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Macquarie-backed Aligned Data Centers, a technology infrastructure company offering innovative, sustainable, and adaptive scale data centers and build-to-scale solutions for global hyperscale and enterprise customers, agreed to acquire ODATA, a data center service provider that offers scalable, reliable, and flexible IT infrastructure, from Patria Investments, an asset management firm. Financial terms were not disclosed.
“The ODATA team and I are very excited to be joining Aligned Data Centers. The strategic merger of the ODATA and Aligned platforms will provide customers with a broader base of both available and expansion capacity in key locations across the Americas, as well as additional breadth of experience and depth of knowledge across an expanded team of infrastructure experts. We look forward to accelerating the growth of our platform with Aligned and setting a successful cultural course focused on customer and staff centricity, innovation, and operational excellence,” Ricardo Alário, ODATA CEO.
Aligned Data Centers is advised by Guggenheim Partners, JP Morgan, Vinson & Elkins (led by Gabriel Silva
and Eamon Nolan
) and 180 Marketing (led by Jennifer Handshew
). Guggenheim Partners and JP Morgan are advised by Paul Hastings. SDC Capital Partners is advised by Skadden Arps Slate Meagher & Flom (led by Thomas Greenberg
). Patria Investments is advised by DH Capital, Evercore, Pinheiro Neto, Proskauer Rose and Hill + Knowlton.
LongRange Capital to acquire Batesville Casket Company from Hillenbrand for $762m.
LongRange Capital, a private equity firm, agreed to acquire Batesville Casket Company, a provider of quality deathcare products and services as well as innovative technology solutions, from Hillenbrand, a global industrial company, for $762m.
"As longer-term oriented investors with an operational focus and significant carve-out experience, we look forward to partnering with the Batesville management team and its dedicated associates in further supporting the business for many years to come. We are greatly appreciative of Batesville's long and successful operating history as part of Hillenbrand, and we look forward to working closely to execute a seamless transition," Bob Berlin, LongRange Managing Partner.
LongRange is advised by Credit Suisse, JP Morgan, KeyBanc Capital Markets, TD Securities, Greenberg Traurig and ICR (led by Brian Ruby). Hillenbrand is advised by Evercore and Skadden Arps Slate Meagher & Flom. Evercore is advised by Sullivan & Cromwell (led by Stephen M. Kotran).
NET Power, a clean energy technology company, agreed to go public via a SPAC merger with Rice Acquisition II, a special purpose acquisition company, in a $1.5bn deal. The transaction includes a PIPE investment from Occidental, 8 Rivers, Constellation and other investors.
"We have long believed that if you can use natural gas, generate reliable electricity, and capture the resulting emissions, you would change the world. For over a decade, NET Power has worked tirelessly to prove its game-changing technology, which we did through our demonstration facility in La Porte, Texas. Following the strategic investment and partnership with Baker Hughes to deliver key turbomachinery for future NET Power plants, this transaction properly capitalizes NET Power and enables the company to commercialize this revolutionary technology. The Rice Group is a logical strategic partner, and I am excited to hand the reins to Danny to lead NET Power," Ron DeGregorio, NET Power CEO.
NET Power is advised by Credit Suisse and Mintz Levin. Rice Acquisition II is advised by Barclays, Citigroup, Guggenheim Partners, Kirkland & Ellis and FleishmanHillard (led by Amy Rosenberg). Financial advisors are advised by Vinson & Elkins.
Billtrust, a B2B accounts receivable automation and integrated payments provider, announced that its stockholders voted to approve the definitive $1.7bn acquisition agreement with EQT.
Under the terms of the definitive merger agreement, EQT will acquire all of the outstanding shares of Billtrust common stock for $9.50 per share in cash. The transaction is expected to close on December 16, 2022.
Thoma Bravo, a private equity firm, agreed to acquire Coupa Software, a cloud platform for business spend management, for $8bn.
"We couldn't be more excited to partner with the talented Coupa team to keep building on the incredible franchise they've created in the Business Spend Management space. Our shared vision, combined with Thoma Bravo's strategic and operational expertise, will enable Coupa to continue driving innovation, better serve its customers and accelerate important growth initiatives during this next chapter as a private company," Brian Jaffee, Thoma Bravo Partner.
Coupa Software is advised by Qatalyst Partners and Freshfields Bruckhaus Deringer. Thoma Bravo is advised by Goldman Sachs, Piper Sandler, Kirkland & Ellis and FGS Global.
Veritas Capital, a private equity fund, completed the acquisition of Sequa, a business managing jet engine repair and metal coating manufacturing from Carlyle, an investment company. Financial terms were not disclosed.
“Chromalloy has emerged as an industry leader by leveraging technology and innovation to drive a highly unique value proposition for customers. We are thrilled to partner with Brian and the entire Chromalloy team, who have a proven track record of delivering differentiated solutions to the global engine ecosystem. Together, we are excited to continue investing in distinctive technology and deepening Chromalloy’s relationships with both existing and new customers," Ramzi Musallam, Veritas Chief Executive Officer and Managing Partner.
Kindeva Drug Delivery, a global contract development manufacturing organization, completed the merger with Meridian Medical Technologies, a manufacturer of EpiPen and other auto-injector and antidotes products. Kindeva and Meridian are operating companies of Altaris, a healthcare investment firm. Financial terms were not disclosed.
"We are incredibly excited about the opportunities that will result from the combination of two companies with deep roots in complex drug delivery. The integrated, complementary offerings of Kindeva and Meridian create a CDMO with a broad portfolio of capabilities and proprietary technology platforms across multiple drug delivery formats, enabling us to serve customers and communities across multiple large and growing end markets," Milton Boyer, Meridian CEO.
Altaris was advised by ArentFox Schiff and Kirkland & Ellis (led by David Feirstein and Michael Amalfe). Debt financing was provided by JP Morgan, KeyBanc Capital Markets and Truist Securities. Meridian was advised by SCORR Marketing.
Greenbriar Equity Group, a sector-focused private equity investment firm, completed the acquisition of Applied Aerospace Structures, a provider of design, fabrication, and testing solutions for complex composite and metal bonded structural assemblies. Financial terms were not disclosed.
"We are thrilled to have selected Greenbriar as our partner for this exciting next chapter. We share a collective vision of accelerating AASC's growth and enhancing our capabilities. Greenbriar's extensive experience, knowledge, and resources in our sectors will greatly benefit us during this next phase," Kevin Bidlack, AASC CEO.
Applied Aerospace Structures was advised by Houlihan Lokey and Baker Donelson Bearman Caldwell & Berkowitz. Greenbriar was advised by Jefferies & Company, Kirkland & Ellis and Kekst CNC (led by Nathan Riggs
Weber to be taken private by BDT Capital Partners for $8.05 per share.
Weber, a company in outdoor cooking innovation, technology and products, has entered into a definitive merger agreement pursuant to which investment funds managed by BDT Capital Partners will purchase all of the outstanding Class A Shares that they do not already own for $8.05 per share, which implies a total enterprise value of $3.7bn for Weber.
"We appreciate the Special Committee’s comprehensive evaluation of BDT’s offer and are confident that this transaction provides immediate and fair value to Weber minority shareholders. For over a decade, BDT has been a longstanding strategic partner for Weber. With their continued support, our global team will move forward in executing our long-term strategy with consumers and customers as our top priorities. And we’ll continue to sharpen our focus on doing what we do best: delivering the outdoor cooking industry's most innovative, best-performing, highest-quality products and engaging millions worldwide who love to gather together and cook outside," Alan Matula, Weber Interim CEO.
Weber is advised by Centerview Partners, Sullivan & Cromwell (led by Melissa Sawyer
and Matthew Goodman
) and Davis Polk & Wardwell. BDT Capital Partners is advised by Cravath Swaine & Moore and Gladstone Place Partners (led by Steven Lipin
Vector Capital, a private equity firm, completed a $100m investment in Malwarebytes, an operator of a network security platform.
"Vector Capital's investment is a testament to the transformational work our team has done to evolve our best-in-class endpoint protection to comprehensive offerings for both individuals and organizations, while driving profitable growth. Importantly, Vector Capital shares our mission to protect those most vulnerable to cyberattacks through cutting-edge technologies and the power of community. We believe Vector Capital's collaborative approach and proven ability to help build global software businesses make them ideal partners in our ongoing efforts to build a safer digital world," Marcin Kleczynski, Malwarebytes Co-Founder and CEO.
Coral Tree Partners, a Los Angeles-based media and entertainment-focused private equity firm, completed the acquisition of AMI Entertainment Network, a digital jukebox business that provides tech-driven in-venue digital music and video entertainment and advertising content to the bar and restaurant industries, from The Gores Group, a global investment firm. Financial terms were not disclosed.
"AMI leads the industry in innovation and customer service, and we're poised to continue this strong momentum as we expand into new areas. We are grateful to the Gores team for their support over the years as they have helped us build a strong foundation for future growth. Looking ahead, we are excited to leverage Coral Tree's deep industry expertise for the benefit of our customers," Mike Maas, AMI Entertainment CEO.
Coral Tree Partners was advised by Kirkland & Ellis. The Gores Group was advised by Solomon Partners, Stephens, Foley Hoag and FGS Global (led by Cassandra Bujarski).
Stonepeak, a North America focused private equity firm, agreed to acquire a 50% stake in KAPS, a Canadian natural gas liquids pipeline system. Financial terms were not disclosed.
“We believe that North American hydrocarbons, particularly natural gas, will continue to be an important component of the global energy mix for the foreseeable future, especially as efforts to decarbonize East Asia continue – natural gas production growth in Western Canada will play a critical role in those efforts. In our view, this makes KAPS a strong fit for Stonepeak’s opportunities strategy. We look forward to working closely with Keyera and the KAPS team as a trusted partner who is committed to the responsible ownership of traditional hydrocarbon infrastructure that plays a critical role in the global energy transition,” Anthony Borreca, Stonepeak Senior Managing Director.
Stonepeak is advised by Goldman Sachs, MUFG Bank, Mizuho Securities, Sidley Austin and Stikeman Elliott.
BV Investment Partners completed an investment in Imagenet.
BV Investment Partners, a middle-market private equity firm focused on the tech-enabled business services, software and IT services sectors, completed an investment in Imagenet, a provider of back-office support technology and tech-enabled outsourced services to healthcare plans. Financial terms were not disclosed.
"I'm very proud of all that our team has accomplished for our valued health plan partners, and I know that we can – and now with BV's support will – do yet more in the way of delivering high-ROI technology and outsourced solutions to our clients and the market at large. We and BV have aligned on an exciting growth plan, which is centered on positioning our clients for success in the ever-changing and evolving healthcare market. We were quick to recognize BV as our partner, given their deep experience scaling healthcare tech-enabled services businesses like ours and, perhaps most notably, their thoughtful approach to partnership and aligning with us on strategic priorities moving forward," Steve Strawn, Imagenet Founder and CEO.
Imagenet was advised by Hexagon Capital Alliance and Newman Du Wors. BV Investment Partners was advised by Robert W Baird, Choate Hall & Stewart and Chris Tofalli Public Relations (led by Chris Tofalli
The Halifax Group, a private investment firm, agreed to acquire a majority stake in Milestone Technologies, a global IT services firm, from H.I.G. Capital, a private equity and alternative assets investment firm. Two Sigma Impact, a private equity firm, made a minority investment as well. Financial terms were not disclosed.
"H.I.G. has been an outstanding partner, providing valuable operational and financial guidance, and they have played a significant role in our success. Halifax’s investment is a strong endorsement of our highly talented team, and we are very excited for our next phase of growth,” Sameer Kishore, Milestone President and CEO.
Milestone Technologies is advised by William Blair & Co and McDermott Will & Emery. The Halifax Group is advised by Goodwin Procter and Lambert & Co. H.I.G. Capital is advised by McDermott Will & Emery.
Knox Lane, a growth-oriented investment firm, completed the acquisition of Ruppert Landscape, a provider of landscape maintenance services. Financial terms were not disclosed.
"We are incredibly proud of our team and the successful business we have established together over the past two decades. Knox Lane's investment is a testament to the strength of our company, outstanding culture, and exceptional employees. We look forward to leveraging Knox Lane's extensive operational expertise and experience building and scaling high-quality businesses as we continue our focus on our team, customers, and innovation across all facets of the Company," Craig Ruppert and Phil Key, Ruppert Landscape President.
Ruppert Landscape was advised by Robert W Baird and Fox Rothschild. Knox Lane was advised by Solomon Partners, Kirkland & Ellis (led by Hamed Meshki
) and Joele Frank (led by Jonathan Keehner
Mobile Infrastructure, a parking asset owner, agreed to go public via a SPAC merger with Fifth Wall Acquisition III, a special purpose acquisition company, in a $550m deal. The transaction includes a PIPE investment from No Street Capital.
"Today marks an important step in our path towards creating a next-generation publicly-listed parking platform. Fifth Wall's vast expertise bridging the gap between analog businesses and technologies, combined with their network of limited partners who represent the world's top real estate owners and operators, make them an integral partner in our next growth phase," Manuel Chavez, MIC CEO and Chairman.
MIC is advised by B. Riley FBR, Keating Muething & Klekamp and Venable. Fifth Wall is advised by Gibson Dunn & Crutcher.
GCX Mounting Solutions completed the acquisition of Jaco.
GCX Mounting Solutions, a company in the design and manufacturing of healthcare-focused mounting and mobility solutions, completed the acquisition of Jaco, a manufacturer and integrator of computer carts and wall-arm workstations for point-of-care Electronic Health Records. Financial terms were not disclosed.
“We are very excited to partner with the entire Jaco team. Like GCX, Jaco has a longstanding history of providing high-quality designs that address the needs of healthcare workers with user responsiveness and ergonomic advantages. Jaco’s products are lightweight, simple to use, and offer safe, durable, and reliable performance. Jaco’s product portfolio is synergistic with GCX and supports our mission to deliver high-quality products, services and innovations that empower clinicians to improve healthcare outcomes,” Del France, GCX CEO.
Jaco was advised by Mirus Capital Advisors. GCX was advised by Cain Brothers and Fredrikson & Byron. Audax Private Equity was advised by FGS Global (led by Julie Rudnick
Comvest Partners, an operationally focused middle-market private investment firm, agreed to acquire Flash Global, a supply chain solutions provider. Financial terms were not disclosed.
“Flash Global is a world-class provider of service logistics solutions. Comvest is excited to partner with a strong leadership team and invest in the Company’s next phase of growth. Flash Global’s deep customer relationships, global footprint, and extensive experience in global trade compliance set the stage for the Company’s continued momentum in the growing outsourced supply chain sector,” Maneesh Chawla, Comvest Senior Partner.
Flash Global is advised by G2 Capital Advisors and Moore & Van Allen. Comvest Partners is advised by Configure Partners and Akerman.
Gemspring Capital, a middle-market private equity firm, completed the investment in Amplix, a provider of technology advisory services and software. Financial terms were not disclosed.
"We are extremely proud of the impressive legacies that ROI, Blue Front, and allConnex have built in New England. Bringing the combined talent and resources of these three organizations together as Amplix empowers us to deliver greater value to our customers throughout the full lifecycle of their technology investments. Gemspring is the ideal partner to help us through our next phase of growth, given their deep industry knowledge, operational expertise, and M&A track record," Joe DeStefano, Amplix CEO.
Amplix was advised by Bank Street Group and Nixon Peabody. Gemspring Capital was advised by Kirkland & Ellis.
SyBridge Technologies, a global industrial technology company, agreed to acquire Fast Radius, a provider of digital manufacturing solutions. Financial terms were not disclosed.
"I am thrilled to be bringing Fast Radius into the SyBridge family. Combining Fast Radius' leading cloud manufacturing and artificial intelligence platform with our global design, prototyping and manufacturing network materially accelerates our vision of being a leading global industrial technology company. We will be able to support our customers throughout their product lifecycle – from product design, engineering and prototyping through tool production, supportive molding, and finally preventative maintenance and repair. We look forward to bringing the Fast Radius team onboard, and together, becoming the preferred design and manufacturing partner to our global customers," Byron J. Paul, SyBridge Technologies CEO.
SyBridge Technologies was advised by CMD Global Partners, Gibson Dunn & Crutcher and Kekst CNC.
Riata Capital Group, a Dallas-based private equity investment firm, completed the investment in Salon Republic, an operator of company-owned salon suites that provides individual salon studio venues and value-added services to beauty care professionals. Financial terms were not disclosed.
"We are excited to partner with such a well-positioned and well-managed platform. We believe Eric and the Salon Republic leadership team have built an impressive business with a differentiated service offering and a strong economic model. Salon Republic locations are designed to meet the strong secular demand from BCPs seeking the independence, autonomy, and economic advantages of having their own business in upscale environments with value-added services offerings and stimulating overall beauty care ecosystems. We expect to continue to deploy additional capital in the platform to support the Company's continued organic expansion along with pursuing strategic add-on acquisitions," Jeff Fronterhouse, RCG Managing Partner.
Onex, a private equity firm, led an investment round in Unanet, a software developer. Financial terms were not disclosed.
"Investments by Onex and JMI, coupled with our outstanding leadership team, should leave no doubt about Unanet's commitment to its customers, innovation, and our people. We look forward to accelerating our market leadership and continuing to offer customers a modern, user-friendly alternative to status quo software," Craig Halliday, Unanet CEO.
Unanet was advised by Barclays.
Platinum Equity to acquire HarbisonWalker International.
Platinum Equity, an American private equity investment firm, agreed to acquire HarbisonWalker International, a supplier of refractory products and services in North America. Financial terms were not disclosed.
"This is excellent news for our employees, customers, and communities. Platinum Equity supports our intent to continue driving HWI forward into an unprecedented new era of growth. Over the past several years in North America and throughout our global operations, we've built operational excellence, differentiated ourselves through our supply reliability, and delivered the deepest and widest offerings of refractory products and expertise. Our new owner is wholly aligned with our leadership team's vision to aggressively accelerate investments in our business. We are poised to capitalize on the momentum that our team of employees has built together," Carol Jackson, HarbisonWalker Chairman and CEO.
Platinum Equity is advised by Kirkland & Ellis.
The Riverside Company, a global private investor, completed the acquisition of AlphaGroup Medical Communications, a scientific, medical affairs, and outcomes communication service provider for the pharmaceutical, biotech, and medical device/diagnostic industries. Financial terms were not disclosed.
“The AlphaGroup investment bolsters the RN medical communications business unit with high-science publications capabilities. The add-on also strengthens our capability offering by expanding the portfolio into new pharma customers and further augments our deep scientific acumen by adding over 35 employees with advanced scientific degrees to the business," Peter Tsang, Riverside Co-CIO.
The Riverside Company was advised by Jones Day (led by Lisa Lathrop
Bernhard Capital Partners, a private equity firm, completed the acquisition of Boston Government Services, an engineering, technology and security firm, and Sterling Engineering & Consulting Group, a provider of executive, project management, business development and technical consulting services. Financial terms were not disclosed.
"The acquisitions of BGS and SE&C provide unique and valuable capabilities for our platform and will meaningfully expand our premier consulting and field service offerings around the DOE complex. As the DOE and broader commercial industries continue to invest ambitiously in clean energy, energy security, modernization and transitioning our energy grid and national infrastructure, the expertise of the BGS and SE&C teams will be invaluable to driving the long-term success of these essential national, regional and local projects. We look forward to working closely with Harry, Duane and their talented teams as we build an exceptional platform and execute on a shared vision to better support a diverse base of mission-critical government and commercial clients," Chris Dillon, Bernhard Capital Managing Director.
Bernhard Capital was advised by Joele Frank (led by Ed Trissel
Z Capital Group, a private equity firm, completed the acquisition of Universal Marine Medical Supply International, a medical supply store. Financial terms were not disclosed.
“As we look to expand Unimed’s premier services to additional areas of marine traffic, having a partner with the resources, expertise and track record to help our business accelerate growth is invaluable. We have a long track record of innovation – including introducing the industry’s first subscription model in 2018 – and this partnership with ZCG will enable us to build on that momentum and reach new levels of success," Alan Kessman, Unimed CEO.
RTX Ventures completed an investment in EpiSci.
RTX Ventures, a private equity firm, completed an investment in EpiSci, an automation and AI services provider. Financial terms were not disclosed.
"EpiSci is a leader in rapidly deployable, hardware-agnostic autonomy solutions and a key enabler to the AI-embedded battlefield of the future. As an early investor we plan to support EpiSci's endeavors in creating a trust-based, collaborative environment between humans and AI-enabled machines," Daniel Ateya, RTX Ventures Managing Director.
RTX Ventures was advised by Wachtell Lipton Rosen & Katz (led by Joshua Cammaker
Stellex Capital, an investment services provider, agreed to acquire three firms deploying sophisticated data-driven solutions to provide mission-critical risk, fraud mitigation, and regulatory compliance services, G2, LCI, and Fintellix from TransUnion, an American consumer credit reporting agency, for $176m.
“We are confident that Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insight and access to capital make it an ideal home for these businesses, and we look forward to a smooth transition," Chris Cartwright, TransUnion President and CEO.
Updata Partners led a $117m Series B funding round in Nerdio.
Updata Partners, a private equity growth firm, led a $117m Series B funding round in Nerdio, an information technology services provider.
"Updata has a significant track record investing in and growing B2B SaaS companies over the past 20 years, and we are thrilled to be the newest addition to their portfolio. Their unique expertise will meaningfully accelerate our journey in becoming the leading cloud and DaaS management platform for service providers and enterprises," Vadim Vladimirskiy, Nerdio CEO and Co-Founder.
Manulife Investment Management, a global wealth and asset management segment of Manulife Financial, completed the $100m investment in EDF-backed PowerFlex, a provider of intelligent solar, storage, and electric vehicle charging solutions for commercial and industrial customers.
“We are excited to partner with Manulife Investment Management, whose team brings an in-depth understanding of infrastructure trends that will help us continue providing our clients with reliable and cutting-edge clean energy solutions. PowerFlex’s accompanying digital products optimize the system performance of all onsite energy assets to generate greater cost savings and increase efficiency. The investment will help advance our mission of electrifying the transportation sector and deploying low-carbon infrastructure in a way that also supports a cleaner, more decentralized and resilient grid,” Raphael Declercq, PowerFlex CEO.
Chevron, an American multinational energy corporation, and Baseload Capital, a specialized investment entity that funds the deployment of heat power worldwide, agreed to form a joint venture to develop geothermal projects in the United States. Financial terms were not disclosed.
The two companies will collaborate on driving geothermal opportunities – including identifying the best prospects for development, operations and progressing the next generation of geothermal technologies from pilot to commercial scale. Through this agreement, Chevron and Baseload Capital will work together to create awareness around geothermal energy which will be a critical supply option for renewable energy.
Phoenix Suns receive a $3bn takeover bid from venture capitalist group.
Venture capitalists Jack Selby, managing director of Peter Thiel's Thiel Capital, and Shasta Ventures managing director Jason Pressman, reportedly made a $3bn bid for the National Basketball Association's Phoenix Suns.
The deal would include the Women's National Basketball Association's Phoenix Mercury and purportedly have financing from Thiel, who co-founded PayPal and has an estimated net worth of $4.2bn. PayPal is a sponsor of the Suns and Mercury.
Insight Partners weighs a $2bn Community Brands sale.
reported that Insight Partners, a private equity and venture capital firm, is exploring the sale of Community Brands, which makes software used for donations, peer-to-peer fundraising, admissions and events, among other purposes.
The New York-based investment firm is working with FT Partners to solicit interest from potential suitors, which may include larger software vendors or private equity firms. Community Brands could fetch as much as $2bn, including debt, in any transaction.
Blackstone weighing options for $1bn Ayumi Pharma.
Blackstone is considering strategic options for Japanese specialty drugmaker Ayumi Pharmaceutical, Bloomberg
The firm is exploring alternatives with potential advisers including an initial public offering and a sale. A transaction could give Tokyo-based Ayumi a valuation of at least $1bn. The pharmaceutical firm has already drawn preliminary interest from companies in the industry and investment funds.
ImmunityBio raised $157m in financing from Nant Capital and institutional investor.
ImmunityBio, a clinical-stage immunotherapy company, announced that it has executed financing to provide further working capital and support its ongoing business operations.
The company entered into a securities purchase agreement for a registered direct offering with a single institutional investor, providing for the issuance of common stock of ImmunityBio as well as warrants for the purchase of additional shares of common stock of ImmunityBio that is expected to result in gross proceeds at closing of approximately $50m before deducting any offering-related expenses. If fully exercised the warrants could result in additional gross proceeds of up to $60m.
ImmunityBio was advised by Piper Sandler.
KIC expands strategic partnership with Golub Capital.
The Korea Investment Corporation, a sovereign wealth fund, and Golub Capital, an investment management firm, have expanded their strategic partnership, with KIC acquiring a passive, non-voting minority stake in Golub Capital's management companies. KIC's stake represents an economic interest in Golub Capital's management companies of less than 5%.
All proceeds from the transaction will remain invested in Golub Capital. At the same time, the firm's strategy, management team, and day-to-day operations will not change due to KIC's investment.
Golub Capital was advised by Evercore, JP Morgan and Kirkland & Ellis. KIC was advised by KPMG and Greenberg Traurig.
Activist Loeb can seek board changes at Bath & Body Works.
Activist investor Dan Loeb said he may seek a change on the board of Bath & Body Works, arguing that several decisions at the company have raised significant concerns about its governance, Bloomberg
Loeb’s Third Point, which has increased its stake in the retailer to 6%, said in a regulatory filing that it believes the company’s board made mistakes in structuring its board pay. Third Point also has “significant concerns” about the company’s financial discipline, investor communications and board composition, including “the ability of the current board members to make long-term value-maximizing decisions through responsible and thoughtful capital allocation.”
Sentinel Capital Partners raises $5.2bn across its seventh PE fund and second structured capital fund.
Sentinel Capital Partners, a mid-market private equity firm, has held the simultaneous closings of Sentinel Capital Partners VII, at $4.3bn and Sentinel Junior Capital II, at $835m. These twin closings cap a $5.2bn fundraising.
Through Sentinel’s seventh equity fund, the firm will continue the same investment strategy it has employed and refined in previous funds, partnering with talented management teams to acquire mid-market companies with up to $65m of EBITDA that possess solid business fundamentals in select industries where Sentinel has extensive experience. In addition to platform acquisitions, Sentinel will continue to pursue tuck-in acquisitions and transformational add-on acquisitions as important dimensions of its investment strategy.
Sentinel’s second structured capital solutions fund will offer flexible credit and equity solutions, including senior and junior debt, preferred equity, and other forms of structured capital. These capital solutions will be provided to Sentinel’s own portfolio companies as well as other closely held businesses and private equity–backed companies.
Fifth Wall closes $866m fund.
Fifth Wall, the largest venture capital firm focused on technology for the global real estate industry, closed its Real Estate Technology Fund III totaling $866m. On the heels of its $147m European Real Estate Technology Fund, which closed in February, this brings the firm’s total capital raised toward property technology investment to more than $1bn over the last year.
“When we started Fifth Wall in 2016, PropTech was not yet a term. Since then we believe that we played an intrinsic role in the ecosystem’s evolution and continue to propel it forward not only via capital, but industry awareness and strategic collaboration between our startups and real estate limited partners,” Brendan Wallace, Fifth Wall Co-Founder & Managing Partner.
American Pacific Group closes fund at $700m hard cap.
American Pacific Group, a private equity firm focused on partnering with lower middle market companies across industries in North America, has closed its second fund, American Pacific Group Fund II at its hard cap of $700m. The fund was oversubscribed.
The fund attracted commitments from institutional investors based in the United States and Europe, including endowments, foundations, a healthcare system, insurance companies, family offices, pension systems, and asset managers.
VSS Capital Partners closes VSS SC fund IV at hard cap of $530m.
VSS Capital Partners, a private investment firm that targets the healthcare, education, and business services industries, announced the successful final close of VSS Structured Capital Fund IV at $530m, exceeding its target of $400m. The fund received strong support from existing as well as new institutional investors, including insurers, pensions, asset managers, foundations, endowments and select family offices.
“The current inflationary and recession-prone market environment bodes particularly well for structured capital funds, given the dilutive nature of many equity-only solutions that become less attractive in recessionary environments. Coupled with our differentiated sector focus, decades of experience and strong industry relationships, we are confident about the opportunities that lay ahead to deploy capital for this fund,” Jeffrey Stevenson, VSS Managing Partner.
US Venture Partners raises $400m early-stage venture capital fund.
US Venture Partners, a premier Silicon Valley venture capital firm, announced the closing of USVP XIII, a $400m fund focused on Series A and B investments. The new fund continues USVP’s successful early-stage investment franchise, building companies in cybersecurity, enterprise software, consumer and healthcare.
“Our limited partners count on us to give them exposure to some of the fastest-growing and most-innovative companies in our areas of focus, and we are pleased to continue delivering that with USVP XIII. We have extended our multi-decade track record of success with exceptionally strong performance in recent years. From 2020 to present, USVP funds have distributed $1.1bn to our investors. 2022 will mark the eleventh consecutive year in which USVP distributions to limited partners exceeded called capital," Rick Lewis, USVP General Partner.
Belstar launches new flagship global credit strategy.
Belstar Management Company, a global credit investment firm, has launched a new flagship credit fund, Belstar Credit Opportunities Fund, to invest across liquid and private credit opportunities, including both corporate and structured credit assets, globally.
"The new fund seek to provide investors with exposure to attractive risk-adjusted returns leveraging Belstar’s fundamentals-driven investment process and opportunistic credit expertise in both public and private markets," Belstar. To support a subset of the investment strategy, Belstar intends to partner with Apollo to access credit assets originated across Apollo’s global platform.
Blackstone to delay new private client PE fund.
Blackstone is considering delaying the launch of a new flagship private equity fund for wealthy investors following heavy investor withdrawals from two other funds aimed at a similar investor base – a real estate vehicle and a private credit fund.
The New York-based investment manager has been preparing to open a fund called the Blackstone Private Equity Strategies Fund, for individual investors, having historically focused on funds for institutional clients.
EnTrust Global appoints a president. (People)
Alternative asset management firm EnTrust Global has appointed Sophia Mullen as president, a newly-created role at the company. Mullen will continue to head EnTrust Global’s $8bn opportunistic co-investment strategy and remain on EnTrust Global’s Management Committee and Global Investment Committee.
As the firm’s President, Mullen will focus on expanding the company’s global presence, and pursuing other innovative opportunities for the firm’s increasingly diverse institutional investor base.
The Blackstone Group and Edizione, the Benetton family office, completed the acquisition of the remaining stake in Atlantia, an Italian holding company active in the infrastructure sector, including motorways, airport infrastructure and transport services, for $46bn.
The Benettons and Blackstone said they would fully support Atlantia's long-term investment strategy, current business plan and sustainable growth, adding they would help the group seize investment opportunities in the infrastructure and mobility sectors.
Atlantia was advised by BNP Paribas, Morgan Stanley and Chiomenti (led by Filippo Modulo
). Edizione was advised by Citigroup and Santander. Blackstone is advised by Bank of America, Goldman Sachs, JP Morgan, Mediobanca, UBS, UniCredit, Gatti Pavesi Bianchi Ludovici (led by Carlo Pavesi
and Francesco Gatti
), Hengeler Mueller (led by Elisabeth Kreuzer
), Legance (led by Filippo Troisi
), McCarthy Tetrault (led by Jonathan See
), Simpson Thacher & Bartlett (led by Geoffrey Bailhache
) and Tancredi. Financial advisors were advised by Shearman & Sterling.
Telemos Capital, a mid-market European private equity investment firm, agreed to acquire a majority stake in Vittoria, a manufacturer of performance bicycle tires. Telemos will invest alongside Vittoria's senior management team and Wise Equity. Financial terms were not disclosed.
"In Vittoria, we are committed to make the most advanced bicycle tyres on the planet to deliver the best riding experiences to cyclists of all kinds. The support of Wise Equity has been fantastic over the last years, and we are very pleased that Telemos - with all its relevant experience in growing global brands - is now joining us on the ride," Stijn Vriends, Vittoria Chairman & CEO.
Vittoria is advised by KPMG, OC&C Strategy Consultants, Robert W Baird (led by Nick Sealy
, Joe Pellegrini
, Robert Foster
and Vinay Ghai
), Fides Partners (led by Magda Picchetto
), Fieldfisher, Simmons & Simmons and Studio Spada & Partners. Telemos Capital is advised by PricewaterhouseCoopers, Oliver Wyman, Lincoln International, Linklaters and Lemongrass Communication (led by Andreas Hildenbrand
). Wise Equity is advised by Close to Media.
The Competition and Markets Authority has accepted a remedy from Sika, a Swiss multinational specialty chemical company, and Lone Star Funds-backed MBCC, a BASF construction chemicals unit, preventing their global $6bn merger from harming the UK construction industry.
Early in the Phase 2 investigation, the two businesses accepted that Sika's anticipated purchase of MBCC raised competition concerns in the supply of chemical admixtures in the UK. The parties asked the CMA to "fast-track" the case to the assessment of a remedy that could address those concerns, meaning that the case could be resolved more quickly. As a result, the CMA has today published its final decision, with a detailed assessment of a complex remedy, well ahead of the deadline of 24 January 2023.
The merging businesses proposed to sell MBCC's chemical admixtures business in the UK, across Europe, and several other countries, including its central research and development assets. The CMA assessed whether the parties' proposed remedy would fully restore the competition lost due to the merger. Following a detailed review of the remedy, consultation with stakeholders, and various modifications proposed by Sika and MBCC, the CMA has accepted that the proposed sale would resolve the competition concerns it identified, bringing the case to a close.
Goldman Sachs Asset Management completed the acquisition of a majority stake in Norgine, a European specialty pharmaceutical company, from Stein Family for $1.9bn.
"I am delighted to announce this transformative investment by Goldman Sachs Asset Management which ensures that Norgine can accelerate its growth plans and develop and launch further innovative medicines for the benefit of patients. Norgine has been delivering on this crucial mission for over a century. With Goldman Sachs Asset Management’s support, Chris and the entire Norgine team will be able to expand upon this proud heritage. I am particularly pleased that, in partnership with Goldman Sachs Asset Management, my family will be able to continue its long association with the Company and I look forward to supporting Norgine in this exciting next phase of development," Peter Stein, Norgine Chairman.
Norgine was advised by PricewaterhouseCoopers, Jamieson, Moelis & Co, Rothschild & Co (led by Julian Hudson
and Skanda Surendra
) and Latham & Watkins (led by Robbie Mclaren
and Linzi Thomas
). Goldman Sachs Asset Management was advised by Deloitte, Goldman Sachs, Jefferies & Company, Sullivan & Cromwell and White & Case (led by Ken Barry
Sagard NewGen, a European investment fund, agreed to invest in Unit8, a Swiss data services company with a mission to help its clients turn data into value with a mix of data science, analytics, and AI. Financial terms were not disclosed.
“We are very proud to partner with Unit8’s outstanding management team in this new development phase. Sagard will put all of its resources at the Company’s disposal, leveraging our expertise in supporting tech companies, our deep ecosystem in AI/ML, and our strong commercial network, to bolster Unit8’s organic growth internationally," Guillaume Lefebvre, Sagard NewGen Partner.
Trimble, a SaaS technology company, agreed to acquire Transporeon, a cloud-based transportation management software platform, from Hg, a private equity firm, for €1.88bn.
"The past three years has significantly accelerated Transporeon forward in our mission to bring transportation in sync with the world. Innovation in our products and an expansion of the business has meant we have built a remarkable platform in a rapidly growing sector, with solutions that are in high demand globally. This would not have been possible without the software expertise delivered by Hg. The management team thank everyone at Hg and Transporeon who have worked hard together to put us in this very advantageous position," Stephan Sieber, Transporeon CEO.
Trimble is advised by Centerview Partners, Skadden Arps Slate Meagher & Flom and FGS Global (led by John Christiansen
, Peter Siwinski
and Sebastian Mewissen
). Debt financing is provided by Bank of America. Transporeon is advised by Goldman Sachs and Latham & Watkins. Hg is advised by Brunswick Group (led by Azadeh Varzi
EQT Partners, a global investment organization, agreed to acquire va-Q-tec, a pioneer in highly efficient products and solutions in the area of thermal insulation and TempChain logistics, for €350m ($370m).
"Va-Q-tec's success over the past two decades has been predicated on two core principles: a strong focus on innovation and a spirit of collaboration. EQT shares these values, with its foundation in the tradition of the Wallenberg family, where responsible ownership is a key principle. In EQT, we have found an entrepreneurial and financially strong partner that has built a reputation for working together with well-positioned medium-sized companies to drive sustainable growth. In the interests of our employees, customers and shareholders, we welcome the agreement with EQT," Joachim Kuhn, va-Q-tec Founder and CEO.
va-Q-tec is advised by ParkView Partners, Hogan Lovells and Cometis. EQT is advised by UBS, Milbank and Kekst CNC.
Blackstone agreed to acquire the property portfolio of Corem Property Group, a Sweden-based company engaged in the acquisition, management, development, and renewal of industrial, storage, logistical and commercial real estate in Sweden and Denmark. Financial terms were not disclosed.
The portfolio consists of properties situated in Gothenburg, Jönköping, Malmö, Stockholm, and Västerås. The total lettable area amounts to around 357k sq m, mainly premises for warehouse and logistics. The economic occupancy rate is 94%.
Blackstone is advised by PricewaterhouseCoopers, CBRE Group, Citigroup, Nordea Bank, Roschier Attorneys and Simpson Thacher & Bartlett.
Gordon Rubenstein, the head of Raine Group’s venture capital arm, has agreed to join US digital entrepreneur John Textor in his planned takeover of French football club Olympique Lyonnais.
Rubenstein's joining Textor’s consortium in a personal capacity as he sees a lot of upside in the French league. He said his background in technology and content could help Lyon with fan engagement, Bloomberg
Olympique Lyonnais is advised by Ernst & Young and Gide Loyrette Nouel. Eagle Football is advised by DLA Piper. IDG Capital Partners is advised by The Raine Group and Allen & Overy. Holnest is advised by Delsol Avocats (led by Henri-Louis Delsol
Perwyn, a European private equity investor, completed the acquisition of Vixio, a provider of regulatory intelligence intended to offer in-depth insight, analysis, commentary, and research information, from Kester Capital, a lower mid-market private equity firm. Financial terms were not disclosed.
"We are delighted to be partnering with the Vixio team and support their ambitious growth plans. Already the market leader, we will be investing to enhance and increase the product offering and geographic coverage whilst maintaining and enhancing its leading reputation as the go to provider for regulatory intelligence in both the payments and gambling market. We look forward to working with Mike and the team," Gurinder Sunner, Perwyn Partner.
Vixio was advised by Flagship Advisory Partners, Plural Strategy Group, BDO, Jamieson, KPMG and Osborne Clarke.
Sumeru Equity Partners, a technology-focused growth capital firm, led a $170m funding round in Zappi, a consumer insights platform designed for creators.
"Zappi has a bold vision for the future: we want to digitize consumer insights for every enterprise. Today, only 3% of the market research industry is digitized. The other 97% is controlled by service-based incumbents that are slow, expensive, analog, and don't fit the needs of creators. We're driving innovation in the century-old industry with a platform that acts as a single source of truth for the modern enterprise, where creators have the right insights at their fingertips to inform every decision. Sumeru's experience in high-growth, innovative SaaS businesses and commitment to people and growth culture made them the perfect partner to help us achieve this ambitious vision," Steve Phillips, Zappi CEO.
Zappi is advised by Jefferies & Company. Sumeru is advised by Lincoln International.
Fortress Investment Group, a private equity firm, led a £100m ($122m) investment round in ilke Homes, a modular home builder, with participation from TDR Capital and Sun Capital.
“We are excited about our investment in ilke Homes. We see ilke Homes as the UK market leader in the manufacturing of modular housing and believe the company is uniquely positioned to increase the availability of high quality affordable housing in the UK while accelerating the transition to net zero," Rahul Ahuja, Fortress Investment Co-Head of European Credit.
ilke Homes was advised by Citigroup. Fortress was advised by Skadden Arps Slate Meagher & Flom (led by Simon Toms
EQT, a private equity firm, and ATHOS, a venture capital firm, agreed to invest in SHL Medical, a provider of drug delivery solutions. Roger Samuelsson, SHL Medical founder, will remain the majority shareholder. Financial terms were not disclosed.
“Above all else, SHL Medical’s success has been predicated on an unresolving commitment to improving the lives of patients. We have a great partnership with EQT and are excited to work closely with EQT Future, ATHOS, and the other co-investors to accelerate our global expansion and to develop new drug delivery solution offerings. Together, we will continue to build and grow the company to provide the best possible service to our customers and for patients around the globe," Ulrich Faessler, SHL CEO.
EQT is advised by JP Morgan.
Nordic Capital to acquire Autocirc from Alder Fund.
Nordic Capital, a private equity fund, agreed to acquire Autocirc, a distributor of sustainable spare parts for cars, from Alder Fund, a Nordic investment fund. Financial terms were not disclosed.
"Autocirc is a green pioneer in the automotive aftermarket industry, offering sustainable aftermarket services that significantly reduces emissions and climate impact while providing exceptional value to its customers. We have followed Autocirc for a long time and are very impressed by the founders and the management team, who have built a very strong platform with great potential for further expansion in existing and new geographies. Autocirc fits perfectly into Nordic Capital's strategy to build sustainable, first-class companies with great growth potential, and we look forward to supporting Autocirc with expertise, resources, and broad external network," Joakim Andreasson, Nordic Capital Managing Director.
Alder Fund is advised by Carnegie Investment Bank.
Tikehau Capital, a global alternative asset manager, completed the acquisition of Isotrol, a developer of proprietary software solutions for the renewable energy sector. Financial terms were not disclosed.
“This milestone marks the recognition of the work done by the entire Isotrol team during its long history, and marks the beginning of a new phase that will allow us to develop our full potential for the benefit of our customers in the Energy Transition. It is a privilege to have a partner like Tikehau Capital, with whom we share values of excellence and commitment to fighting climate change,” Manuel Losada, Isotrol CEO.
Cube Infrastructure Managers, an independent European mid-market infrastructure investor, completed the acquisition of the Czech subsidiary of MVV Energie, a German energy company. Financial terms were not disclosed.
"MVV is proud of the development of MVV Energie CZ since the beginning of our engagement in the Czech market. We have made significant progress in reducing the carbon footprint of the assets and building a leading energy efficiency group. This is part of our strategic course which will make us climate-neutral by 2040 and climate positive from then on. We firmly believe that we have found the right long-term owner in Cube to continue and accelerate the exciting path of MVV Energie CZ," Ralf Klöpfer, MVV Energie Executive Board Member.
Cube Infrastructure Managers was advised by Peregrine Communications.
Kinnevik, a Swedish investment company, and Goldman Sachs Asset Management led a $185m series C funding round in Mews, an innovative hospitality management software provider, with participation from Revaia, Derive Ventures. Orbit Capital, Battery Ventures, Notion Capital, Salesforce Ventures, Thayer Ventures, and henQ.
"Our mission is to transform the hospitality industry with cloud solutions that make hospitality more rewarding for everyone. This funding will enable the Mews team to accelerate some very ambitious plans in product & engineering, continue our international expansion and ensure we can serve the most forward-thinking hotel owners and operators in the world," Matthijs Welle, Mews CEO.
LSEG and Microsoft launch a 10-year strategic partnership.
London Stock Exchange Group and Microsoft have entered into a new long-term strategic partnership to architect LSEG's data infrastructure using the Microsoft Cloud and jointly develop new products and services for data and analytics. The partnership will build on the excellent progress made by LSEG in integrating Refinitiv and enhance its position as a world-leading financial markets infrastructure and data provider.
With the Microsoft Cloud and its AI capabilities, the deal significantly advances LSEG's strategy of building an efficient and scalable platform for its Data & Analytics business to deliver next-generation services for a range of customers across the financial markets value chain through improved workflow and greater flexibility.
Microsoft has agreed to purchase shares in LSEG that would result in Microsoft holding approximately a 4% equity stake in LSEG, such shares to be bought from Blackstone, Canada Pension Plan Investment Board, GIC, and Thomson Reuters.
"Advances in the cloud and AI will fundamentally transform how financial institutions research, interact, and transact across asset classes and adapt to changing market conditions. Our partnership will bring together the industry leadership of the London Stock Exchange Group with the trust and breadth of the Microsoft Cloud — spanning Azure, AI, and Teams — to build next-generation services that will empower our customers to generate business insights, automate complex and time-consuming processes, and ultimately, do more with less," Satya Nadella, Microsoft Chairman and CEO.
Microsoft is advised by Barclays.
ADQ in talks to buy a stake in Israel's Phoenix Group.
A consortium led by Abu Dhabi state holding firm ADQ is in advanced negotiations to acquire a controlling stake in Israeli financial firm Phoenix Group in a deal valued around $2.7bn.
US private investment firms Centerbridge Partners and Gallatin Point Capital, which hold 33.4% of the Israeli firm, are in talks to sell about 25%-30% of the company to the Abu Dhabi funds.
PIF in talks to buy United Bank for $600m.
Public Investment Fund, Saudi Arabia's sovereign wealth fund, is in advanced talks to acquire Egypt's state-owned United Bank in a deal that could be worth about $600m, as the kingdom extends its support for the North African nation, Bloomberg
The $620bn Public Investment Fund would carry out the acquisition through Saudi Egyptian Investment Co unit, which it set up earlier this year to invest in swathes of Egypt's economy.
Sun Capital Partners in advanced talks to buy K3 Capital in a $314m deal.
K3 Capital said it was in advanced talks to sell itself to US private-equity firm Sun Capital Partners Group in a deal valuing the British professional services firm at $314m.
K3 Capital, which had received expressions of interest from multiple entities, said the other parties were no longer considering a possible offer for the company. The company may recommend Sun Capital's proposal unanimously should a firm intention be made.
Climate Asset Management raises $650m to invest in nature projects.
Climate Asset Management, the specialist “natural capital” investment manager formed by HSBC Asset Management and climate change advisory firm Pollination Group, said it has raised $650m for projects which aim to protect the environment.
The capital raised from institutional investors and corporates is one of the larger amounts to be raised in the nascent market which looks to twin improved environmental outcomes with financial or other returns by investing in nature. The funds raised will be invested through two strategies which target different investor bases, CAM Chief Executive Christof Kutscher said.
Golding Buyout Co-Investment fund significantly oversubscribed at final closing of $289m.
Golding Capital Partners announced the final close of the fund Golding Buyout Co-Investment 2020 with commitments of $289m. Strong demand, especially from existing investors, meant that the original target of $211m was comfortably exceeded.
In addition to traditional Golding clients such as German pension funds, savings banks and insurance companies, new international clients were also convinced by the product, particularly family offices.
NewSpace Capital, first closing at over €100m announced.
NewSpace Capital announces the first closing of its space-focused growth fund at €105m and a €15m lead investment in Cailabs’ series C investment round.
“There are an increasing number of companies reaching the commercial stage in space, many of which are ready for growth stage capital. The NewSpace Capital team has an ideal mix of technical and commercial expertise to identify and select the best space companies, and help them achieve their growth plans,” Rob Lazaroff, Archean Capital Co-Portfolio Manager.
Kirkland & Ellis M&A partner jumps to private equity firm Triton. (People)
Kirkland & Ellis London M&A partner Tom McCarthy is joining Triton Partners to bolster the private equity firm’s legal team.
McCarthy has been a partner at Kirkland since 2018, having joined the firm in 2012. He is joining Triton in London to strengthen its legal M&A team in the new year.
Permira adds a senior adviser to the global tech team. (People)
Global private equity firm Permira has appointed Andy Eckert as a senior adviser to its global technology team, focusing on healthcare technology investments. Eckert will also work with the firm’s healthcare team on broader opportunities in the sector.
Eckert has over 30 years of experience managing and growing healthcare companies. He currently serves on the board of directors of Becton, Dickinson and Company, a global medical technology leader, and was most recently CEO of Zelis, a payments technology and cost containment platform which aims to modernise the financial healthcare system. Eckert also previously served as chairman of the board of directors at Varian, a company dedicated to innovative cancer care that became part of Siemens Healthineers through a $16.4bn acquisition in 2021
Thoma Bravo, an American private equity and growth capital firm, completed the acquisition of Nearmap, an Australian aerial imagery technology, and location data company, for $755m.
"We are incredibly impressed by Nearmap's thought leadership and momentum in aerial imagery, data, and analytics. We believe Nearmap's insights are increasingly mission-critical to enterprises, and the use cases rapidly evolving, as evidenced by the company's accelerating adoption with blue-chip customers in North America. We look forward to working closely with Rob Newman and the highly-innovative Nearmap team to continue scaling Nearmap in its next chapter as a private company," A.J. Rohde, Thoma Bravo Senior Partner.
Nearmap was advised by Citigroup (led by Philip Drury
), DLA Piper (led by David Ryan
) and Citadel Magnus (led by James Strong
). Thoma Bravo was advised by Goldman Sachs, RBC Capital Markets, Gilbert + Tobin, Goodwin Procter and FGS Global (led by Liz Micci
Amber Infrastructure-backed International Public Partnerships, a specialist infrastructure investment company, agreed to acquire five New Zealand infrastructure assets from Morrison, a specialist alternative asset manager focusing primarily on infrastructure, private equity and property investment with offices, for $128m.
The five assets are all located in New Zealand and include three schools projects, the Auckland Prison and a purpose-built student accommodation facility.
"We have entered the New Zealand market with a portfolio of high-quality assets primarily within the education sector. The five new investments further enhance INPP's growing Australasian presence, which will represent approximately 11% by investment fair value, of our international portfolio and provides us with a strong platform for growth. New Zealand is a mature infrastructure market, complementing our proven track record over the past decade in Australia," Mike Gerrard, INPP Chairman.
National Investment and Infrastructure Fund, India's sovereign wealth fund, agreed to invest $74m in GMR Airports, an airports operator.
“It is a proud moment for GMR Group having developed Mopa Airport. Goa is the prime holiday destination in India and visited by travellers from across the world. We are confident that Mopa Airport will be a marquee airport in the country and shall add to the pride and economic development of the state. The Airports has been designed to capture the vibrancy and the essence of Goan culture. Our partnership with NIIF which will also extend to two more airports is a further testament of GMR’s credibility as an Airport Infrastructure developer and the future of the Aviation industry in the country," GBS Raju, GMR Airports Chairman.
GMR Airports is advised by Adfactors PR. NIIF is advised by AZB & Partners (led by Anuja Tiwari
Baring Private Equity Asia, an Asian private equity firm, withdrew its offer to acquire a 54% stake in PI Advanced Materials, a manufacturer and distributor of polyimide films, from Glenwood Private Equity, an investment service in Seoul, South Korea, for $1bn.
The move is expected to spark considerable conflict between the two private equity firms over the responsibility for the contract termination.
TPG Capital, an American investment company, agreed to acquire the housing finance unit of Poonawalla Fincorp, a Pune-based non-banking financial company, for $473m.
"Post an exhaustive strategic review of the proposals, the board decided that complete stake sale would be in the best interest of both the entities and all stakeholders considering the different customer segments, geographies, and distribution model," Poonawalla Fincorp.
Partners Group, a private markets firm, agreed to acquire Sunsure Energy, a renewable energy and decarbonization solutions platform, for $400m.
"Sunsure is a transformational, next-generation infrastructure investment opportunity in India's growing renewable energy sector, which has been a thematic focus area at Partners Group for many years. We intend to help companies operating in India meet decarbonization goals and assist in the country's overall energy transition. Through this investment, we will support Sunsure in executing on its pipeline of renewable projects and assist them in offering new services to C&I customers. We look forward to working with the team," Luv Parikh, Partners Group Managing Director of Private Infrastructure Asia.
Temasek's PSA considers multi-billion dollar exit from Hutchison Ports.
Port operator PSA International, fully owned by Singapore state investor Temasek Holdings, is evaluating selling its multi-billion dollar, 20% stake in the ports business of CK Hutchison Holdings.
PSA, the world's second-biggest container terminal operator, whose global network encompasses 160 locations in 42 countries, had acquired the stake in the Hong Kong-based conglomerate's ports business for $4.4bn in 2006.
PSA is in the early stages of exploring an exit from CK Hutchison's ports business and some potential bidders have been tapped, Reuters
NTPC to sell stake in green energy business.
NTPC aims to sell a 20% stake in its green energy business this fiscal year, expecting to raise up to $364m.
The deal marks the first green transaction by an Indian state company, which has drawn interest from investors, such as Canada Pension Plan Investment Board, Malaysia’s Petronas and Brookfield, DealStreetAsia reported.
Anchorage closing in on $89m David Jones deal.
Anchorage Capital Partners is closing in on a deal to acquire Australian department store chain David Jones for up to $89m, with chief executive Scott Fyfe expected to remain as head of the business post-acquisition.
Key executives including Woolworths Holdings boss Roy Bagattini reportedly flew to Australia over the weekend and left on Monday having approved a sale of the business in a transaction estimated to be worth between $82m and $89m.
Japanese banks agree to back Toshiba’s preferred bidder.
Four major Japanese banks have agreed to provide a loan totaling $8.8bn to the Japan Industrial Partners-led consortium for its buyout offer for Toshiba, Bloomberg
Mitsubishi UFJ Financial Group, Mizuho Financial Group, Sumitomo Mitsui Financial Group and Sumitomo Mitsui Trust have reached a consensus on the basic terms of loans for the JIP-led group. The banks are finalizing the details and could issue commitment letters as soon as the end of this month.
JTA Holding to lead Investree's Series D funding round.
Indonesia peer to peer lending company Investree has announced plans to close its Series D funding round in January next year. Qatar conglomerate company JTA International Holding will be leading the round, DealStreetAsia reported.
The amount of funding can’t be disclosed at this moment in keeping with regulations of the Qatar government, CEO and co-founder of Investree Adrian Gunadi said in a media statement.
GIC-backed unicorn is in talks to acquire Foodpanda.
Food delivery unicorn Line Man Wongnai is in talks to acquire Delivery Hero’s Foodpanda in Thailand as it plans for a stock-market debut in the next few years, Bloomberg
Bangkok-based Line Man Wongnai considered a deal at around $100m at one point, but the value is likely to have changed with the deterioration of the wider market and internal views toward loss-making businesses. The company is backed by Line and Singapore sovereign wealth fund GIC.
PAG closes APAC's largest private credit fund at $2.6bn.
Hong Kong-headquartered alternative investment firm PAG has closed its fifth pan-Asian direct lending fund worth $2.6bn, DealStreetAsia
The fund is the largest of its kind in Asia-Pacific to date. It received capital commitments from 20 institutional investors, including sovereign wealth funds, pension funds, and endowments in North America, Europe, the Middle East, and Asia-Pacific.
BRV Capital seeks $1bn to back electric vehicle industry suppliers.
BRV Capital Management aims to raise $1bn for a new fund to back businesses across the electric-vehicle supply chain, as industry players strive to reduce their reliance on Chinese companies for battery materials, computer chips and other components.
“Markets are sitting at a turning point as the fracturing supply chain is rippling across Asia, causing a spike in manufacturing in and beyond Korea, Taiwan, and Southeast Asia. BRV Capital is leveraging this momentum to expand our presence in the United States, London, Singapore, and Taiwan as a leader in EV investing. This expands our network within the EV ecosystem to help enable key component manufacturers and battery producers to accelerate and solidify new supply chain construction,” Kwan Yoon, BRV Capital CIO.
HEAL Partners closes $143m Fund I, seeks up to $500m for Fund II.
HEAL Partners, an Australia-based growth and follow-on investment firm specialising in the healthcare, education and lifestyle sectors, has closed its first fund at AUD200m ($143m) and already launched a $350–500m second fund, DealStreetAsia
“All portfolio companies are performing strongly and are well positioned to take advantage of favourable demographics and increasing demand for quality, technology-led education, and healthcare solutions from the growing global middle classes,” Martin Robinson, HEAL Partners Managing Partner and Investment Committee Member.
Oregon pension commits $315m to CVC Asia VI, GGV Capital funds.
Oregon Investment Council, which oversees the $94bn Oregon Public Employees Retirement System, has made a combined $165m commitment to Luxembourg-based private equity CVC Capital Partners’ sixth Asia fund, per the council’s recent board meeting.
The commitments included $150m from the pension fund and another $15m from the Common School Fund, which was made in September, DealStreetAsia reported.