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AMERICAS
Carlyle, a private equity firm, completed the investment in CAPTRUST, an advisory firm. Financial terms were not disclosed.
"CAPTRUST was founded on the belief that everyone is best served by working with financial advisors that serve as fiduciaries, providing objective, conflict-free advice. Fast-forward more than 25 years, and that core belief remains the foundation of our tremendous growth. We remain focused on our clients first and have built out the infrastructure and advisor force to deliver world class solutions," Fielding Miller, CAPTRUST Co-founder and CEO.
Carlyle was advised by JP Morgan and Simpson Thacher & Bartlett. CAPTRUST was advised by Ardea Partners and Alston & Bird. GTCR was advised by Kirkland & Ellis.
A&M Capital Partners, a private equity firm, completed the investment in VTG, a defence and space manufacturing company. Financial terms were not disclosed.
"I have never been more enthusiastic or optimistic about VTG's future. This partnership with AMCP will accelerate VTG's growth trajectory, allowing us to make investments in the emerging capabilities and technologies most needed by our customers, and providing our employees with tremendous new career opportunities," John Hassoun, VTG President and CEO.
A&M Capital Partners was advised by Kirkland & Ellis. VTG was advised by Citizens Financial Group, Robert W Baird and Mayer Brown.
Lovell Minnick Partners, a private equity firm, completed the investment in Net At Work, an IT services and solutions provider. Financial terms were not disclosed.
"This investment from Lovell Minnick Partners is a significant milestone for Net at Work. It will not only empower us to better help our customers and partners thrive in today's digital economy but also to expand the career options for our employees and talent in the market. Together, we will continue to redefine excellence in technology partnership to lead the industry," Alex Solomon, Net at Work Co-Founder and Co-CEO.
Net At Work was advised by Katten Muchin Rosenman. Lovell Minnick Partners was advised by Harris Williams & Co, Netrex Capital Markets and Goodwin Procter.
Lindsay Goldberg, a private equity firm, completed the acquisition of Kleinfelder, an engineering company, from Wind Point, a private equity firm. Financial terms were not disclosed.
"Our partnership with Louis and the management team underscores our confidence in Kleinfelder’s capabilities, operational acumen, and reputation as a trusted provider of high-quality solutions. Kleinfelder is a proven leader in the core engineering and professional services markets, and its business model and proven track record make it an exceptionally attractive partner that aligns well with our expertise in the infrastructure, power, and government services end markets. We are excited to welcome Kleinfelder to the Lindsay Goldberg portfolio and to partner with the team on its next stage of growth,” Krishna Agrawal, Lindsay Goldberg Partner.
Lindsay Goldberg was advised by AEC Advisors. Kleinfelder was advised by Houlihan Lokey. Wind Point was advised by KPMG and Winston & Strawn.
HealthEquity, a health savings account administrator, agreed to acquire BenefitWallet HSA portfolio of Conduent, a global technology-led business solutions and services company, for $425m.
"This transaction demonstrates progress on the portfolio rationalization plan outlined earlier this year. Clients and customers will continue to benefit from the strong and long-standing relationship between Conduent and HealthEquity. HealthEquity will provide best-in-class HSA solutions, while Conduent will continue to provide a variety of other market-leading solutions, including benefit administration services,” Cliff Skelton, Conduent President and CEO.
HealthEquity is advised by JP Morgan and Willkie Farr & Gallagher (led by Matthew Haddad and Erin Kinney). Conduent is advised by Holland & Knight.
Legence, a provider of environmental services, agreed to acquire A.O. Reed, a mechanical contracting company. Financial terms were not disclosed.
“A.O. Reed’s core values of safety, sustainability, excellence, and innovation fit squarely into the fabric of Legence’s DNA, and we’re proud to have them join our Legion of companies. With an unwavering commitment to collaborative problem-solving and a robust track record of surpassing client expectations across a diverse project portfolio, A.O. Reed embodies Legence’s corporate ethos, making them a perfect cultural fit and ideal partner,” Jeff Sprau, Legence CEO.
Legence is advised by Antenna Group.
Boston Scientific, a biomedical/biotechnology engineering firm, agreed to acquire Relievant Medsystems, a medical technology company, for $850m.
"Today is an exciting step forward to shaping the future of chronic low back pain with Boston Scientific as a leader in the interventional chronic pain space. This is a testament to the exceptionally talented Relievant team and the innovative engine behind the Intracept system. Together with Boston Scientific, we can accelerate our journey to provide life-changing relief to patients by transforming the diagnosis and treatment of vertebrogenic pain,″ Tyler Binney, Relievant Medsystems President and CEO.
US Innovative Technology Fund, an investment firm, led the $100m Series B round in Pryon, an enterprise AI and machine learning company, with participation from Aperture Venture Capital, BootstrapLabs, Breyer Capital, Duke Capital Partners, Good Growth Capital, Omnimed Capital and Revolution’s Rise of the Rest Seed Fund.
“My lifelong goal, and Pryon’s mission, is to reduce the distance between knowledge and people, especially for those who make up the backbone of critical infrastructure. Our platform brings organizations to a state of knowledge flow, empowering a decision advantage grounded in confidential, trusted, and verifiable information. This funding round ensures Pryon’s continued leadership in transforming previously static content into actionable intelligence within academic, commercial, government, and nonprofit environments. We are galvanized to usher in this next phase of our evolution and are intensely proud to partner with Thomas Tull and his USIT team, who also recognize the immense value this technology delivers to the world,” Igor Jablokov, Pryon Founder and CEO.
ICONIQ Growth led the $100m Series B round in Writer with participation from WndrCo, Balderton Capital, Insight Partners, Aspect Ventures, Accenture and Vanguard.
“Our foundation models are best-in-class, and they're auditable, inspectable, and hostable — but it’s not just about the models. Any CIO who's tried to build an internal generative AI application will tell you that the last mile of quality is the hardest. And we help them nail that, at scale, dozens and dozens of times as they build AI applications and assistants that enable their entire organization. And our customer’s desire to invest in the company is a true testament to the value we're providing,” May Habib, Writer CEO and Co-Founder.
Southwire,an electrical and telecommunications products provider, agreed to acquire genesis wire & cable business of Resideo, a technology-driven products and components manufacturer. Financial terms were not disclosed.
"We are excited to welcome the Genesis team to Southwire. The strong brand and quality reputation Genesis has built over the last three decades is a perfect fit for Southwire and our focus on innovation, service and quality. Their product offering provides an opportunity to share our innovative solutions with even more customers, positioning us for success both now and in the future," Rich Stinson, Southwire President and CEO.
Marathon is bidding on Signature's commercial real estate portfolio. (FS)
The biggest opportunity in the distressed debt space right now is in commercial real estate, according to Bruce Richards, CEO of Marathon Asset Management, Bloomberg reported.
The New York-based global credit manager with about $20bn in capital management will be bidding on Signature Bank's $33bn commercial real estate loan portfolio, which is comprised primarily of multifamily properties in New York City. The Federal Deposit Insurance launched the marketing process for the portfolio on September 5.
Allen & Overy, Shearman & Sterling partner votes to kick off this month.
Multinational law firms Allen & Overy and Shearman & Sterling are set to kick off their partner votes on the historic merger deal between the pair on 28 September.
The vote will close on 13 October with the result announced shortly after. Shearman has agreed a deal with its retirees over its pension liability, clearing the way to the vote on the deal.
Dish gets US help easing deadline to buy T-Mobile Airwaves.
US antitrust regulators urged a judge to give financially-strapped Dish Network more time to purchase airwaves from T-Mobile US, which wants instead to auction the frequencies, Bloomberg reported.
Dish should have until April 1 to buy the airwaves, after missing an August deadline for the $3.5bn purchase.
Instacart's $660m IPO meets goal with market rebound.
Grocery delivery business Instacart priced its initial public offering at the top of a marketed range to raise $660m in the second marquee listing in a week, Bloomberg reported.
The San Francisco-based company sold 22m shares for $30 each on September 18. Instacart and current shareholders had offered the shares for $28 to $30, a range that was elevated after chip designer Arm rose 25% in its trading debut after the year's biggest IPO.
EMEA
Falfurrias Capital Partners, a private equity firm, agreed to invest in Brainlabs, an internationally acclaimed full-service media agency. Financial terms were not disclosed.
"With our extensive experience in the marketing and media space, Brainlabs is a perfect fit for Falfurrias. We look forward to meaningfully building on what is already a significant and influential player in this space," Geordie Pierson, Falfurrias Capital Partners Partner.
Infracapital, an investment firm, agreed to acquire three chemical terminals in Rotterdam from Vopak, a global independent infrastructure provider, for €407m.
“The divestment of the three chemical terminals in Rotterdam is in line with our strategic goals to improve the financial performance of the portfolio, grow Vopak’s footprint in gas and industrial terminals and accelerate towards new energies. We remain committed to actively manage our portfolio towards infrastructure investments that support the long term cash flow profile and return ambitions of the company," Michiel Gilsing, Vopak Member of the Executive Board and CFO.
Veracio, a mining operations suite software company, agreed to acquire Minalyze, a mining and exploration equipment and software company, for $29m.
“We are committed to maintaining the quality and innovation the industry has come to expect from both Veracio and Minalyze. We want to assure our clients on both sides of this transaction that the products and quality of services they trust and value will continue to be available and well-supported, and we encourage and appreciate their continued support,” Mike Ravella, Veracio CIO.
Veracio is advised by PRA Communications.
Plasma-Therm, an advanced plasma-processing equipment manufacturer, completed the acquisition of Thin Film Equipment, a sputtering equipment supplier. Financial terms were not disclosed.
“We are excited about this acquisition and combining our strengths with Plasma-Therm’s. While TFE will continue to operate independently, we will work closely with Plasma-Therm to combine our strengths in plasma and PVD process technology for a more comprehensive product offering for our customers. The acquisition will enable us to expand our R&D resources and customer service & support teams globally to deliver timely solutions to our valued customers,” Francesco Terenziani, Thin Film Equipment CEO.
Plasma-Therm was advised by Kiterocket.
indie Semiconductor, a pure-play automotive fabless semiconductor company, completed the acquisition of EXALOS, an electronics manufacturer, for $45m.
"EXALOS’ differentiated solutions immediately expand indie’s ADAS and User Experience product and technology offering to our global tier one and automotive OEM customer base. Specifically, indie can now leverage EXALOS’ core Super luminescent LED, and SOA technologies to enable Head Up Display, high brightness visible lighting and Inertial Measurement Unit-based navigational applications and, importantly, to extend our FMCW LiDAR portfolio. We are gaining a well-established team of 17 world class engineers, including the industry’s leading expertise in bright light sources based on a proprietary Gallium Nitride process. At a higher level, our acquisition of EXALOS represents another step in our quest to build a broadline Autotech powerhouse,” Donald McClymont, indie’s Co-Founder and CEO.
Octopus Energy, a British renewable energy group, completed the acquisition of a 10% stake in Borssele III & IV wind farm from Partners Group, a Swiss-based global private equity firm. Financial terms were not disclosed.
“Investing in one of Europe’s largest wind farms in the Netherlands is a really exciting milestone as we only entered the Dutch renewables market last year. We’ve got big ambitions to supercharge the green energy transition globally. Offshore wind farms like these are boosting energy security and creating a more sustainable energy system for everyone,” Alex Brierley, Octopus Energy Co-Head of Octopus Renewables.
UBS names South Korea, India, others as 'slow' on Credit Suisse approval.
UBS has identified at least four countries, including South Korea and India, as being "slow" to grant the regulatory approvals needed to complete its takeover of Credit Suisse, Reuters reported.
The Swiss banking giant has also highlighted Ireland and Saudi Arabia as "slow jurisdictions" in granting licences. The uncertainties could lead to winding down businesses and asset sales, when UBS faces "difficult jurisdictions or regulators".
Intact starts sale of RSA's personal insurance business.
Intact Financial has kicked off the sale of its personal insurance subsidiary in the UK, which could be valued at around £500m ($620m), Bloomberg reported.
The Canadian insurer is working with JP Morgan to gauge buyer interest in RSA's personal lines business, which covers everything from home to pet protection. The business sells policies directly to clients and also includes partnerships with other financial institutions.
Kenya extends oil supply agreement with three Gulf companies.
Kenya has extended an oil supply deal with three Gulf-based companies, which is designed to manage demand for dollars, Reuters reported.
The East African nation entered the deal with Saudi Aramco, Abu Dhabi National Oil and Emirates National Oil in March, switching from an open tender system in which local companies bid to import oil every month.
Hotelbeds interviews banks for more than $1.1bn IPO.
Travel technology company Hotelbeds is interviewing banks to lead the sale of more than $1.07bn of shares in an initial public offering next year, Reuters reported.
The Spanish travel technology firm, advised by Evercore, is poised to appoint a couple of banks as global coordinators alongside Morgan Stanley after recently inviting pitches.
VC firm Blockchain Capital raises $580m for crypto gaming, DeFi bets. (FS)
Crypto-focused Blockchain Capital has raised $580m across two new funds, one of the biggest raises for the asset class this year and the largest for the venture firm in its 10-year history, Bloomberg reported.
Blockchain Capital, which has an existing $2bn in assets under management, will use the fresh capital to back crypto startups in areas including decentralized finance and gaming as well as infrastructure, general partner Kinjal Shah said.
BP names Kate Thomson as interim CFO in post-Looney reshuffle. (People)
British multinational oil and gas company BP appointed Kate Thomson as interim CEO to take the place of Murray Auchincloss who became interim CEO, Reuters reported.
The reshuffle follows the abrupt departure of CEO Bernard Looney last week after he did not fully disclose past relationships with colleagues.
APAC
Torrent in talks with Apollo to borrow up to $1bn for Cipla bid. (FS)
India's Torrent Pharmaceutical is in preliminary talks with Apollo Global Management to secure a loan of up to $1bn to help fund a planned bid for pharmaceutical company Cipla, Reuters reported.
Torrent is hoping to secure roughly $3bn to $4bn in financing for the bid for its much bigger rival. A deal for about 60% of India's No. 3 drugmaker could be worth as much as $7bn - potentially India's largest pharma deal to date.
Ant to pull out of $100m fund in retreat From crypto.
Chinese fintech behemoth Ant Group is planning to unwind its investment in A&T Capital, retreating from a $100m vehicle that was central to its bet on a turbulent digital-asset arena, Bloomberg reported.
The move comes months after A&T's founding partner Yu Jun resigned, around the time the firm started an investigation into his behavior in the workplace. Yu, a former Ant executive, helped the Jack Ma-backed fintech conglomerate set up A&T to invest in offshore crypto projects.
More SE Asia firms are considering US IPOs.
Several Southeast Asian companies are considering listing in the United States, banking on strong investor appetite for emerging market growth in the absence of Chinese stock offerings, Reuters reported.
Senior executives in leading SME digital financing platform Funding Societies, Singapore-based entertainment firm Gushcloud International and Thai insurance technology firm Sunday said they were looking into New York as one of their initial public offering venues.
Indian hotel operator Samhi Hotels' IPO oversubscribed five times.
The initial public offering of Samhi Hotels, which operates Marriott, Hyatt and IHG hotels in India, was oversubscribed by over five times, inviting bids worth $504m, DealStreetAsia reported.
Investors bid for 333m shares by the final day of bidding, 5.33 times more than the 62.5m shares on offer, with institutional investors showing the most interest.
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