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AMERICAS
Capital Z Partners, The Travelers Companies, Blackstone, Further Global Capital Management and Alfa Insurance completed the acquisition of Fidelis Managing General Underwriter from Fidelis Insurance, a global provider of specialty insurance and reinsurance products. Financial terms were not disclosed.
“We are delighted to announce the completion of this intelligent and ground-breaking transaction. It has been an extraordinary effort by both entities, supported by outstanding advisors. We really believe this positions us to be leaders in an exciting market today and for the long term. The MGU can now focus on the core competencies in underwriting, claims handling, reinsurance structuring and above all innovation of new products, supported by our market leading proprietary technology tools. We look forward to continuing and growing our relationships with brokers and clients by providing the highest standards of service and the most thoughtful deployment of capacity in the market," Richard Brindle, Fidelis Chairman, CEO and Chief Underwriting Officer.
Blackstone was advised by Freshfields Bruckhaus Deringer and White & Case. Capital Z was advised by Skadden Arps Slate Meagher & Flom (led by Todd Freed). Fidelis was advised by PricewaterhouseCoopers, BDO, Evercore, Kinmont, Mishcon de Reya and Willkie Farr & Gallagher (led by Joseph Ferraro).
General Electric, an American multinational conglomerate incorporated in New York State, completed the spin-off of GE Healthcare and GE Renewable Energy, Power and Digital into public companies.
“The successful spin-off of GE HealthCare marks a pivotal moment in our transformation into three independent companies focused on critical, growing sectors. I am tremendously proud of the GE and GE HealthCare teams for their work to prepare this great business to stand on its own as an industry-leading, investment grade company focused on Precision Care,” H. Lawrence Culp, GE Chairman and CEO.
General Electric was advised by Bank of America, Citigroup, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, DLA Piper, Gibson Dunn & Crutcher, Paul Weiss Rifkind Wharton & Garrison (led by Steven Williams and Krishna Veeraraghavan).
Highlander Partners, a private investment firm, agreed to acquire DZYNE Technologies, a Unmanned Aircraft Systems manufacturer. Financial terms were not disclosed.
"We have been keenly focused on developing a leading presence in both the UAS and Counter-UAS markets. DZYNE, with its highly innovative programs and exquisite technology, is a unique and disruptive force in the emergent UAS industry. Highlander is well-equipped to support its many high-growth initiatives and capture a very significant market opportunity. DZYNE's outstanding capabilities are a result of its greatest asset, its people, and we are thrilled to partner with the entire DZYNE team," Ben Slater, Highlander Partner and COO.
DZYNE is advised by Houlihan Lokey and Sheppard Mullin Richter & Hampton. Highlander Partners is advised by Baker McKenzie. Debt financing is provided by Regions Bank.
The US Securities and Exchange Commission is pushing back on Binance.US’s plan to buy bankrupt crypto lender Voyager Digital in a deal valued at about $1bn, Bloomberg reported.
The purchase agreement underpinning the deal doesn’t include sufficient detail about Binance’s ability to close the transaction, the SEC said in a limited objection Wednesday. More disclosure is needed about what Binance’s US operations will look like following the deal, along with more information about how customer assets will be secured, lawyers for the SEC said.
Binance is advised by Latham & Watkins (led by Daniel Mun and Robert Katz). Voyager Digital is advised by Moelis & Co and Kirkland & Ellis.
Providence Strategic Growth, a private equity firm, completed an investment in Prodoscore, a software developer. Financial terms were not disclosed.
“We continue to see escalating interest in solutions that help managers quickly understand and enhance employee productivity, as more and more businesses realize the power of data as a driver of company growth. The investment from PSG validates our long-term strategy, and we are eager to continue our partnership as we scale our business, further enhance our product offering and execute on our growth plan," Sam Naficy, Prodoscore CEO.
Prodoscore was advised by Jeffer Mangels Butler & Mitchell. PSG was advised by Latham & Watkins and Prosek Partners.
University of California agreed to invest $4bn in Blackstone Real Estate Income Trust, the real estate investment trust of Blackstone.
“Blackstone is committed to bringing the highest quality alternative investment products to individual investors to improve their returns. UC Investments’ $4bn investment is validation of this strategy, and we are proud to add the UC system to the more than 200k investors already benefitting from BREIT. UC Investments’ commitment builds upon its 15-year partnership with Blackstone and gives BREIT increased balance sheet flexibility and capital during an opportune deployment period for all our investors," Stephen A. Schwarzman, Blackstone Chairman, CEO and Co-Founder.
University of California is advised by Goodwin Procter. Blackstone is advised by Simpson Thacher & Bartlett (led by Brian Stadler and Matthew Rogers).
Zimmer Biomet, a global medical technology company, agreed to acquire Embody, a privately-held medical device company, for $155m.
"Embody's differentiated products and innovative pipeline in the area of sports medicine support our continued focus on and investment in high-growth markets and underscores our commitment to bringing meaningful new advances to patients and surgeons. The planned acquisition of Embody is an important step in the ongoing transformation of ZB and the execution of our strategic priority to increase long-term growth and drive value creation," Bryan Hanson, Zimmer Biomet Chairman, President and CEO.
Embody is advised by Guggenheim Partners.
Trioworld Group, an industrial equipment supplier, agreed to acquire Malpack, a manufacturer of plastics and industrial pre-stretch films. Financial terms were not disclosed.
“We are very excited to open a new chapter in the Malpack growth journey. We see Trioworld as a uniquely positioned strategic sponsor and partner that will help us to accelerate plans to take our North American business to the next level. Malpack and Trioworld, are fully aligned on decarbonizing the industry by ambitiously developing and bringing circular solutions to the market. The ability to share our extensive experiences, innovations, and best practices across our combined entities will creating immense value for our customers and fast-track product development and sustainability driven initiatives," Ricardo Cardoso, Malpack CEO.
MarineMax, a recreational boat and yacht retailer, completed the acquisition of Boatzon, an online boat and marine digital retail platform. Financial terms were not disclosed.
“Fueled by MarineMax’s international presence and global leadership in the marine industry, we are excited about the significant opportunities ahead to address the robust long-term growth forecast for the recreational boating and yacht markets. We are exceptionally proud to become an integral part of MarineMax’s technology initiatives," Bryan Lenett, Boatzon Co-Founder.
MarineMax was advised by Sharon Merrill Associates.
York Capital-backed Healthcare Linen Services Group, a provider of healthcare laundry services, completed the acquisition of Linen King, an independent provider of healthcare laundry services, from Seaport Capital, a private equity firm. Financial terms were not disclosed.
“This partnership reaffirms our commitment to executing on our growth strategy, which includes expanding our geographical reach into new contiguous markets, increased processing capacity, and, ultimately, our ability to service customers in a more comprehensive way. Importantly, the Linen King brand will stay intact and remain under the operational leadership of Chris, who will bring his proven industry operating expertise to HLSG," Joe LaPorta, HLSG President and CEO.
York Capital was advised by Gasthalter & Co.
GlobalLogic, a digital engineering company, agreed to acquire Hexacta, a software development company. Financial terms were not disclosed.
“Working at the intersection of design, engineering, and data, GlobalLogic continues to be the partner of choice in helping clients transform and modernize their digital products and services. With the addition of Hexacta, we are strengthening our service portfolio and nearshore delivery capabilities, adding deep technical expertise and unique industry know-how. We welcome them to the team and look forward to our future successes together,” Nitesh Banga, GlobalLogic President and CEO.
Akeso Occupational Health, a occupational medicine clinics operator, agreed to acquire Inland Empire Occupational Medicine, a occupational health services provider. Financial terms were not disclosed.
“We are thrilled to join forces with Craig Clark and Inland Empire Occupational Medicine, a company that has been a trusted occupational health partner to the local business community for over 25 years. The acquisition allows Akeso to expand our services to the important Inland Empire region with a trusted, long-standing partner. Over the years Craig and his team have built an amazing reputation for the best quality care and customer service, and we look forward to helping the company continue to grow and flourish,” Chuck Kruger, Akeso CEO.
KPMG, a US audit, tax, and advisory firm, completed the acquisition of The Arnold Group, a consultancy firm. Financial terms were not disclosed.
"This is an exciting opportunity to scale our business for our people, our clients, and the markets we serve. Clients of both The Arnold Group and KPMG will benefit from our collective strengths – highly qualified professionals with unique expertise, increased delivery capacity, and a more comprehensive transformation offering. We look forward to continuing our commitment to service excellence as part of the KPMG team," Carl Albrecht, The Arnold Group Co-Founder.
PPC Enterprises-backed Life Science Outsourcing, a performance-driven contract manufacturer, completed the acquisition of J-Pac Medical, a medical technology manufacturer. Financial terms were not disclosed.
"J-Pac Medical stood out as a unique and attractive business that aligned perfectly with LSO's strategic and commercial objectives. The Company's capabilities in reagent blister packaging, thermoforming and biomaterials will be additive to LSO's existing customer base. J-Pac Medical's assembly, packaging and sterilization capabilities are complimentary to LSO and both will be strengthened by this truly synergistic alliance," John Nino, Life Science Outsourcing CEO.
Planet DDS, a cloud-based dental software provider, completed the acquisition of Cloud 9 Software, a software company, from Accel-KKR, a private equity company. Financial terms were not disclosed.
“Having been in the cloud since the founding of our company, we see an incredible opportunity to rethink how dental practices operate. Joining Planet DDS, we continue to be well positioned and resourced to lead this remarkable shift to the cloud on behalf of our orthodontic and pediatric practice customers. I could not be more excited for this partnership and what we can accomplish together,” Mike Ressel, Cloud 9 CEO.
Tetra Tech, a high-end consulting and engineering services provider, completed the acquisition of Amyx, a management consulting firm. Financial terms were not disclosed.
“The integration of Amyx’s high-end technology applications and cybersecurity services with our subject matter expertise in water, environment and sustainable infrastructure continues to expand Tetra Tech’s ability to provide innovative solutions for our clients. The addition of Amyx to our Federal Information Technology Division enables us to expand the use of advanced data analytics, cybersecurity, digital transformation, and agile software development solutions for our government and commercial customers,” Dan Batrack, Tetra Tech Chairman and CEO.
Quantum to sell Rockcliff Energy to Tokyo Gas for $4.6bn. (FS)
Private equity firm Quantum Energy Partners is in advanced negotiations to sell US natural gas producer Rockcliff Energy to a unit of Japanese energy firm Tokyo Gas for around $4.6bn.
The all-cash deal with Houston-based TG Natural Resources, which is 70% owned by Tokyo Gas, with the remainder of the firm owned by Castleton Commodities International, is set to be announced this month.
Andros Capital Partners closes second energy fund at $750m. (FS)
Andros Capital Partners announced the closing of its second investment fund Andros Energy Capital II at its $750m hard cap.
“We are extremely grateful for the continued support and confidence that our investors and partners have placed in our firm. Our team continues to source and execute on compelling investment opportunities during this period of fundamental macro dislocation in global energy markets caused by the rapid recovery of hydrocarbon demand and continued global underinvestment,” Phillip A. Gayle, Andros Founder and Managing Partner.
Churchill closes $737m Junior Capital Opportunities Fund II, exceeding $500m Target. (FS)
Churchill Asset Management, an investment-specialist of Nuveen, today announced that it has completed fundraising for Churchill Junior Capital Opportunities Fund II with $737m of limited partner commitments, exceeding its original target of $500m and well above the size of its $300m predecessor fund.
“We are very proud to build upon Churchill’s successful middle market junior capital strategy with our latest offering. Despite uncertain market conditions, our differentiated deal sourcing approach, flexible junior capital mandate, proven track record and alignment with parent company TIAA continues to resonate with investors and set us apart in the industry. We are incredibly grateful for the strong support received from both new and existing clients across the globe on this capital raise,” Jason Strife, Churchill Senior Managing Director, Head of Junior Capital & Private Equity Solutions.
Seaside Equity Partners closes oversubscribed Fund II at $325m. (FS)
Seaside Equity Partners announced the closing of its second private equity investment fund, Seaside Equity Partners II. Seaside began fundraising in September 2022 with an initial target of $225m. With the support from our existing investors, a base of new limited partners and a meaningful commitment from the Firm’s team, Seaside Fund II had its final close in December 2022 at $325m.
“We are grateful for the confidence and profound support that our new and existing investors have in our team and investment strategy. We are extremely pleased that we were able to close meaningfully above our targeted fund size in such a difficult fundraising environment and remain committed to continuing our disciplined approach to pursuing value creation within the lower middle market,” Andrew Thompson, Seaside Managing Partner.
EMEA
Brookfield Asset Management, a Canadian investment company, completed the acquisition of HomeServe, a British multinational home emergency repairs and improvements business based in Walsall, for $5bn.
"HomeServe is a very high-quality business with a clear strategy and strong management team, which has been led entrepreneurially by its founder, Richard Harpin, for almost 30 years. The offer recognises the quality of our business, our people and our future growth potential, and allows shareholders to realise their investment at an attractive valuation," Tommy Breen, HomeServe Chairman.
Capricorn Energy rejected a plan by its third largest shareholder to scrap a proposed merger with NewMed Energy, saying its was based on false information.
In an open letter to shareholders, the board of Capricorn Energy invited stakeholder Palliser to review its planned merger with the Israeli company weeks after Palliser pushed for a board overhaul to block the deal, Reuters reported.
FSN Capital, a Northern European private equity firm, agreed to acquire a majority stake in Lobster, a digital process automation platform. Financial terms were not disclosed.
“We are excited to partner with FSN to continue to grow and internationalize our business. FSN shares our values and has significant experience in professionalizing software companies, and we look forward to bringing Lobster to the next level,” Martin Fischer, Lobster CEO and Co-Founder.
FSN Capital is advised by Alantra, Bain & Co, GLNS, PwC, Frank Partners, and Marsh.
SPWOne, an investment firm, and Phoenix Asset Management-backed Castelnau Group, a holding company, agreed to acquire the remaining stake in Dignity, a funeral services provider, in a £262m ($315m) deal.
"Dignity has long-term growth potential - the signs are clear to me. But the changes and significant development work and investment needed to enable this growth mean the best way forward for Dignity is as a private company," Peter Wood, SPWOne Chairman.
Bruker, a life sciences company, completed the acquisition of a majority stake in Biognosys, a biotechnology company. Financial terms were not disclosed.
“We are pleased to partner with Bruker to leverage our unique synergies to enable customers to explore the depth of the proteome from early research to clinical development. We have worked closely with Bruker to support dia-PASEF high-throughput, deeper proteomics methods within our Spectronaut software. Biognosys remains committed to maintaining Spectronaut as a high-performance vendor-agnostic proteomics software. We plan to establish our US CRO lab in Massachusetts using the timsTOF platform, so that our customers can benefit from multiple MS technologies," Oliver Rinner, Biognosys Co-Founder and CEO.
Biognosys was advised by JP Morgan.
The Premium Group, an insurance brokerage firm, completed the acquisition of VALETYS, a financial planning services provider. Financial terms were not disclosed.
“The Premium Group project, respecting the autonomy and know-how of our firm, as well as their differentiating model, led us to naturally turn to them. The autonomy of the regional firms and the people we got to know during this long reciprocal selection process comfort us in this strategic choice. VALETYS customers and employees will benefit from significant synergies that we will be able to put in place," Romain Muraille, VALETYS CEO.
The Premium Group was advised by Shearman & Sterling (led by Jeremy Scemama).
Holcim, a building material company, agreed to acquire Chrono Chape, an on-site self-leveling screeds provider. Financial terms were not disclosed.
“I am excited to acquire Chrono Chape as another step in advancing our ‘Strategy 2025 – Accelerating Green Growth’. With this operation, we will expand our range of services and geographic footprint in France. Building on the entrepreneurial vision and legacy of the Dupuy family, I look forward to investing in this business’ next era of growth and warmly welcoming their employees into the Holcim family,” Miljan Gutovic, Holcim Region Head Europe.
First Abu Dhabi Bank explores a $23bn offer for Standard Chartered.
First Abu Dhabi Bank, the largest bank in the United Arab Emirates, explored a potential bid for Standard Chartered, a multinational bank, in what would have been a complex deal aimed at building an emerging markets lender with more than $1tn of assets, Bloomberg reported.
The mooted combination of FAB and StanChart would have been subjected to more onerous capital requirements that would burden the resulting lender. Under United Kingdom and Hong Kong takeover rules, FAB cannot bid for StanChart within the next six months without the consent of the British bank's board, or in the absence of a rival takeover.
Such a deal would be the largest foreign takeover by a company in the Gulf region and one of the largest banking mergers in the past decade. Standard Chartered is valued at approximately $23bn compared to FAB’s valuation of $52bn.
Edison CEO denies EDF planning to sell Italian company.
Edison's chief executive said that rumours French power group EDF plans to sell its Italian arm are "groundless", Reuters reported.
The rumours "were already circulating last summer, and our shareholder had denied them. There is not an Edison dossier at the moment", Nicola Monti, Edison CEO.
K&L Gates appoints three AIMF lawyers as founding partners at Dublin office. (People)
Global law firm K&L Gates has opened a new office in Dublin, its 48th office worldwide and ninth in Europe. The launch includes the hiring of asset management and investment funds lawyers Gayle Bowen, Shane Geraghty, and Michelle Lloyd as the office’s founding partners.
Bowen will join K&L Gates from Pinsent Masons, where she was a founding partner and head of the Dublin office and is currently the leader of the firm’s Irish asset management and investment funds practice; Geraghty arrives from Dillon Eustace; and Lloyd most recently practiced with Maples & Calder (Hong Kong), where she headed up the European funds team from the firm’s Hong Kong office.
CDB Capital-backed TCM Healthcare Fund of Guangdong, an investment company, led a $107m funding round in HighTide Therapeutics, a global clinical-stage biopharmaceutical company, with participation from Yuexiu Fund and Yuthai Fund.
"After completing a successful $60m Series B+ round at the end of 2020, we are thrilled to have well-recognized investors participate in our C/C+ round. We are grateful that our investors have such strong confidence in HighTide's team, the commercial value of our pipeline, and future development prospects. The Series C/C+ financing is a significant milestone for HighTide. It will enable us to move aggressively to accelerate the clinical and commercial development of our innovative pipeline and external business collaborations," Liping Liu, HighTide Founder and CEO.
Baring PE Asia in preliminary talks to invest in India's Sunera Technologies. (FS)
Asia-focused private equity firm Baring PE Asia is in talks to invest in Sunera Technologies, a software company, as the latter looks to strengthen its technology infrastructure, DealStreetAsia reported.
The talks are understood to be at a preliminary stage.
India's SEBI allows govt stake in IDBI Bank to be reclassified as public post sale.
India's market regulator has allowed the government's shareholding in IDBI Bank to be reclassified as "public" after its stake sale on condition that its voting rights do not exceed 15%, the lender said, Reuters reported.
The government, with a more than 45% stake in IDBI Bank, is currently classified as a co-promoter of the lender. The government is looking to sell its 30.48% stake in IDBI Bank, while state-backed LIC will offload its 30.24% share in the lender.
Japan's SMFG eyes larger stake in US investment bank Jefferies.
Japan's Sumitomo Mitsui Financial Group is considering raising its stake in Jefferies Financial Group as the two expand their partnership beyond the US, SMFG President and CEO Jun Ohta said.
SMFG and Jefferies have cooperated in the US in areas such as merger and acquisition advisory services, and recently pursued joint deals in Europe. They also plan to cultivate Asian markets such as India.
Animoca halves Web3 fund target to $1bn.
Hong Kong’s Animoca Brands, a gaming software firm and Web 3.0 investment powerhouse, has halved the target for its new fund eyeing mid- to late-stage metaverse firms to $1bn, co-founder and Executive Chairman Yat Siu in an interview.
It was targeting to raise up to $2bn for the new fund despite the industry being blown by a series of meltdowns in 2022 - from hedge fund Three Arrows Capital and lender Celsius Network to stablecoin Terra, crypto exchange FTX, crypto lender Blockfi, and more, DealStreetAsia reported.
Northstar ropes in GIC as anchor investor for debut VC fund, hits first close at $90m. (FS)
Southeast Asian private equity major Northstar Group announced the first close of its early-stage VC fund at around $90m. Northstar has also roped in Singapore sovereign wealth fund GIC as the anchor investor of the vehicle. Announcing the fundraising, DealStreetAsia reported.
“The successful fundraising of our first venture capital fund during a challenging second half of 2022 underpins the strength of our firm, and the trust in our capabilities. We look forward to supporting more promising entrepreneurs in Southeast Asia to drive their business growth through both our capital and our expertise,” Patrick Walujo, Northstar Group Co-founder and Managing Partner.
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