Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Public Storage, an American international self storage company headquartered in Glendale, California, completed the acquisition of Simply Self Storage, a privately owned self-storage company in the United States, from BREIT, a real estate investment trust company, for $2.2bn.
"We are pleased to welcome Simply's team, customers, and third-party management partners to Public Storage's industry-leading brand and platform. This acquisition reflects the continued execution of our multi-factor external growth platform, which includes acquisitions, development, redevelopment, expansion, and third-party management. We are pleased to complete this important transaction with Blackstone, which further demonstrates our position as an acquirer of choice in the industry. Blackstone has done a tremendous job of growing and improving the quality and operations of the Simply portfolio over the past few years," Joe Russell, Public Storage CEO.
Bridgepoint, a private equity firm, agreed to acquire Energy Capital Partners, an energy transition investor, for $1bn.
"We have enjoyed interacting extensively with ECP for more than a year as we have been jointly evaluating a combination of the businesses. We have found our cultures and approaches to business to be aligned and we are attracted to ECP's leading infrastructure position across the rapidly expanding energy transition theme. Together we offer more diverse revenue streams and greater growth opportunities with accelerating earnings expectations and a broader product mix to offer to our combined LP relationships. We expect ECP to continue on its successful growth path, with new and accelerated opportunities for development, and the ECP team, under Doug and team's continuing leadership, will bring invaluable experience to the Group," Raoul Hughes, Bridgepoint Managing Partner.
Biobest Group, an integrated pest management strategies and biocontrol, agreed to acquire an 85% stake in Biotrop Participações, a biotechnology company, from private equity firms Aqua Capital and GIC, in a €532m ($570m) deal.
”Biotrop is a one-of-a-kind company, as a market leader driving change towards the use of biologicals in agriculture and delivering high margins. It has been an amazing journey, where in six years of ownership, we have been able to create a leading platform in this fast developing domain, driving sustainability and profits. In the process, we have partnered with amazing individuals led by CEO and co-founder Antonio Zem and a world-class institution such as GIC. Biotrop could not have found a better home than with Biobest. Its total commitment to biologicals, global footprint and fantastic culture provide for excellent conditions to maintain Biotrop’s path," Sebastian Popik, Aqua Capital Managing Partner.
Biobest Group is advised by McKinsey, Berenberg, Ernst & Young, Morgan Stanley, Jones Day and Stocche Forbes. Aqua Capital is advised by Banco Itau and Demarest Advogados.
Eden Capital, a private equity firm, completed the acquisition of Phlebotomy Training Specialists, a phlebotomy professional training provider. Financial terms were not disclosed.
"We are thrilled to embark on this exciting journey with Eden. Eden Capital's experience and resources will support us through this transformative chapter in our growth. Eden's investment will enhance our ability to reach a broader audience, extend our product offering and expand our corporate partnerships to address industry needs," Brian Treu, PTS Founder and CEO.
Phlebotomy Training Specialists was advised by GVC Advisory Services and Wilson Bradshaw. Eden Capital was advised by Oliver Wyman, RSM International, Hogan Marren Babbo & Rose and Willkie Farr & Gallagher. Debt financing was provided by Byline Bank and Graycliff Partners.
Concord, an independent music company, agreed to acquire Round Hill Music, a private equity firm, for $469m.
"The board is pleased to present this opportunity for liquidity at a premium to both the share price and the IPO price, as well as at a narrow discount to economic net asset value per share. The recommended offer represents excellent value for shareholders," Robert Naylor, Round Hill Music Chairman.
Artémis, an investment company, agreed to acquire a majority stake in Creative Artists Agency, a media and sports agency, from TPG, a private equity firm, and Temasek, a private equity firm. Financial terms were not disclosed.
“As a leader in its field with an outstanding management team, a crystal-clear focus on providing world-class service to world-class clients and a tremendous track record of growth, CAA has all the relevant characteristics to be part of the Artémis family, adding increased diversity, both in terms of geographical footprint and business activities, to our other assets. CAA’s exceptional insight, relationships, and access across key sectors, combined with their widely regarded level of collaboration and innovation, gives the company a formidable role in driving global opportunities for its diverse and culture-defining clients. We look forward to supporting the agency’s very bright path ahead,” Francois-Henri Pinault, Artémis CEO.
Artémis is advised by Rothschild, Cleary Gottlieb Steen & Hamilton and Image Sept (led by Anne Meaux and Anne-France Malrieu). CAA is advised by Allen and Wachtell Lipton Rosen & Katz. TPG is advised by Ropes & Gray. Temasek is advised by Sullivan & Cromwell.
GTCR, a private equity firm, completed the acquisition of Foundation Source, a provider of support services and foundation software. Financial terms were not disclosed.
"Over the past two decades, Foundation Source has experienced exceptional growth, and has established itself as a leader in supporting charitable giving, providing critical resources to foundations and their donors. We are pleased to partner with Joe Mrak, whose experience in building wealth technology businesses will be important as we further enhance the Company's value proposition to clients and partners. We look forward to working with the entire Foundation Source team to continue the Company's mission of supporting positive impact through philanthropic giving," Collin Roche, GTCR Co-CEO and Managing Director.
GTCR was advised by Canaccord Genuity and Greenberg Traurig. Foundation Source was advised by Lincoln International, Robert W Baird, K&L Gates and The Neibart Group (led by Carly Taylor).
Repsol, a multinational energy and petrochemical company, agreed to acquire ConnectGen, a a multi-technology renewable energy platform, from Quantum Capital, a private equity firm, for $768m.
“This transaction is another step in our firm commitment to transforming our industry and becoming a zero net emissions company by 2050, while maintaining our profitable growth, diversification and multi-energy focus and ensuring shareholder returns. The addition of ConnectGen accelerates our commitment to renewable generation in one of the markets with the greatest potential for future growth. In that sense, bringing on board its valuable team of experts is key to ensure our successful future growth with robust profitability in the market,” Josu Jon Imaz, Repsol CEO.
Repsol is advised by Guggenheim Partners and Baker Botts. Quantum Capital is advised by Nomura, Wells Fargo Securities and Kirkland & Ellis (led by John D. Pitts and Zach Savrick).
Diamondback Energy, an independent oil and natural gas company, and Five Point Energy, a private equity firm, formed Deep Blue Midland Basin, a joint venture that develops, owns, and operates integrated midstream water infrastructure networks. Financial terms were not disclosed.
This strategic joint venture creates the largest independent water infrastructure platform in the Midland Basin with substantial excess capacity in place to pursue third-party growth.
Deep Blue Midland Basin was advised by Skadden Arps Slate Meagher & Flom and Winston & Strawn. Diamondback Energy was advised by Piper Sandler and Akin Gump Strauss Hauer & Feld. Five Point Energy was advised by Kekst CNC (led by Daniel Yunger).
Igneo, a global infrastructure investment manager, agreed to acquire Soltage, a renewable power producer. Financial terms were not disclosed.
"Soltage is proud to partner with Igneo as a committed sector participant that shares our enthusiasm as we expand the scope and scale of the zero carbon energy solutions that we are able to deliver to customers across the United States. We look forward to leveraging Igneo's infrastructure expertise along with its capital resources as Soltage expands as a full owner of clean energy assets," Jesse Grossman, Soltage Co-Founder and CEO.
Chevron, an American multinational energy corporation, completed the acquisition of a majority stake in ACES Delta, an advanced clean energy storage project developer, from Haddington Ventures, a private equity and venture capital firm. Financial terms were not disclosed.
“As we continue to pursue lower carbon energy solutions, we are excited to move forward with the Advanced Clean Energy Storage hydrogen project, through our acquisition of Magnum Development and partnership with Mitsubishi Power, to build on Chevron’s 75-year history in Utah. We seek to leverage the unique strengths of each partner to develop a large-scale, hydrogen platform that provides affordable, reliable, ever-cleaner energy and helps our customers achieve their lower carbon goals,” Austin Knight, Chevron Vice President.
General Atlantic, a growth equity investor, completed the investment in GoodVets, a modern, single-brand veterinary care platform. Financial terms were not disclosed.
“This collaboration not only validates our unwavering commitment to the betterment of veterinary care but also signifies a momentous leap forward in achieving our mission. With General Atlantic by our side, we are equipped with the financial strength, expertise, and global network to empower veterinarians nationwide. Together, along with SkyKnight’s steadfast support, we will continue to innovate, create, and drive the transformation of the veterinary industry, ultimately improving the lives of animals and the professionals who care for them," Ryan Joseph, GoodVets Co-Founder and CEO.
GoodVets was advised by Jefferies & Company and Holland & Knight. General Atlantic was advised by Piper Sandler and Paul Weiss Rifkind Wharton & Garrison (led by Ellen Ching and Matthew Abbott).
Diamondback-backed Viper, an oil exploration firm, agreed to acquire mineral and royalty interests from Warwick Capital Partners, a private equity firm, and GRP Energy Capital, a private equity firm, for $750m.
“This acquisition of high quality mineral and royalty assets is a truly differentiated opportunity that represents a significant value proposition for Viper and its unitholders. The high confidence near-term production outlook results in meaningful and immediate accretion to all relevant financial metrics, including an estimated increase of 7-8% to our expected 2024 return of capital program. Equally as important, and what truly differentiates this opportunity, however, is both the quantity and quality of the undeveloped acreage position. Credit is due to the GRP Energy Capital team for building an asset of this size, scale and overall quality that cannot be replicated in the private minerals market today,” Travis Stice, Viper CEO.
Viper is advised by Evercore and Akin Gump Strauss Hauer & Feld. Warwick Capital Partners and GRP Energy Capitalare advised by Barclays and Kirkland & Ellis.
PSG, a private equity firm, completed the investment in Versatile Credit, a provider of software connecting merchants, lenders and consumers. Financial terms were not disclosed.
“Our momentum to date reflects what we believe is a market opportunity for Versatile as well as for the merchants, lenders and consumers we are proud to serve. We are grateful for the opportunity to partner with PSG, a firm with a strong heritage in fintech investing that can provide the resources and domain knowledge we believe will be critical to the successful execution of our strategic growth plans," Ed O’Donnell, Versatile Chief Executive Officer.
PSG was advised by Weil Gotshal and Manges (led by David Gail) and Prosek Partners (led by Jackie Schofield). Versatile Credit was advised by Vista Point Advisors.
Surge, a private equity firm, completed the $200m investment in Elite Clinical Network, an integrated platform currently operating a network of phase I-IV clinical research sites.
“We are impressed with the success that management has achieved to date and are excited to partner with CEO David Wilson III to support the next phase of building a national network. With a very high new site launch growth rate, multi-decade customer relationships, strong industry tailwinds, and a significant diversified backlog, ECN is well positioned to continue its expansion as a dominant player in the clinical trial industry,” Sanjay Gulati, Surge Principal.
Surge was advised by BakerHostetler and MGG Investment Group. Elite Clinical Network was advised by Merritt Healthcare Advisors.
Basalt Infrastructure Partners, a private equity firm, completed the acquisition of Fortbrand Services, a ground support equipment maintenance services provider, from Wincove Private Holdings, a private equity firm. Financial terms were not disclosed.
“Fortbrand is a leading provider of mission critical equipment for the air transportation industry and is well positioned in a market with emerging trends toward electrification and decarbonization. We are excited to work alongside the management team at Fortbrand to support the Company in its next stage of growth," Wil Jones, Basalt Partner.
Basalt Infrastructure Partners was advised by Moelis and Foley & Lardner. Wincove was advised by Raymond James and Husch Blackwell.
Ares Management, a private equity firm, led a $550m investment in Virgin Voyages, a cruise line, with participation from Virgin Group and Bain Capital.
"The success of this capital raise shows how much Virgin Voyages has achieved and how much further it can go. We are very proud of the experience that Virgin Voyages has created and continues to deliver every day across its fleet. At Virgin, we have always aimed to create extraordinary experiences and challenge the status quo while putting purpose at the core of everything we do. With Tom at the helm, Virgin Voyages has established itself as a company that can do that consistently. We are so grateful for his and the team's leadership in creating a truly brilliant business and look forward to this next phase of the Company's growth," Josh Bayliss, Virgin Group CEO.
Ares Management was advised by Paul Weiss Rifkind Wharton & Garrison (led by Kenneth Schneider and Michael Vogel). Virgin Voyages was advised by Goldman Sachs and Kirkland & Ellis.
Francisco Partners, a private equity firm, completed the investment in Berkshire Partners-backed Accela, a provider of government software. Financial terms were not disclosed.
"Today's announcement marks another notable milestone for Accela as we aim to advance the govtech industry. This new funding and partnership with Francisco Partners kick-starts our next chapter that's focused on elevating and expanding how we serve state and local governments. Francisco Partners' world-class technology expertise will parlay into investments designed to further simplify and streamline the government experience, and we are pleased to have the continued strong support of Berkshire Partners as we execute our growth strategy. Our mission remains the same: to be the heart of government, vital to the expansion of innovative, growing, and safe communities," Gary Kovacs, Accela CEO.
Francisco Partners was advised by Shea. Berkshire Partners was advised by Robert W Baird. Accela was advised by Robert W Baird.
KKR, a global investment company, completed the acquisition of a minority stake in the Port Arthur LNG Project from Sempra, an energy network infrastructure company. Financial terms were not disclosed.
"We are pleased to close our investment in this critical energy infrastructure project led by the Sempra Infrastructure team. Port Arthur LNG Phase 1 has continued its strong momentum and is on track to meet its objectives of helping to deliver energy security, economic growth and a near-term supply of reliable and cleaner energy," James Cunningham, KKR Partner.
Carrix, a marine terminal operator, completed the acquisition of Ceres Terminals, a stevedore and port terminal operator, from Macquarie Infrastructure, an infrastructure asset manager. Financial terms were not disclosed.
“We are excited to expand SSA Marine’s footprint further into the rapidly growing Atlantic and Gulf Coast regions of the United States. Ceres has built an attractive portfolio of container, cruise, and general cargo operations and customer relationships which will enable us to serve our combined customers in more locations with more services,” Uffe Ostergaard, Carrix President and CEO.
Decarbonization Partners, Temasek, and QIA led a $542m Series D round in Ascend Elements, a manufacturer of sustainable, engineered battery materials for electric vehicles, with participation from Tenaska, Alliance Resource Partners, PULSE - CMA CGM Energy Fund, BHP Ventures, Fifth Wall, Hitachi Ventures, Mirae Asset, At One Ventures, Agave Partners, Alumni Ventures and other leading global investors.
"I'd like to thank our new and existing partners for helping us deliver on our vision of producing sustainable, engineered battery materials at a commercial scale. Our sustainable lithium-ion battery materials will power EV batteries and accelerate the global transition to zero carbon emissions. Together, we are investing in North America's critical EV battery infrastructure and bringing good manufacturing jobs back to the United States," Mike O'Kronley, Ascend Elements CEO.
Ascend Elements is advised by Goldman Sachs. QIA is advised by Shearman & Sterling (led by Michael Dorf).
Riverside, a private investor focused on the smaller end of the middle market, completed the investment in Eastman Fire Protection, a fire protection business. Financial terms were not disclosed.
“The Eastman add-on is consistent with Riverside’s investment strategy of aggressively growing the CertaSite platform through add-on acquisitions. With a well-established customer base and reputation for high-quality services, Eastman is a perfect fit for CertaSite," Loren Schlachet, Riverside Managing Partner.
Prime Movers Lab, a venture capital firm, led a $200m Series B round in Lyten, a 3D graphene decarbonizing supermaterials manufacturer, with participation from Stellantis, FedEx, Honeywell, and Walbridge Aldinger.
"We are excited to welcome our Series B investors, each a leader in their respective markets and committed to achieving aggressive net zero targets for their industry. The influx of strategic investors reflects the evolution of Lyten from its early days of developing a first-of-its-kind supermaterial to now collaborating with industry leaders to bring disruptive, decarbonizing applications to market, utilizing the differentiated properties of Lyten 3D Graphene. Our investors provide more than financial resources; they provide guidance and expertise to help ensure Lyten applications address the critical needs of a wide range of industries, including automotive, transportation, defense, aerospace, manufacturing, energy, and construction," Dan Cook, Lyten Co-Founder and CEO.
Lyten was advised by Makovsky.
Atreides Management, a hedge fund, led a $125m Series B round in Enfabrica, a silicon and software company, with participation from Sutter Hill Ventures, NVIDIA, IAG Capital Partners, Liberty Global Ventures, Valor Equity Partners, Infinitum Partners and Alumni Ventures.
"The fundamental challenge with today's AI boom is the scaling of infrastructure. There's no denying the transformative value that AI delivers to a multitude of economic sectors. But there is a critical need to bridge the exploding demand to the overall cost, efficiency and ease of scaling AI compute, across all customers seeking to take control of their distributed AI infrastructure and services," Rochan Sankar, Enfabrica CEO and Co-Founder.
Enfabrica was advised by Wireside Communications.
Atlas Holdings, a private equity firm, agreed to acquire the Herff Jones graduation business of Varsity Brands, an apparel company. Financial terms were not disclosed.
"We are excited to be adding Herff Jones to Atlas' growing family of great manufacturing and distribution businesses. Our team has partnered with the Leadership Teams of non-core former divisions of larger corporations, strengthening and growing them into focused, thriving, independent businesses. We see tremendous opportunity with Herff Jones and we have extensive experience serving education partners through other current Atlas companies. We are confident that we are the right partner for Herff Jones as it enters the next chapter of its storied history serving students," Michael Sher, Atlas Partner.
Herff Jones is advised by Jefferies.
Cerberus Capital Management, a private equity firm, completed the acquisition of Resonant Sciences, an aerospace survivability solutions provider. Financial terms were not disclosed.
“We are extremely excited to establish this partnership with the team at Cerberus. Cerberus has assembled a team of experts across critical national security domains that should further accelerate the growth and fielding of Resonant’s systems. Importantly, they understand our mission and DNA and are committed to supporting our long-term growth," J. Micah North, Resonant Co-Founder and CEO.
Resonant Sciences was advised by Robert W Baird.
KKR, an investment company, completed a $1bn investment in USI Insurance Services, a risk management, employee benefits and retirement consulting company.
“When we embarked on our journey with KKR and CDPQ, we shared a vision about the forces impacting our industry and a plan for USI to be a leading innovator in that transformation, combining world-class sponsorship and investment with our team of experts, differentiated solutions and technology. The power of this strategic partnership has exceeded our expectations, and we are thrilled to be continuing our journey with the support of our long-term shareholders," Michael Sicard, USI Chairman and CEO.
A consortium of investors, including Flagship Pioneering, Amgen, NVentures, Mirae Asset Group, Pictet Alternative Advisors, ADIA, Fidelity Management & Research Company, T. Rowe Price, ARCH Venture, Alaska Permanent Fund, Altitude Life Science Ventures, Morningside Ventures and March Capital, led a $273m Series C round in Generate Biomedicines, a biotechnological company focusing on creating breakthrough medicines.
“Our Series C round further propels The Generate Platform to increase significantly the precision, speed, and probability of success of novel therapeutics – positioning us to tackle even more complex targets and unmet patient needs. With our first program now in the clinic and multiple programs expected to enter clinical studies over the next couple of years, we are beginning to realize the enormous potential of generative biology to save and improve the lives of patients in areas where the burden of disease is greatest,” Mike Nally, Generate Biomedicines CEO.
Transition Equity Partners, a private equity firm based in Chicago, led a $189m funding round in Trinity Gas Storage, a natural gas storage firm, with participation from Pan Capital Management, Abrdn, SailingStone Capital Partners and Rice Investment Group.
"We are thrilled to commence construction on this much-needed storage facility. Our team has worked tirelessly to get to this point, and we recognize the immense importance of this project which will enable Texas to better manage energy supply fluctuations, ensuring a stable source of power even during periods of peak demand and extreme weather events. We're grateful to partner with TEP, whose effectiveness in securing capital and assistance in development has been invaluable in making this storage project a reality," Jim Goetz, Trinity CEO.
Comvest Partners, an operationally-focused middle-market private investment firm, completed the investment in ClearOne Advantage, a Baltimore-based debt resolution services provider. Financial terms were not disclosed.
“We look forward to Comvest’s continued support as ClearOne enters its next phase of growth.” Tomas Gordon, ClearOne Chief Executive Officer.
US oil and gas producer CrownRock to explore $10bn-plus sale.
CrownRock is preparing to explore a sale that could value it at well over $10bn including debt, in what could be the largest deal for a US oil and gas producer going back at least three years.
The private equity-backed company, which is led by Texas billionaire businessman Timothy Dunn, has initiated discussions with investment banks about hiring advisers to run a sale process that will kick off by early 2024, Reuters reported.
Mubadala invests $1bn in Blue Owl Capital to co-invest in private credit opportunities.
Mubadala Investment Company, Abu Dhabi’s sovereign investment arm, has formed a strategic partnership with New York-based alternative asset manager Blue Owl Capital as it seeks to co-invest in private credit opportunities amid a tightening monetary environment around the world.
The partnership was established with a $1bn commitment to Blue Owl’s credit platform and will initially focus on its technology lending strategy, which provides financing solutions for several technology and software companies.
Apollo Global among suitors for IGT's global gaming division.
Private equity giant Apollo Global Management is among the potential suitors seeking to acquire International Game Technology's global gaming division, Bloomberg reported.
IGT's gaming unit could fetch $4bn to $5bn in a sale, including debt. UK-based IGT said in June that it was exploring strategic alternatives for its global gaming and PlayDigital segments, which includes, but is not limited to, a sale. The two segments generated about $436m in revenue in the first quarter of this financial year.
EagleView's owners explore a $2bn sale of aerial imagery provider.
The private equity owners of EagleView are exploring a sale of the provider of aerial imagery and data analytics services that could value it at about $2bn.
Vista Equity Partners and Clearlake Capital Group, the owners of EagleView, have hired investment banks William Blair and Rothschild to advise the company on its sale process.
EagleView Technologies is a provider of software that can be used to measure rooftops with satellite images from the sky, mainly used by insurance companies to make more accurate decisions, Reuters reported.
Barclays set to partner with AGL Credit Management for $1.5tn private credit market venture.
Barclays is wrapping up the final details of a partnership with AGL Credit Management to tap into the rapidly expanding $1.5tn private credit market. This partnership is expected to leverage Barclays' loan origination capabilities and AGL's credit investing expertise, enabling both firms to compete more directly with private credit funds.
The joint venture's first fund is anticipated to launch with at least $1bn of equity commitments. The Abu Dhabi Investment Authority is currently in discussions to anchor this fund. The structure of the fund is expected to be similar to a business development company, an investment model originally aimed at retail investors in the US that has gained popularity among large institutional buyers, Bloomberg reported.
Brookfield partners with Societe Generale to launch €10bn private debt fund.
Growing demand for private credit has prompted Brookfield Asset Management and Societe General to team up to launch a new private debt fund, which is expected to raise a total of €10bn ($10.7bn) over the next four years.
According to Société Générale, the fund will initially launch with €2.5bn ($2.7bn) and will target deals in the power, renewables, data, midstream and transportation sectors. The fund is also expected to help Brookfield and Societe Generale meet the needs of insurance companies with investment-grade products tailored to meet their ratings and duration requirements.
HIG raises $6bn for its latest leveraged buyout fund.
HIG Capital raised $6bn for its latest middle-market leveraged buyout fund, a figure that includes $450m of co-investment capital, Bloomberg reported.
The firm initially targeted $5bn for the vehicle, which was offered to new investors for the first time since the strategy was conceived for a 2008 fund.
Galvanize Climate Solutions closes over $1bn for first venture and growth equity fund.
Galvanize Climate Solutions, a global climate-focused investment firm, today announced the final close of its Innovation + Expansion Fund at over $1bn. With commitments from a diverse set of institutional investors, including leading endowments, foundations and family offices, the Fund is one of the largest climate venture funds raised to date.
The Fund targets investments in early- to growth- stage climate companies that drive timely decarbonization, providing both capital as well as interdisciplinary resources to help accelerate the path to commercial scale. Founded by seasoned investors with decades of collective experience working in the climate ecosystem, Galvanize is purpose-built to scale the defining climate companies of our generation.
EMEA
EW Group, a family-owned international group, with key businesses in genetics, health, diagnostics, nutrition and food, agreed to acquire Planasa, a company with global presence in the agri-food sector, from Cinven, a private equity investment firm, and Label Investments, a specialized agribusiness investment group. Financial terms were not disclosed.
"Cinven has provided huge support to Planasa over the past five years. With Cinven's guidance and investment, we have professionalised our operations, expanded our international footprint and innovated our product range to become a global leader in our market. We would like to thank the Cinven team for their strategic perspective and financial backing, our employees for their dedication and commitment to our mission, and our clients, suppliers and other partners for their continued collaboration and trust placed in us. We look forward to working closely with our new owners and are sure that this partnership will enable us to push Planasa's breeding activities to an even higher level," Michael Brinkmann, Planasa CEO.
EW Group is advised by KPMG and Baker McKenzie. Cinven is advised by Aon Securities, JP Morgan, KPMG, Perez Llorca, and Deloitte. Label Investments is advised by Escala Capital and Garrigues.
J.D. Power, a consumer insights, advisory services and data and analytics company, agreed to acquire Autovista Group, a pan-European and Australian automotive data, analytics and industry insights provider, from Hayfin Capital, an alternative asset management firm. Financial terms were not disclosed.
"Precise vehicle valuations and detailed vehicle specifications are the central underpinning to every data-driven strategy in the automotive industry—from optimizing vehicle production to calculating residual values to all manner of insurance—and finance-related risk assessment and repair models, and the combined assets of J.D. Power and Autovista Group will create truly comprehensive, global valuation and forecasting solutions. Additionally, as US consumers increasingly adopt the European model of configuring and ordering a custom vehicle specification, rather than picking whatever the dealer has on the lot, Autovista's detailed, vehicle-specific data and analytics will give OEMs critical information they need to navigate this change in consumer behavior. We are excited for the Autovista team to join J.D. Power and for the future growth opportunities we will pursue together," said Dave Habiger, J.D. Power President and CEO.
Hayfin and Autovista are advised by TD Cowen, Cravath Swaine & Moore, Macfarlanes and Mishcon de Reya. J.D. Power is advised by RBC Capital Markets, Kirkland & Ellis and Hawthorn Advisors.
Infrastructure fund I Squared Capital Advisors and TDR Capital on September 14 made an offer for Applus, triggering a possible bidding war for the Spanish industrial testing firm, Reuters reported.
I Squared and TDR offered to pay €9.75 ($10.46) per Applus share, while rival fund Apollo offered €9.50 ($10.20) in June. The bid values Applus at €1.26bn ($1.35bn) versus €1.23bn ($1.32bn) under Apollo's offer. The company's market value on Wednesday was €1.22bn ($1.31bn).
Applus is advised by JP Morgan. I Squared is advised by Morgan Stanley. Apollo is advised by BNP Paribas, Santander, and Latham & Watkins.
GI Partners, a private equity company, agreed to acquire ASK4, a provider of critical in-building Internet connectivity to the multi-tenant real estate sector, from Bowmark Capital, a private equity investment firm. Financial terms were not disclosed.
"ASK4's purpose is to support people and communities to be connected, allowing them to live life and work productively in their homes and workspaces. We have enjoyed a fantastic partnership with Bowmark over the last five years and we are excited about the future with GI as we continue to develop the ways we support existing clients and expand the delivery of our services into multi-tenant communities across Europe and North America," Andrew Dutton, ASK4 CEO.
GI Partners is advised by Chris Tofalli Public Relations (led by Chris Tofalli). Bowmark Capital is advised by DC Advisory (led by Richard Madden).
Novo, a holding and investment company, completed the acquisition of Ellab, a company that provides software and hardware for validation and monitoring for the life sciences industry, from EQT Partners, a private equity firm. Financial terms were not disclosed.
“Ellab’s solutions play a vital role in ensuring accuracy and compliance in its clients’ biotech and pharmaceutical processes, which is key for these companies. This was true when we first invested in Ellab and remains the case today. The difference now is the scale and flexibility that Ellab offers, as it has transformed into a full-suite provider of validation and monitoring solutions and services. It has been a privilege to partner with the entire Ellab management team, who have built a company with a strong culture and customer focus, dedication to innovation and commitment to consumer safety. We believe Novo Holdings is a great partner for the next stage of Ellab’s growth journey and we wish them all the best in the future,” Rikke Kjaer Nielsen, EQT Partner.
Novo was advised by FIH Partners. EQT Partners was advised by Morgan Stanley.
Orion Capital Managers, a private equity firm, completed the acquisition of the Portuguese business of Nexity, a real estate developer and investor. Financial terms were not disclosed.
"These two disposals are perfectly in line with the strategy of reallocating capital to activities in France, in accordance with the timetable announced by Nexity in February 2023 at the time of its annual results. The proceeds from the disposals and the reduction in working capital requirement generated by the extinctive management of the remaining international operations will help to reduce the Group's debt and finance our operations in the field of sustainable cities.” Véronique Bédague, Nexity Chairwoman and CEO.
Nexity was advised by Rothschild.
Carlyle weighs $1.25bn options for Jagex.
The Carlyle Group is weighing options for its UK video games maker Jagex, a business which could be valued as high as $1.25bn.
The US buyout fund is working with advisers at Morgan Stanley and Aream to explore a sale or a listing of the Cambridge-based studio, which runs the hit fantasy video game RuneScape.
The process is in the early stages and Carlyle is expected to proceed with an auction process towards the end of the year. Potential buyers are likely to include private equity firms, which could use Jagex as a platform to buy a string of smaller companies within the sector, Reuters reported.
Everton football club close to sale to 777 Partners.
Everton Football Club is close to an agreement to be acquired by 777 Partners following months of talks between the parties, Bloomberg reported.
Club owner Farhad Moshiri, who has invested hundreds of millions of pounds into the underperforming team during his tenure at the Liverpool-based club, is expected to exit with a fraction of the money he invested.
Shari Redstone's National Amusements strikes deal with lenders.
National Amusements, the family holding company of media heiress Shari Redstone, has reached a deal with creditors to restructure some of its debt, WSJ reported.
National Amusements paid down 20% of the outstanding, roughly $250m, loan to its creditors. The company, parent of the Paramount movie studio and CBS television network, is obligated to pay down another 15% in March. The creditors, which include Credit Suisse Asset Management, Invesco, Hawkeye Capital and collateralized-loan-obligation funds, also are getting increased interest and collateral on the loan. The agreement extends through 2025.
Arjun Infrastructure weighs options as PE industry consolidates.
Arjun Infrastructure Partners, a mid-market investment firm overseeing more than €5.5bn ($5.9bn), is exploring strategic options amid increasing consolidation in the private equity industry, Bloomberg reported.
The London-based infrastructure specialist is studying possibilities ranging from introducing a minority investor to a full sale. It’s working with Royal Bank of Canada to gauge interest.
Iren, F2i weigh partial sale of water venture.
Italian multi-utility Iren and infrastructure fund F2i are considering a partial sale of their water venture Iren Acqua to bring in a new partner. The subsidiary is controlled by Milan-listed Iren with a 60% stake while F2i holds the rest. It accounted for around 60% of the core profit of nearly €250m ($268) generated last year by Iren's overall water business, Reuters reported.
The unit could have an equity value of around €600m ($645m). F2i is considering selling its entire 40% stake in the company, adding this could trigger the disposal of another 9% by Iren. A new financial investor could replace the Italian infrastructure fund as a joint venture partner by buying a stake of up to 49% in the subsidiary. Iren Acqua supplies drinking water in the city of Genoa and the surrounding towns, serving 700k people over a total of 2.9m customers reached by Iren's water service as a whole.
Gulf sovereign fund, hedge fund tycoons bankroll biotech to fight aging.
Swiss biotech firm Rejuveron Life Sciences has attracted backing from sovereign fund Mubadala Investment to help bankroll its development of drugs targeting the effects of aging, Bloomberg reported.
Rejuveron has raised about $75m from a Series B funding round and convertible loan deal. Investors in the fundraising include Catalio Capital Management, the life sciences-focused firm backed by hedge fund billionaires Stan Druckenmiller and Alan Howard.
KKR’s Kravis Scouts investments in Italy beyond Telecom Italia.
KKR Co-Founder Henry Kravis is scouting for opportunities in Italy, a move that could lead the US private equity giant to boost its investments in the country, Bloomberg reported.
Kravis planned meetings in Milan at the end of this week with top officials from at least three Italian private companies in the technology, manufacturing and automation sectors to review their business plans.
Verdane raises €1.1bn for growth equity stake purchases.
Verdane Capital Advisors has raised €1.1bn ($1.2bn) for its latest fund, almost doubling the size of its previous vehicle, Bloomberg reported.
The Norway-based growth equity firm closed Verdane Capital XI at its hard cap, with commitments from investors including private and public pension funds, university endowments and family offices. Investors in the predecessor fund, which closed at €610m ($655m), also participated.
SocGen and Brookfield to launch private debt fund.
French lender Societe Generale and asset manager Brookfield plan to launch a private debt fund targeting total volume of €10bn ($10.73bn) over the next four years, Reuters reported.
Initial seed funding, which will be directed towards the power, transportation and finance sectors among others, amounts to €2.5bn ($2.67bn), the companies said.
The fund "will have a positive impact on the real economy", SocGen Chief Executive Slawomir Krupa said in a press release.
TwentyFour AM to launch debut private credit fund.
TwentyFour Asset Management is making a move into the booming private credit space, with the British firm set to launch its debut fund, a Europe-focused vehicle, later this year.
The report cites Partner Douglas Charleston, the head of the new fund, as confirming that the fixed income-focused money manager is looking to raise a mid-sized vehicle that will look to provide capital in niche areas such as for non-bank mortgage lenders.
APAC
KKR, an American global investment company, agreed to invest $250m in Reliance Retail Ventures, an integrated omni-channel network operator.
"We are pleased to receive continued support from KKR as an investor in Reliance Retail Ventures Limited. We highly value our deepening partnership with KKR, and their latest investment in RRVL after their previous investment further reinforces their strong belief in RRVL's vision and capabilities. We look forward to continued engagement with KKR and to benefit from their global platform, industry knowledge and operational expertise, in our journey towards driving transformation of the Indian retail sector," Isha Mukesh Ambani, Reliance Retail Ventures Director.
KKR is advised by Adfactors PR (led by George Smith Alexander). Reliance Retail Ventures is advised by Morgan Stanley, Cyril Amarchand Mangaldas and Davis Polk & Wardwell.
IndiaRF, an investment company, completed the acquisition of a majority stake in Ivy Health and Life Sciences, a health care company, for $64m.
"Post Covid, there's significant emphasis on providing localised healthcare in the form of multi-speciality regional hospital networks. Ivy has demonstrated its prowess as a regional healthcare provider catering to all segments by providing quality medical services at affordable prices," Shantanu Nalavadi, IndiaRF Managing Director.
IndiaRF was advised by O3 Capital. Ivy Health and Life Sciences was advised by Unaprime Investment Advisors.
AT Capital, an investment company, and Vitol, a Swiss-based Dutch multinational energy and commodity trading company, completed the $350m investment in Juniper Green Energy, an independent renewable energy power producer.
"We are thrilled to deepen our partnership with Juniper Green Energy through this increased investment. Their impressive project pipeline, combined with their proficiency in EPC and O&M services, aligns seamlessly with our vision for a sustainable and greener future," Sanjay Bakliwal, AT Capital Director.
Kedaara Capital, a private equity firm, led a $229m Series D round in Perfios, a fintech platform.
"Led by one of the strongest teams in the space, Perfios has created truly best-in-class fintech SaaS business that plays on the strong secular growth and increasing digitization levels in the financial services sector in India and globally." Nishant Sharma, Kedaara Capital Founder and Managing Partner.
Kedaara Capital, an operationally oriented private equity firm pursuing control and minority investment opportunities in India, completed the acquisition of a minority stake in K12 Techno, a education service provider, from Sequoia Capital, an American venture capital firm. Financial terms were not disclosed.
“We are delighted to welcome Kedaara as a valued partner for the next phase of our growth, as it symbolizes a convergence of values and aspirations, and will help us continue to deliver on our mission to make an impact in the K-12 space in India. Our philosophy is to help nurture not just scholars, but also compassionate and capable individuals ready to shape a better world. We believe the congruence of technology with learning models built for India will help scale both holistic learning as well as improve outcomes,” Jai Decosta, K12 Techno CEO.
L Catterton, a global consumer-focused investment firm, completed the investment in Withmal, a veterinary services group. Financial terms were not disclosed.
"Pets are treasured members of many families in Japan, and it is our mission to build a highly trusted veterinary services group that pet parents across the country can rely on for their pets' healthcare needs. L Catterton has an outstanding track record of growing pet care businesses across the world as well as deep consumer and industry insights. We are confident that we have found the right partner to help us realize our vision, and look forward to leveraging its expertise as we further grow over the coming years," Tomoki Yamasaki, Withmal Founder and CEO.
Reliance Retail in $1.5bn Gulf, Singapore funds talks.
India's Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi, and Saudi Arabia for combined new investments of around $1.5bn. Reliance Retail is India's largest retailer and is led by Asia's richest person, Mukesh Ambani. The talks with investors are part of an internal target to raise $3.5bn, which the company wants to close by the end of September, Reuters reported.
Of that, QIA last month announced a $1bn investment and KKR this week $250m. Singapore's GIC, the Abu Dhabi Investment Authority and Saudi Arabia's Public Investment Fund are looking to invest at least $500m each in Reliance Retail at a valuation of $100bn.
Gaw Capital to deploy up to $3bn in private credit in next two years.
Real estate private equity firm Gaw Capital Partners is looking to deploy $2bn to $3bn in the private credit sector over the next two years, Reuters reported.
"Private debt, backed by real estate, is probably the best risk adjusted return on anything out there," Goodwin Gaw, Gaw Capital Chairman.
Macquarie, Columbia Asia among bidders for Ramsay-Sime Darby $1.3bn healthcare JV.
Australia's Macquarie and Malaysian hospital chain Columbia Asia are among the bidders for the acquisition of a healthcare joint venture between Ramsay Health Care and Sime Darby, Reuters reported.
Legends in talks with private lenders to finance ASM acquisition.
Legends Hospitality is in talks with private credit firms to finance its potential acquisition of venue and events management company ASM Global, Bloomberg reported.
Sixth Street Partners-backed Legends has been in discussions with lenders including Apollo Global Management, KKR and Oaktree Capital Management over the financing package, which would include a loan of around $1.5bn. Part of the proceeds would be used to refinance existing debt.
Temasek, NTU and NUS join hands to invest $55m in SG deeptech startups.
Singapore's state investor Temasek has teamed up with two of the top local universities – Nanyang Technological University (NTU) and the National University of Singapore (NUS) – to invest in deeptech startups in the city-state, DealStreetAsia reported.
"The collaboration sees [Temasek, NUS and NTU] synergising our expertise and resources to create opportunities for applications of emerging technologies, and empower startups and companies to create positive societal impact and economic growth through innovation," Tan Eng Chye, NUS President.
Blackstone is considering potential deal for solar firm Growatt.
Blackstone is considering a potential acquisition of Growatt Technology that could value the Chinese solar equipment maker at about $1bn, Bloomberg reported.
The buyout firm has sounded out lenders for financing. Growatt is holding talks on a potential sale after market volatility made it more difficult to proceed with its planned Hong Kong initial public offering.
GIC considers selling stake in the Dalmore scotch maker.
Singapore's sovereign wealth fund GIC is considering selling its stake in the Philippines' Emperador, the world's biggest brandy manufacturer and owner of scotch brands, including Jura and The Dalmore, Bloomberg reported.
The state-owned firm has had talks with financial advisers about the possibility of an eventual divestment. GIC hasn't decided whether to pursue a sale and a deal isn't imminent.
SG's Vertex Ventures closes SE Asia & India Fund V at $541m.
Temasek-backed Vertex Ventures has announced the final close of its fifth Southeast Asia & India fund at $541m, or about 80% bigger than the predecessor. The fifth fund also exceeded its target size of $450m amid the overall challenging fundraising environment, DealStreetAsia reported.
"Our earlier funds have had superior cash-on-cash returns and are outperforming benchmarks. This track record led most of our investors from Fund IV to return as investors in Fund V and increase their allocation," Ben Mathias, Vertex Ventures Southeast Asia and India Managing Partner.
Edelweiss Alternatives raises $500m for its first climate fund.
Edelweiss Alternatives, a unit of India's Edelweiss Group, has launched its first climate fund with a corpus of $500m, DealStreetAsia reported.
The firm will invest in an array of climate-related projects ranging from climate mitigation to climate adaptation like renewable energy, transmission infrastructure, EV infrastructure, Green infrastructure, water treatment, transport decarbonisation, industrial decarbonisation, and other related verticals.
BlackRock and SGX team up to launch $426m climate action fund for Asia.
Asset manager BlackRock and the Singapore Exchange have jointly launched a climate action fund in Singapore with $426m in assets under management.
The fund, called the 'iShares MSCI Asia ex-Japan Climate Action exchange-traded fund', is the largest equity exchange-traded fund launched in the city-state and will be used to invest across Asia, DealStreetAsia reported.
NordicNinja announces €200m Fund II to help founders tackle global challenges.
NordicNinja, largest Japanese VC in Europe, has announced a second, €200m ($215m) fund to continue investing in climate and deep technologies that create a more equitable, sustainable future. There are entire sectors NordicNinja believes still present huge opportunities for digitalisation, while also helping meet the urgent need for sustainable solutions. NordicNinja invests in building companies that sit at this intersection and which are tackling the world’s biggest problems with a focus on climate tech, deeptech and digital society.
Founded in 2019, NordicNinja is a team with a global mindset that unites world-class former founders, operators, and engineers turned investors from Northern Europe and Japan.
Cathay Life and Fubon Life commit $160m to four PE funds.
Taiwanese insurers Cathay Life Insurance and Fubon Life Insurance have made a total of $160m in new capital commitments to four funds, according to separate filings on the Taiwan Stock Exchange. Cathay Life Insurance, the insurance subsidiary of Taiwanese conglomerate Cathay Financial, has agreed to commit $20m to Decarbonization Partners Fund I, the first fund from BlackRock and Temasek's joint venture.
Decarbonization Partners Fund I is a late-stage venture and early-stay growth equity strategy with a $1bn target. Cathay also committed $60m for a 0.5% stake in New Mountain Partners VII, the new flagship fund of PE firm New Mountain Capital. The fund targets $12bn, more than the $9.6bn that its predecessor fund, Fund VI, raised in 2021. The Taiwanese insurer also made a $30bn commitment to ICONIQ Strategic Partners VII-B, a PE growth expansion fund managed by US-based investment management firm ICONIQ Capital. Meanwhile, Fubon Life Insurance, the insurance unit of Taiwanese financial conglomerate Fubon Financial Holdings, committed no more than $50m to Hamilton Lane Secondary Fund VI-B, which forms part of Hamilton Lane Advisors' sixth flagship secondaries fund, DealStreetAsia reported.
MUFG launches $136m fund.
Mitsubishi UFJ Innovation Partners, a subsidiary of Japan's MUFG, has launched a $136 fund called MUFG Innovation Partners No. 3 Investment Partnership fund. The vehicle aims to facilitate collaboration with innovative startups possessing new technologies such as generative artificial intelligence, to enhance MUFG's financial services and products, DealStreetAsia reported.
MUIP has made strategic investments in more than 40 startups through two core funds and an additional fund focused on Indonesia. One of the largest financial services players in the world with over 360 global networks across approximately 2,5k locations in more than 50 countries, Tokyo-headquartered MUFG has been recently betting big on Southeast Asia.
Xponentia Capital Partners' Fund II crosses $120m.
Indian private equity firm Xponentia Capital Partners on September 12 announced that it has raked in over $120m for its second fund as it looks to ramp up investments in the mid-market segment across the country, DealStreetAsia reported.
The PE major announced the first close of its Opportunities Fund II in July 2022. So far, it has invested around $32m in four companies, which are commercial electric vehicle maker Altigreen, fintech platform Zype, casual fashion brand The Souled Store, and education financing platform Auxilo. With the amount raised, the fund claims to have oversubscribed and exceeded its initial target of $90m.
Lombard Odier completes first close of environment-focused fund.
Investment management firm Lombard Odier has completed the first close of its Plastic Circularity Fund. Among the initial investors to make commitments in the Fund are Dow and LyondellBasell. In addition to investing in the Fund, Dow's Stephanie Kalil will join the Fund's advisory committee, DealStreetAsia reported.
The Fund follows a technical, impact and financial screening process to identify and invest in companies offering innovative plastic materials designed for reuse and recyclability, and improved collection, sorting and recycling solutions.
HK realty tycoon Adrian Cheng's C Capital closes its largest PE Fund to date.
C Capital, backed by Hong Kong's real estate tycoon Adrian Cheng, has closed its largest private equity fund to date, bringing the total investments from the principal fund and associated co-investment vehicles to over $250m, DealStreetAsia reported.
Founded in 2017 as "C Ventures" before its rebranding in 2022, C Capital raised capital commitments from over 20 new and existing limited partners for its Private Equity Fund IlI.
|
