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AMERICAS
Platinum Equity and Butterfly completed the acquisition of Rise Baking.
Platinum Equity, a private equity investment firm, and Butterfly, a private equity firm specializing in the food sector, completed the acquisition of Rise Baking, a supplier of bakery products. Financial terms were not disclosed.
"We have built this company into one of the leading bakery platforms in North America thanks to the contributions of our incredible team over the years. We welcome the opportunity to partner with Platinum Equity and Butterfly as we continue to grow Rise Baking Company to serve our customers as their total bakery partner," Brian Zellmer, Rise Baking CEO.
Rise Baking was advised by Harris Williams & Co and Morgan Stanley. Platinum Equity was advised by Houlihan Lokey, Stifel, Gibson Dunn & Crutcher and Simpson Thacher & Bartlett. Debt financing was provided by Bank of America. Bank of America was advised by Willkie Farr & Gallagher (led by Cristopher Greer).
Altas Partners, a North American private equity firm, agreed to invest $1bn in Carlyle and Stone Point-backed Sedgwick, a claims management, loss adjusting and technology-enabled business solutions provider.
"This new partnership with Altas, and our current stakeholders, brings together a strategic vision that builds our global footprint, expands comprehensive service capabilities and enhances our business for decades to come. Altas has a history of actively supporting companies in its portfolio, and they are very knowledgeable in the challenges our clients face in today's competitive business environment. We look forward to leveraging their expertise as informed and engaged strategic allies as we continue to lead the industry in innovation and enable clients to thrive by helping them navigate the unexpected," Mike Arbour, Sedgwick CEO.
Bel Fuse, a manufacturer of electronic circuits, agreed to acquire a 80% stake in Enercon Technologies, a networking solutions provider to aerospace and defense markets from Fortissimo Capital, a private equity firm, for $320m.
"The acquisition of Enercon will extend Bel’s Power segment into the aerospace and defense end markets, deepening our partnership with customers who support critical applications. The addition will result in 30% of Bel’s Power segment revenue and approximately 37% of consolidated Bel revenue supporting the aerospace and defense end markets. We are excited to work with the Enercon management team and Fortissimo in growing the business in the years to come," Daniel Bernstein, Bel CEO.
Enercon Technologies is advised by Citigroup and Gornitzky & Co. Bel Fuse is advised by Evercore, Needham & Co, Meitar Law Offices, White & Case and Three Part Advisors.
Brookfield Asset Management, a private equity firm, completed the acquisition of a 51% stake in alternatives asset manager Castlelake's fee-related earnings, for $1.5bn.
"We're thrilled to begin realizing our partnership with Brookfield and the incremental value that it will bring to our firm, clients and employees. Castlelake and Brookfield are aligned in approach and values and complement each other in expertise and experience. We believe that being a part of Brookfield will help accelerate Castlelake's innovation and scale our platform while preserving the expertise and focused approach that has made our firm unique for so many years," Rory O’Neill and Evan Carruthers, Castlelake Founders.
ITT, a manufacturer of highly engineered critical components and customized technology solutions, completed the acquisition of kSARIA, a producer and supplier of mission-critical connectivity solutions, from Behrman Capital, a private equity investment firm, for $475m.
"Behrman Capital has been an excellent partner to the kSARIA team,. Their vision for the company's growth strategy and approach to due diligence on acquisition candidates added a tremendous amount of strategic value that enabled us to offer an increasingly deep portfolio of highly customized connectivity solutions to our customers, who require the highest quality products to meet their mission-critical needs," Tony Christopher, kSARIA CEO.
kSARIA was advised by BMO Capital Markets, Guggenheim Partners, and Goodwin Procter. ITT was advised by Houlihan Lokey and Hogan Lovells (led by William Curtin). Behrman Capital was advised by Kekst CNC (led by Ross Lovern).
Resolute completed the acquisition of a 60% stake in CompoSecure from LLR Partners for $372m.
Resolute, an investment firm under the leadership of David Cote and Tom Knott, completed the acquisition of a 60% stake in CompoSecure, a metal payment cards, security, and authentication solutions provider, from LLR Partners, a private equity firm, for $372m.
“We are excited to begin working with Jon Wilk and the team at CompoSecure to continue driving long-term value for shareholders. We plan to focus our efforts on enhancing the Company’s organic growth and operational efficiency while evaluating ways to further diversify its customer base and business mix through M&A. The Company’s permanent capital base eliminates the duration and transactional constraints of traditional alternative asset structures and can allow it to become the acquiror of choice for companies in need of operational improvement and M&A expertise,” David Cote and Tom Knott, CompoSecure leadership.
CompoSecure was advised by Houlihan Lokey, Potter Anderson & Corroon (led by Michael Tumas and Roxanne Houtman) and Elevate Communications (led by Sean Mansouri). Resolute was advised by Goldman Sachs and Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano). LLR Partners was advised by JP Morgan.
New Mountain Capital, a growth-oriented investment firm, and Endicott Capital, an investment firm, agreed to invest in Datassential, a global food and beverage intelligence platform. Financial terms were not disclosed.
“We are thrilled to join forces with New Mountain Capital and Endicott, firms that share our vision of product innovation and client-centric growth. This partnership will allow us to accelerate our business strategy and capture opportunities in the market, further expand our offerings and bring greater value to the food and beverage community worldwide,” Jim Emling, Datassential CEO.
Datassential is advised by Aeris Partners and Latham & Watkins. New Mountain Capital is advised by Solomon Partners, Simpson Thacher & Bartlett (led by Elizabeth Cooper and Matthew Rogers) and H/Advisors Abernathy (led by Dana Gorman). Endicott is advised by Marketing Matters (led by Tara Slone).
Genstar Capital completed the acquisition of a majority stake in Flourish Research.
Genstar Capital, a private equity firm, completed the acquisition of a majority stake in Flourish Research, a multi-site clinical trial organization focused on cardiovascular, metabolic, neuroscience, and infectious disease therapeutic areas. Financial terms were not disclosed.
"Flourish owns and operates multiple clinical trial sites across the US that are leaders in scientific and medical expertise. With industry-leading data analytics, harmonized tools and systems, Flourish provides a unique opportunity to serve our clients with increased speed, quality, and meaningful patient diversity. With the support and investment from NMS Capital, we created a platform that is truly differentiated and equipped to scale to a global company, and our new partnership with Genstar will bolster this next phase of growth as we continue to advance the health and wellness of society through clinical trials," Reinhold Schulz, Flourish Research Chief Executive Officer.
Flourish Research was advised by Cantor Fitzgerald, Jefferies & Company and McDermott Will & Emery. Genstar Capital was advised by Houlihan Lokey, Ropes & Gray and Chris Tofalli Public Relations (led by Chris Tofalli).
65 Equity Partners, HPS Investment, and Belzberg completed the investment in Kendra Scott.
Investment companies 65 Equity Partners, HPS Investment, and Belzberg, completed the investment in Kendra Scott, a celebrated lifestyle and accessories brand. Financial terms were not disclosed.
"I have never been more excited about our business, and 65 Equity Partners will allow our brand to grow while staying true to our mission.The international investment firm's focus on supporting entrepreneurs in their growth journey complements our efforts as we build a globally recognized lifestyle brand," Kendra Scott, Kendra Scott Founder & Executive Chairwoman.
Kendra Scott was advised by Goldman Sachs, Piper Sandler, Goodwin Procter, and Latham & Watkins (led by Luke Bergstrom and Mollie Duckworth). 65 Equity Partners was advised by Jefferies & Company and Baker McKenzie.
Snowhawk, a private equity firm, completed an investment in CleanArc Data Centers, a developer and operator of renewables-focused hyperscale data center campuses. Financial terms were not disclosed.
“We are delighted to further our partnership with James Trout and the CleanArc team. We see a generational opportunity to invest in the cloud and AI architecture underpinning our increasingly digital society. CleanArc is a pioneer in innovative and sustainable data center solutions for its customers, and we are excited to invest in platform expansion in its focus markets," Brian McMullen, Snowhawk Managing Partner & Co-Founder.
CleanArc Data Centers was advised by CBRE Group, TD Securities and BakerHostetler. Snowhawk was advised by PJT Partners and Kirkland & Ellis.
Carlyle, an American multinational private equity firm, agreed to invest $1bn in North Bridge, a provider of C-PACE financing for commercial real estate projects.
"Carlyle's $1bn commitment to C-PACE, the largest to date, enables North Bridge to lead the transformation of the industry to better meet the needs of institutional sponsors and their lenders. We are excited to partner with Carlyle, an established leader in the private credit space, given their exceptional track record of partnering with companies to drive growth," Laura Rapaport, North Bridge Founder and CEO.
Carlyle is advised by Paul Hastings and Berman Group (led by Sarah Berman). North Bridge is advised by Chapman and Cutler and Latham & Watkins.
Apollo, a high-growth, global alternative asset manager, completed the investment in Freedom CNG, an owner and operator of compressed natural gas and renewable natural gas fueling infrastructure in Texas. Financial terms were not disclosed.
"Freedom has developed a strong portfolio of RNG fueling stations with meaningful growth potential driven by established relationships with blue-chip customers and attractive new development opportunities. We look forward to working with Bill, Ronny and the rest of the Freedom team to continue expanding Freedom's platform through organic and inorganic growth initiatives in a market where we see the need for significant investment given the tailwinds that exist. Apollo has deep expertise investing in the natural gas value chain as part of our broader strategy to serve as a key capital provider supporting the energy transition," Scott Browning, Apollo Partner.
Freedom CNG is advised by Raymond James, Baker Botts and Crady Jewett McCulley & Houren. Apollo is advised by Vinson & Elkins.
Matador Resources, an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources, completed the acquisition of Ameredev, an oil and natural gas company, from EnCap Investments, a private equity firm, for $1.9bn.
“Matador is very excited to work with EnCap again on this strategic bolt-on opportunity. As with the successful Advance Energy deal we completed in April of 2023, we view the Ameredev transaction as another unique opportunity to work with EnCap and another value-creating opportunity for Matador and its shareholders," Joseph Wm. Foran, Matador Founder, Chairman and CEO.
Avolon, an aircraft leasing company, completed the acquisition of a 118-aircraft portfolio from Castlelake, an investment company. Financial terms were not disclosed.
“This transaction accelerates our growth plans adding a portfolio of assets that will further strengthen our cashflow and earnings profile. Our balance sheet strength, high levels of liquidity, and established capital markets access have enabled us to acquire these assets. They are complementary to our existing portfolio and will increase our fleet at attractive yields, supporting our positive ratings trajectory,” Andy Cronin, Avolon Chief Executive Officer.
Epson, a Japanese multinational electronics company, agreed to acquire Fiery, a provider of digital front ends and workflow solutions for the global print industry, from Siris, a private equity firm, for $591m.
"We are delighted to welcome Fiery into the Epson Group. We are confident that this agreement will not only drive further growth in our commercial and industrial printing businesses but also accelerate the digital transformation of the analog printing market in an innovative way. Together with Fiery, we remain committed to contributing to our customers' success and enhancing corporate value as we pursue new opportunities in the evolving printing landscape," Yasunori Ogawa, Epson President and Representative Director.
Siris is advised by Sidley Austin.
SCF, a private equity firm, completed the acquisition of Newpark Fluids Systems, a global pure-play oil & gas and geothermal fluids solution provider, from Newpark Resources, a full range of drilling & completion products and related technical services. Financial terms were not disclosed.
“We are thrilled to partner with SCF. This new partnership will be a source of enormous value creation for both our customers and the entire Newpark Fluids Systems team. Our global strategic growth plan will now accelerate under a new and focused board with significant energy experience and commitment. SCF’s unsurpassed track record of success in the global energy services," David Paterson, Newpark Fluid Systems CEO.
SCF was advised by Vinson & Elkins.
EP Wealth Advisors, an investment management, financial planning and wealth advisory firm, completed the acquisition of CornerCap, a wealth management services company. Financial terms were not disclosed.
“EP Wealth focuses on people when partnering with firms, and CornerCap is a talented group who will be a great addition to our team. Most importantly, they share our commitment to great client service,” Ryan Parker, EP Wealth CEO.
Goldman Sachs Alternatives, an alternative investment advisory services provider, completed the investment in Interplay Learning, a virtual reality training and education platform. Financial terms were not disclosed.
"Our vision is to support corporations that not only uphold core economic principles but also serve social needs, and in doing so, prove that this approach to investing will also provide strong returns. We believe Interplay represents that investment thesis and our investment will aid it in its mission to be the formidable global leader in its space," Greg Shell, Goldman Sachs Alternatives Partner and Head of Inclusive Growth Strategy.
Interplay Learning is advised by Ripley PR.
Sverica Capital, a private equity investment firm, completed the investment in FOUR, a boutique aggregator dedicated to helping technology companies do business with the public sector. Financial terms were not disclosed.
“The IT reselling and distribution channel has long been a key focus area for Sverica, and the solutions that FOUR provides are critical to technology companies building sales programs in the public sector. FOUR is well positioned to capture the large market opportunity at hand within the public sector as the government continues to invest in modernization, security, intelligence, and automation, Frank Young, Sverica Managing Partner.
Ares said in advanced deal talks with GLP Capital Partners.
Ares Management is in advanced talks on an acquisition of GLP Capital Partners operations outside of China in what could rank as one of the biggest recent combinations in the alternative asset management industry, Bloomberg reported.
Ares and GCP are finalizing details of a transaction that could be agreed as soon as the next few weeks. They have been discussing a deal that would feature a roughly $3.5bn upfront payment, with the total value climbing to around $5bn over time if certain targets are hit.
Vista and Blackstone eye $3.2bn in private debt for Smartsheet deal.
Vista Equity Partners and Blackstone are in talks with private credit lenders to secure a $3.2bn debt package to support their planned acquisition of software maker Smartsheet.
The private equity firms are reportedly seeking a $2.9bn recurring revenue loan and an additional $300m revolving credit facility to acquire software provider currently valued at about $7bn. The discussions are still in the early stages, and the terms of the deal could change.
KKR leads $1.4bn private credit loan for USIC.
KKR’s capital markets arm led a private credit financing for USIC, which the public utility provider used to repay broadly syndicated debt, Bloomberg reported.
The deal for USIC, which is owned by private equity firms Partners Group and Kohlberg, included a $1.4 billion term loan, alongside a delayed draw term loan and revolver.
Brookfield eyes sale of fifth avenue property with Coach store.
Brookfield Asset Management is exploring a potential sale of a retail property home to luxury brands on New York’s Fifth Avenue.
The landlord hired broker Eastdil Secured to handle talks for the retail portion of 685 Fifth Ave. While discussions are in early stages, Brookfield is eyeing a price in the low- to mid-$300m range, Bloomberg reported.
Carlyle’s CEO sees three fed rate cuts this year, then a pause.
Carlyle Group boss Harvey Schwartz expects the Federal Reserve to lower interest rates three times before the end of this year, then take a pause as it assesses the impact, Bloomberg reported.
The private equity firm still sees signs of a “vibrant economy,” Schwartz, who took over as chief executive officer at Carlyle last year. Monetary policy has worked to cool inflation, and after the expected cuts in 2024, the central bank may only need one additional reduction next year.
BioAge seeks $158m in IPO.
BioAge Labs, a clinical-stage biotechnology company developing therapies for obesity and metabolic disease, is seeking to raise as much as $158m in its initial public offering and a private placement, Bloomberg reported.
The company is offering 7.5m shares for $17 to $19 apiece. Separately, Sofinnova Venture Partners XI, an existing shareholder, is expected to purchase about $15m worth of shares at the IPO price in a private placement.
Thoma Bravo is said to interview banks for Sailpoint IPO.
Thoma Bravo has begun interviewing underwriters as the firm explores options including an initial public offering for Sailpoint Technologies, roughly two years after taking the company private, Bloomberg reported.
The technology investment firm hasn’t finalized decisions, including timing of a potential listing of the enterprise security software company, the people cautioned, asking not to be identified because the information is private.
Carlyle picks IPO for StandardAero after sale attempt.
Carlyle Group has decided to take StandardAero public after trying to sell the aircraft maintenance services provider, Bloomberg reported.
The alternative asset manager decided to pursue an initial public offering of StandardAero because bids submitted this week valued the company below what it’s expected to reach in a listing, said the people, who asked not to be identified because the information was private.
BlackRock, Microsoft to raise $30bn for AI investments.
BlackRock and Microsoft are teaming up on one of the largest efforts to date to bankroll the build-out of data warehouses and energy infrastructure behind the boom in artificial intelligence, Bloomberg reported.
The companies, along with the United Arab Emirates’ MGX investment vehicle, will seek $30bn of private equity capital over time for the strategy, which will then leverage the money to as much as $100bn in potential investments.
Insight Partners closes in on new $10bn fund.
Private equity firm Insight Partners is on the brink of closing a new $10bn-plus fund, roughly half the amount originally targeted, Reuters reported.
Insight will not formally close its 13th fund until early next year, adding that the final figure may be closer to $12bn.
Insight is using a private equity-style structure to sell more than $1bn worth of stakes in start-ups and to free up cash to return to investors. One of the start-ups is Israeli cybersecurity firm Wiz, which had called off a $23bn deal with Google parent Alphabet in July.
Silver Point closes new opportunistic credit fund at $4.6bn.
Silver Point Capital has successfully closed its latest opportunistic credit fund with $4.6bn in total commitments, surpassing its initial $4bn target, and more double the size of its predecessor, which closed in 2019 at $1.7bn.
Structured with longer lock-up periods and a drawdown format, the fund will focus on investments in market dislocations driven by economic cycles, traded credit opportunities, and restructuring or process-oriented investments. The fund operates a global mandate, allowing it to invest flexibly across various regions, market capitalisations, industries, and parts of the capital structure.
Ares Management raises over $3.3bn of US opportunistic Real Estate Capital.
Ares Management, a global alternative investment manager, announced the final closing of Ares US Real Estate Opportunity Fund IV. Ares raised over $3.3bn to invest in opportunistic real estate in the US through equity commitments to the Fund and related transaction vehicles.
This marks the largest Ares Real Estate closed-end fundraise to date and is a significant increase from the $2.2bn of commitments raised for the predecessor fund and related transaction vehicles.
Muzinich launches up to $1bn Infrastructure Fund strategy.
US credit firm Muzinich and Orion3, an Asian alternative investment platform, have launched an infrastructure and real assets private debt strategy as they seek to tackle the sector’s global funding gap, Bloomberg reported.
The fund strategy, which launched on September 16, secured its first $120m investment, said Andrew Tan, Muzinich’s Asia Pacific chief executive officer. Tan added that the firm is aiming to raise between $500m to $1bn for the vehicle, while targeting a net return in the low teens on a blended basis.
Headline closes $865m to invest in growth-stage tech companies.
Headline today announced Headline Global Growth IV with $865m of capital committed to the strategy to support companies at their Growth inflection points, Series B and beyond.
“The European tech ecosystem is still in its early stages, with lots of unrealized potential. As we have seen in the past 20 years, venture markets can shift rapidly, but technology as a whole continues growing. AI is transforming every industry and creating a massive reset,” Christian Leybold, Headline Founding Partner.
Moderne Ventures closes over $230m for MV Fund III, scaling its modern approach to venture investing.
Moderne Ventures, a generalist venture capital and growth equity firm with vertical specialties spanning multi trillion-dollar industries of real estate, finance, insurance and sustainability, announced it has raised over $230m for MV Core Fund III, exceeding the oversubscribed $200m MV Core Fund II and bringing the firm’s total assets under management to more than $500m.
Notable institutional investors include GCM Grosvenor and the Illinois Growth and Innovation Fund, and some of the world’s largest strategic partners like AvalonBay, Essent, and Leading Real Estate Companies of the World.
Activist Elliott still wants Southwest CEO gone. (People)
Elliott Investment Management still wants to replace Southwest Airlines Chief Executive Officer Bob Jordan, suggesting changes the carrier has already promised aren’t enough to satisfy the activist shareholder, Bloomberg reported.
In a Sept. 12 meeting with the Aircraft Mechanics Fraternal Association, Elliott detailed plans for Southwest without Jordan as its leader, union National President Bret Oestreich said in a memo to members. The investment firm, which is seeking a shakeup after acquiring a 10% stake in the carrier, also wants Southwest Chairman Gary Kelly to exit sooner than his planned retirement next year.
EMEA
Brookfield, an investment firm, completed the acquisition of Network International, a technology-enabled payments solutions provider, for £2.2bn ($2.7bn).
"The strength of Network's people and technology platform has enabled it to build on its position as a leading payment solution provider across the Middle East and Africa. The Enlarged Group will be well positioned to serve its customers and partners, and support the acceleration of digital payments in the markets it serves," Ron Kalifa, Network Chairman.
L Catterton, the private equity firm backed by French luxury fashion house LVMH, completed the acquisition of a 42% stake in Value Retail, an outlet mall landlord, from Hammerson, a shopping centre owner, for £600m ($775m).
"This is a significant moment for Hammerson. Three years ago, we promised a turnaround of the business and today's completed Disposal means it has now been delivered. The Disposal immediately deleverages our business and opens up an exciting new era for Hammerson, focused on accelerating growth whilst maintaining our operational grip and financial discipline. Encouraged by a strong operational performance over summer, I am excited that we are now firmly on the front foot and ready to build on our growing momentum and proven track record over recent years," Rita-Rose, Hammerson CEO.
Bain Capital, a private investment firm, completed the investment in RSB Transmissions, a manufacturer of automotive, construction, and off highway equipment systems and aggregates. Financial terms were not disclosed.
"RSB is on the brink of a significant milestone as we celebrate 50 years of successful operations. From humble beginnings with just fifteen employees in Jamshedpur, this momentous occasion prompts us to reflect on our journey and look toward the future. We’ve established a strong foundation and see significant opportunity to expand and diversify in this next stage of growth. Over the past eighteen months, we’ve had the pleasure of establishing a deep relationship with the Bain Capital team and have aligned on a joint vision for the future of RSB. We believe they are the right partner, with deep integrity and strategic capabilities, to help RSB 2.0 succeed and leverage growth opportunities on a global scale,” S.K. Behera, RSB Founder.
Bain Capital was advised by McKinsey & Company, Environmental Resources Management, Axis Capital, KPMG, Khaitan & Co, Kirkland & Ellis and S&R Associates (led by Sanjeev Adlakha). RSB was advised by Alvarez & Marsal.
Financial investor CVC is urging German state railway conglomerate Deutsche Bahn to reconsider its $16bn sale of logistics arm Schenker to Denmark's DSV, Reuters reported.
"We are therefore firmly convinced that our offer is economically advantageous compared to the DSV offer, which is why we should have been awarded the contract for the acquisition of Schenker," CVC.
One Peak, a growth equity firm, with participation from Partners Group and Guidewire Software, led a $120m Series C round in Akur8, a machine learning-powered insurance pricing and reserving platform.
“We look forward to collaborating closely with our new investors One Peak and Partners Group, two leading investment firms that share our vision for innovation and excellence. With their support, we are committed to accelerating our product development efforts and staying ahead of industry trends to offer an unparalleled, integrated actuarial platform for insurers globally,” Samuel Falmagne, Akur8 CEO and Co-Founder.
Akur8 was advised by Perella Weinberg Partners and Walter Billet. Partners Group was advised by Ropes & Gray (led by John Newton).
TPG, a private equity firm, agreed to acquire Dutch residential portfolio from European Residential REIT, a unincorporated, open-ended real estate investment trust, with participation from Dream Unlimited and Stadium Capital, for €695m ($773m).
“TPG Angelo Gordon is deeply familiar with this portfolio, and together with our partners, we are dedicated to providing tenants a best-in-class experience and homes they can call their own. Our operating partners are experienced local market leaders in this regard, and we look forward to our continued collaboration in the Netherlands. We are grateful to ERES for their productive partnership throughout this process," Anuj Mittal, TPG Angelo Gordon Head of Europe Real Estate.
The Carlyle Group, an American multinational company with operations in private equity, alternative asset management and financial services, agreed to invest in Orifarm Group, one of the largest European suppliers of parallel imported and generic pharmaceuticals. Financial terms were not disclosed.
"This strategic investment will significantly enhance our ability to capitalise on the attractive opportunities, both organic and inorganic, that we positioned Orifarm for following the transformational asset deal with Takeda in 2020. We are confident that this marks the start of an exciting future for the business, our employees, and other stakeholders," Erik Sandberg, Orifarm Group CEO.
Orifarm Group is advised by Rothschild & Co (led by Stefano Beschi) and Kromann Reumert.
Sixth Street, a global investment firm, and Patron Capital, a private equity real estate fund, agreed to acquire CALA Group, a housebuilding company, from Legal & General, a UK financial services provider, for £1.35bn ($1.8bn).
"This transaction demonstrates continued momentum in executing our strategy, simplifying our portfolio to enable a sharper focus on our core, synergistic businesses. Cala has been an important part of L&G for over a decade, with profits increasing ten-fold since our initial investment in 2013. The sale announced today will provide capital to deliver our strategic goals of sustainable growth alongside enhanced returns for shareholders. I would like to thank the whole Cala team for their contribution to the Group and wish them every success in the future," António Simões, Legal & General Chief Executive Officer.
Legal & General is advised by Headland Consultancy (led by Lucy Legh).
Oaktree, an American private equity firm, agreed to acquire Close Brothers Asset Management, a wealth manager providing personal financial advice and investment management services, from Close Brothers, a UK merchant banking group, for £200m ($264m).
“We are delighted that Close Brothers chose to partner with us on this important transaction. We have observed CBAM’s progress over several years and hold the franchise in high regard. The business is well known for its client centric culture which we absolutely intend to preserve and nurture as we invest in its service capabilities and technology to build a vertically integrated UK wealth business of scale. In the coming months we will bring to bear our extensive operational experience in the sector to work closely with Close Brothers and ensure a successful separation and transition of the business,” Federico Alvarez-Demalde, Oaktree Managing Director.
Close Brothers is advised by Goldman Sachs.
Swiss Post, the national postal service of Switzerland, agreed to acquire Open Systems, a network and cyber security solutions provider, from EQT, a private equity firm. Financial terms were not disclosed.
"I would like to thank EQT for their support over the years and their hands-on involvement in our development. Swiss Post's investment is a validation of our long-term strategy to become a leading SASE software provider with the best customer experience. With Swiss Post, we have found a sustainable partner in Switzerland who shares our values and will support us in continuously delivering best-in-class technology and services to our customers while continuing to drive innovation," Daniel Neuhaus, Open Systems CEO.
EQT is advised by Bar & Karrer.
Erste Asset Management, an international asset management company with a strong position in CEE region, agreed to acquire Impact Asset Management, a Vienna-based specialist asset manager. Financial terms were not disclosed.
The acquisition is part of Erste's strategy to enhance its position as a leading provider of ESG and sustainable investment solutions while expanding its reach in the German market.
Erste Asset Management is advised by DC Advisory (led by Klaus Vukovich).
Summa Equity, a thematic investment firm, completed the acquisition of a majority stake in Bollegraaf Group, a recycling solutions provider, from Capital A, an investment company. Financial terms were not disclosed.
"Bollegraaf is a frontrunner in the recycling industry. We are convinced that in partnership with Summa, Bollegraaf can accelerate further growth and drive the transition to a circular economy. Together with Summa, we can invest in innovation and advanced technologies and improve the solutions for our clients through strategic acquisitions. Summa’s industry advisor network is also playing a crucial role in uncovering new opportunities to enhance our efforts," Edmund Tenfelde, Bollegraaf Group CEO.
Capital A was advised by Rothschild & Co.
Equitix, an investment company, agreed to acquire the mobile towers business of Virgin Media O2, a British mass media and telecommunications company. Financial terms were not disclosed.
Telecoms groups have in recent years sold full or partial holdings in their mobile masts businesses while seeking to fund investment and cut debt. The national network of more than 15k sites is used by the company and Vodafone UK.
H.I.G. Capital, a global alternative investment firm, completed the investment in Ziegert Group, a fully integrated German real estate platform with a long-standing presence in the Berlin and Leipzig markets. Financial terms were not disclosed.
"We believe that certain segments of the German residential market are at an inflection point and are offering attractive investment opportunities. We are excited to partner with Ziegert Group and its strong management team to invest in value-add opportunities in the German residential market," Riccardo Dallolio, H.I.G. Managing Director and Head of Realty in Europe.
Axel Springer and KKR near deal on €13.5bn break-up.
German billionaire Mathias Döpfner and KKR are nearing a deal to split up the media giant Axel Springer, in a move that would allow one of the world’s largest private equity firms to bow out of news media after five turbulent years, FT reported.
The two sides are expected to discuss the proposed structure of a deal that would give KKR majority control of the company’s profitable classifieds business at a meeting of its supervisory board.
CD&R in talks with banks over debt to fund equity for Sanofi arm.
Clayton Dubilier & Rice is discussing the possibility of using borrowed money to fund a part of the equity check in its bid for Sanofi’s €15bn ($16.6bn) consumer health division, Bloomberg reported.
The New York-based buyout firm is talking with banks about obtaining so-called back leverage. That’s a type of loan that buyout shops can obtain to finance part of an equity investment in a specific company.
TDR, I Squared Capital said to consider $10bn Aggreko exit.
TDR Capital and I Squared Capital are considering options to exit their ownership in Aggreko, one of the world’s biggest suppliers of portable power generators, Bloomberg reported.
The investment firms are talking to potential advisers on alternatives including selling a minority stake, a full sale or an initial public offering of the Glasgow-based business, which could have an equity value of about $10bn or more. The asset could attract both financial investors and other companies in the same industry.
CapitaLand is in talks to acquire stake in Fosun’s Club Med.
Singapore’s CapitaLand Investment is in advanced talks to buy a minority stake in French luxury resort chain Club Med from its Chinese owner Fosun International, Bloomberg reported.
The real estate investment firm, part of Temasek Holdings-owned conglomerate CapitaLand Group, is seeking to acquire from 20% to 30% in the hotelier for about €500m ($557m). A deal could give Club Med a valuation of about €2bn ($2.2bn).
Advent is nearing sale of Idemia Biometric unit to IN Groupe.
Buyout firm Advent International is nearing an agreement to sell the European identity authentication business of Idemia to IN Groupe, Bloomberg reported.
A sale could be announced as soon as this week. A final agreement hasn’t been reached and the details could still change. Bloomberg reported in March that the Idemia unit could be valued at as much as €1bn ($1.1bn) in a sale.
Apollo inks $1bn deal with BP to fund stake in Trans Adriatic gas pipeline.
Apollo Global Management has signed a $1bn deal with British energy major BP to fund its stake in the Trans Adriatic natural gas pipeline, Reuters reported.
The US-based asset management company would become a non-controlling shareholder in BP's unit that holds a 20% stake in Trans Adriatic Pipeline.
Other shareholders, with 20% stake each, are Azerbaijan's state energy company SOCAR, Italy's Snam, Belgium-based Fluxys, and Spain's Enagas.
SoftwareOne weigh deal for Crayon as Apax closes in.
Swiss technology firm SoftwareOne is exploring a potential merger with smaller Norwegian competitor Crayon Group, Bloomberg reported
Apax Partners, the leading bidder for SoftwareOne, is discussing with the company's major shareholders various structures to take both SoftwareOne and Crayon private and combine their businesses.
Twitter backer Aliya joins John Textor’s bid for Everton FC.
Aliya Capital Partners is backing US investor John Textor’s bid to acquire Everton FC, the historic English football club that’s struggling to find a buyer, Bloomberg reported.
“We are delighted to support John Textor in his investment in Everton Football Club,” Aliya Capital Partners.
Abu Dhabi’s Mubadala takes stake in Revolut.
Abu Dhabi sovereign investor Mubadala has taken a stake in Revolut for the first time, participating in a share sale that last month secured the London-based fintech a $45bn valuation and netted at least $200m for its founder and chief executive Nik Storonsky, FT reported.
The Middle Eastern fund was among investors such as Coatue, D1 Capital Partners and Tiger Global that took part in the sale of $500m of shares by Revolut employees in August. The size of Mubadala’s investment could not immediately be ascertained.
Vista picks Evercore to help sell Finastra’s capital markets arm.
Vista Equity Partners is working with Evercore to help sell the fintech Finastra’s Treasury and Capital Markets business, Bloomberg reported.
The private equity firm is in the early stages of weighing a sale of the TCM unit, which could fetch at least $2bn. The division generates about $200m in annual earnings before interest, taxes, depreciation and amortization. A final decision hasn’t been made and Vista could opt against a sale of the unit.
UK insurer Phoenix halts SunLife sale on regulatory uncertainty.
British insurer Phoenix Group has stopped the sale process of its SunLife business, citing regulatory scrutiny into what is known as the pure protection insurance market, sending its shares lower, Reuters reported.
Phoenix's pure protection products are designed to help policyholders manage their finances if they become unable to meet financial commitments. It distributes them through the SunLife brand, which earns commission.
Britain's financial watchdog in August launched a market study into sales of pure protection insurance products following concern the design of some commission structures could lead to poor outcomes for policyholders.
Vonovia deal offers way out for Elliott’s Deutsche Wohnen bet.
German residential landlord Vonovia said it’s prepared to offer sweeteners to minority shareholders of a subsidiary in exchange for tighter control, following a yearslong campaign by activist shareholder Elliott Investment Management, Bloomberg reported.
Vonovia agreed to enter discussions to conclude a so-called domination and profit and loss transfer agreement involving its Deutsche Wohnen unit. Under such a deal, minority investors of Deutsche Wohnen - including Elliott - could sell their shares in exchange for newly issued Vonovia stock and receive an annual compensation payment.
BGO announces €2bn fundraise for its fourth european value-add strategy.
BGO, a global real estate investment management advisor and provider of real estate services, has today announced that it has successfully raised €2bn ($2.2bn) for its European investment program through its fourth European Value-Add Strategy.
With this announcement, the Value-Add Fund has raised a total of €1.5bn ($1.7bn) in commitments and €520m ($578m) through co-investment opportunities in high-quality industrial and data centre platforms in Europe. This is the fourth fund in BGO’s European Value-Add strategy, which has invested over c. €4bn ($4.4bn) since 2014.
Inflexion raises £975m for Enterprise Fund IV.
Inflexion, a European mid-market private equity firm, has held the final close of Inflexion Enterprise Fund VI at its hard cap of £975m ($1.27bn). The fundraising was completed in less than five months and is more than double the £400m ($523m) raised for the firm’s predecessor fund.
Focused on the lower mid-market, the new fund follows the same strategy employed by Inflexion for over 25 years, backing “high growth, entrepreneurial businesses with ambitious management teams and working in partnership with them to accelerate growth”.
RoundShield closes Fund V with over $1bn in commitments.
RoundShield, a private investment firm focused on European asset-backed private credit opportunities and capital solutions, has closed the RS Fund V with over $1bn in capital commitments – $150m above its fundraising target.
The fund attracted commitments from existing investors in RoundShield’s earlier vintage funds, as well as from ten new investors, including a diversified mix of public and private pension funds, endowments and foundations, insurance companies and large family offices globally. Over 80% of the investors in Fund V have invested in a previous RoundShield fund.
Asda co-owner Mohsin Issa to step back from running supermarket. (People)
Asda’s billionaire co-owner Mohsin Issa will step down from running the UK’s third-largest supermarket chain, which has lost market share to rivals in recent months, FT reported.
Lord Stuart Rose, Asda’s chair, and Rob Hattrell, an executive at TDR, the private equity firm that owns a majority stake in Asda, will take over day-to-day responsibility for leading the supermarket.
APAC
Brookfield Asset Management, a private equity firm, completed the acquisition of the Indian operations of American Tower, an American real estate investment trust which owns and operates wireless and broadcast communications infrastructure, for $2.5bn.
“We look forward to expanding and enhancing our existing telecom tower portfolio in India, which enables a broader array of solutions for our customers and partners. Through strategic acquisitions like ATC India, we remain deeply committed to empowering digital connectivity and transforming the telecom infrastructure landscape across the region," Arpit Agrawal, Brookfield Managing Director, Head of Infrastructure.
Brookfield Asset Management was advised by S&R Associates (led by Rajat Sethi) and Brunswick Group. American Tower was advised by CDX Advisors, Citigroup and Talwar Thakore & Associates (led by Swati Chauhan).
GIC, a sovereign wealth fund, completed the investment in Sumitomo Bakelite, a chemical manufacturing company. Financial terms were not disclosed.
"As the manager of Singapore’s foreign reserves, GIC takes a long-term, disciplined approach to investing and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. As a result of the discussions between the parties, Sumitomo Chemical considers that GIC will be the best partner for Sumitomo Bakelite as the company strives to achieve the further growth of its business and enhance its corporate value," Sumitomo.
Sumitomo was advised by Citigroup.
Blackstone said to weigh sale of $7bn consular tech firm.
Blackstone is considering options including a sale of its majority stake in visa outsourcing and technology services firm VFS Global after receiving interest from prospective investors, Bloomberg reported.
The US alternative asset manager has held preliminary discussions with advisers to evaluate a full or partial stake sale in VFS. A potential transaction could value VFS at about $7bn.
Nomura to acquire Avendus from KKR.
Nomura, Japan’s largest investment bank and broking firm, has jumped into the race to acquire homegrown investment firm Avendus, a KKR portfolio company, DealStreetAsia reported.
Majority owned by US private equity firm KKR, Avendus is best known in India for advising large startups such as SoftBank-backed food delivery firm Swiggy and eyewear retailer Lenskart on their fundraising.
Korea Zinc shares surge on speculation MBK to sweeten offer.
Korea Zinc shares jumped to a record on speculation private equity firm MBK Partners will raise its offer to gain control of the world’s biggest refiner of the metal, Bloomberg reported.
MBK teamed up with Young Poong, Korea Zinc’s largest shareholder, to launch an offer last week. The bid came as two branches of the founding family of the metal producer are locked in a dispute over the management of the business founded more than 50 years ago. The deal is also attracting political opposition.
New Hope keeps door open for acquisitions as coal deals run hot.
Australian miner New Hope is interested in some coal operations being sold by Anglo American and would also be keen to increase its stake in closely held Malabar Resources if the chance arose, WSJ reported.
New Hope’s interest in dealmaking, even as it advances plans to double coal production via organic growth, reflects its confidence that coal will remain in demand for years.
Carlyle seeking $2.1bn market value for Japan's Rigaku in IPO.
Japan's Rigaku, a maker of X-ray testing tools backed by buyout firm Carlyle Group, is preparing for a domestic initial public offering in October, Reuters reported.
Carlyle is targeting a market value for Rigaku of around JPY300bn ($2.1bn) in the IPO. A listing is not certain and, depending on market conditions, may be cancelled or rescheduled.
DCM Ventures to exit China’s Kuaishou via $479m placement.
DCM Ventures is seeking to sell all its remaining shares in Chinese short video platform Kuaisohu Technology to raise up to $479m.
The Silicon Valley-based venture capital is offloading 91.7m shares in Kuaishou with offer price ranging from HKD40.3 ($5.17) to HKD41.1 ($5.27) per share. The number of shares represent 2.1% of Kuaisou’s existing outstanding shares.
Thai state fund seeks $4.5bn to help boost stock market.
Thailand’s state-controlled Vayupak Fund started a THB150bn ($4.5bn) offering on September 16 aimed at boosting the local stock market, Bloomberg reported.
The offering, which will increase Vayupak’s funds under management to THB500bn ($15bn), will run through September 20. The allocations will be announced on Sept. 23, and stock purchases will begin October 1. The fund plans to invest in constituents of the SET 100 Index or other local stocks with high ESG scores.
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