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AMERICAS
Blackstone agreed to acquire a 55% stake in Climate Technologies business, a business that includes the Copeland compressor business, from Emerson, a technology, software and engineering powerhouse, for $7.7bn.
“Today’s announcement is a definitive step in the portfolio journey we embarked on when I became CEO in early 2021. Over the past 18 months, the Emerson team has accelerated our portfolio transformation, divesting non-core businesses including InSinkErator and Therm-O-Disc, while investing in organic growth opportunities and important transactions including AspenTech," Lal Karsanbhai, Emerson President and CEO.
Emerson is advised by Centerview Partners, Goldman Sachs, Davis Polk & Wardwell (led by Phillip R. Mills, Marc O. Williams, Brian Wolfe, and Cheryl Chan), FleishmanHillard and Joele Frank (led by Tanner Kaufman and Joseph Sala). Financial advisors are advised by Sullivan & Cromwell (led by Stephen M. Kotran). Blackstone is advised by Barclays, Evercore, Guggenheim Partners, and Simpson Thacher & Bartlett. Debt financing is provided by RBC Capital Markets, SMBC Nikko Securities and Wells Fargo Securities.
EU antitrust regulators on Friday renewed interim measures ordering US life sciences company Illumina to keep Grail as a separate entity pending an order to unwind the takeover completed before the deal had been approved.
The interim order, which was due to expire at the end of the month, was issued by the competition enforcer last year after Illumina jumped the gun and acquired Grail before securing the EU green light, Reuters reported.
"The European Commission has renewed and adjusted, under the EU Merger Regulation, the interim measures that ensure that Illumina and Grail remain separate following the Commission's decision to block the merger," EU watchdog.
Cinven, a private equity investment firm, agreed to acquire TaxAct, a developer of tax preparation software and web-based services, from Blucora, a provider of technology-enabled financial services, for $720m. Cinven will bring the business together with the existing portfolio company Drake Software under a single holding company.
"Since investing in Drake in 2021, Cinven has set out to support the company's growth plans, including expanding its presence in the professional tax preparation market, renewing its technology platform and enhancing its product offerings for the benefit of Drake's tax professional customers. The addition of TaxAct's consumer tax preparation platform will further strengthen Drake's capabilities to anticipate and serve the needs of all types of customers as today's tax landscape becomes increasingly sophisticated. This transaction exemplifies Cinven's track record of working with companies to support their growth and capability expansion strategies, creating better products for customers and increasing opportunities for employees," Chris Good, Cinven Partner.
Cinven is advised by Evercore, JP Morgan, Ropes & Gray and Joele Frank (led by Jonathan Keehner and Woomi Yun). Blucora is advised by Centerview Partners, PJT Partners, Haynes and Boone, Sidley Austin and Gagnier Communications (led by Dan Gagnier).
Investment management firms Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management, agreed to acquire a majority stake in TIAA Bank, a provider of financial services and products for individuals and small and mid-size business clients nationwide. Financial terms were not disclosed.
"As we refocus on retirement, we have decided now is the appropriate time for TIAA Bank to begin a new chapter under new ownership. The changes we're announcing are in the best interest of TIAA and our retirement clients and for our bank's consumer and commercial clients and the incredible TIAA Bank associate team. TIAA is making this move from a position of strength, and we are confident the bank is well-positioned for future growth and success," David Nason, TIAA COO.
A consortium of investors is advised by Goldman Sachs, Jefferies & Company and Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy, Richard Kim, Mark F. Veblen and Mark Stagliano). TIAA is advised by JP Morgan and Davis Polk & Wardwell. Sixth Street is advised by Cleary Gottlieb Steen & Hamilton. Bayview is advised by Simpson Thacher & Bartlett.
Truelink Capital, a middle-market private equity firm, agreed to acquire Trulite Glass & Aluminum Solutions, one of North America's largest architectural glass and aluminum fabricators, from Sun Capital Partners, a global private equity firm. Financial terms were not disclosed.
"Trulite has been on a journey to expand geographically, optimize operations and create a platform for scalability, which is a direct result of the hard work, persistence and determination of the Trulite team. Upon our first meeting with Truelink, it was evident that they believe in our business, our potential and—most importantly—our people. The Truelink team brings a breadth of industry knowledge that will help us chart our path forward and continue to successfully execute on our strategic priorities. This milestone is a natural next step for our company, and we are confident that Truelink is the right partner as we work to unlock our next phase of growth," Kevin Yates, Trulite CEO.
Trulite Glass & Aluminum Solutions is advised by Raymond James, William Blair & Co and Kirkland & Ellis. Truelink Capital is advised by Alston & Bird, Kirkland & Ellis, Willkie Farr & Gallagher and FTI Consulting (led by Stephanie Randall).
Aurora Capital, a middle-market private equity firm, completed the acquisition of Universal Pure, a provider of high pressure processing and related food safety and technical services for cold chain-oriented human and pet food customers. Financial terms were not disclosed.
"Universal Pure is an ideal match for the Aurora program. Jeff and his team have built an impressive platform, and we are excited to capitalize on the significant runway that the business has through new and existing relationships with blue chip customers. We are thrilled to be chosen as Universal Pure's partner at an exciting time in its evolution," Mark Rosenbaum, Aurora Partner.
Universal Pure was advised by Houlihan Lokey, William Blair & Co and Mayer Brown. Aurora was advised by Harris Williams & Co, Gibson Dunn & Crutcher and ASC Advisors (led by Taylor Ingraham). Debt was provided by Twin Brook Capital Partners.
Dessert Holdings, a North America’s premium dessert company, completed the acquisition of Dianne’s Fine Desserts, a provider of premium frozen thaw-and-serve desserts, from Geneva Glen Capital, a Chicago-based private equity firm. Financial terms were not disclosed.
“Dianne’s possesses a distinctive set of product capabilities and customer relationships that are highly complementary with Dessert Holdings. Dianne’s has an exceptional, innovative team that we are thrilled to welcome to the Dessert Holdings family,” Paul Lapadat, Dessert Holdings CEO.
Dianne’s Fine Desserts was advised by RSM International, Lazard and Katten Muchin Rosenman. Dessert Holdings was advised by PricewaterhouseCoopers, William Blair & Co, Ropes & Gray and Stanton PRM (led by Charlyn Lusk).
Lee Equity Partners, a middle market private equity firm, completed the acquisition of a majority stake in Bradford Health Services, a substance use disorder treatment provider, from Centre Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to partner with Mike Rickman and his talented team at Bradford Health to provide much needed SUD care to communities throughout the Southeast. We believe that the company is well positioned for the future and will accelerate its growth trajectory while continuing to deliver high-quality patient care," Mark Gormley, Lee Equity Partner.
JAB-backed Independence Pet Group, a full-stack pet insurance platform, completed the acquisition of Crum & Forster Pet Insurance Group, a provider of pet health insurance, and Pethealth, a provider of animal management software, from Fairfax Financial, a company engaged in property and casualty insurance and reinsurance and the associated investment management, for $1.4bn.
"JAB has had an outstanding track record over the past 10 years, and we expect this to continue. While we have sold our pet insurance business to JAB, we will invest $200m in their JCP V to become their partners. We expect JAB to soon become leaders in pet healthcare and pet insurance globally. We wish them much success," Prem Watsa, Fairfax Founder, Chairman and CEO.
JAB was advised by Goldman Sachs, Borden Ladner Gervais (led by Carlos Cerqueira and Donna Spagnolo), Skadden Arps Slate Meagher & Flom (led by Jon Hlafter) and Abernathy MacGregor Group (led by Tom Johnson). Fairfax Financial was led by Morgan Stanley and Shearman & Sterling.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, completed a $570m investment in CoreSite, a hybrid IT solutions provider and subsidiary of American Tower.
The upsize investment comprises both common equity and mandatorily convertible preferred equity, on the same terms and valuation as the initial investment. Stonepeak's investment is part of its core infrastructure strategy.
Stonepeak was advised by MUFG Bank and Sidley Austin. American Tower was advised by CDX Advisors, JP Morgan, Cleary Gottlieb Steen & Hamilton and Sullivan & Worcester.
Cobepa, an independent, privately held investment company, and The Jordan Company, a middle-market private equity firm, completed the acquisition of Ned Stevens, a provider of exterior residential services, from Avalt, a family office. Financial terms were not disclosed.
"Our team couldn't be more excited to partner with Cobepa. As the global market leader in our industry, Ned Stevens is ready to achieve significant long-term growth. Our customers and employees deserve the best, and in Cobepa we have a partner that has extensive experience in residential services, as well as the resources necessary to enable us to deliver the best. The next phase of Ned Stevens starts today, and we are lucky to be fully aligned with a great partner in Cobepa," Rob Rapuano, Ned Stevens CEO.
Ned Stevens was advised by Harris Williams & Co (led by Brent Spiller) and Solomon Partners. Cobepa was advised by Jefferies & Company and White & Case. Debt financing was provided by Audax Group and Golub Capital.
Littlejohn, a private investment firm, completed the acquisition of Lipari Foods, a specialty food distributor, from HIG Capital and Sterling Investment Partners, private equity firms. Financial terms were not disclosed.
“Lipari builds upon Littlejohn’s deep expertise investing in value-added distribution platforms. We have long admired Lipari and have been impressed with the Company’s highly differentiated business model, tenured management team, and impressive track record of growth and operational excellence. We are excited to partner with Thom Lipari and the rest of the management team to support Lipari’s next phase of growth," Tony Miranda, Littlejohn Managing Director.
Lipari Foods was advised by Harris Williams & Co, Piper Sandler and McDermott Will & Emery. Littlejohn was advised by Gibson Dunn & Crutcher and Gasthalter & Co (led by Nathaniel Garnick). HIG Capital was advised by McDermott Will & Emery.
HIG Capital, a private equity and alternative assets investment firm, completed the acquisition of the distribution business of Avient, a global provider of sustainable and specialized material solutions, for $950m.
"As expected, there were multiple buyers interested in acquiring the Distribution business, and it was a competitive process. Ultimately, we selected HIG Capital based on the strength of their proposal, which values the business at approximately 10x LTM EBITDA and includes no financing contingencies. We are also confident that HIG will make an excellent home for the Distribution business and a good partner for Avient as both a supplier and a customer," Robert M. Patterson, Avient Chairman, President and Chief Executive Officer.
Francisco Partners, a global investment firm, completed the investment in TouchBistro, a restaurant management platform transforming the restaurant category, for $110m.
“Our industry leading technology, optimized business model, and uncompromising focus on our customer experience has us well-positioned to accelerate our growth in the vast restaurant and hospitality sector throughout North America and beyond. Francisco Partners shares our enthusiasm about the growth potential for TouchBistro and our customers. In addition to providing us with access to capital, Francisco Partners also has significant domain expertise and industry connections that will enhance and accelerate our growth trajectory and acquisition plans,” Samir Zabaneh, TouchBistro CEO and Chairman.
TouchBistro was advised by RBC Capital Markets, Stikeman Elliott and Boulevard Public Relations. Francisco Partners was advised by Akin Gump Strauss Hauer & Feld and Sloane & Company (led by Whit Clay).
Avista Capital Partners, a private equity firm focused exclusively on healthcare, completed the acquisition of Taconic Biosciences, a provider of genetically engineered research models, from H.I.G. Capital, a Miami, Florida–based private equity and alternative assets investment firm. Financial terms were not disclosed.
"Our acquisition of Taconic represents Avista's ninth investment in the outsourced pharma services sector, a testament to the value and growth potential we continue to see in the space. Given Taconic's reputation for high-touch consultative service, diversity of high-quality models, and proven track record of innovation, we believe the Company is poised to continue its growth trajectory in the attractive GEMs market. We look forward to providing support for the acceleration of Taconic's strategic priorities," Rob Girardi, Avista Partner.
Taconic Biosciences was advised by Perella Weinberg Partners, Robert W Baird (led by Adam Huitt) and Paul Hastings. Avista Capital was advised by Ropes & Gray and Kekst CNC (led by Daniel Yunger).
Franklin Templeton, an investment firm, completed the acquisition of Alcentra, a manager of private debt, from BNY Mellon, an investment banking services holding company. Financial terms are not disclosed.
“We’re delighted to announce the acquisition of Alcentra and look forward to welcoming its talented team to our firm. We have been deliberate in building our alternative asset management capabilities over recent years and the acquisition of Alcentra is an important aspect of our alternative asset strategy – the expansion into alternative European credit. Alternative investments represent a significant diversification tool for our clients and an area of increasing importance for both individual and institutional investors. This acquisition expands our long-standing relationship with BNY Mellon, and we are pleased that the structure of the transaction achieves objectives for both Franklin Templeton and BNY Mellon in the context of current market conditions," Jenny Johnson, Franklin Templeton President and CEO.
Franklin Templeton was advised by Morgan Stanley, UBS and Willkie Farr & Gallagher (led by Dave Boston and Danielle Scalzo). BNY Mellon was advised by Ardea Partners and Sullivan & Cromwell (led by Mitchell S. Eitel).
Mars Petcare, a provider of high quality, science-backed nutrition and therapeutic health products, agreed to acquire Champion Petfoods, a manufacturer of specialty pet food products, from investment management firms Bedford Capital and Healthcare of Ontario Pension Plan. Financial terms were not disclosed.
"We are thrilled to welcome Champion Petfoods and its more than 800 talented people to the Mars Petcare family. The Champion Petfoods team has been a pioneer in developing high-quality and premium pet food in the natural category that pet lovers around the world trust. Together, we will be even better positioned to support pet lovers and fulfill our Purpose to create A BETTER WORLD FOR PETS," Ikdeep Singh, Mars Pet Global President.
Champion Petfoods is advised by Morgan Stanley, Bennett Jones and Torys. Mars Pet Global is advised by JP Morgan and Skadden Arps Slate Meagher & Flom.
Rubicon Technology Partners, a private equity firm, completed the merger with senior living software solutions providers Enquire CRM, Glennis Solutions, and Sherpa CRM. Financial terms were not disclosed.
"The combination of our companies will be a transformative and exciting new chapter for our employees and customers alike. Providers are increasingly looking for a comprehensive solution that powers not only the sales and marketing engine of the business, but carries through to clinical, operational, and financial workflows," Lucas and Erin Hayes, Enquire Co-Founders.
Sherpa was advised by Husch Blackwell. Glennis Solutions was advised by Jones Day (led by Randi C. Lesnick). Enquire CRM was advised by RBC Capital Markets and Cooley. Rubicon Technology was advised by Morrison & Foerster.
ATL Partners, a private equity firm, completed the acquisition of a majority stake in Aero Accessories & Repair, a provider of aerospace component maintenance, repair, and overhaul services. Financial terms were not disclosed.
"We have followed the success of Aero Accessories for a number of years and have been impressed by the culture of the organization and the strong track record of organic growth achieved by the company. We are excited to partner with David, Kevin, and team and look forward to supporting their strategic vision in the years to come," Paul Teske and Eli Exum, ATL Co-Founder and Partner and Vice President.
ATL Partners was advised by Gibson Dunn & Crutcher and Gasthalter & Co (led by Nathaniel Garnick). Aero Accessories was advised by Houlihan Lokey and Greenberg Traurig.
Arcline-backed Qnnect, a productivity app, agreed to acquire Hermetic Solutions Group, an electrical components supplier from Windjammer Capital, a private equity firm. Financial terms were not disclosed.
"Our strategy is to acquire industry-leading manufacturers of connectivity solutions whose technology and customer relationships bring significant long-term growth potential to Qnnect. HSG's differentiated hermetic solutions and position on premier US defense platforms further cement Qnnect as a leading supplier of critical connectivity solutions. We're excited to welcome the HSG team to our growing portfolio and look forward to working together to best serve our customers," Kevin Perhamus, Qnnect CEO.
Qnnect is advised by Evercore. Hermetic Solutions Group is advised by BlackArch Partners, William Blair & Co and Kirkland & Ellis.
Providence Equity Partners, a premier private equity firm specializing in growth-oriented investments in media, communications, education and technology, completed the investment in Wasserman, a global sports, music and culture agency. Financial terms were not disclosed.
"Casey and his team have built a global leader and influential force in sports and music talent representation and marketing, and they have balanced their rapid expansion with maintaining a client-first approach and culture that cultivates dedicated, motivated and talented executives and agents. Wasserman is a natural fit with our firm, and we look forward to partnering with Casey and the entire Wasserman team to help fuel the Company's next phase of growth and success," Scott Marimow, Providence Managing Director.
Centre Lane Partners, a private investment firm, agreed to acquire the personalization business of Kibo, a SaaS-based collection of commerce products. Financial terms were not disclosed.
"We are extremely excited to partner with Centre Lane on this next chapter of our journey as a leader in personalization. With the power of product recommendations, 1x1 personalization, personalized search, and A/B testing in a single unified personalization platform combined with the re-launch of the Monetate brand, we are well positioned to pursue our go-forward growth strategy that will build upon our strong retail footprint while continuing to expand into other markets," Brian Wilson, Kibo COO.
Centre Lane is advised by Jones Day. Kibo is advised by RBC Capital Markets, Kirkland & Ellis and Ketner Group Communications.
Warburg Pincus-backed Citeline, a provider of specialist intelligence, data, and software for clinical trials, drug development, and regulatory compliance, completed the merger with Hg and Welsh Carson Anderson & Stowe-backed Norstella, an organization that helps life sciences companies navigate the complexities of the drug life cycle, in a $3.9bn deal.
"Accelerating innovation and ensuring that every patient gets the therapy that they need is our North Star. By bringing clinical and commercial intelligence together - along with real-world data - the combined company will be well positioned to deliver on its mission," Mike Gallup, Norstella CEO.
Citeline was advised by Jefferies & Company. Norstella was advised by Deutsche Bank (led by Nick Richitt) and Skadden Arps Slate Meagher & Flom (led by Richard Youle).
P10-backed Bonaccord Capital, a private equity business, completed the acquisition of a minority stake in VMG Partners, a private equity firm focused on partnering with entrepreneurs and managers to support the growth and strategic development of leading branded consumer product and technology companies. Financial terms were not disclosed.
"We believe VMG is an exceptional private equity and venture capital firm with a remarkable track record of delivering results to its limited partners by supporting the development of disruptive brands and technologies. We believe in the long-term plan that the VMG team has laid out, and we feel privileged to have the opportunity to support them in achieving it," Ajay Chitkara, Bonaccord Capital Partners Managing Partner.
Bonaccord Capital was advised by Fried Frank Harris Shriver & Jacobson. VMG Partners was advised by Houlihan Lokey and Latham & Watkins.
HIG, a global alternative investment firm, completed an investment in ThoughtFocus, a provider of digital services and technology enabled digital operations. Financial terms were not disclosed.
“We are excited to partner with the founders of ThoughtFocus and have been highly impressed by the Company’s track record of profitable growth, long-tenured customer relationships, and strong company culture," Kevin Van Culin, HIG Managing Director.
ThoughtFocus was advised by D.A. Davidson & Co and Reed Smith. HIG was advised by McDermott Will & Emery.
Novo, a healthcare investment firm, completed the acquisition of KabaFusion, a provider of essential acute, chronic, and enteral home infusion therapies, from Pritzker Private Capital, a private equity firm. Financial terms were not disclosed.
"We have been extremely impressed with the pace of growth and service orientation of KabaFusion, which is a testament to their leading clinical knowledge in immunoglobulin therapies and patient-first approach. The investment in KabaFusion fits well with Novo Holdings' overall ambition of creating long-term value and making a positive impact on health, science, and society," Abhijeet Lele, Novo Senior Partner and Head of US Principal Investments.
NextEra Energy, an energy company, agreed to acquire the operating landfill gas-to-electric facilities portfolio of Energy Power Partners, a private market fund manager, for $1.1bn.
"This acquisition supports our renewable fuels strategy and our broader vision to lead the decarbonization of the US economy. We are as confident as ever about our long-term growth prospects, and we will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted earnings per share expectations ranges for 2022 through 2025, while at the same time maintaining our strong balance sheet and credit ratings," John Ketchum, NextEra Chairman, President and CEO.
NextEra is advised by Citigroup. Energy Power is advised by JP Morgan.
Trelleborg, an engineered polymer solutions provider, completed the acquisition of Minnesota Rubber and Plastic, a provider of materials science-based elastomer and thermoplastic solutions, from KKR, for $950m.
"I am incredibly proud of the entire MRP team's accomplishments throughout our time together. With Trelleborg, MRP will continue to have an employee-centric culture, and we are looking forward to seeing their many successes to come," Josh Weisenbeck, KKR Partner.
KKR was advised by Houlihan Lokey and Kirkland & Ellis (led by Jennifer Perkins).
Lennox Capital Partners, a Dallas-based investment firm, led a $110m Series B round in ColdQuanta, a global quantum technology company, with participation from In-Q-Tel, Sumitomo, Breakthrough Victoria, BOKA Group, Foundry Group, Global Frontier Investments and Maverick Ventures.
"The quantum ecosystem is experiencing a global wave of innovation, having our market leadership recognized by investors around the world validates our unique approach. Customers are already adopting ColdQuanta for quantum RF sensors, quantum atomic clocks, and quantum software. These are critical building blocks of the quantum industry that will drive a significant impact on society today while we work towards the massive gains quantum computing will bring in the future," Scott Faris, ColdQuanta CEO.
ColdQuanta was advised by Solomon Partners and Cooley.
Carlyle, a private equity firm, agreed to invest $350m in Aspen Power Partners, a distributed generation platform with the mission of accelerating decarbonization.
"At Carlyle, we believe investing in renewables includes investing across the value chain. This includes investing in not only large utility-scale renewable energy assets but also community solar and distributed generation more broadly. We are very excited about our partnership with Aspen and look forward to facilitating the growth of their business into a distributed generation platform of scale," Pooja Goyal, Carlyle CIO of Infrastructure Group.
Aspen Power Partners is advised by Silverline Communications.
MTY Food, a franchisor and operator of numerous casual dining, fast casual, and quick service restaurants, agreed to acquire Wetzel’s Pretzels, a franchisor and owner of quick service restaurants, from CenterOak Partners, a private equity firm, for $207m.
"This transaction represents another key acquisition for MTY as it adds another iconic brand to MTY's US portfolio. The transaction enhances MTY's footprint in the snack category, with Wetzel's Pretzels' strong network of franchise partners, well-run corporate-owned locations, and a best-in-class management team. Its products are extremely craveable and are recognized everywhere in the US by a broad range of customers. We look forward to exploring all the opportunities this transaction brings to both companies," Eric Lefebvre, MTY CEO.
CenterOak is advised by BackBay Communications.
Voyager Interests, a private equity firm, agreed to acquire Knight Energy Services, a repair & manufacturing services, from Clearlake Capital, an investment firm. Financial terms were not disclosed.
“I am thrilled to partner with Voyager to continue building Knight into the preeminent rental tool company in North America. We have the people, the fleet, the footprint and the capabilities to do just that. In partnering with Voyager, we will continue to build Knight organically and through acquisitions and my team could not be more excited. We thank Clearlake for their partnership and support as we conclude this chapter and look forward to our next phase of growth,” Dwight Gross, Knight Energy CEO and President.
Wynnchurch-backed Appvion, a manufacturer of coating substrates, completed the acquisition of Nekoosa, a manufacturer of carbonless paper and coated products, from Sentinel Capital, an investment firm. Financial terms were not disclosed.
"I'm excited for our teams as we move forward and write a new chapter together. We know each other well and will build upon our long history to proudly produce innovative products that help all our stakeholders succeed," Paul Charapata, Nekoosa CEO.
Sentinel Capital was advised by Broadgate Consultants (led by Roland Tomforde).
Bain Capital Life Sciences, a private equity investment firm, led a $250m Series D funding round in Emalex Biosciences, a developer of biopharmaceutical drugs, with participation from Paragon Biosciences, Valor Equity Partners and Fidelity Management & Research Company.
"Emalex was founded specifically to tackle serious neurological conditions like Tourette Syndrome, recognizing that drug development for neurologic conditions is exceptionally difficult and few companies are willing to invest in bringing new options to these patients. Our team has a strong track record of success developing neurology drugs, and we are pleased to partner with our investors to advance ecopipam for patients," Jeff Aronin, Emalex Founder.
Georgian, a fintech company investing in high-growth technology companies, led a $170m Series F round in OpenWeb, a social engagement platform that builds online communities around digital content.
"This investment represents an incredible show of confidence in the mission we have set for ourselves: To combat toxicity and create healthier, open spaces for conversations that move society forward. There is a paradigm shift happening right now in the media, and we have the opportunity to drive major changes in how people communicate with one another in virtual spaces, as well as how publishers and advertisers form and maintain lasting relationships with their audiences. OpenWeb is delivering the building blocks for the future of online networks," Nadav Shoval, OpenWeb CEO.
Investment firms ARCH Venture Partners and Monograph Capital led a $120m funding round in Human Immunology Biosciences, a clinical-stage biotechnology company, with participation from Jeito Capital.
"We know the power of precision medicine to achieve better results for patients, and HI-Bio is the first company to combine that approach with a focus on the latest in genetics and immunology for immune-mediated diseases," Paul Berns, ARCH Ventures Managing Director.
Eclipse Ventures, a venture capital firm, led a $100m Series B round in Bright Machines, an innovator in software-defined manufacturing.
“We founded Bright Machines with a singular mission to enable our customers to transform the way they have historically approached product assembly. We are excited to partner with the industry in creating a more streamlined ‘design-to-make’ process in which every product can be manufactured closer to the end consumer. In today’s unpredictable, global environment, this mission is more important than ever. We believe our solutions provide an essential pathway for the industry’s transition to more local, resilient, and sustainable operations. I am proud of the positive impact we’ve made to date and excited for this next phase in our journey," Lior Susan, Bright Machines CEO and Co-Founder.
Fengate Asset Management, an alternative investment manager, agreed to acquire the 160 MW Prairie Switch wind project from Triple Oak Power, an operator of energy generation projects. Financial terms were not disclosed.
"We appreciate working with Triple Oak Power on this important acquisition as it fully aligns with Fengate's build-to-core strategy and commitment to invest in renewable energy projects on behalf of our investors. Fengate is pleased to partner with Meta and GE on this project to deliver clean and reliable energy," Greg Calhoun, Fengate Managing Director of Infrastructure Investments.
Blackstone is weighing a $3bn sale of HealthEdge Software.
Blackstone is exploring options for HealthEdge Software, including the sale of a stake that could value the health-care software company at about $3bn.
Blackstone is working with advisers on the possible sale of a 50% stake in HealthEdge, which sells software to health insurers. It's keen to bring in another financial investor to help it grow the business, Bloomberg reported.
CIF sets aside $1bn for clean power move in Indonesia and South Africa.
Climate Investment Funds, a leading multilateral investor in developing countries, said it will allocate $1bn to help South Africa and Indonesia move away from coal to clean power.
The move comes ahead of the next round of global climate talks in Egypt in November, at which emerging markets are set to once again push for more financial help from richer countries to help them make the transition to a low-carbon economy.
Under the agreement, South Africa and Indonesia will be able to access $500m each in cheaper, risk-bearing capital from CIF's Accelerating Coal Transition (CIF ACT) investment programme, DealStreetAsia reported.
PIF, Mitsui eye stake in Vale’s base metals business.
Saudi Arabia’s Public Investment Fund and Japanese trading house Mitsui & Co are considering bids for a minority stake in Vale nickel and copper operations, Bloomberg reported.
Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board, Mubadala Investment and Qatar Investment Authority are also weighing offers for a stake in the base metal unit. Vale is seeking to raise more than $2bn from the deal.
Apollo Global hires Anchorage Digital as crypto custodian.
New York-based private-equity firm Apollo Global Management has chosen Anchorage Digital to be its custodian for crypto assets.
Anchorage, which became the first federally chartered crypto bank in the US last year, said it expects to hold a “significant portion” of Apollo’s digital-asset portfolio. Apollo, which has $513bn in assets under management, ventured into the cryptocurrency industry this year, hiring former JP Morgan executive.
Carlyle, Apollo see financing stifling deals as prices slump.
Private equity transactions are set to dip further as a dearth of financing and a protracted price discovery period will dent activity, according to senior executives at Carlyle Group and Apollo Global Management.
“There will be six, nine months of price recovery. It’s going to be a period of a lot lower volume but very interesting transactions,” Jim Zelter, Apollo co-president, said at a summit in Hong Kong, Bloomberg reported.
Sixth Street closes $4.4bn in flexible, long-term capital to invest in fast-growing companies.
Sixth Street, a global investment firm, announced the final close of funds totaling $4.4bn in fresh capital to invest in fast-growing businesses through the firm’s Sixth Street Growth platform. The funds closed at their hard cap.
“Our team partners with market leaders to provide differentiated capital solutions, strategic advice, and a network of resources to promote growth across market cycles. We appreciate the support of our limited partners as we execute our strategy of thematically investing in fast-growing businesses with world-class management teams,” Michael McGinn, Sixth Street Partner and Sixth Street Growth Co-Head.
Wafra raises $1.5bn to acquire minority stakes in alt asset managers.
Wafra, an investment firm, has raised $1.5bn for its fourth flagship fund which will look to acquire minority stakes in alternative asset managers, including private equity firms.
Backing for the new fund came from a consortium of institutional investors from across North America, Europe and the Middle East, and part of a joint venture called Capital Constellation, which launched in 2018 and has previous invested about $3bn in Wafra's existing three funds that invest in alt asset managers.
Boston Financial closes $164m national multi-investor fund.
Boston Financial, syndicator of Low-Income Housing Tax Credits in the US, announced the closing of Boston Financial Institutional Tax Credits 57 Limited Partnership, a $164m LIHTC fund.
“As we navigate an increasingly complex deal-making landscape while continuing to maintain quality fund offerings for our investors, Boston Financial could not be more satisfied and grateful for the collaboration and commitment of our developer and investor partners. It’s the resiliency of these partners that enables us to continue tackling the tremendous affordable housing crisis across the country – even in the midst of the many micro and macro-economic challenges communities are facing at this time,” Todd Jones, Boston Financial Head of Tax Credit Equity Production.
Providence Real Estate announced a $100m fundraise.
Providence Real Estate, a multifamily owner-operator, announced the final close of its most recent private equity fund, the Providence Multifamily REIT and its affiliated entities. The fund raised approximately $85m in commitments from investors throughout the United States, Europe, South America, and Asia. In addition, the fund has raised over $15m in co-investments.
“We are very pleased with the fundraising outcome for the Providence Multifamily REIT that was conducted during a uniquely challenging period that spanned the entire Covid-19 pandemic and the following inflationary period. While a complicated capital raising environment, investors remained hungry for investment opportunities with fund sponsors and operators who have long track records of profitable multifamily investments throughout a variety of challenging environments," Alan Pollack, Providence CEO.
Motive Partners adds partner to leadership team. (People)
Motive Partners, a specialist private equity firm focused on building, backing and buying the financial technology companies, has appointed Bridget van Kralingen as Partner.
Van Kralingen, who joins Motive after serving as a senior executive at IBM, will also be part of the firm's Management Committee. She will work alongside the leadership team to accelerate Motive’s ability to identify and scale technology businesses, based on her experience in digital businesses, data and analytics, AI, blockchain, cloud software and services. Van Kralingen will also work across the Motive portfolio to enhance these capabilities in portfolio companies as well as building out Motive's data and analytics capabilities.
EMEA
Bain Capital, an American private investment firm, Corbis, company operating mainly in the infrastructure, mining & metals and electric power sector, Security Trading, an investment company, and Fennogens Investments, an investment management firm, offered to acquire Caverion, an industrial services provider, for €955m.
“The offer made by the consortium provides clear evidence that Caverion’s goal to achieve “Sustainable Growth” by delivering to our customers along the building’s lifecycle and assisting in their Smart Building and green transitions is an attractive strategy for the future. I believe that with the support and resources from Bain Capital and the Consortium we will be able to further accelerate our business and deliver value to all stakeholders. We at Caverion continue our daily work as usual, focusing on serving our customers and working together across the company,” Jacob Götzsche, Caverion President and CEO.
Caverion is advised by Bank of America and Castren & Snellman. Bain Capital is advised by Advium Corporate Finance, BNP Paribas, Goldman Sachs, Nordea Bank, Hannes Snellman, Kirkland & Ellis and Roschier Attorneys.
Veritas Capital, a New York-based private equity firm, agreed to acquire Wood Mackenzie, a global research and consultancy group, from Verisk Analytics, an American multinational data analytics and risk assessment firm, for $820m.
“We are pleased to announce this transaction, which both represents value creation for our shareholders and will allow us to focus on businesses more closely aligned with our strategy, distinctives, and global ambitions. We are glad to have found strong ownership for our healthcare services business. The sale will enhance our focus on proprietary data analytics in our key vertical markets," Scott Stephenson, Verisk Analytics Chairman, President and CEO.
Veritas Capital is advised by Skadden Arps Slate Meagher & Flom and FGS Global (led by Andrew Cole). Verisk Analytics is advised by Morgan Stanley, SunTrust Robinson Humphrey, Davis Polk & Wardwell (led by Marc O. Williams), McCarter & English and MikeWorldWide.
J.M. Huber, a global, family-owned specialty engineered materials manufacturing company, completed the acquisition of Biolchim Group, a producer and distributor of a full range of specialty plant nutrition and biostimulants, from private equity firms NB Renaissance and Chequers Capital. Financial terms were not disclosed.
"The strategic combination of the Biolchim Group and Huber AgroSolutions will be transformative since the companies have complementary commercial and product offerings, as well as industry-leading technologies and research capacities. We are both eager to collaborate, share knowledge and build on each other's capabilities. The agreement will open up new growth ambitions and will position us as a leading player in specialty nutrition globally. I am excited about the promising future for the company, and I am grateful to NB Renaissance, and Chequers Capital for the continuous support received over the past several years through the implementation of the Biolchim Group's value creation plan and the key strategic decisions," Leonardo Valenti, Biolchim Group CEO.
Verallia, a producer of glass containers for food and beverages, agreed to acquire Allied Glass, a manufacturer of glass for the drinks industry, from Sun European Partners, a private equity firm, for £315m ($366m).
“This acquisition of Allied Glass is fully in line with our strategy which is to accelerate our investments in key markets while leveraging our industrial, technological and management expertise to generate synergies. I am convinced that Verallia and Allied Glass have an outstanding fit as we share common vision and values. This is a great milestone too, as the Group will be present on the UK market, I am confident that this combination will create sustainable value for customers, employees and shareholders. Finally, I am delighted to welcome Alan Henderson in the Executive Committee team of Verallia,” Patrice Lucas, Verallia CEO.
Verallia is advised by ERM Group, Ernst & Young, White & Case and Wellcom PR. Sun is advised by Stanton PRM.
3i, a British multinational private equity, and venture capital company, completed the acquisition of an additional 48% stake in TCR, a ground support equipment supplier company, from DWS, a German asset management company, for £334m ($407m).
"TCR's business model proved to be highly resilient during the Covid-19 pandemic. We look forward to continuing to support management to deliver on the company's global growth potential and are delighted to be acquiring our co-investors share of the business," Richard Laing, 3i Infrastructure Chair.
3i was advised by Latham & Watkins (led by Brendan Moylan). DWS was advised by Morgan Stanley.
Thermo Fisher Scientific, a supplier of scientific instrumentation, agreed to acquire The Binding Site, a specialty diagnostics provider, from Nordic Capital, a private equity investor, for $2.6bn.
“This transaction perfectly aligns with our Mission and is an exciting addition to our existing specialty diagnostic offerings. With extensive expertise and a large and dedicated installed base in cancer diagnostics, The Binding Site will further enhance our specialty diagnostics portfolio. The Binding Site is extremely well-respected by researchers and clinicians alike for its pioneering diagnosis and monitoring solutions for multiple myeloma. We also know early diagnosis and well-informed treatment decisions for multiple myeloma can make a significant difference in patient outcomes. We are excited by the opportunity to enable further innovation in this area for the benefit of patients and look forward to welcoming The Binding Site team to Thermo Fisher," Marc N. Casper, Thermo Fisher Chairman, President and CEO.
NEOM and GLy Capital Management, a private equity investment firm, led a $182m Series E funding round in Volocopter, a German aircraft manufacturer.
"Raising over $180m despite the generally tense economic climate highlights Volocopter's robust technology strategy and its ongoing progress toward achieving market readiness. We appreciate the remarkable spirit of collaboration and the trust that our existing and new shareholders have placed in us as we forge ahead on our journey to bring the urban air mobility ecosystem to life," Christian Bauer, Volocopter CCO.
Veolia, a French transnational company, ADQ, a holding company, and Vision Invest, a Saudi Arabian development and investment holding company, agreed to acquire two hazardous industrial waste treatment plants from ADNOC Refining, an oil company. Financial terms were not disclosed.
"With over 40 years' experience, Veolia is a historic partner of the industries in developing robust and circular solutions for treating the most complex types of waste. This new development builds on our expertise as the world leader in hazardous waste treatment and we are immensely proud to continue to accompany ADNOC for the decades to come in its sustainable growth. It also underlines Veolia's position as a strategic ecological transformation partner of the United Arab Emirates, where the Group is also active in water, waste and energy segments, and reinforces our leading role in the hazardous waste treatment in the Middle East," Estelle Brachlianoff, Veolia CEO.
The Chefs' Warehouse, a distributor of specialty food products, completed the acquisition of Chef Middle East, a specialty food distributor with operations in the United Arab Emirates, Qatar and Oman, from Gulf Capital, an alternative asset management firm in the Gulf and Southeast Asia. Financial terms were not disclosed.
"This is exciting news for The Chefs' Warehouse, our partners, employees and our new colleagues at Chef Middle East. Similar to our positioning in the US and Canada, CME is the premier provider of specialty food products to the higher-end restaurants, hotels and catering establishments in the region. Their product portfolio mirrors ours in many ways and includes high-quality imported specialty foods, meat and seafood, pastry and bakery goods along with broadline product lines. We thank Gulf Capital for entrusting us to continue the growth of CME into a leading foodservice player," Christopher Pappas, The Chefs' Warehouse Chairman and CEO.
EQT leads bidding for stake in $9bn tower firm TDF.
EQT is emerging as the front-runner to acquire a stake in French telecom tower owner TDF.
The Stockholm-based private equity firm is seen as the strongest contender to acquire the 45% TDF stake being sold by Brookfield Asset Management. TDF could be valued at about $8.9bn including debt in any sale, Bloomberg reported.
OTTPB weighs a £3bn sale of Busy Bees.
Ontario Teachers' Pension Plan is considering a sale of Busy Bees Nurseries, a provider of child daycare centers in the UK.
The Canadian investor is weighing selling part or all of Busy Bees. Any deal could value Busy Bees at more than £3bn ($3.5bn). A sale process would likely begin in early 2023. Deliberations are in the early stages and there's no certainty they'll lead to a sale, Bloomberg reported.
Elliott Management raises stake in Swedish Match.
Under Swedish law, PMI needs more than 90% of shareholder approval to get the deal over the line. Elliott increased its stake from 7.25% to 10.5% on October 24. Its current holding means it could block the deal.
Hedge fund Davidson Kempner also increased its stake to 5%, according to a filing. A host of activist investors have built significant positions in Swedish Match since PMI's first approach in May, FT Reported.
Qatar Investment Authority plans to raise Credit Suisse stake.
The Qatar Investment Authority plans to increase its stake in Credit Suisse by investing in a share sale alongside Saudi National Bank, FT reported.
The deal will result in up to a quarter of Credit Suisse stock being owned by Middle Eastern investors, as the scandal-plagued lender seeks to raise $4bn to fund a radical restructure.
KFC and Pizza Hut operator set for $2bn UAE, Saudi IPO.
The Middle Eastern operator of KFC and Pizza Hut restaurants is set for a landmark dual listing, in which Saudi Arabia’s Public Investment Fund and Dubai-based businessman Mohamed Alabbar will sell a 30% stake in the firm.
In the first dual listing of its kind, Americana Restaurants International’s owners will offer 2.53bn shares in Riyadh and Abu Dhabi, according to a statement. The IPO could raise at least $2bn, which would make it Saudi Arabia’s biggest listing this year, Bloomberg reported.
APAC
CCV-backed Perfect, a beauty tech solutions provider, went public via a SPAC merger with Provident Acquisition in a $1bn deal. Investors in PIPE included Chanel, CyberLink, Shiseido and Snap.
"Perfect's global leadership in AR and AI technology, its proven track record of success in working with the world's leading beauty brands, its high revenue growth and expanding profit margins, and its attractive valuation make it a perfect fit for our business combination. Leveraging our team's expertise in founding and building businesses to large scales and our extensive network in the beauty industry, we are committed to working together with Perfect's highly experienced management team to expand its market reach, develop new verticals, extend market leadership, and deliver superior returns for its shareholders," Michael Aw, Provident CEO.
Perfect was advised by Goldman Sachs, Sullivan & Cromwell (led by Ching-Yang Lin) and ICR (led by Robin Yang). Shiseido was advised by Jones Day (led by David A. Grubman). Provident Acquisition was advised by Barclays, Citigroup, Davis Polk & Wardwell (led by James C. Lin) and Tokyo International Law Office. Financial advisors were advised by Latham & Watkins.
Sixth Street, a global investment firm, and BGH Capital, an Australia and New Zealand-focused private equity firm, agreed to acquire the remaining 79.66% stake in Pushpay, a cloud-based online payment solution provider, for $743m.
"Pushpay will continue to focus on serving its Customers and achieving its mission of being the preferred provider of mission-critical software to the US faith sector. The Company remains focused on investing in its customer service and product suite to accelerate and continue the growth opportunities the management team identifies for the business, which is a broad strategy for which both our Board and Sixth Street / BGH Consortium have indicated ongoing support," Molly Matthews, Pushpay CEO.
Sixth Street and BGH Capital are advised by Willkie Farr & Gallagher. Pushpay is advised by Goldman Sachs, Harmos Horton Lusk and Shearman & Sterling.
General Atlantic, an American growth equity firm, led a $110m funding round in Amagi, a cloud-based media SaaS technology company.
Amagi will use the funding to undertake corporate restructuring activities to finance the growth and expansion.
Warburg Pincus, a global private equity firm, and Malabar Investments, an India-focused investment firm, completed a $60m investment in boAt, a consumer electronics startup.
This fresh investment will enable the company to scale up its business across channels and geographies, further strengthen its category leadership within audio, enhance its R&D and design capabilities, and support building a local manufacturing ecosystem.
Cadillac Fairview to invest $965m in Aussie BTR sector.
North America-based real estate developers Hines Interests and Cadillac Fairview will jointly buy and develop up to $965m of assets in the Australian build-to-rent sector, the companies said.
The investment will be the first by Canada-based Cadillac Fairview, the real estate arm of Ontario Teachers’ Pension Plan, in the country and the region, where US-based Hines Interests is strengthening its presence as investor interest picks up, DealStreetAsia reported.
Global PE majors betting big on Japan, China.
Global private equity giants and asset managers are betting big on opportunities in Japan and China, despite stagnant growth and mounting geopolitical uncertainty in the respective regions, DealStreetAsia reported.
“Everything’s on sale in Japan for people who have dollars,” said William Conway Jr, Carlyle Co-Founder, Interim CEO, and Co-Chairman at a panel discussion on the second day of the Global Financial Leaders’ Investment Summit in Hong Kong, organised by the Hong Kong Monetary Authority and the Hong Kong Academy of Finance.
Prosus and Naspers deny report about Tencent stake sale.
Technology investment firm Prosus and its South African parent Naspers rejected as “untrue” a report that they are in talks to sell their large stake in Chinese software and gaming giant Tencent, DealStreetAsia reported.
In a pre-market statement, Amsterdam-based Prosus said an article in Asian Tech Press citing unnamed sources saying that Naspers was in talks with a group of investors led by state-backed CITIC of China to sell its entire Tencent stake was “speculative and untrue”.
Malaysia's Kenanga Investment Bank, Ant Group join hands to launch wealth superapp.
Malaysia’s Kenanga Investment Bank and Ant Group’s AntChain Technology are looking to launch “the country’s first wealth superapp," DealStreetAsia reported.
Using AntChain’s proprietary mobile platform solution “mPaaS”, the app will help Malaysians grow their investments in one ecosystem.
Brookfield is the sole bidder for CIC's Tokyo property.
Brookfield Asset Management, a private equity firm, has become the only bidder for a landmark property in Tokyo owned by China Investment, a private equity firm.
The investment firm has been in talks with CIC on a potential purchase of Meguro Gajoen, an office and banquet hall complex in Meguro. A deal could value the property at about $1.2bn.
Discussions are ongoing and Brookfield and CIC could decide against proceeding with a deal. CIC could also keep the assets for longer, Bloomberg reported.
China Merchants exploring takeover bid for Bain’s Chindata.
China Merchants Group is exploring a takeover offer for Chinese data center operator Chindata Group, Bloomberg reported.
The state-owned conglomerate has been studying a potential bid for the Bain Capital-backed business. China Merchants Group has reached out to prospective investors including infrastructure funds about backing a deal.
KKR is said to have raised $6bn for the biggest Asia infrastructure fund.
KKR has raised nearly $6bn for its second Asia Pacific infrastructure fund at the first-close, marking the biggest ever private equity fundraising for the sector in the region.
The record commitments to the fund just seven months after its launch underscores investors' appetite to buy into diversified infrastructure assets at a time when soaring inflation and higher interest rates have depressed deals in many sectors.
The latest fundraising comes after the US private equity firm deployed most of the $3.9bn capital raised in its debut Asia infrastructure fund that reported its final-close in January 2021. The first-close of a private equity fundraising process is seen as a key milestone that highlights the fund has reached a minimum threshold and can start making investments, DealStreetAsia reported.
Ivanhoe Cambridge invests $645m in Scape's Australian student housing fund.
Ivanhoe Cambridge, a property arm of Canada's second-biggest pension fund, has poured $645m into Australia's largest student accommodation fund which is managed by Australia-based rental residential operator Scape.
"We are pleased to enter into this new strategic partnership with Scape in the Australian student housing sector. This investment allows us to participate in the institutionalisation of the living sector in APAC and support the provision of well-managed, high-quality housing for students," George Agethen, Ivanhoe Cambridge Co-Head of Asia Pacific.
Blackbird raises Australia's biggest VC fund at $640m.
Australian venture capital firm Blackbird announced that it raised $640m for a new fund that will invest in general companies in Australia and New Zealand, DealStreetAsia reported.
The venture investor, which counts Canva and robotics firm Zoox in its portfolio, said the fifth fund is Australia’s largest fund to date and doubles the size of the fourth fund that closed in August 2020.
BPEA Credit closes Fund III with capital commitments worth $475m.
Baring Private Equity Asia’s credit unit, BPEA Credit, announced that it has closed its third private credit platform, BPEA Credit – India Fund III, with capital commitments worth $475m.
Fund III, which is incorporated in the state of Mauritius, has secured commitments from several North American pension fund managers such as the Canada Pension Plan Investment Board; global development institution IFC; and other prominent financial institutions in Asia and the Middle-East, DealStreetAsia reported.
Jashvik Capital holds first close of its $350m maiden fund.
India-focused private equity firm Jashvik Capital has scored the first close of its maiden $350m fund. The fund is understood to be scouting for profitable growth businesses in the healthcare, pharma and consumer sectors.
Jashvik Capital anticipates to close its inaugural fund, which was announced in July, within a year. The firm says it typically writes cheques of $10m-50m, and will predominantly take minority stakes without using any leverage.
LVMH-backed L Catterton seeks to raise $275m in first yuan-denominated fund.
L Catterton, the private equity firm backed by luxury goods empire Louis Vuitton Moet Hennessy, said on Monday it aimed to raise $275m for its first yuan-denominated fund, as it eyes early-stage investments in China, DealStreetAsia reported.
L Catterton, which has invested in Chinese soft drink brand Genki Forest and premium pet food provider Shanghai Enova Pet Products, said the new fund has received capital from unidentified local Chinese government body and international and overseas companies in the consumer sector.
Hong Kong VC MindWorks upsizes Fund IV target to $250m.
MindWorks Capital, a Hong Kong-based venture capital firm with investments in logistics giant Lalamove, has upsized the fundraising target of its Fund IV to about $250m amid rising investors’ interest in a pan-Asia strategy, DealStreetAsia reported.
MindWorks, which focuses on cross-border startups in the pan-Asian market, is in the process of raising $200-250m for Fund IV — a fundraising size much bigger than its initial plan of $150-200m.
Hong Kong-based Skywealth Financial launches first real estate fund.
Hong Kong-headquartered financial service provider Skywealth Financial Group has launched its first-ever real estate fund, which will primarily focus on the Southeast Asian market.
Amid the stock market downturn and rising interest rates, loads of high-quality land have been sold at discounts, which is a great opportunity for investors to turn to the real estate market, DealStreetAsia reported.
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