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AMERICAS
GHO Capital, a healthcare investment adviser, and The Vistria Group, a private equity firm, completed the acquisition of a majority stake in Alcami, a pharmaceutical contract development and manufacturing organization, from two private equity firms Madison Dearborn and Ampersand Capital. Financial terms were not disclosed.
"This is an ideal partnership in furthering Alcami’s strategic transformation, unprecedented growth rate and comprehensive service offerings valued by over 1k clients around the globe. GHO and The Vistria Group have excellent reputations for partnering with high growth companies that create value for all stakeholders. We want to thank the MDP and Ampersand teams for their strong leadership and support of Alcami over the last several years and we look forward to further scaling our offering, capacity and geographic reach with our new partners," Patrick Walsh, Alcami Chairman and CEO.
Alcami was advised by Morgan Stanley (led by Tedd Smith) and Kirkland & Ellis. The Vistria Group was advised by Res Publica Group. GHO Capital was advised by Lockton Companies, McKinsey & Company, Ares Management, Ernst & Young, Jefferies & Company, OES Capital Group, Ropes & Gray (led by Timothy Castelli and Neill Jakobe), Consilium Strategic Communications (led by Amber Fennell and Matthew Cole) and Deloitte. Madison Dearborn was advised by Abernathy MacGregor Group (led by Chuck Dohrenwend).
Antin, a private equity firm, completed the investment in two fiber-to-the-home broadband providers, Empire Access and North Penn. Financial terms were not disclosed.
"We are excited to back the Empire team in its next phase of growth. Empire is uniquely positioned to leverage its expansive fiber network to provide broadband services to underserved parts of New York and Pennsylvania. We are thrilled to have Empire join Antin's expanding North American portfolio," Kevin Genieser, Antin Senior Partner.
Antin was advised by Citizens M&A, Morgan Lewis & Bockius, Weil Gotshal and Manges (led by Jenna McBain), and Brunswick Group (led by Tristan Roquet Montegon). Debt financing was provided by Citizens M&A and Webster Bank. Empire Access was advised by Harter Secrest & Emery.
Sun Capital, a private investment firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, completed the acquisition of Fresh Origins, a grower and shipper of Microgreens and Edible Flowers for food service and retail customers across the United States. Financial terms were not disclosed.
"We are excited about the opportunity to work closely with Fresh Origins' CEO, Norma St. Amant, to continue to grow and enhance the business. Norma and Company management have built a great organization and we look forward to supporting the company with our operational resources and extensive food industry expertise to help Fresh Origins expand its leadership position in the growing Microgreens and Edible Flowers market," Marc Leder, Sun Capital Co-CEO.
Fresh Origins was advised by Forvis Capital Advisors, Houlihan Lokey and Sidley Austin. Sun Capital was advised by EY Parthenon, Ernst & Young, Kirkland & Ellis and Stanton PRM.
BMO Financial Group received all regulatory approvals required to complete its $16.3bn acquisition of regional financial services company Bank of the West from BNP Paribas. BMO anticipates the acquisition will close on February 1, 2023.
"We are excited to be bringing BMO and Bank of the West together to continue building a leading North American bank with a shared focus on progress for our customers, employees, communities and the planet," Darryl White, BMO Financial Group CEO.
BMO is advised by BMO Capital Markets, Morgan Stanley, Osler Hoskin & Harcourt and Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy and Nicholas G. Demmo). BNP Paribas is advised by JP Morgan and Sullivan & Cromwell (led by H. Rodgin Cohen).
KKR, an American global investment company, agreed to acquire the engineering solutions business of S&P Global, a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets, for $975m.
"We see significant opportunities for Engineering Solutions to accelerate growth, expand its footprint and continue to innovate as an independent company. Engineering Solutions is trusted by engineers and standards organizations around the world and we look forward to deepening these relationships by making long-term investments in enhanced product coverage, improved workflow solutions and expanded distribution capabilities," Webster Chua, KKR Partner.
KKR is advised by RBC Capital Markets and Simpson Thacher & Bartlett (led by Marni Lerner and Naveed Anwar). S&P Global is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Jeffrey Brill).
Wind Point, an American private equity firm, completed the acquisition of Hasa, a manufacturer, and distributor of water treatment products, from GHK Capital Partners, a private equity firm. Financial terms were not disclosed.
"This exciting new partnership with Wind Point offers Hasa access to a comprehensive executive network, additional capital resources, and professional expertise, which will significantly accelerate our already impressive growth trajectory. The critical nature of our water treatment products necessitates an unwavering focus on quality and customer service. The partnership with Wind Point will further strengthen our leading manufacturing and distribution platform as we bring more products and services to existing and new markets. The entire team is very excited for this next chapter of our story," Chris Brink, Hasa CEO.
Hasa was advised by KeyBanc Capital Markets and Davis Polk & Wardwell (led by John D. Amorosi and Evan Rosen). Wind Point was advised by KPMG and Reed Smith.
World View, a private American near space exploration and technology company, agreed to go public via a SPAC merger with Leo Holdings II, a special purpose acquisition company, in a $350m deal.
“World View is already a leader in the burgeoning stratospheric economy, with notable mission successes across several key strategic partners and critical patent-protected technologies. Combining World View’s proven business model and mission-driven vision for the future with the institutional knowledge of the Leo team, we are excited and confident in World View’s ability to scale its global reach across its commercial and government offerings,” Lyndon Lea, Leo President and CEO.
World View is advised by Guggenheim Partners and Cooley. Leo is advised by Kirkland & Ellis.
Silversmith Capital Partners, a Boston-based growth equity firm, led a $104m funding round in Impel, a provider of digital engagement software, with participation from Wavecrest Growth Partners.
"The past few years have brought massive change to the auto industry as traditional operating models have been fundamentally transformed with digital technology. With the heightened focus on Electric Vehicles and the growing demand for ecommerce functionality, the digital disruption that is currently underway shows no signs of slowing. We're thrilled to have found a partner who shares our vision for the future, and we are excited to have Silversmith join our team as we embark on the next chapter of our company's growth. This investment will significantly strengthen our ability to introduce new products and innovations that generate meaningful business impact for manufacturers and dealers alike, while enhancing the customer experience at every touchpoint," Devin Daly, Impel Co-Founder and CEO.
Impel is advised by Cowen & Company and Mintz Levin. Silversmith Capital Partners is advised by Kirkland & Ellis (led by Dave Gusella and Christian A. Atwood).
Grain Management, a private equity firm, completed the acquisition of Spectrotel, a next-generation aggregator and integrated technology services provider. Financial terms were not disclosed.
"Grain is a significant investor around the broadband and managed services sector, and we could not be more excited to be taking this step with the Spectrotel team. We deeply admire the value Spectrotel brings to the marketplace and the exceptional reputation they have built with their customers and partners, and we look forward to supporting their continued growth as a leader in their space," Jenny Kashdan, Grain Management Managing Director.
Spectrotel was advised by Citizens M&A and Wachtel Missry. Grain Management was advised by Alston & Bird.
Procter & Gamble, a FMCG company, agreed to acquire Mielle Organics, a hair products manufacturer, from Berkshire Partners, a private equity firm. Financial terms were not disclosed.
“From the moment we stepped into P&G, we saw a diverse team of leaders who share our values and vision for innovation, education and community empowerment, including several Black leaders who play a key role in the hair care and beauty businesses. This partnership gives Mielle an opportunity to serve more textured hair consumers with the great products and formulas that our community loves," Monique Rodriguez, Mielle Organics Co-Founder and CEO.
Mielle Organics is advised by Raymond James (led by Vennette Ho) and William Blair & Co.
Astara Capital Partners, a middle-market private equity firm, completed the investment in Wyandot Snacks, a high-quality snack foods manufacturer. Financial terms were not disclosed.
"We are thrilled to partner with Astara on this exciting new chapter for Wyandot. Astara's investment will allow Wyandot to better serve our customers and accelerate our growth – while upholding the legacy and core values instilled by the Brown family that have made Wyandot a success since its founding over 85 years ago," Dewey Armstrong, Wyandot Snacks CEO.
Astara Capital Partners was advised by Fredrikson & Byron and Cascadia Capital.
MSD Partners, a long-term-oriented investment firm, completed the merger with BDT & Company, a merchant bank. Financial terms were not disclosed.
"MSD and BDT are remarkably complementary firms. We share similar cultures and approaches to investing, and we are both focused on serving strategic investors who seek to consistently compound capital over the long-term. As we were looking to expand MSD's ability to provide superior solutions to our investment partners, we saw a perfect match in BDT's capabilities and global investor base. I've had the pleasure of knowing Byron for nearly three decades, and I look forward to working alongside him to realize the potential of our combined firm for the benefit of our clients," Gregg Lemkau, MSD CEO.
Private equity firms Energy and Minerals Group and Vision Blue Resources completed a $150m investment in Denham Capital-backed Serra Verde, a mining company.
“This is a compelling opportunity to both enable the sustainable energy transition and provide a new source of large scale production of both heavy and light rare earth elements outside Asia, which are utilized today in the manufacturing of 90% of all permanent magnets. Robust growth in demand for these rare earths, driven by renewable energy applications and a desire for alternative sources of supply, inform our view of a very positive outlook for the Serra Verde product," Mick Davis, VBR CEO.
Serra Verde was advised by Morgan Stanley.
CVS Health Ventures, a venture capital firm, led a $100m Series D round in Carbon Health, a healthcare services provider.
“While healthcare has evolved tremendously over the past few years, there are still many ways in which care delivery and quality have not. We're focusing on everyday touchpoints with an integrated care team to help patients achieve better health outcomes – because healthcare is not just what happens during a visit but also what happens in between. Now, with the support of CVS Health, we can further accelerate our goal of designing healthcare as it should be – simple, flexible, and personal," Eren Bali, Carbon Health CEO and Co-Founder.
Carbon Health was advised by JP Morgan.
HGGC, a middle-market private equity firm, completed the investment in Dentive, a founder-run dental service organization. Financial terms were not disclosed.
"HGGC is focused on being a good partner — helping where we can while empowering teams to reach their full potential. What we love about Dentive is their approach is exactly the same – all of Dentive's partners are owners, and they empower the dentists they work with. That's a perfect fit for HGGC," Steve Young, HGGC Chairman and Co-Founder.
HGGC was advised by Stanton PRM.
BlackRock, an American multi-national investment company, agreed to invest in Human Interest, a specialist business consulting firm. Financial terms were not disclosed.
“BlackRock has an amazing team focused on providing high-quality retirement saving and investment options. We are excited to work with BlackRock to find ways to bring retirement within reach of millions of additional workers in the coming years,” Jeff Schneble, Human Interest CEO.
Human Interest is advised by Firebrand.
The Riverside Company, a private equity firm, completed an investment in Oval Room Group, a commercial real estate visual media solutions company. Financial terms were not disclosed.
“Oval Room’s services are a natural extension of the Buildout marketing software that would allow brokers to purchase professional digital content with a quick turnaround while creating marketing materials for a property. This investment brings together Buildout's CRE technology and Oval Group's unmatched media services for a program that stands out," Loren Schlachet, Riverside Managing Partner.
Enfinity Global, a renewable energy firm, completed the acquisition of 400MW of operating solar projects in the United States from Capital Dynamics, an independent global asset management firm. Financial terms were not disclosed.
"Our long-term ownership business model allows us to partner with relevant investors, stakeholders and customers, aligning capabilities that create a zero-carbon future. Our ability to deploy operational expertise across the entire renewables value chain, coupled with our international presence, translates into value creation for our investors and customers," Carlos Domenech, Enfinity Global CEO.
Capital Dynamics was advised by Barclays.
Ashcroft Capital, a private equity firm completed the acquisition of the apartments at Midtown 501. Financial terms were not disclosed.
"The current capital markets present challenges to our acquisition team. As such, we remain highly selective. For this reason, we are focusing on excellent submarkets such as Chapel Hill, which is a high-growth market where we want to invest. We look forward to expanding our portfolio there. Over time, we plan to build a sizable footprint in the Raleigh-Durham-Chapel Hill area. And though we're not in a rush, we saw Midtown 501 as too good of an opportunity to look away from," Frank Roessler, Ashcroft Founder and CEO.
Aschcroft was advised by LinnellTaylor Marketing.
Abingworth, a trans-atlantic bio-science investment firm, led a $150m funding round in Pathalys Pharma, a private, late-stage biopharma company, with participation from Carlyle, OrbiMed, Catalys Pacific and DaVita Venture Group.
"Pathalys is very excited to collaborate with Launch Tx and to have the backing of such an esteemed group of healthcare investors. Through this collaboration and transaction, Pathalys expects to be fully funded through the completion of its planned phase 3 trials, and pre-commercialization efforts for upacicalcet. We look forward to working closely with Launch Tx to advance upacicalcet toward registration in the US with the goal of making this important product candidate available for dialysis patients with SHPT," Neal Fowler, Pathalys CEO.
General Atlantic, a global growth equity firm, completed the investment in Village Pet Care, a new pet care services platform. Financial terms were not disclosed.
"We are thrilled to launch Village Pet Care with the mission of providing high-quality services to families across the US. As the pet population continues to grow, we see a real opportunity to build a trusted network of care providers offering key services and adhering to our standards of excellence. With the support of General Atlantic, we intend to continue expanding our geographic reach and service offerings, all while striving to go above and beyond for our customers and their pets," Shane Kelly, Village Pet Care CEO.
Zone Enterprises, an engineered sealing, insulating and sound solutions provider, completed the acquisition of Can-Do National Tape, a company specializing in custom die-cut and rotary cut adhesive and tape products, from High Street Capital, a private equity firm. Financial terms were not disclosed.
"The Zone team couldn't be more thrilled to complete this transaction. The combined organization will be able to offer its clients a broader range of performance materials, a more comprehensive set of converting solutions, as well as a growing geographic footprint in the United States and Mexico," Scott Zone, Zone Enterprises CEO.
Brookfield is considering $1bn outsourcer Everise sale.
Brookfield Asset Management is considering selling technology outsourcing firm Everise for about $1bn amid interest from potential buyers, Bloomberg reported.
The Canadian investment firm has been speaking with financial advisers as it prepares a possible sale of the business.
Bed Bath & Beyond in talks with Sycamore Partners for sale of assets.
Bed Bath & Beyond, an American chain of domestic merchandise retail stores, is in talks with private equity firm Sycamore Partners for the sale of its assets, including its buybuy Baby stores, as part of a possible bankruptcy process.
The troubled home goods retailer posted a bigger-than-expected quarterly loss and a plunge in sales, after saying last week it was exploring options, including bankruptcy, as it struggled with a dwindling cash pile, Reuters reported.
Trian Fund says it will not pursue takeover bid for Wendy's.
Trian Fund Management, run by activist investor Nelson Peltz, said it will not pursue a takeover of Wendy's, months after the company's largest shareholder said it was considering a potential bid for the burger chain.
Trian said in May last year it was exploring taking over Wendy's, either on its own or with others, almost two decades after Peltz invested in the company. Wendy's separately announced a new $500m share buyback plan and doubled its quarterly dividend to $0.25 per share, Reuters reported.
Blackstone raises record secondary PE fund.
Blackstone has held the final close of its latest global secondaries strategy, Strategic Partners IX, and inaugural GP-led continuation fund strategy, Strategic Partners GP Solutions with commitments of $22.2bn and $2.7bn respectively.
Blackstone Strategic Partners is focused on providing a range of liquidity solutions to both investors and private equity sponsors, including single interest and portfolio sales, GP-led secondaries, and co-investments.
Goldman Sachs AM closes $15.2bn mezzanine fund.
Goldman Sachs Asset Management announced the final close of West Street Mezzanine Partners VIII, the latest in a series of flagship mezzanine vehicles. The Fund closed on $11.7bn of equity, with a total fund size of $15.2bn inclusive of expected long-term asset financing.
The fund is managed by the Private Credit business within Goldman Sachs Asset Management, with a global team of over 150 experienced credit investors drawing on the wider platform and resources of Goldman Sachs to source investments and add value to portfolio companies.
Audax Private Debt closes Audax Direct Lending Solutions Fund II, with $4.5bn of investable capital.
Audax Private Debt, a provider of financing solutions for middle market private equity sponsors, successfully closed Audax Direct Lending Solutions Fund II with $3bn of capital commitments. The new fund, which reached its hard cap, exceeded its fundraising target of $2.25bn and, including targeted leverage, provides New York-based Audax Private Debt with $4.5bn of total investable capital.
“We are extremely pleased to have again received broad investor interest in our Direct Lending Solutions strategy and want to thank our limited partners. We believe the demand for DLS Fund II reflects our excellent investing track record, our deep experience across multiple credit cycles, and our consistent underwriting approach in a wide variety of economic environments. Coupled with our other senior debt and junior capital funds, the expansion of our unitranche financing capabilities through DLS Fund II further positions Audax Private Debt as a lender of choice to private equity borrowers,” Kevin P. Magid, Audax Private Debt President.
Stonepeak targeting $2.5bn for new infra fund.
Alternative investment manager Stonepeak Partners is looking to raise $2.5bn for its new infrastructure fund, which will target investment opportunities in North American and Europe.
Teachers’ Retirement System of Louisiana approved a $50m commitment to the new Stonepeak Opportunities Fund. The fund is already in the process of acquiring a 50% interest in the Key Access Pipeline System, with the acquisition expected to complete by the end of the current quarter.
B Capital closes third growth fund series at $2.1bn.
B Capital, a global multi-stage investment firm announced the close of its third venture growth fund and related companion funds, with aggregate capital commitments of approximately $2.1bn. Together, these funds position B Capital to leverage the firm’s growth investing capabilities across the globe, with an emphasis on the US and Asia.
“Since its inception, B Capital has been committed to investing in cutting-edge technology companies. Growth Fund III’s portfolio includes companies that are transforming their respective industries and generating meaningful impact. Our strategic partnership with Boston Consulting Group and strong on-the-ground presence in key geographies enable us to provide our portfolio companies with targeted insights and expert advice. This multi-faceted, forward-thinking strategy lays a foundation for consistent portfolio company growth and firm success," Eduardo Saverin, B Capital Co-Founder and Managing Partner.
PGIM Real Estate raises $2.07bn for final close of PGIM Real Estate Capital VII.
The seventh fund in PGIM Real Estate’s European flagship high yield debt fund series, PGIM Real Estate Capital VII (PRECap VII), has closed on $2.07bn, the largest European real estate debt fund closed in 2021.
PGIM Real Estate’s European debt platform provides alternative financing, including senior debt, whole loans and mezzanine with co-invest equity. The platform has completed over €10bn ($11bn) across over 180 senior and high yield debt investments in UK and Continental Europe, through its PRECap series of funds, as well as its senior debt strategy, which also recently closed a global mandate of €1bn ($1bn) from a European investor.
WestView Capital raises $1bn for fifth growth equity fund.
WestView Capital Partners, a Boston-based growth equity firm, announced the closing of its fifth fund, WestView Capital Partners. Fund V was oversubscribed and closed at its target and hard cap of $1bn of limited partner commitments. WestView has now raised $2.7bn since its founding in 2004.
“We appreciate the strong support from our investors and look forward to continuing to execute on our control-agnostic investment strategy of partnering with outstanding management teams and employing flexible investment structures. We are extremely proud of the entire WestView team and the management teams we partner with who have driven the success we have achieved as a firm," Carlo von Schroeter, Rick Williams, Matt Carroll and Jonathan Hunnicutt, WestView Managing Partners.
Garnett Station Partners closes fund 4.0 with $850m in committed capital.
Garnett Station Partners, a New York-based principal investment firm that manages $2bn of assets, announced the successful close of GSP 4.0 Fund-A and GSP 4.0 Fund-B with total committed capital of $850m. Raised over a period of six months, the Fund was significantly oversubscribed with commitments from leading global investors, including financial institutions, endowments, foundations, pensions and family offices.
“We will bring the same GSP values of accountability, analytical rigor, collaboration and entrepreneurship to the Fund that have driven our firm since day one. We are excited for what we believe will be a compelling investment landscape, particularly given our team’s track record investing up and down the capital structure and across economic cycles,” Alex Sloane, Garnett Station Partners Managing Partner and Co-Founder.
LA Fire & Police makes $190m alts allocation.
Los Angeles Fire & Police Pensions has committed an additional allocation totalling $190m to four alternative investment funds.
The $26.9bn pension fund revealed new commitments of up to $75m to buyout fund GTCR XIV, up to $50m to buyout fund Accel-KKR Capital Partners VII, and up to $15m to buyout fund New Heritage Capital Fund IV.
Bellevue launches debut PE secondaries fund.
Asset management boutique Bellevue is launching its maiden investment fund focusing on the private equity secondaries market. The launch comes on the back of Bellevue's dedicated secondaries team, consisting of Chris Davies, Steven Kroese and Lars Honegger.
The fund has a global remit and is primarily active in the US and Europe with target return Bellvue describes as "comparable to primary buyout funds". Davies, Kroese and Honegger are supported by Jan Kollros, Head of Bellevue’s Private Markets unit and the CEO of its independent adbodmer subsidiary.
Stafford Capital launches its fifth infrastructure secondaries fund.
Stafford Capital Partners, a private markets investment and advisory group, has launched Stafford Infrastructure Secondaries Fund V, its fifth infrastructure secondaries fund.
"The launch of our fifth dedicated infrastructure secondaries fund is a testament to Stafford's ability to offer investors an attractive, diversified infrastructure exposure with stable yield. SISF V will provide global investors with a unique opportunity to tap into attractive risk-adjusted and consistent returns," Ingo Marten, Stafford Managing Partner.
Bain Capital co-chairman to retire. (People)
Steve Pagliuca, co-chairman of Bain Capital is retiring after 34 years with the private equity firm. Pagliuca will remain a senior adviser at the firm, and will continue to be involved in the portfolio companies in which he holds a board seat.
Pagliuca will also continue to be a significant investor in Bain's funds, with co-managing partners John Connaughton and Jonathan Lavine, who took up their roles in 2016, continuing to lead the firm.
EMEA
Equistone, a mid-market private equity firm, completed the acquisition of Nexus Vehicle Rental, a B2B vehicle rental aggregator platform, from Phoenix Equity Partners, a private equity firm. Financial terms were not disclosed.
"Nexus operates a unique business model very effectively, and provides a great service to its customers and suppliers where the attractiveness of its proposition has been demonstrated over many years. The business, led by an impressive management team, has navigated the challenges presented by the pandemic and the vehicle supply shortage admirably, demonstrating its resilience and its ability to provide a top-quality service to its customer base to whom vehicle supply is often 'mission-critical.' Equistone's Manchester office has been tracking Nexus for a number of years and we're excited to be partnering with the team in its next phase of growth," Andi Tomkinson, Equistone Partner.
Nexus Vehicle Rental was advised by Deloitte, KPMG, OC&C Strategy Consultants, Houlihan Lokey, Park Place Corporate Finance, Squire Patton Boggs, Travers Smith and Endava. Equistone was advised by Deloitte, Simon Kucher, Rothschild & Co, Addleshaw Goddard (led by Paul Medlicott), PricewaterhouseCoopers and Crosslake Technologies. Debt financing was provided by Ares Management. Ares Management was advised by Dentons.
Morellato Group, an Italian corporate group that designs and manufactures design jewellery and watches, agreed to acquire Christ Group, an omnichannel player in the jewelery and watch sector in Europe, from 3i Group, a British multinational private equity and venture capital company. Financial terms were not disclosed.
"The transaction is part of a precise industrial integration project undertaken by the Group. Project that aims to combine the tradition and expertise of the Morellato Group in manufacturing with the excellent CHRIST e-commerce platform, to accelerate the digital development of the Morellato Group at an international level," Morellato.
Morellato Group is advised by Deloitte, Corporate Hangar, Masimmo della Ragione, Credit Suisse, Hengeler Mueller (led by Daniel Wiegand and Hans-Jörg Ziegenhain), Orsingher Ortu and Ernst & Young. Debt financing is provided by BNP Paribas, Cassa depositi e Prestiti, Intesa SanPaolo and UniCredit. Debt providers are advised by DLA Piper. 3i is advised by Rothschild & Co.
Schneider Electric, a manufacturer of electrical power products, completed the acquisition of the remaining 40% stake in AVEVA, a British software company, from Davidson Kempner, an alternative investment management firm, for £4bn ($4.9bn).
"By taking 100% ownership of AVEVA, we will be able to grow the business faster by simplifying decision-making, enabling seamless interactions between teams, accelerating our investments in R&D and enabling a more coordinated sales strategy, while respecting the companies' particular strengths, and accelerating the transition to a subscription business model under private ownership," Jean-Pascal Tricoire, Schneider Electric CEO.
Private equity firms Altor Equity Partners and Marlin Equity Partners agreed to acquire Meltwater, a software-as-a-service solution and the world's first online media monitoring company, for $586m.
"Altor and Marlin are aligned with Meltwater's strategy and taking Meltwater private will enable a greater ability to execute on this strategy by investing in product, sales and strategic M&A, as Meltwater has successfully pursued historically. Our longstanding investment in Meltwater is based on our confidence in its leadership position, strong culture, and team, and we remain very confident in the company's future potential," Mattias Holmström, Altor Partner.
Meltwater is advised by DNB Bank, JP Morgan, DLA Piper, Houthoff and Schjodt. Altor is advised by Carnegie Investment Bank, Freshfields Bruckhaus Deringer and Thommessen. Marlin Equity is advised by Carnegie Investment Bank, AKD, Goodwin Procter and Wiersholm.
KKR & Co completed the acquisition of Clinisupplies, a manufacturer of medical supplies and nursing services, from Apax-backed Healthium, a manufacturer of medical devices and consumable products. Financial terms were not disclosed.
"We are thrilled to form this strategic partnership with KKR, and to be welcoming Claus, Douglas and now also Oliver to our Board. With KKR's global network and market knowledge, and with this strong suite of industry advisors, we will be able to expand into new products and geographies, helping to support more and more people and bringing us one step closer to our goal of becoming an international leader in the chronic care market," Paul Cook, Clinisupplies CEO.
EQT Partners, a global investment organization, Mubadala, a sovereign investor, and Cinven, a private equity investment firm, offered to acquire va-Q-tec, a pioneer in highly efficient products and solutions in the area of thermal insulation and TempChain logistics, for c. €350m.
"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 (led by Michael Schlitt), and Cometis. EQT Partners is advised by UBS, Milbank and Kekst CNC (led by Roland Klein).
AstraZeneca, a biopharmaceutical company, completed the acquisition of Neogene Therapeutics, an operator of a preclinical stage biotechnology company, from Syncona, a healthcare company focused on investing in and building global firms in life science, for $320m.
"This acquisition represents a unique opportunity to bring innovative science and leading experts in T-cell receptor biology and cell therapy manufacturing together with our internal oncology cell therapy team, unlocking new ways to target cancer. Neogene's leading TCR discovery capabilities and extensive manufacturing experience complement the cell therapy capability we have built over the last three years and allow us to accelerate the development of potentially curative cell therapies for the benefit of patients," Susan Galbraith, AstraZeneca Executive Vice President of Oncology R&D.
Brookfield Infrastructure Partners, an investment company, and SBB, a Sweden-based company, which owns community properties in the Nordic region, announced the first closing of their $1bn transaction under which Brookfield is set to acquire an education infrastructure portfolio.
The parties' ambition is to complete stage two on February 28, 2023, but no later than during the second quarter 2023.
Symphony Technology Group, an American private equity firm based in Menlo Park, agreed to invest in Alveo, a cloud-based data management, analytics, and Data-as-a-Service provider. Financial terms were not disclosed.
"Alveo's employees, customers and partners, have helped build a leading solution for the financial services sector. We are excited to partner with STG to continue enhancing our customer value proposition and expanding the range of products and services we can offer. STG's experience in investing in software, data and analytics companies and their capital markets domain experience makes them a great partner to accelerate our progress and the development of Alveo in a highly dynamic and regulated market," Mark Hepsworth, Alveo CEO.
Alveo is advised by Houlihan Lokey. STG is advised by KPMG and Paul Hastings.
KKR, a private equity firm, completed the acquisition of IVI-RMA, a biotechnology company, for $3bn.
The transaction has been delayed for almost a year, however, according to the report. On the one hand, IVI-RMA and KKR have been negotiating the final details and on the other hand, it was not until 21 December that the Spanish regulator CNMC authorised the transaction with conditions.
KKR was advised by Jefferies. IVI-RMA was advised by Morgan Stanley.
PINOVA Capital, a private equity firm in Munich, completed the acquisition of VTI Ventil Technik, a manufacturer of valves and regulators in the high-pressure segment, from Aalberts, an aluminum precision extrusion company. Financial terms were not disclosed.
"We are very pleased to have found in PINOVA an experienced partner that fully supports our ambitious growth plans within and outside Europe," Lutz Lohmann, VTI Managing Director.
Aalberts was advised by Houlihan Lokey.
Siemens, a technology company focused on industry, infrastructure, transport, and healthcare, completed the acquisition of Vendigital, a consultancy firm, from Livingbridge, a private equity firm. Financial terms were not disclosed.
“We are excited to welcome Vendigital to our growing Siemens Advanta business. By combining our expertise and capabilities, we can provide even more value to our clients along their value chain, while fostering our business at scale in the UK,” Aymeric Sarrazin, Siemens Advanta CEO.
Vendigital was advised by Pearl Comms.
Norges Bank Investment Management, a fund manager, agreed to acquire a 49% stake in a 1.25k MW portfolio in Spain from Iberdrola, an energy utility, for $650m.
The alliance between Iberdrola and Norges Bank Investment Management joins two preferred partners in a relationship that could be extended to additional renewable energy opportunities in further markets.
H.I.G. Capital, a private equity and alternative assets investment firm, completed the acquisition of Classic Lifts, a UK-based lift engineering and maintenance service provider. Financial terms were not disclosed.
"We are very pleased to be joining H.I.G. as they work to build a leading technical building services group that shares our focus on customer service. This is the start of the next phase of growth for Classic as we look to continue our M&A strategy and build on customer relationships across both Classic and CPS," Keith Snow, Classic Lifts CEO.
CGN said to pause $2bn sale of European renewable assets.
China General Nuclear Power’s planned $2bn sale of its European renewable energy arm is stalling after offers fell short of its price expectations.
A consortium of Brookfield Asset Management and Macquarie Group and another led by Thailand’s PTT were among those that made binding offers for CGN Europe Energy late last year. CGN decided to pause the process after these bids came in below the price it was seeking.
While the potential disposal remains on hold, CGN could decide to revive it later this year. Chinese state-owned companies have been stepping up reviews of overseas portfolios as they look to optimize returns on their investments, Bloomberg reported.
Helios Investment Partners plans to list in US via $1bn SPAC deal.
Private equity firm Helios Investment Partners plans to merge with Onyx Acquisition I in a deal valued at nearly $1bn, including debt.
Founded in 2004, the Africa-focused firm manages $3.6bn of funds. Helios acquired a 60% stake in major oil company Oando’s downstream business along with Vitol in 2016, DealStreetAsia reported.
Hellman & Friedman weighs options for Italy's TeamSystem.
Hellman & Friedman is weighing options for its Italian cloud software maker TeamSystem, a business which could be valued at several billion euros.
Private equity investors are showing interest in TeamSystem, which may also attract sovereign wealth funds. Hellman & Friedman is likely to begin a formal sales process next month, Reuters reported.
Bain's Stephen Pagliuca eyes more football deals in England after missing out on Chelsea FC.
Bain Capital senior adviser Stephen Pagliuca remains on the lookout for investments in football, having missed out on England's Chelsea FC last year.
The US investor is looking at many clubs but is wary of overpaying at a time when the price of deals in the sport is rising, he said in the interview at the World Economic Forum in Davos, Bloomberg reported.
Ionos, Euro Group aims to reopen Europe’s moribund IPO market.
United Internet’s web-hosting unit Ionos Group and auto parts maker Euro Group are expected to be the first major companies to attempt to open the European market to IPOs after months of dormancy.
Ionos is considering starting the sale of its Frankfurt shares as early as next week, while Euro Group intends to launch its Milan IPO in February. The companies have held early meetings with fund managers to gauge demand.
The Warburg Pincus-backed Ionos could have a potential market value of up to $5.3bn based on early feedback. Euro Group, which makes stators and rotors for electric motors, is considering raising around $500m from its share sale and could target a valuation of around $1.6n, Bloomberg reported.
CVC considering Polish retailer IPO.
Private equity firm CVC Partners is considering a stock market listing for Zabka, one of Poland's biggest convenience store chains.
The report cites one of the firm's partners, Krzysztof Krawczyk, as telling Polish state-run news agency PAP in an interview that the "company is made to be listed".
Greece plans IPO for 30% stake in Athens International Airport.
Greece's state asset development fund plans to proceed with an initial public offering for its 30% stake in Athens International Airport, with the company's largest shareholder ready to buy 10% of those shares.
The selling shareholder, Hellenic Republic Asset Development Fund, and the largest shareholders and operators, AviAlliance and AviAlliance Capital, both controlled by Canadian insurance fund PSP Investments, have reached an agreement on the way forward for the airport, Dimitrios Politis, Chief Executive Officer of the fund said in an interview in Athens, Bloomberg reported.
Qatar’s $45bn wealth fund eyes soccer in revamp.
The head of Qatar’s $450bn sovereign wealth fund said it will use the current economic turmoil as an opportunity to rebalance its portfolio and is considering investments in soccer, financial institutions and tech.
The Qatar Investment Authority is looking for opportunities in Europe, Asia and the US in sectors such as venture capital, fintech and sustainability, Chief Executive Officer Mansoor Al Mahmoud said. The World Economic Forum returns to the resort during the winter for the first time in three years this week.
M&G launches M&G European Living Property Fund.
M&G has launched a sustainable housing fund targeting students, the private rented sector and retirement accommodation across Europe.
The M&G European Living Property Fund is designed to provide institutional investors with index-linked rental income, house price exposure and geographical diversification. In addition, the firm is also aiming to reduce sector imbalances and support the additional supply of high-quality and sustainable housing.
The fund launches with a $433m investment from Dutch asset manager MN and $193m from the $144bn Prudential With Profits Fund. Marcus Eilers, who was appointed head of European residential at M&G in October, will oversee the management of the fund. Prior to joining the firm, Eilers served as head of residential asset management at Roundhill Capital.
BPC and Mubadala make biotech fund investment.
British Patient Capital and Mubadala Investment Company, an Abu Dhabi-based sovereign investor, have a made a co-investment in the SV Biotech Crossover Opportunities Fund through the UK’s Life Sciences Investment Programme, a £200m ($244m) initiative launched in 2021 to support the growth of UK life sciences businesses.
According to manager SV Health Investors, SV BCOF is targeting growth-stage, biotechnology companies developing transformative therapies, and will focus on UK businesses that have the potential to positively impact society by addressing major unmet clinical needs.
Inflexion appoints partner and head of financial services. (People)
Inflexion has appointed Andrea Bertolini as partner and head of Financial Services. Bertolini, who will lead the origination and execution of Inflexion’s Financial Services investments, has spent the last 12 years at Cinven, most recently as Senior Principal.
During his time at Cinven, Bertolini was involved with a number of transactions including Avolon, Eurovita, Guardian Financial Services, Partnership, Viridium Group and True Potential. Prior to Cinven, Andrea worked in the Investment Banking Division of Citigroup.
Permira appoints senior adviser. (People)
Private equity firm Permira has appointed Kelly Grier, who recently retired as US chair and managing partner and Americas managing partner of Ernst & Young, as a senior adviser to its global Services team.
At EY, Grier oversaw more than 81k people in 31 countries, with annual revenue of over $21bn. During her 31-year tenure with the firm she served in a variety of leadership roles before becoming US chair in 2018. At Permira, Grier will leverage her global network and experience in leadership development, risk management, financial reporting, and corporate governance, to support the firm’s investment activities and portfolio value creation.
APAC
Australia's Origin Energy has extended the exclusivity period for a Brookfield-led consortium to finalise its $10.8bn buyout bid.
The exclusivity period has been extended to January 24, upon the consortium's request. It is the second extension since the talks were first disclosed. Origin Energy did not specify a reason for the extension, which sparked concern about the fate of the bid. Its shares fell as much as 3.7% to a low of $5.1, well below the proposed offer price of $6.3 a share.
Capital Square Partners, a private equity investment firm, completed the merger with Basil Technology Partners, a specialist technology investor that identifies and invests in niche technologies that are disrupting the IT services space, in a $700m deal.
The companies combined to form a new entity, also known as Capital Square Partners, to deepen their technology services-focused investments.
General Atlantic, an American growth equity firm, led a $350m funding round in PhonePe, an Indian digital payments and financial technology company, with participation from Marquee Global.
“I would like to thank General Atlantic and all our existing and new investors for the trust they have placed in us. PhonePe is proud to help lead India’s country-wide digitization efforts and believes that this powerful public-private collaboration has made the Indian digital ecosystem a global exemplar. We are an Indian company, built by Indians, and our latest fundraise will help us further accelerate the Government of India’s vision of digital financial inclusion for all,” Sameer Nigam, PhonePe Founder and CEO.
Legend Capital, an investment firm based in Beijing, led a $224m funding round in GenScript ProBio, a pharmaceutical research and manufacturing service provider, with participation from HighLight Capital and Xiamen C&D.
The capital raising will help build up manufacturing capacity, further research and development capabilities and opportunistically acquire assets to develop its Contract Development and Manufacturing Organization business GenScript Biotech said.
Novo Tellus, a private equity fund, completed the investment in SP Manufacturing, an electrical/electronic manufacturing company. Financial terms were not disclosed.
"We're pleased to partner with Novo Tellus to build the future of SP. We found in Novo Tellus a kindred appreciation of our strong customer orientation, and also a deeply informed mindset around how SP is positioned to benefit from long-term tailwinds of digitalisation and automation in our key industries. We've been impressed with Novo Tellus' track record of growing industrial companies globally, and look forward to accelerating growth in our customers and capabilities together in the coming years," Philip Ong, SP Manufacturing CEO.
UAE pledges to invest $30bn in South Korea, led by wealth funds including Mubadala.
The United Arab Emirates has decided to invest $30bn in South Korea’s industries, South Korea’s presidential office said on Sunday, as the two countries seek to expand economic cooperation, DealStreetAsia reported.
The investment decision was announced as South Korea’s President Yoon Suk-yeol met his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan, in Abu Dhabi during a four-day state visit.
GIC and PIF in advanced talks to invest $966m in Kakao.
Sovereign wealth funds GIC and Saudi Arabia's Public Investment Fund are in advanced talks to invest $966m in tech conglomerate Kakao, making it the biggest overseas financing in a South Korean content company.
The move signals investors' bullish outlook for growth potential of Korean content and its recession-proof tendencies when weak economic outlook has dried up liquidity in many other sectors, Reuters reported.
EPF said to sell more than $115m in education assets.
Malaysia’s largest state pension fund, the Employees Provident Fund (EPF), is looking to sell local education assets worth more than $115m. The sale is expected to attract suitors, including regional private equity firms and education providers
EPF, which is also one of the world’s biggest pension funds with total assets of 1.01tr ringgit, is looking to sell assets held by its Malaysian education real estate investment trust, Alpha REIT. A sale could come as early as the first quarter of this year, DealStreetAsia reported
US proptech VC Fifth Wall sets up first APAC office in Singapore.
New York-based Fifth Wall, a proptech-focused venture capital firm, has opened its first Asia-Pacific office in Singapore with the appointment of a real estate veteran, DealStreetAsia reported.
Based in the city-state, Yvonne Voon will be leading the world’s largest proptech investor as partner for the region where she will propel Fifth Wall’s global commitment to investments in proptech and climate tech.
Bain Capital considers Virgin Australia IPO as travel demand rebounds.
Bain Capital is considering an initial public offering of Australia’s second-largest airline in what would be a new test of investor appetite for carriers in a turbulent postpandemic recovery, WSJ reported.
On Monday, Bain Capital said as a first step, it will soon ask advisers about the best timing, structure and metrics for relisting Virgin Australia on the Australian Securities Exchange.
The private equity firm acquired Virgin Australia in 2020 after the airline collapsed into insolvency after the Covid-19 pandemic grounded flights worldwide. Australia closed its borders to noncitizens for nearly two years, while its states and territories adopted different strategies when policing their internal borders, in some cases setting new rules for passengers midflight.
Taikang Life Insurance sets up fund to invest nearly $300m in China's new energy sector.
Beijing-based Taikang Life Insurance has set up a $299m new fund to invest in the green energy industry in China, DealStreetAsia reported.
With a total fund size of $299m, the vehicle also raised $15m from Lufeng Investment, a subsidiary of lithium-ion battery materials and process equipment maker Shanghai Putailai New Energy Technology. Lufeng serves as a special LP of the fund, its Shanghai-listed parent firm Putailai disclosed in stock exchange filing.
NIIF to invest in Nykaa-backer Lighthouse India’s fourth fund.
National Investment and Infrastructure Fund has proposed to invest up to $48m in the latest mid-market private equity fund of Lighthouse Funds, DealStreetAsia reported.
Lighthouse Funds, which targets fast-growing consumer brands in India, raised $100m in 2009, followed by $135m and $230m in two funds in 2015 and 2019, respectively.
Shein in talks to raise funds at a $64bn valuation.
Shein is in talks to raise up to $3bn in a move that would lead to the Chinese fast-fashion group accepting a vastly reduced valuation of $64bn, down more than a third from its peak following a downturn that has led investors to re-evaluate frothy tech start-up valuations, FT reported.
The internet retailer is seeking to close a new fundraising round from existing investors including Abu Dhabi sovereign wealth fund Mubadala, venture capital group Sequoia China and private equity group General Atlantic.
CVC Capital Partners secures $3.5bn first close of sixth Asia fund.
CVC Capital Partners reportedly secured a $3.5bn first close for its sixth Asia fund in end-2022. The fund is also said to have set a hard cap of $6.5bn, DealStreetAsia reported.
CVC Capital Partners is a Luxembourg-based French private equity and investment advisory firm with approximately $133bn of assets under management across American, European and Asian private equity, secondaries and credit funds.
Mitsui JV eyes up to $1bn for new APAC infrastructure fund.
PATRIZIA, a Germany-headquartered investment manager, has partnered with one of Japan's largest trading companies, Mitsui & Co, to set up an Asia Pacific-focused sustainable infrastructure fund with a $110m equity investment in the first close.
The APAC Sustainable Infrastructure Fund will deploy in mid-market brownfield infrastructure in developed markets across the region, including Singapore, South Korea, Japan, Taiwan, Australia and New Zealand, DealStreetAsia reported.
TR Capital hits $350m first close of fifth fund.
Asian secondary private equity firm TR Capital has secured the first close of its fifth fund at $350m, representing 70% of the target size of target size of the vehicle, DealStreetAsia reported.
TR Capital raised the capital from financial institutions in Asia, Europe, and North America.
Former KKR, BII managers eye $250m India technology fund.
A pair of former fund managers from KKR and British International Investment aim to raise as much as $250m to invest in technology-focused startups in India, Bloomberg reported.
The new venture capital fund, Fractal Growth Partners, was co-founded by Ajay Candade, who until recently led KKR’s growth tech business in India, and Nikhil Balaraman, who was previously head of South Asia tech investment at BII. FGP will look to scale up companies that have moved past the seed funding phase. The firm will also invest in software as a service and business to business companies.
IQ-EQ to administer TR Capital’s Fund V.
TR Capital, a secondary private equity fund manager in Asia, has selected IQ-EQ’s Hong Kong and Luxembourg teams to administer the Cayman and Luxembourg parallel structures of its new Fund V.
The Fund V mandate involves both IQ-EQ Hong Kong and IQ-EQ Luxembourg, and the cross-border collaboration is being led by Clare Chang, Business Development Director for Funds in Hong Kong, and Riccardo Zorzetto, Client Relationship Director and Head of Private Equity in Luxembourg.
Bain & Company appoints co-head of Asia Pacific PE practice. (People)
Bain & Company has appointed Sebastien Lamy as co-head of the firm’s private equity practice in Asia Pacific. With over 20 years of consulting experience in the company, Lamy specialises in growth and portfolio strategy, fund strategy, M&A advisory and due diligence, and innovation.
Most recently, he was leader of the region’s Infrastructure Investing practice. Prior to joining Bain, Lamy was managing director of Singapore-based Keppel, where he led group strategy, M&A, technology and innovation. He holds an MBA from INSEAD and an undergraduate degree from the HEC School of Management.
Sequoia-backed GoMechanic fires 70% staff, admits to 'grave errors in financial reporting. (People)
Sequoia and Tiger Global-backed GoMechanic has laid off 70% of its employees, as the automotive repair firm struggles to raise funds and admitted to making "grave errors in financial reporting".
The firm has asked the remaining employees to work without pay for three months, DealStreetAsia reported.
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