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AMERICAS
Bain Capital, a private equity firm, completed the acquisition of a majority stake in PowerSchool, a provider of cloud-based software for K-12 education, for $5.6bn.
“PowerSchool is a leader in K-12 SaaS technology in North America and is uniquely positioned to provide differentiated, mission-critical solutions that drive better education outcomes, empower educators, and help district operations run more efficiently. With Bain Capital’s support, PowerSchool will have access to additional resources and the flexibility to deliver even more growth and innovation, particularly with PowerBuddy, our generative AI platform, and scale our global reach in helping schools personalize education for every student journey," Hardeep Gulati, PowerSchool CEO.
General Atlantic, a private equity firm, completed the acquisition of Actis, an investor in sustainable infrastructure. Financial terms were not disclosed.
“Actis represents a transformative moment in our continued growth as a diversified private investing platform. Together, we are uniquely positioned to forge deeper relationships with our investors and unlock opportunities that lie at the intersection of our core investment themes – including the energy transition, the digital economy, and the shift in economic growth to developing economies. We share a commitment to investment excellence and, as a combined firm, are energized about the value we bring to both our investors and portfolio companies,” Bill Ford, General Atlantic Chairman and CEO.
General Atlantic was advised by JP Morgan (led by Xavier Loriferne), Morgan Stanley, Ashurst (led by Rob Aird and Jake Green), Khaitan & Co (led by Rabindra Jhunjhunwala), Machado Meyer Sendacz e Opice Advogados (led by Guilherme Bueno Malouf), Paul Weiss Rifkind Wharton & Garrison (led by Conrad van Loggerenberg, Cullen Sinclair, and Matthew Abbott) and Brunswick Group (led by Alex Yankus). Actis was advised by Campbell Lutyens, Goldman Sachs, J. Sagar Associates (led by Nisha Kaur Uberoi), Kirkland & Ellis (led by Peter Vaglio, Amy Fox, and Adrian Duncan), Trilegal and Greenbrook (led by James Madsen).
Private equity firms Clearlake Capital and Francisco Partners completed the acquisition of Software Integrity Group, an application security testing software provider, from Synopsys, an American electronic design automation company, for $2.1bn.
"As security becomes more embedded in DevOps workflows, we believe the demand and importance of application security testing providers will continue to rise. We are ready to leverage Clearlake's O.P.S.® framework to foster operational enhancements, build upon the Software Integrity Group's robust product offering, and fuel new growth as a standalone enterprise," Behdad Eghbali, Clearlake Co-Founder and Managing Partner.
Masdar, the United Arab Emirates' clean energy powerhouse, completed the acquisition of a 50% stake in Terra-Gen, an independent renewable energy power producer in the United States, from Energy Capital Partners, a private equity firm. Financial terms were not disclosed.
"The finalization of this deal cements a strong relationship between Masdar and Terra-Gen. Masdar is a great partner for Terra-Gen because of our shared focus on developing clean energy projects and our commitment to decarbonization. We look forward to working with them to expand and build on our pipeline of US projects," Jim Pagano, Terra-Gen CEO.
BlackRock, an American multinational investment company, completed the acquisition of Global Infrastructure Partners, an independent infrastructure fund manager, for $12.5bn.
“We are excited to embark on this new chapter as Global Infrastructure Partners (GIP), a part of BlackRock, with the goal of creating the premier global infrastructure investing firm. The combination of our institutional intellectual capital, investing and business improvement capabilities, global footprint, corporate and government relationships will allow us to deliver attractive investments for our investors and innovative solutions for our customers,” Bayo Ogunlesi, Global Infrastructure Partners Chairman and CEO.
BlackRock was advised by Perella Weinberg Partners, AZB & Partners (led by Zia Mody, Atreya Bhattacharya, Anuja Tiwari, Ashwath Rau and Rushabh Maniar), Clifford Chance (led by Stavroula Vryna and Dimitri Slobodenjuk), Fried Frank Harris Shriver & Jacobson (led by Jonathan S. Adler), Gorrissen Federspiel (led by Camilla Collet), Herbert Smith Freehills (led by Fiona Smedley, David Ryan and Elizabeth Charlesworth), Skadden Arps Slate Meagher & Flom (led by David Hepp). Global Infrastructure Partners was advised by Evercore, Debevoise & Plimpton (led by Alisa A. Waxman), Khaitan & Co (led by Gahan Singh) and Kirkland & Ellis (led by Daniel Lavon-Krein).
SM Energy, an independent oil and gas exploration and production company, and Northern Oil and Gas, an independent energy company, completed the acquisition of Uinta Basin oil and gas assets from EnCap and Rice-backed XCL Resources, an independent oil and gas company, for $2.55bn.
"We are excited to add a third core area of very high-quality assets to the SM portfolio. We look forward to welcoming new employees to the SM team from XCL Resources and Altamont Energy and to working in our new Utah communities. The Uinta Acquisitions add significant scale and long-term value creation opportunity for SM Energy via high-quality, oily stacked pay with outstanding well economics," Herb Vogel, SM Energy Company President and Chief Executive Officer.
CyberArk, the identity security company, completed the acquisition of Venafi, a provider of machine identity management, from Thoma Bravo, a private equity firm, for $1.54bn.
"This acquisition marks a pivotal milestone for CyberArk, enabling us to further our vision to secure every identity – human and machine – with the right level of privilege controls," Matt Cohen, CyberArk CEO.
EQT, a private equity firm, completed the acquisition of Perficient, a digital consultancy, for $3bn.
“Today, Perficient begins an exciting new chapter – one that is focused exclusively on executing our long-term, global growth strategy. For more than 25 years, we have developed long-term, trusted partnerships with many of the world’s biggest brands, which would not have been possible without our global team of 7,000 strategists, designers, technologists and engineers. EQT further strengthens our ability to focus on innovation and expansion, grow our talent around the world, and forge a stronger future with and for our customers,” Tom Hogan, Perficient President and CEO.
Perficient was advised by Bank of America, Wells Fargo Securities, Kirkland & Ellis (led by Sarkis Jebejian and Rachael G. Coffey), and Joele Frank (led by Tim Lynch). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by Paul Shim). EQT was advised by JP Morgan, TD Securities, Simpson Thacher & Bartlett (led by Elizabeth Cooper).
TPG, a global alternative asset management firm, agreed to acquire 70% stake in DIRECTV, a media satellite infrastructure provider, from AT&T, a telecommunication company, for $7.6bn.
“This transaction is the right next step for DIRECTV as we advance our vision and continue to evolve our product to offer consumers the broadest array of content. Our team is the best in the business, and we are driven to provide innovative video services with an outstanding customer experience," Bill Morrow, DIRECTV CEO.
TPG Capital is advised by Bank of America, Barclays, Evercore, LionTree Advisors, Morgan Stanley, Cleary Gottlieb Steen & Hamilton, Mintz Levin, Ropes & Gray and H/Advisors Abernathy (led by Tom Johnson).
Veritas Capital, a private equity firm, completed the acquisition of the digital banking business of NCR Voyix, a digital commerce solutions provider, for $2.55bn.
“We believe that Veritas, as a leading technology investor, is the ideal owner of our digital banking business, as they will continue to invest in market-leading products and solutions to meet the needs of our valued financial institution customers. This transaction allows us to drive value for our shareholders by strengthening our financial position and focusing on our core restaurant and retail customers,” David Wilkinson, NCR Voyix CEO.
Veritas Capital was advised by Evercore, Gibson Dunn & Crutcher (led by Lilit Voskanyan) and Prosek Partners. NCR Voyix was advised by Goldman Sachs and King & Spalding (led by Rahul Patel). Goldman Sachs was advised by Sullivan & Cromwell (led by Stephen M. Kotran).
Global Infrastructure Partners, a private equity firm, completed the acquisition of a 50% stake in offhore wind farms Revolution Wind and South Fork Wind from Eversource Energy, an energy company, for $1.1bn.
"We have reached an important milestone today in our commitment as a pure-play regulated pipes and wires utility that delivers superior service and value to our customers. We are proud of the role we have played to advance offshore wind projects, and we will continue to be a leader in employing our transmission expertise to conduct onshore work that supports the clean energy transition and enables the continued development of renewable resources for our region," Joe Nolan, Eversource Chairman, President and CEO.
Global Infrastructure Partners was advised by JP Morgan, Vinson & Elkins (led by Eamon Nolan) and Brunswick Group. Eversource Energy was advised by Goldman Sachs and Ropes & Gray. Debt providers were advised by Milbank (led by Daniel Bartfeld and Henry Scott).
IQVentures, a fintech organization, completed the acquisition of The Aaron's Company, a technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions, for $504m.
"We are pleased to announce this transaction with IQVentures, which delivers significant and immediate value to our shareholders. While we have performed well in a challenging operating environment, our Board has consistently evaluated the Company's standalone plan against other strategic opportunities, including recently engaging with a range of potential partners. With the assistance of our financial and legal advisors, the Board conducted a thorough review of our strategic options and ultimately determined that a sale to IQVentures represented the best way to maximize shareholder value," John W. Robinson III, The Aaron's Company Chairman of the Board.
RA Capital Management, RTW Investments and Janus Henderson Investors led a $175m Series B round in Aktis Oncology, a clinical-stage biotechnology company pioneering the discovery and development of novel targeted alpha radiopharmaceuticals, with participation from T. Rowe Price Associates, Avidity Partners, Bristol Myers Squibb, Eli Lilly and Company, and MRL Ventures Fund.
"The overwhelming support from high calibre investors underscores the progress we have made on our pipeline, platform, and supply chain capabilities, exemplified by the significant opportunity for AKY-1189, our first-in-class mini protein alpha radio-conjugate targeting Nectin-4 in development for several tumour types. With over $300m in cash, we are well-positioned to prosecute several opportunities to expand the benefit of this exciting modality into new patient populations," Matthew Roden, Aktis Oncology President and CEO.
Title Resources Group, an insurance underwriter, completed the acquisition of Doma, a real estate technology company, from Hudson Structured Capital, an asset manager, for $85m.
"We are excited to begin the next chapter of TRG's proud history. We look forward to getting to work bringing these two companies together, and providing our collective customers with excellent underwriting services," Scott McCall, TRG President and CEO.
TPG Capital, a private equity firm, agreed to invest in Surescripts, a health information network. Financial terms were not disclosed.
TPG's investment will allow Surescripts to develop an array of solutions addressing healthcare's biggest challenges. This investment will accelerate Surescripts' ability to scale existing Intelligent Prescribing, Benefits and Authorizations, and Clinical Interoperability solutions. It will allow Surescripts to further streamline the benefits process to reduce clinician burnout, help prescribers more efficiently deliver affordable medications to patients, and support the role of pharmacists as part of an evolving care team.
Surescripts is advised by TripleTree and Cleary Gottlieb Steen & Hamilton. TPG Capital is advised by Deutsche Bank, Evercore, JP Morgan and Kirkland & Ellis.
TPG Growth, the middle market and growth equity platform of TPG, completed the investment in Homrich Berg, a national independent wealth management firm. Financial terms were not disclosed.
"Homrich Berg has seen strong organic and inorganic growth over the last several years as it has expanded in the Southeast. The Firm's unwavering commitment to client service and a fee-only fiduciary approach is a proven formula for success and we look forward to supporting HB's vision for enhancing their capabilities and serving even more clients. We have been impressed by Thomas and his team and are proud to partner with them and the team at New Mountain to build on HB's momentum," Jenny Tu, TPG Growth Principal.
Homrich Berg was advised by William Blair & Co, Alston & Bird and Gregory FCA. TPG Growth was advised by Debevoise & Plimpton. New Mountain was advised by Ropes & Gray and H/Advisors Abernathy.
Private equity firms The Baupost Group and Ridgeview Partners agreed to invest in PayRange, a provider of IOT software and payment solutions for unattended retail. Financial terms were not disclosed.
"We've grown PayRange into a leader in unattended retail with an end-to-end suite of products used by over 10k customers and are excited to accelerate our strong momentum with capital, operational, and strategic support from Ridgeview Partners. Ridgeview's investment is a testament to what we've built and will enable us to drive continued innovation to better serve our customers as we enter this new phase of growth," Paresh Patel, PayRange Founder and CEO.
GIC, a sovereign wealth fund firm, agreed to acquire a 25% stake in Reworld, a waste management company, from EQT, a private equity firm. Financial terms were not disclosed.
“This partnership propels Reworld forward by significantly enhancing our ability to serve our customers and communities as their needs evolve. With the combined support of EQT and GIC, we are in an excellent position to accelerate the growth of our innovative waste solutions, amplify our zero-waste initiatives, decrease reliance on landfills, and contribute to a more sustainable and resilient future for everyone,” Azeez Mohammed, Reworld President and CEO.
GIC is advised by Goldman Sachs and Dechert. EQT is advised by Citigroup, Houlihan Lokey and Simpson Thacher & Bartlett.
TPG Capital, a global alternative asset management firm, completed the investment in Creative Planning, an independent wealth management firm. Financial terms were not disclosed.
“This new investment from TPG Capital is recognition of the unique value we create for our clients and the growth and expansion opportunities ahead for our business," Peter Mallouk, Creative Planning President and CEO.
Creative Planning was advised by Goldman Sachs and Paul Weiss. TPG Capital was advised by JP Morgan, RBC Capital and Davis Polk.
Ares Management, a global alternative investment manager, agreed to acquire Walton Street Mexico, a real estate asset management platform focused primarily on the industrial sector, from Walton Street Capital, a private real estate investment firm. Financial terms were not disclosed.
"We are excited to announce this transaction and believe that the Walton Street Mexico team will bring great insights to Ares as we continue to grow our leading global industrial real estate platform. We believe that Federico and the team are aligned with our values and will provide a distinctive edge to the Ares Real Estate team. We are seeing a meaningful shift in supply chain dynamics globally with Mexico emerging as an attractive location for skilled manufacturing and we believe that these trends will continue to increase demand for warehouse space in the country," Michael Arougheti, Ares CEO and President.
New Mountain Capital, a private equity firm, agreed to invest in Portage Point Partners, a business advisory, interim management and investment banking firm serving middle market stakeholders. Financial terms were not disclosed.
"Since inception, we have focused on curating a high-performance culture that can quickly close knowledge gaps to capture value and mitigate risk for middle market stakeholders. The New Mountain investment is a testament to the team we have built, the impact of our work and the strength of our brand. New Mountain's expertise in building high growth advisory-based professional services businesses make them the ideal partner to support our ambitious vision," Matthew Ray, Portage Point Founder & CEO.
Portage Point is advised by Jefferies & Company and Kirkland & Ellis. New Mountain Capital is advised by Ropes & Gray and H/Advisors Abernathy (led by Lisa Pham).
Leonard Green & Partners, an American private equity investment firm, agreed to acquire GeoStabilization International, a geohazard mitigation firm, from KKR, an American global investment company. Financial terms were not disclosed.
“This transaction is a testament to our years of collaboration with KKR and also reflects the dedication and hard work of the entire GSI team. KKR catalyzed our all-employee ownership program, developing an ownership culture that has made us even stronger. We are very proud that all GSI colleagues will share in this fantastic outcome,” Dominic Ivankovich, GeoStabilization International CEO.
KPS Capital Partners, an American investment company, agreed to acquire Catalyst Acoustics Group, a noise control solutions provider, from The Stephens Group, a private investment firm. Financial terms were not disclosed.
"KPS, with its demonstrated track record of manufacturing excellence is the ideal next owner of Catalyst as it enters this next phase of growth. We look forward to working closely together with KPS and our talented team to expand our technical leadership in acoustics technology and continue delivering new and exciting high-quality products and solutions that deliver significant value for our customers," Joe Lupone, Catalyst Acoustics CEO.
Turnspire Capital Partners, a private equity firm, completed the acquisition of GHP Group, a manufacturer and distributor of outdoor living, BBQ/Grill, heating, hearth, fire pits, and fountains products. Financial terms were not disclosed.
“GHP is at a very exciting inflection point, with tremendous opportunities across its product portfolio. Our team is excited to collaborate with Turnspire, whose operational expertise, highly relevant experience, and strategic guidance will enable GHP to better serve both current and future customers. GHP is well positioned to capitalize on its comprehensive product offering, supply chain management expertise, and deep customer relationships,” Ron Calvert, GHP CEO.
Turnspire Capital was advised by William Blair & Co, Willkie Farr & Gallagher, and Gasthalter & Co (led by Mark Semer).
Partners Group, one of the largest firms in the global private markets industry, agreed to invest in Gateway Fleets, a provider of electrification solutions for logistics fleet operators in the US. Financial terms were not disclosed.
"We identified Gateway through our deep thematic research into New Mobility, which is a theme that looks at the infrastructure required to support changing consumer and societal trends. After reviewing a number of investment opportunities over the years, we developed a strong view of what a winning transformational business model should be in the EV fleet migration space. Gateway met those criteria due to its tangible contract pipeline with anchor customers and a repeatable development model with a visible opportunity to scale in the near term," Andre Burba, Partners Group Managing Director, Infrastructure Americas.
Gateway Fleets is advised by Sheppard Mullin Richter & Hampton. Partners Group is advised by Ropes & Gray (led by Doug Giannantonio and Bob Rivollier).
Altor, a private equity firm focused on leveraged buyout and growth capital investments, agreed to invest in CCM Hockey, a global hockey brand. Financial terms were not disclosed.
"CCM is a fantastic company with an iconic brand and impressive history. We understand why sport lovers have turned to CCM for quality equipment for over a century. We are impressed by the durability and innovation that continues to keep the performance of their products at the forefront. We are excited to partner with the management team and accelerate the growth journey for CCM. Together we will continue the tradition of making sure that all players and goalies are represented in the best possible way in the sport they love," Andreas Källström Säfweräng, Altor Partner and Head of the Consumer Sector.
Thrive Capital, an investment firm, led a $6.6bn round in OpenAI, an artificial intelligence research organization, with participation from Microsoft, Nvidia, SoftBank, Khosla Ventures, Altimeter Capital, Fidelity, and MGX.
“The new funding will allow us to double down on our leadership in frontier AI research, increase compute capacity, and continue building tools that help people solve hard problems. We’re grateful to our investors for their trust in us, and we look forward to working with our partners, developers, and the broader community to shape an AI-powered ecosystem and future that benefits everyone," OpenAI.
GTCR, a private equity firm, and Recognize, a technology investment platform, agreed to acquire TRANZACT, a direct-to-consumer insurance services company, from WTW, a global advisory, broking and solutions company, for $632m.
"We are excited to partner with Recognize, Andy and the talented team at TRANZACT and continue to build on their innovative platform. We have known Andy for many years and have always admired TRANZACT and their truly unique, data-driven marketing model for the insurance industry. Over the years, TRANZACT has developed deep, trusted partnerships with some of the industry's most recognized insurers and, along with its strong brand, has positioned itself well to continue to gain share as we look to expand and enhance its offering. Importantly, they have also established a reputation for exceptional service and quality to the end consumers," David Donnini, GTCR Managing Director and Head of Business & Consumer Services.
Recognize is advised by Chris Tofalli Public Relations (led by Chris Tofalli).
Equinix, a digital infrastructure company, CPPIB, a Canadian Crown corporation, and GIC, a global long-term investor, agreed to form a joint venture. Financial terms were not disclosed.
"As the world's leading companies build out their infrastructure to support key workloads such as artificial intelligence, they require the combination of large-scale data center footprints optimized for AI training and interconnection nodes for the most efficient inferencing. Our xScale and IBX offerings are uniquely positioned to address this business need, enabling companies to realize the powerful potential of AI," Adaire Fox-Martin, Equinix CEO and President.
Equinix is advised by Morgan Stanley.
Accel-KKR, a global technology-focused investment firm, completed the acquisition of VisiQuate, a provider of advanced revenue cycle analytics, AI-powered workflow, and automation. Financial terms were not disclosed.
"VisiQuate delivers mission-critical solutions that empower healthcare organizations to optimize their revenue cycles and enhance financial performance. We are excited to support VisiQuate's next chapter of growth and look forward to helping them continue to provide industry-leading innovations, while delivering even greater value to their clients," Park Durrett, Accel-KKR Managing Director.
Mitratech, a compliance technology leader for legal, risk, and HR teams, completed the acquisition of Preparis, a premier continuity planning platform for incident management and emergency response, and Prevalent, a leader in unified third-party risk management, from Insight Partners, a private equity firm. Financial terms were not disclosed.
“Flexibility is a necessity as companies are up against today’s unpredictable business market and interconnected supply chain. We’re intentionally building a risk and compliance platform that puts users back in control of their crisis management and vendor networks with simplicity and effectiveness. The tailored, self-guided nature of both Preparis and Prevalent, along with their AI-focused innovation, makes them a natural fit for Mitratech’s automated risk and compliance suite. With these additions, our risk platform is even better positioned to drive value for our customers, enabling resilience through a modern platform that delivers everything they need for success — all in one place," Mike Williams, Mitratech CEO.
Atlas Venture, Bain Capital Life Sciences and RTW Investments led a $400m Series A round in Kailera Therapeutics, a clinical-stage biopharmaceutical company focused on advancing a broad pipeline of next-generation therapies for the treatment of obesity and related conditions, with participation from Lyra Capital.
"In this period of rapid innovation in the metabolic space, I believe that Kailera is poised to make an impact beyond the current market leaders. We have an incredible opportunity to develop next-generation treatments for chronic weight management, helping people reclaim their health and live their lives to the fullest," Ron Renaud, Kailera Therapeutics CEO.
CACI International, an American multinational professional services and information technology company, completed the acquisition of Applied Insight, a technology solutions provider company, from Acacia, a private equity firm. Financial terms were not disclosed.
“With the close of this acquisition, CACI further establishes its unparalleled reputation for delivering expertise and technology to modernize our customers’ enterprise IT infrastructure. The combined business of CACI and Applied Insight will enhance enterprise-wide cloud, cyber, and user productivity for secure networks in the IC, thus accelerating decision-making and optimizing mission outcomes for analysts and warfighters around the globe,” John Mengucci, CACI President and Chief Executive Officer.
TPG in lead to buy stake in Creative Planning at $15bn valuation.
Buyout firm TPG has emerged as the frontrunner to pick up a minority stake worth $2bn in Creative Planning, in a deal that could value the wealth management firm at more than $15bn, Reuters reported.
EQT-backed Zayo, TPG vie for Crown Castle assets worth nearly $10bn.
Fiber network owner Zayo Group and buyout firm TPG are competing to acquire the fiber and wireless assets of Crown Castle in a deal that could be valued at nearly $10bn, Reuters reported.
Zayo, which is owned by buyout firms EQT and DigitalBridge, and TPG are the two remaining bidders for the assets, which include Crown Castle's fiber business and its small cell business, which provides wireless services and technology.
Miami Dolphins owner nears selling stakes to Ares and Tsai.
Miami Dolphins owner Stephen Ross is in advanced talks with private equity firm Ares Management and billionaire Joe Tsai to sell stakes in the NFL team and other assets at a valuation of $8.1bn, Bloomberg reported.
As part of the agreement, Ares will purchase a 10% stake in the properties, which also include Hard Rock Stadium and F1’s Miami Grand Prix. Tsai, the owner of the Brooklyn Nets and New York Liberty, will buy 3% through his family office, Blue Pool Capital.
OpenAI asks investors to avoid five AI startups including Sutskever's SSI.
As global investors such as Thrive Capital invest $6.6bn in OpenAI, the ChatGPT-maker sought a commitment beyond just capital - they also wanted investors to refrain from funding five companies they perceive as close competitors, Reuters reported.
The list of companies includes rivals developing large language models such as Anthropic and Elon Musk's xAI. OpenAI's co-founder Ilya Sutskever's new company - Safe Superintelligence, is also on the list. These companies are racing against OpenAI to build large language models, which requires billions in funding.
Johnson Controls kicks off $2bn sale of ADT Alarms.
Johnson Controls International is kicking off the sale process of its ADT alarms business, which could be worth about $2bn in a deal, Bloomberg reported.
The company is working with Citigroup to gauge interest from potential buyers of the unit. Advent International, Bain Capital, CVC Capital Partners and Triton are among the buyout firms that are studying the asset.
Ares nears buyout of Form Technologies with $1bn financing.
Jefferies Financial Group is in early discussions with investors on a roughly $1bn financing package to support Ares Management’s potential buyout of industrial manufacturer Form Technologies from Partners Group, Bloomberg reported.
The financing is set to include a $650m term loan and a $100m revolver, along with $150m of preferred equity and $125m in common shares. Proceeds will be used to refinance Form’s existing $633m term loan at face value.
Thoma Bravo hunting for potential Latin American software deals.
Technology-focused buyout firm Thoma Bravo has identified three or four companies in Latin America as potential targets in the region, Bloomberg reported.
The Chicago-based group known for its big bets on enterprise software is focusing its scouting efforts in Mexico and Brazil, the region’s two biggest economies, although no deal is imminent.
CVS explores options including potential break-up.
CVS Health is exploring options that could include a break-up of the company to separate its retail and insurance units, as the struggling healthcare services company looks to turn around its fortunes amid pressure from investors, Reuters reported.
CVS has been discussing various options - including how such a split would work - with its financial advisers in recent weeks.
Blackstone leads private credit deal for anti-theft tech maker.
Blackstone provided a $550m private credit deal for Graham Partners’s Gatekeeper Systems, which makes technology for shopping carts designed to detect theft, Bloomberg reported.
The refinancing included a dividend and a portability feature, which will allow Graham Partners to return capital to investors and helps to provide increased flexibility to sell the business in the future, respectively. The deal will also boost Gatekeeper’s capacity for new mergers or acquisitions.
Apollo plans to double assets by 2029 as it lays down challenge to banks.
Apollo Global Management is aiming to more than double in size over the next five years and become one of the largest debt underwriters in the world, under new targets unveiled by chief executive Marc Rowan.
Rowan laid out plans to increase Apollo’s assets under management from less than $700bn to $1.5tn by 2029, as companies increasingly turn to the private capital group for credit instead of the banks on which they have historically relied, FT reported.
JP Morgan says IPO market for PE-backed companies is ‘very’ open.
The market for initial public offerings of companies that are owned by private equity firms is picking up, buoying the outlook for such first-time share sales heading into next year, Bloomberg reported.
At least four such US listings are slated for this month, including StandardAero. The aircraft maintenance services provider, backed by Carlyle Group, raised $1.44bn in an IPO on October 1. The burst of business will be welcome news for investors sitting on $3.2tn of companies that have been stuck in private equity firms’ portfolios after a choppy three-year stretch for new entrants.
Partners Group-backed KinderCare seeks up to $3.1bn valuation in IPO.
KinderCare Learning Companies, a provider of early childhood education, set a target of up to $3.09bn valuation on Septmeber 30 for its long–sought US initial public offering, DealStreetAsia reported.
The 55-year-old company, backed by Swiss private equity firm Partners Group, is moving towards a listing after previously pursuing it in 2021. KinderCare is aiming to raise up to $648m by offering 24m shares at a price range of $23 and $27 each.
Carlyle-backed StandardAero prices IPO above range to raise $1.44bn.
StandardAero, a US aircraft maintenance services provider, priced its US initial public offering above its indicated range to raise $1.44bn, Reuters reported.
Scottsdale, Arizona-based StandardAero, which is backed by buyout firm Carlyle, priced its offering at $24 apiece, above its range of $20 to $23.
Platinum Equity-backed tech firm Ingram Micro files for IPO.
Platinum Equity-backed technology company Ingram Micro filed for an initial public offering, as companies rush to make their public debuts ahead of the US presidential election in November.
Irvine, California-based Ingram Micro disclosed net income of $104m on net sales of $22.9bn in the 26 weeks ended June 29, versus $129m in net income on net sales of $23.1bn in the same period a year earlier, Bloomberg reported.
Summit raises $9.5bn for twelfth US growth equity fund.
Summit Partners, a global growth equity private investment firm, has closed its latest flagship US growth equity fund, Summit Partners Growth Equity Fund XII, with $9.5bn in capital commitments, five months after the fundraising launch.
Summit XII will target majority and minority investments of $75m to $500m primarily in profitable, category-leading growth companies in key growth sectors including technology, healthcare, financial technology and services.
OceanSound Partners closes $1.49bn Fund II.
OceanSound Partners, a growth-oriented private equity firm that invests in technology and technology-enabled services companies serving government and highly regulated enterprise end markets, announced the final close of its second fund, OceanSound Partners Fund II, with $1.49bn in total capital commitments. Together with affiliated co-investment vehicles and a single-asset continuation fund closed in April 2024, OceanSound has raised in excess of $2.15bn of cumulative committed capital in connection with the Fund.
OceanSound received support from a diverse group of existing and new, well-regarded limited partners, including leading pension plans, endowments and foundations, family offices, institutional consultants, asset management firms and insurance companies. The fund was oversubscribed, and nearly all of the inaugural fund investors returned as fund investors.
Morgan Stanley Investment Management closes 1GT climate private equity fund at $750m.
Morgan Stanley Investment Management has held the final close of the 1GT climate private equity fund at $750m of equity capital commitments. 1GT targets growth-oriented investments in companies in North America and Europe aiming to collectively avoid or remove one gigaton of carbon dioxide-equivalent emissions from the Earth's atmosphere from the date of investment through 2050.
"We are pleased to have arrived at the final close of 1GT, a highly focused fund that is providing capital at the critical growth stage to companies whose products and services enable meaningful reduction in the global carbon footprint. 1GT's investors saw the unique opportunity to invest in a fund with a tangible, transparent, and independently measured climate goal, which directly ties to the team's incentive compensation," Vikram Raju, MSIM Head of Climate Private Equity Investing and 1GT.
Gallant Capital Partners closes fund II at $406m.
Gallant Capital Partners announced the final closing of Gallant Capital Partners Fund II at $406m, a meaningful increase over Gallant’s first fund. Gallant was founded in 2018 and has completed over 30 transactions to date with over $1.2bn in assets under management.
GCP II will continue to deploy its OTX strategy by targeting investments in the technology, industrial and business service sectors in order to drive value through its in-house operations capabilities. GCP II has already closed two platform investments and 5 add-on acquisitions and is actively seeking new investment opportunities.
Blackstone taps Värde, Jefferies alums amid credit push. (People)
Blackstone is hiring a pair of credit veterans, as it looks to grow beyond corporate debt investments and into asset-based finance and infrastructure, Bloomberg reported.
Värde Partners' former head of financial services, Aneek Mamik, will be joining Blackstone in November as a senior managing director in New York. He will focus on asset-based finance investments and will be head of financial services within the recently-formed Blackstone Credit and Insurance, or BXCI, unit. Prior to Värde, Mamik spent more than a decade at GE Capital.
EMEA
Thoma Bravo, a private equity firm, completed the acquisition of Darktrace, a cybersecurity company, for $5.3bn.
"Thoma Bravo will be a hugely valuable partner as we pursue further scale and innovation for our next stage of growth. Darktrace's position at the cutting edge of cybersecurity AI coupled with Thoma Bravo's deep strategic and sector expertise will be a powerful combination. Protecting businesses and organisations with best-in-class AI-powered, proactive cybersecurity will remain at the absolute core of what we do. Together, we can take this even further, investing in our people to enhance our technical capabilities and delivering exceptional service and value for our customers," Jill Popelka, Darktrace CEO.
Darktrace was advised by Jefferies & Company (led by Nandan Shinkre, Philip Yates, Paul Bundred and Dominic Lester), Qatalyst Partners (led by Jason DiLullo), Latham & Watkins (led by Richard Butterwick) and Headland Consultancy (led by Nigel Prideaux). Thoma Bravo was advised by Goldman Sachs (led by Mark Sorrell), Kirkland & Ellis (led by Francesca Harris, David Higgins, Steven Page, Corey Fox, Bradley Reed and Vincent Bergin) and FGS Global (led by Faeth Birch, Sophie Scott, Liz Micci and Anna Sperber).
Macquarie, an Australian global financial services group, agreed to acquire ZITON, an offshore wind O&M services provider, from Permira, a British global investment firm. Financial terms were not disclosed.
"With the support of Permira Credit, we continued our goal of ensuring high uptime for offshore wind turbines to produce clean energy. In this new chapter, we look forward to working with Macquarie Asset Management, as we continue to grow and be a trusted partner for our customers," Thorsten Jalk, ZITON CEO.
Macquarie is advised by Credit Agricole CIB, Bech-Bruun and Jones Day. Permira is advised by Nomura Greentech and Kromann Reumert.
TPG Rise Climate, a dedicated climate investing strategy of TPG’s global impact investing platform, and GIC, a Singaporean sovereign wealth fund, agreed to acquire Techem, an energy management, resource conservation and efficiency improvements services provider, from Partners Group, a global private markets investment manager, CDPQ, a global investment group, and Ontario Teachers, a pension plan, for €6.7bn.
“With TPG and GIC, we are gaining strong new partners with the digitisation and platform expertise needed to help us make significant progress in implementing our corporate strategy. Together, we want to further expand and advance our position as a leading platform for digitising and decarbonising the building sector across Europe and beyond,” Matthias Hartmann, Techem CEO.
Brookfield, an investment management company, and Real Assets Investment Management, an independent investment platform, agreed to acquire solar assets from Atrato Onsite for £219m ($290m).
"The Board was very pleased with the interest shown in the Company. After a detailed analysis, the Board determined that a sale of the Portfolio to the Consortium was the best means of maximising Shareholder value against a backdrop of persistently wide share price discounts in the investment trust sector, the subscale nature of the Company and consistent Shareholder feedback to sell the Portfolio. Therefore, the Board unanimously considers the Proposals to be in the best interests of the Company and its Shareholders as a whole and unanimously recommends that Shareholders vote in favour of the change of investment objective and policy resolution at the General Meeting," Juliet Davenport, Atrato Onsite Chair.
Atrato is advised by Stifel (led by Mark Bentley), Gowling WLG and Greenhouse Communications.
Graco, an industrial company specializing in the development and manufacturing of fluid-handling systems and products, agreed to acquire Corob, a tinting solutions provider across diverse industries, from Ardian, a private investment house, for €260m ($290m).
"The addition of Corob to our portfolio builds on our strong global position in the growing paint and coating machinery manufacturing category within our Contractor segment. This acquisition advances our key strategies of global growth and expanding into new and adjacent markets. Like Graco, Corob has a demonstrated track record of achieving consistent growth in markets around the world through innovation as well as quality and service, and we look forward to collaborating for continued success," Mark Sheahan, Graco President and CEO.
Ardian is advised by Headland Consultancy.
Telemos Capital, a European mid-market private equity firm, agreed to acquire a majority stake in Helios Global Group, a healthcare communications firm, from NorthEdge, a private equity firm. Financial terms were not disclosed.
"We’re incredibly excited about the next chapter for Helios. We chose Telemos as our next investment partner because of their flexible approach and agile decision-making capabilities, alongside their wish to assist strong management teams in building great companies for the long term," Andrew Minnock, Helios CEO.
Helios Global Group is advised by Robert W Baird (led by Tom Cowap).
Jupiter Asset Management, a fund management group, agreed to acquire investment team and assets managed from Origin Asset Management, an investment firm. Financial terms were not disclosed.
“We are excited to be part of the Jupiter team, whose truly active and differentiated investment management philosophy and culture aligns with ours, and whose strong client-centric ethos is very clear. The transition for our existing clients will be seamless and, indeed, we believe they stand to benefit from Jupiter’s focus on excellence in client experience. As well as the benefits to existing clients, we will be well-placed to grow our client and asset base over time,” Tarlock Randhawa, Origin Managing Partner.
Jupiter Asset Management is advised by Edelman (led by Andrew Wilde).
CGE, a private equity investment firm, and Five Arrows, a private equity manager, completed the acquisition of a majority stake in Intact, an audit, certification and standard management software provider, from IMCap Partners, an investment firm. Financial terms were not disclosed.
"We are excited to welcome both CGE Partners and Five Arrows as investors in Intact. With their strong track records in driving growth and scaling innovative technology companies, we are confident this partnership will propel us forward. Together, we will continue to strengthen our capabilities, investing strategically in our product, service and international expansion, delivering even greater value to our clients, employees and stakeholders globally," Thomas Lorber, Intact Co-Founder and CEO.
IMCap was advised by Robert W Baird (led by Marco Krass).
Fischer family completed the acquisition of a 20% stake in DKV Mobility, a company that provides intelligent solutions for mobility services, from CVC, a private equity and investment advisory firm. Financial terms were not disclosed.
“We have built on the great potential DKV Mobility always had as a leading European mobility platform and made our company even more dynamic and competitive in recent years. I would like to thank our partner CVC, with whom we have further professionalized and internationalized the company together with the management. We are now looking forward to continuing the successful growth course in family ownership with investments and new ideas," Jan Fischer, DKV Mobility Majority Shareholder and Chairman of the Administrative Board.
Fischer family was advised by UniCredit.
Tristan Capital, a real estate investment manager, completed the acquisition of a freehold site at Cody Technology Park from QinetiQ, a defence technology company, for £112m ($150m).
"I'm delighted we have found a strategic partner committed to investing in Cody Technology Park and developing its long-term future as a centre of excellence in defence, science and technology in Hampshire. The sale of the site to Tristan Capital Partners is aligned to our strategic priorities and underscores our commitment to focusing on our core business to deliver for our customers," Steve Wadey, QinetiQ Chief Executive Officer.
Vista Credit Partners, a strategic credit and financing partner focused on the enterprise software, data and technology markets, completed the $100m investment in Mews, a hospitality cloud.
"Hospitality at its core is a human industry, and we are relentlessly focused on driving cloud technology which empowers staff to disconnect from their screens and focus on their guests. We have a huge opportunity to support the world's most revolutionary hospitality brands to accelerate their digital transformation," Matt Welle, Mews CEO.
Apollo buys most of Deutsche Bank SRT linked to $3bn debt.
Apollo Global Management bought most of Deutsche Bank's significant risk transfer linked to a portfolio of $3bn in leveraged finance debt, Bloomberg reported.
The New York-based alternative asset manager took over 50% of the SRT transaction. The SRT was issued out of Deutsche Bank's Loft program.
Hg considers sale of French software firm SmartTrade.
Private equity firm Hg is weighing a sale of French software firm smartTrade Technologies, which could be valued at about €1bn ($1.1bn).
Hg is working with advisers to prepare the company for an auction process next year. The company may still retain a minority stake in the business, Bloomberg reported.
UK's LTG set to recommend a $1.06bn takeover bid from General Atlantic.
London-based Learning Technologies Group is set to agree to a £792m ($1.06bn) takeover bid by US private equity firm General Atlantic if a formal offer is made, Reuters reported.
Shares of LTG, which listed in 2013 closed 28.2% higher at 96 pence. LTG, which provides corporate training tools including mobile apps and training videos, said its board was inclined to recommend the proposed offer of 100 pence per LTG share if General Atlantic makes a firm offer on those financial terms.
Saudi giga-project Diriyah agrees deals worth $1bn with European firms.
Diriyah, one of Saudi Arabia's so-called giga-projects, has agreed deals worth nearly $1bn with European firms and is in talks to attract more foreign capital, Reuters reported.
The $63bn project is one of the Public Investment Fund's giant construction efforts aimed at boosting economic growth and diversifying the oil-reliant kingdom's economy.
Buckley Capital urges Basic-Fit to pursue sale.
Discount gym operator Basic-Fit shareholder Buckley Capital Management is urging the Dutch fitness-center chain operator to put itself up for sale, arguing the stock is worth double its current value, Bloomberg reported.
The Miami Beach, Florida-based investor on September 30 issued an open letter urging Basic-Fit's board to initiate a strategic review. The fair value of the Amsterdam-listed company should be between €40 ($44.7) and €50 ($55.8) a share.
Fund backed by billionaire Veyrat expands biomass investments.
The alternative investment firm majority owned by French billionaire Jacques Veyrat is expanding its presence in the market for biomass, which it sees as a key plank in the energy mix needed to achieve net zero greenhouse-gas emissions, Bloomberg reported.
Eiffel Investment Group, which oversees roughly €6.5bn ($7.3bn) of assets, said that Dall Energy, a Danish company held in its Eiffel Essentiel fund, will acquire Weiss France Energie and its service unit BSM from the Groupe Roullier for an undisclosed amount.
CVC-backed retailer eyes raising $1.7bn in Warsaw IPO.
Investors led by private equity fund CVC Capital Partners seek to raise as much as PLN6.45bn ($1.67bn) in an initial public offering of Poland’s Zabka Group, Europe’s largest chain of convenience stores, Bloomberg reported.
In what may be the biggest Warsaw listing in four years, shareholders in the 7-Eleven-styled chain are offering 300m shares, or a 30% stake. The price range is set at PLN20 ($5.2) to PLN21.5 ($5.6) per share, which gives the company an implied market value of as much as PLN21.5bn ($5.6bn).
APAC
Oaktree Capital, a global investment manager, agreed to invest $166m in AZ Next Generation Advisory, a professional advisory firm.
"AZ NGA and the leadership team have established themselves as the growth and succession partner of choice for high performing financial planning and accounting firms. Oaktree has invested in financial services platforms globally, such as Ascot Lloyd and Atomos, and we look forward to enhancing AZ NGA's strong market position and sharing Oaktree's seasoned investment philosophies to deliver even greater value to AZ NGA's retail and wholesale clients. We will work together to achieve our shared vision of AZ NGA as Australia's leading consumer financial services advisory firm," Byron Beath, Oaktree Managing Director.
AZ NGA is advised by Jefferies & Company, Corrs Chambers Westgarth and Splash Content (led by Leng Ohlsson). Oaktree is advised by Jarden and Clifford Chance.
India’s antitrust regulator approved Mankind Pharma’s INR136.3bn ($1.6bn) acquisition of vaccine-maker Bharat Serums and Vaccines, Bloomberg reported.
Mankind Pharma, which has brands including Manforce condoms and Prega News pregnancy tests, signed an agreement to acquire Bharat Serums from a number of funds owned by private equity giant Advent International back in July. The proposed acquisition also requires approvals from the Turkish Competition Authority and Federal Ministry of Economic Affairs and Climate Action.
Bharat Serums and Vaccines is advised by Jefferies & Company. Mankind Pharma is advised by AZB & Partners (led by Sneha Nagvekar). Advent International is advised by Khaitan & Co (led by Swathy Ramanath).
MBK Partners is open to considering a higher offer to take control of Korea Zinc if rival suitors for the world’s biggest producer of refined zinc and lead emerge, Bloomberg reported.
Last week MBK, along with Korea Zinc’s biggest shareholder Young Poong, sweetened its initial offer for Korea Zinc to KRW750k ($571) per share, valuing it at KRW15.5tn ($11.8bn).
Bain, a private investment firm that specializes in private equity, venture capital, credit, public equity, impact investing, life sciences and real estate, agreed to acquire T-Gaia, a Japan-based information technology company, from Sumitomo, a general trading company, for $980m.
"Since the establishment of Sumisho Telemate in June 1995, Sumitomo has provided T-Gaia with strategic support to increase its corporate value and enhance HR support through means such as secondment of employees. However, the environment surrounding the cell phone sales agent business has drastically changed in recent years, and the roles and expectations of cell phone sales agents by telecommunications carriers have also changed significantly. In light of this, and following a review of our business portfolio, we have decided that it is desirable to transfer our T-Gaia shares," Sumitomo.
Qatar Airways, a national airline of the State of Qatar, agreed to acquire 25% stake in Virgin Australia, an Australian airline, from Bain Capital, a private investment firm. Financial terms were not disclosed.
“This partnership brings the missing piece to Virgin Australia’s longer-term strategy and is a huge vote of confidence in Australian aviation. Importantly, it will further strengthen Virgin Australia’s ability to compete over the long term, which will inevitably translate into more choice and even better value airfares for consumers as well as additional Australian aviation jobs,” Jayne Hrdlicka, Virgin Australia Group CEO.
Alibaba-owned hypermarket chain Sun Art said to draw PE interest.
Alibaba Group’s majority stake in Chinese hypermarket chain Sun Art Retail Group is attracting preliminary interest from private equity firms, Bloomberg reported.
Potential suitors including DCP Capital and Hillhouse Investment have been considering buying part or all of the Chinese technology company’s roughly 79% holding in Sun Art. Shares of Sun Art have climbed 28% this year, giving the company a market value of about $2.2bn.
China-listed chip foundry Nexchip ropes in external investors for subsidiary's $1.36bn deal.
Shanghai-listed Chinese semiconductor foundry business Nexchip is roping in external investors to inject CNY9.55bn ($1.36bn) into its wholly-owned subsidiary to expand chip production facilities, DealStreetAsia reported.
External investors, such as ABC Financial Asset Investment and Gongrong Jintou Emerging Industry Equity Investment Fund, will invest CNY5.4bn ($766m) in Hefei Wanxin Integrated Circuit for a combined 56.25% stake.
US development bank DFC approves $326m commitments in Asia.
The US development bank International Development Finance has approved at least $326m worth of investments in firms based in or focused on Asia in its fiscal year 2024, DealStreetAsia reported.
DFC’s commitment in Asia included a $50m equity investment in the Emerging Markets Infrastructure Fund II, the second fund of AP Moller Capital that seeks to invest in transport and renewable energy sectors in Africa, South Asia, and Southeast Asia.
Australia's Westpac to sell auto finance loan book to Resimac Group.
Westpac said it would sell its auto finance loans book to non-bank lender Resimac Group for an expected value of AUD1.4bn ($964m) to AUD1.6bn ($1.1bn) at completion, Reuters reported.
Westpac, Australia's second-largest mortgage lender by loans, had partially sold its auto finance business to US private equity firm Cerberus Capital Management in 2021, as it moved to focus on core banking operations.
KKR-backed Malaysian telecom infrastructure group OMS to revisit IPO plan.
Malaysian telecom infrastructure and subsea cable services company OMS Group will revisit its plan for an initial public offering in the next few years and is not ruling out a listing on the domestic stock exchange, Reuters reported.
OMS shelved its Malaysian IPO plan last year as KKR invested $400m in the company as part of the global investment firm's expansion into digital infrastructure in Southeast Asia.
Carote's Hong Kong IPO is said to have drawn Hillhouse, Shunwei.
Chinese kitchenware maker Carote, which is set to be the first company to list in Hong Kong since Midea Group's $4.6bn debut, has drawn interest from investors including Hillhouse Investment and Shunwei Capital, Bloomberg reported.
The potential initial public offering of Carote has attracted more than 1.3k times subscription on the IPO's Hong Kong tranche. Hangzhou, China-based Carote closed order books a day earlier than planned last week given the strong demand.
Singapore's Azalea closes two funds above target raising a combined $480m.
Singapore-based Azalea Investment Management has secured the final closes of two funds-Altrium Co-Invest Fund I and Altrium Growth Fund I - raising a combined $480m. Both the funds surpassed their target of $200m each, DealStreetAsia reported.
According to an announcement on October 1, ACF I received $268m and AGF I closed with $212m in commitments. Investors in the funds included institutions, private banks, family offices, external asset managers, and high-net-worth individuals. These investors are from Singapore, Hong Kong, Japan, Korea, and the Middle East.
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