions have great brand recognition and offer a strong value proposition to students across a variety of disciplines. Under the ownership of the Permira funds, these institutions will maintain their focus on delivering high quality education, providing new and innovative learning experiences. The funds will continue to invest in their physical campuses and reinforce their online offering to meet the evolving needs of their student population. We look forward to working with management and academics, leveraging our global resources, local knowledge and expertise to help these universities execute on their growth plans and continue providing students with a world-class academic experience.” Pedro Lopez, Permira Head of Spain.
Permira was advised by Barclays and Linklaters. Laureate was advised by Goldman Sachs and Allen & Overy.
YFM Equity Partners has sold is stake in Mangar Health to Winncare Group, a leading French medical device company. Financials terms were undisclosed.
“This is another example of YFM identifying and backing a niche business with significant growth potential. We have really enjoyed working with the Mangar Health management team, alongside chairman James Buckley, and we are sure that they will deliver further growth as part of the Winncare Group." Ian Waterfield, YFM Partner.
YFM was advised by KPMG and Addleshaw Goddard.
Omnes and BIP Capital Partners have taken a joint majority stake in Captain Tortue. The founders, Philippe and Lilian Jacquelinet, have reinvested a significant share alongside Omnes and BIP. Financial terms were undisclosed.
Captain Tortue is the European leader in direct selling women's ready-to-wear clothing.
"With its unique business model and management team’s significant experience, Captain Tortue has very good growth prospects ahead. We are looking forward to working with Nathalie and her team to shape the company’s continued success story.” Estelle Fornallaz, BIP Capital Partners Partner.
Gioconda, Italian subsidiary of LBO France acquired stake in Bluclad.
Gioconda, the Italian subsidiary of LBO France, has taken a stake, alongside the current management team, in Bluclad, the Italian leader in developing chemical solutions for the galvanization of metal used in the luxury goods sector, mainly for clothing, footwear and luggage. Financials terms were undisclosed.
Thanks to its capacity for technical innovation, and the value-added services provided to galvanic and luxury companies, Bluclad has enjoyed steady and sustained growth since its creation, and also benefited from a highly buoyant underlying market thanks to the prominence of “Made in Italy” luxury goods. In 2017, the group posted revenue in excess of €20m ($22m) and had 42 employees, the majority of which are technical engineers.
“Bluclad’s history is typical of the success of Italian SMEs: specific, unique and solid positioning and know-how, perfectly adapted to the niche market of luxury goods which is particularly attached to “Made in Italy” quality. The growth outlook is very well orientated, due on one hand to a highly buoyant luxury goods market and on the other hand to the opportunity for geographical and product diversification which has already been initiated by the company." Roberto d’Angelo and Arthur Bernardin, Gioconda Managing Directors.
Societe Centrale Prevoir acquired AssurOne Group from AnaCap Financial Partners.
AnaCap Financial Partners has entered an exclusivity arrangement to sell its French insurance broker AssurOne Group to Societe Centrale Prevoir. Financials terms were undisclosed.
AnaCap first bought the business from Seventure Partners, Bpifrance and the company founders back in June 2014. AssurOne Group specializes in the online distribution and management of personal insurance products. Under AnaCap’s ownership the company increased its revenue growth by 82%.
“Our strategy for AOG was to grow and digitalise an already successful platform, strengthening its competitive position and improving the overall customer journey. The sale of the business stands testament to the investment thesis and we are pleased with the outcome for our investors.” Nassim Cherchali, AnaCap Managing Director.
Erhvervsinvest buys Arminox from Knud Laursen.
Danish PE firm, Erhvervsinvest has acquired a majority stake in Arminox from Knud Laursen. Financial terms were undisclosed.
Arminox manufactures and markets stainless reinforcement steel products and fixing components. The company's products are used in roads and traffic systems, historic buildings, offshore industry, petrochemical companies, wastewater treatment plants, nuclear power stations, and military installations.
Waterland acquired digital agency Intracto.
Waterland acquired Intractro. With a turnover of €30m ($34m) and more than 250 employees, Intracto is one of the largest independent digital agencies in Belgium. Financial terms were undisclosed.
Scout24 explores a €5bn sale, PE funds show interest.
German online classifieds company Scout24 is exploring a sale that could see it taken private in one of the country’s largest leveraged buyouts in years.
Silver Lake, the US technology-focused buyout group, is expected to be among the bidders with the most serious interest.
Scout24, which has a market value of €3.8bn ($4.3bn), could be valued at more than €5bn ($5.7bn) including the company’s €600m ($682m) in net debt.
Bankia is close to selling its $3.4bn portfolio of bad loans.
Spanish state-owned lender Bankia is nearing a deal to sell bad loans and repossessed property valued at €3bn ($3.4bn) to US fund Lone Star.
The bank aims to sell €8.8bn ($10bn) in bad loans by 2020.
Amundi raised nearly €900m for its largest ever senior debt fund.
Amundi has held the successful closing of its third and largest ever senior debt fund, with €880m raised twelve months after launch.
Fund's strategy, dedicated to the financing of European mid-cap companies, attracted capital from around twenty institutional investors. Half of the funds initially raised have already been invested in fifteen transactions.
LINET explores a $621m sale, PE funds are among bidders.
European hospital and nursing bed maker LINET Group is in talks with three or four bidders over the potential sale of a stake and could wrap up a deal in the first half of 2019.
Buyout groups Advent, CVC, and Sino-CEE Fund are among bidders.
LINET Group is being advised by JP Morgan.
Diesel Founder explores the potential acquisition of Roberto Cavalli.
Renzo Rosso, the founder of fashion label Diesel, is interested in buying Italy’s Roberto Cavalli through his OTB holding company.
OTB is one of around 10 players that have expressed interest in Cavalli. Roberto Cavalli, controlled by private equity firm Clessidra, reported sales of around €152m ($172m) last year.
Roberto Cavalli is being advised by Rothschild & Co.
AMERICAS
Thoma Bravo is in talks to acquire McAfee from TPG Capital and Intel.
Thoma Bravo has been seeking to rapidly consolidate the cybersecurity sector. In October, it announced a $2.1bn acquisition of Imperva and last month announced the acquisition of another cybersecurity firm called Veracode from Broadcom for $950m.
APAC
Gaw Capital Partners and Consortium Partners acquired 12 Shopping Centers from Link Asset Management for HK$12bn.
Gaw Capital Partners announced that the firm, through a fund under its management, and consortium partners, including Goldman Sachs, have won a bid to acquire a retail portfolio comprising 12 shopping centers in Hong Kong from Link Asset Management Limited at HK$12bn ($1.5bn).
“We worked closely with the community over the past 12 months and implemented a series of initiatives to better make use of these malls for the community. We look forward to applying our expertise in repositioning commercial property to add significant strategic value to this additional portfolio.” Kenneth Gaw, Gaw Capital Partners Managing Principal.
Multiples PE acquired a 37% stake in APAC Financial Services. (FS)
Private equity firm Multiples Alternate Asset Management has acquired a minority stake in the non-banking financial company APAC Financial Services. Financial terms were undisclosed.
“Banks, especially public sector banks, have lending limitations of both capital and flexibility when it comes to segments like affordable housing and MSME loans. The market is, hence, wide open for entrepreneurial ventures like APAC to go and harness that opportunity in a profitable way. Combining the tailwinds offered by the macros, with Gunit’s credible track record and goodwill, and his ability to raise future rounds of funding, there is an opportunity to create at least a billion-dollar enterprise in the near future." Ramnath, Multiples Founder and Managing Director.
IndoSpace closed its third fund with commitments of $580m.
IndoSpace, a joint venture between private equity firm Everstone Group and US-based industrial real estate investor Realterm Global, announced the final close of its third fund with commitments of $580m. The funds will be used to further funds' investments in India.
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