EMEA
Daikin Industries acquired AHT Group from Bridgepoint for €881m.
Innova Capital acquired a 33% stake in OSHEE.
Värde Partners acquired Impolis.
EU approves HSH Nordbank takeover.
Tages is to buy Glennmont’s Italian solar power plants.
Sovereign Capital looks to sell Partnerships in Children’s Services for up to £100m.
AMERICAS
Hearthside Food Solutions completed the acquisition of Greencore US for $1bn.
OTPP acquired a stake in Fleet Complete from Madison Dearborn Partners.
Carlyle bought three New England gas-fired generation facilities for $590m.
Campbell Soup and Third Point nearing deal.
APAC
Alps Electric shares leap thanks to Elliot support in buyback.
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EMEA
Daikin Industries acquired AHT Group from Bridgepoint for €881m.
Daikin Industries, a Japanese multinational air conditioning manufacturing company, acquired AHT Group, a leading company in the commercial refrigeration market in Europe, from Bridgepoint, for €881m ($998m).
With this acquisition, Daikin is adding AHT showcases to its wide range of products, services, and solutions based on its air conditioning and refrigeration equipment. This will enable the company to become a one-stop provider offering complete coordination of air conditioning and refrigeration products. This acquisition is also expected to solidify Daikin's business foundation in Europe and promote the full-scale expansion of its refrigeration business in the United States as well as Asia.
Property Finder is a leading real estate classifieds portal in the Middle East, North Africa and Turkey. The company will use part of the funds to deliver on its strategy to build innovative products which provide greater transparency, effective data and an overall better experience for property seekers along their real estate journey.
“Property Finder’s focus on building a world-class product for property seekers is generating fantastic momentum across the region,” said Chris Caulkin, Principal and Head of Technology for EMEA at General Atlantic. “We are thrilled to partner with the Property Finder team during this exciting growth phase of the business.”
TAP Advisors advised Property Finder.
Innova Capital acquired a 33% stake in OSHEE.
Innova Capital acquired a 33% stake in OSHEE, the leader of the Polish isotonic and functional drinks market. Financial terms were not disclosed.
In order to support the company in pursuing its goals, the owners of OSHEE Polska have decided to partner with a strong partner, with experience that can help them grow the organization, introduce modern management methods, build a strong position on international markets and facilitate financing of investment and acquisition plans. Innova Capital will initially acquire a structured minority interest, partly replacing the company’s private shareholders.
Solter Capital has joined Innova Capital as a minority partner in the consortium.
Värde Partners acquired Impolis.
Impolis - Sociedade Gestora de Fundos de Investimento Imobiliário is a Portuguese regulated real estate asset manager. Financial terms were not disclosed.
Värde plans to use the platform to invest in Portugal and build its position in the local real estate market. Rental growth combined with low vacancy rates and a shortage of supply, especially for quality office space, has led to a supply-demand imbalance in the Lisbon office space market and contributed to a favorable investment environment.
The acquired real estate portfolio includes business parks, office space and commercial land plot assets in greater Lisbon, and has a gross asset value of €186.6m ($210m).
EU approves HSH Nordbank takeover.
EU state aid regulators approved the sale of German lender HSH Nordbank to J.C. Flowers, BAWAG, Cerberus, Goldentree and Centaurus Capital, saying the sale did not involve public support.
“On the basis of the new private owner’s business plan, HSH can become a viable market player, continuing to support economic development in Germany,” European Competition Commissioner Margrethe Vestager said in a statement.
Tages is to buy Glennmont’s Italian solar power plants.
Tages is in exclusive talks to buy the Italian solar power plants put on sale by clean energy investor Glennmont Partners. The talks are to last up to 15 days. The Glennmont portfolio comprises three plants with a capacity of 85 MW. A2A and Erg Group are also bidding for the portfolio, which could be worth around €350m ($397m).
Glennmont, which has 285 MW of wind farms in Italy, is being advised by Rothschild and Orrick.
Sovereign Capital looks to sell Partnerships in Children’s Services for up to £100m.
Potential buyers of Partnerships in Children’s Services, which provides foster care for about 1,100 children, include Stirling Square Capital Partners, which owns the largest independent provider, the National Fostering Agency; Graphite Capital, which owns foster agency Compass Community, and the Priory, owned by the US healthcare company Acadia. The sale would follow that of the UK’s second-largest independent provider of foster care, Foster Care Associates, which houses 2,400 children and was bought by private equity group CapVest for an undisclosed sum this month.
Sovereign Capital Partners hired Clearwater International to assist with the sale.
AMERICAS
Hearthside Food Solutions completed the acquisition of Greencore US for $1bn.
Hearthside Food Solutions, a food contract manufacturer and a portfolio company of Charlesbank Capital Partners and Partners Group, completed the acquisition of the US business of Greencore Group Plc, an Ireland-based food company, for $1bn on a cash and debt-free basis. The deal was initially announced on October 15, 2018.
Commenting on the transaction, Greencore's CEO, Patrick Coveney, said: "The transaction would enhance our strategic and financial flexibility, which would allow us to build on our industry-leading position in our core UK market whilst also taking advantage of emerging organic and inorganic growth opportunities."
Charlesbank and Partners Group were advised by Ropes & Gray. Hearthside was advised by HSBC, Barclays and Ropes & Gray. Greencore Group was advised by Goldman Sachs, Greenhill & Co, Ashurst, Drury Porter Novelli and Powerscourt.
OTPP acquired a stake in Fleet Complete from Madison Dearborn Partners.
Ontario Teachers' Pension Plan acquired a stake in Fleet Complete, one of the fastest growing tech companies in the connected vehicle space, from Madison Dearborn Partners. Financial terms were not disclosed.
“I am thrilled to partner with Ontario Teachers’ and it’s a bonus that we both share Toronto as our respective headquarters,” said Tony Lourakis, founder and CEO of Fleet Complete. “Ontario Teachers’ provides Fleet Complete with access to significant long-term capital. This, coupled with our ongoing partnership with MDP, will enable us to continue our fast growth and focus on being the world’s leading provider of mission-critical connected technologies for fleets, assets and mobile workforce-based businesses.”
Fleet Complete was advised by Lazard, Barclays, Dentons and Kirkland & Ellis. Madison Dearborn Partners was advised by Dentons and Kirkland & Ellis. OTPP was advised by Torys.
Carlyle bought three New England gas-fired generation facilities for $590m.
Emera Inc., a publicly traded energy utility company from Canada, agreed to sell its three natural gas-fired generation facilities in New England, known as Bridgeport Energy, Tiverton Power and Rumford Power, to an affiliate of The Carlyle Group for $590m. Together, the facilities have the capacity to generate approximately 1,100 MW.
Matt O’Connor, Carlyle Group Managing Director and Head of Carlyle Power Partners, said: “Through this acquisition, Carlyle Power Partners will increase its generation capacity in the attractive New England market, making us one of the largest owners of power generation facilities in the region. We look forward to leveraging our existing market knowledge to create additional value for Bridgeport Energy, Tiverton Power and Rumford Power, building on their already strong track records of operational excellence.”
JP Morgan acted as financial advisor to Emera.
Campbell Soup and Third Point nearing deal.
According to a Reuters report, Campbell Soup, an American producer of canned soups and related products, and Third Point are getting closer to settling a proxy contest by adding two of the hedge fund’s nominees to the US food company’s board and giving the activist investor a say in selecting Campbell’s next CEO.
A deal between Campbell Soup and billionaire investor Daniel Loeb’s Third Point would end one of the most acrimonious US proxy battles. The hedge fund would promise to refrain from running a proxy contest in the next year.
APAC
Alps Electric shares leap thanks to Elliot support in buyback.
According to a Reuters report, Alps Electric Co stock jumped 8% on Monday after the firm promised a share buyback of about JPY40bn ($353m) to win support for the acquisition of Alpine Electronics - a pledge backed by Elliott Management, a stakeholder in both suitor and target. The Japanese components maker offered the buyback along with a pledge to give shareholders 50% of group net profit for three business years beginning April, and 30% thereafter.
Oasis Management, Alpine’s second-largest shareholder with a 9.9% stake, has called on other shareholders to reject the deal, arguing the price offered for their shares was too low.
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