AMERICAS
Evergreen Coast, a private equity firm, and Brookfield Business Partners, a global business services and industrial company, completed the acquisition of Nielsen Holdings, a provider of marketing services, for $16bn.
"Today's announcement marks an important milestone for Nielsen. We are excited for a bright future as a private company. This transaction provides significant value to our shareholders and provides the best conditions to execute on our Nielsen ONE strategy," David Kenny, Nielsen CEO.
Nielsen Holdings was advised by Allen & Company, JP Morgan, PJT Partners, Baker McKenzie (led by Alan F. Zoccolillo), Clifford Chance, Corrs Chambers Westgarth (led by James Morley), DLA Piper and Wachtell Lipton Rosen & Katz (led by Steven A. Rosenblum and Raaj Narayan). Financial advisors were advised by Cravath Swaine & Moore (led by Allison Wein and George Schoen) and White & Case (led by Denise Cerasani). Evergreen Coast and Brookfield Business Partners were advised by Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, Mizuho Securities, Nomura, Davis Polk & Wardwell (led by Leonard Kreynin and Will Pearce), De Brauw Blackstone Westbroek (led by Arne Grimme and Bernard Spoor), Gibson Dunn & Crutcher, Herbert Smith Freehills (led by Gavin Davies and Mark Bardell) and Weil Gotshal and Manges (led by Jeff White). Debt financing was provided by Ares Capital, Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, KKR Capital Markets, Mizuho Securities and Nomura.
House Speaker Nancy Pelosi urged regulators to closely scrutinize Standard General’s proposed purchase of broadcaster Tegna, citing concerns the transaction could result in less local news, journalism job cuts and higher prices for consumers, Bloomberg reported.
“This transaction deserves your full and complete attention,” Pelosi said in a letter to Federal Communications Commission Chairwoman Jessica Rosenworcel, who is leading the agency’s review of the $5.4bn deal.
The deal needs approval from the FCC, which is in a two-to-two partisan split as a nominee who would give Democrats a majority awaits Senate confirmation, Bloomberg reported.
Tegna is advised by Evercore, Greenhill & Co, JP Morgan, Covington & Burling, Wachtell Lipton Rosen & Katz (led by Andrew Brownstein and Victor Goldfeld) and FGS Global (led by George Sard). Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg). Standard General is advised by Goldman Sachs, Moelis & Co, RBC Capital Markets, Cooley, Fried Frank Harris Shriver & Jacobson (led by Warren S. Wied), Pillsbury Winthrop Shaw Pittman and Joele Frank (led by Andrew Brimmer). Debt financing is provided by RBC Capital Markets.
MasTec, an infrastructure engineering and construction company, completed the acquisition of Infrastructure and Energy Alternatives, an infrastructure construction company with specialized energy and heavy civil expertise, from Ares Management, a private equity firm, for $1.1bn.
"We are proud to expand our service capabilities, scale and expertise providing critical infrastructure to support the nation's energy transition to secure and sustainable renewable sources. We are excited to welcome JP, the IEA management team and almost 6k IEA team members to the MasTec family. We have long admired IEA's operating excellence, and we have a strong cultural alignment with IEA in safety and customer service," Jose Mas, MasTec CEO.
Infrastructure and Energy Alternatives was advised by Lazard, Gibson Dunn & Crutcher (led by Andrew Kaplan), Joele Frank (led by Sharon Stern and Scott Bisang). Financial advisors were advised by Cravath Swaine & Moore (led by Andrew C. Elken). MasTec was advised by JP Morgan, Fried Frank Harris Shriver & Jacobson (led by Philip Richter) and Holland & Knight. Financial advisors were advised by Simpson Thacher & Bartlett (led by Jakob Rendtorff). Debt financing was provided by Bank of America and JP Morgan. Ares was advised by Paul Weiss Rifkind Wharton & Garrison (led by Michael Vogel and Kenneth Schneider).
Blackstone agreed to invest $500m in Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies.
"This partnership accelerates Resolution Life's growth through access to Blackstone's capital and investment capabilities. It is a continuation of Resolution's 20-year mission to be the partner of choice for the life insurance industry and a custodian for its in-force policyholders globally," Clive Cowdery, Resolution Life Founder and Executive Chairman.
Blackstone is advised by Ardea Partners, Latham & Watkins, Simpson Thacher & Bartlett (led by Elizabeth Cooper, Michael Wolitzer and Benjamin Smith) and Willkie Farr & Gallagher. Resolution Life is advised by Goldman Sachs, Debevoise & Plimpton, Eversheds Sutherland, Kirkland & Ellis and Temple Bar Advisory (led by Alex Child-Villiers). Goldman Sachs is advised by Sullivan & Cromwell (led by Stephen M. Kotran).
Cameco, one of the largest global providers of the uranium fuel, and Brookfield Renewable, a publicly traded limited partnership that owns and operates renewable power assets, agreed to acquire Westinghouse Electric Company, an American nuclear power company, from Brookfield Business Partners, a global business services and industrial company, for $7.9bn.
"This is the start of an exciting new chapter for the Westinghouse team and for nuclear power. We are grateful to BBU for its stewardship and investments that have strengthened Westinghouse's position in the nuclear power industry, and more broadly in the clean power world, for the long term. Now we are proud to join Brookfield Renewable and Cameco, reaffirming the important role played by Westinghouse and nuclear power in enabling the world's clean energy transition and energy security goals," Patrick Fragman, Westinghouse President and CEO.
Cameco is advised by CIBC World Markets, Goldman Sachs and Covington & Burling (led by Donald Ross, J. D. Weinberg and Patrick E. Manchester). Brookfield Renewable is advised by Greenhill & Co. Brookfield Business Partners is advised by BMO Capital Markets, RBC Capital Markets, Tudor Pickering Holt, Stikeman Elliott and Weil Gotshal and Manges.
Vista Equity Partners, an American investment firm, agreed to acquire KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform, from KKR, a investment company, and Elephant Partners, a venture capital firm, for $4.6bn.
“Today’s announcement is a testament to the success of our strategy and the strength of our incredible team. This acquisition by Vista represents the next phase of our journey. KnowBe4 has a strong record of performance, as evidenced by our market-leading platform and global customer base. Under Vista’s ownership, we will have access to additional resources and support, which will help us achieve our goals and deliver enhanced value to our customers," Stu Sjouwerman, KnowBe4 Founder, Chairman and CEO.
TPG Capital, a private equity firm, completed the acquisition of Convey Health Solutions, a healthcare platform that utilizes technology and processes, for $1.1bn.
"We look forward to continuing our partnership with TPG as we work together to serve Convey's health plan clients and their members with our best-in-class technology platforms and business process solutions," Stephen Farrell, Convey CEO.
Pzena Investment Management, an investment management firm, announced that it received all regulatory approvals required under the merger agreement to become a private company through a transaction in which holders of PZN Class A common stock will receive $9.6 per share in cash.
“We are excited to begin this new chapter for our firm after 15 years as a public company. I would like to thank the Special Committee for its work in reaching this agreement. We believe the transaction is in the best interest of Pzena’s Class A stockholders, and will enhance our ability to achieve investment excellence on behalf of our clients," Richard Pzena, Pzena CEO.
Greenbelt Capital Partners, an investment company, and Trilantic Energy Partners, a private equity firm, completed an investment in Tenex Capital-backed Unirac, a designer and manufacturer of solar photovoltaic. Financial terms were not disclosed.
“We are excited to partner with Unirac’s executive team and Tenex to combine our significant experience in the solar and broader distributed energy sectors and support the continued growth of Unirac, which has consistently differentiated itself from the competition to become a leader in the space,” Chris Murphy, Greenbelt Partner.
Unirac was advised by Cowen & Company, Lazard, Koley Jessen and Prosek Partners. Greenbelt was advised by Kirkland & Ellis (led by Jhett Nelson, Shubi Arora and Leon Johnson).
The Partner Companies, an operator of an investment company, completed the acquisition of UPG, a manufacturer of complex assembly products intended for the consumer, medical, automotive, electronics and industrial markets, from Turnspire Capital Partners, a private investment firm. Financial terms were not disclosed.
"UPG was a fantastic investment for Turnspire and a great example of our ability to complete complex transactions, dramatically improve businesses through strategic and operational initiatives, and ultimately realize the value that others had not recognized. We thank and commend CEO Maurice Murphy and the UPG management team for their hard work, dedication, and incredible success. We wish the talented and dedicated employees of UPG further success under TPC ownership," Ilya Koffman, Turnspire Managing Partner.
UPG was advised by Cowen & Company and Chapman and Cutler. TPC was advised by PMCF and Duane Morris. Turnspire was advised by Gasthalter & Co (led by Mark Semer).
Thoma Bravo, a software investment firm, agreed to acquire ForgeRock, a global digital identity company helping people simply and safely access the connected world, for $2.3bn.
“Identity-centric cybersecurity solutions are a critical enabler for businesses to digitally transform their operations, and ForgeRock’s solutions combine both the advanced security and customer usability needed in the market. We look forward to partnering with ForgeRock to leverage our deep sector expertise and support the company to capitalize on this tremendous market opportunity,” Chip Virnig, Thoma Bravo Partner.
ForgeRock is advised by JP Morgan and Wilson Sonsini Goodrich & Rosati. Thoma Bravo is advised by Kirkland & Ellis and FGS Global.
Pamlico Capital, an independent private equity firm, completed the investment in InRule Technology, an intelligence automation company. OpenGate Capital exited its investment in InRule Technology. Financial terms were not disclosed.
“We’re thrilled to partner with Pamlico for this next stage in our mission of making automation accessible. Pamlico shares our philosophy of doing the very best we can for our clients, partners and employees and we are confident that they are the right team to partner with on our journey of helping our clients increase productivity, drive revenue and achieve exceptional business outcomes,” Rik Chomko, InRule Technology Co-founder and CEO.
InRule Technology was advised by Raymond James (led by Brendan Ryan and Bob Flanagan). OpenGate Capital was advised by Raymond James, Massumi + Consoli and Prosek Partners.
CIVC Partners, a Chicago-based private equity firm, to invest in Continuum, a property management company. Financial terms were not disclosed.
"We are excited to be partnering with a CIVC team that shares our vision for Continuum and has the experience and capabilities to help us achieve that vision. CIVC has been an active investor in the facilities services sector for more than a decade and has a long track record of success partnering with founders and management teams to accelerate growth. We expect CIVC to be a value-added partner and help Continuum further differentiate itself as the trusted resource to our communities and as the acquirer of choice for property management and residential service company owners," Marcus Mayo, Continuum founder and CEO.
Continuum is advised by Griffin Financial Group and Townsend & Lockett. CIVC Partners is advised by Ropes & Gray (led by Matthew Richards).
Global Infrastructure Partners, an infrastructure investment fund, and Actis, a global investment firm, completed the acquisition of Atlas Renewable Energy, an independent renewables developer. Financial terms were not disclosed.
"We are pleased to announce the acquisition of Atlas Renewable Energy, which further enhances GIP's leading global renewables franchise. Atlas adds a large-scale Latin American platform to our solar, wind, and battery storage assets in North America, Europe, and Asia. We look forward to supporting Atlas' management team and leveraging GIP's extensive experience and relationships to further scale the solar business across other renewable technologies," Ronnie Hawkins, GIP Partner.
Alpine Investors, a private equity firm, agreed to acquire Ethisphere, a defining and advancing standards of ethical business practices. Financial terms were not disclosed.
"Alpine is the ideal partner. Alpine's B-Corp certification and its PeopleFirst philosophy, combined with its dedication to being a force for good through its DEI and ESG initiatives, directly align with Ethisphere's mission to define and advance ethical business practices. ESG will only grow in importance and impact. Together with Alpine, we expect Ethisphere and the broader business community to continue to learn, collaborate and make a difference together," Tim Erblich, Ethisphere CEO.
Ethisphere is advised by Evercore. Alpine Investors is advised by Morrison & Foerster (led by Patrick Huard).
Kirkbi, a private holding and investment company, agreed to acquire Brainpop, an online educational solution that makes rigorous learning experiences accessible and engaging for all students, for $875m.
“This is a company that has substance it has real know-how to engage children and make them curious and interested," Jørgen Vig Knudstorp Brainpop Chairman.
Brainpop is advised by Whiteboard Advisors.
Abu Dhabi Growth Fund, Altitude Life Science Ventures, Amgen, ARCH Venture Partners, Exor Ventures, F-Prime Capital, Invus, Mubadala Capital, Newpath Partners, and Polaris Partners led a $112 Series B funding round in Neumora Therapeutics, a clinical-stage biotechnology company pioneering precision medicines for brain diseases.
"This Series B financing reflects Neumora's continued progress in building a best-in-class neuroscience company, including assembling a world-class team, scaling up an industry-leading data science and translational neuroscience platform, and advancing a broad and growing pipeline of seven development programs, including our internal discovery efforts and business development activities. This considerable amount of progress in such a short period of time reflects our urgency to address the relative lack of progress and innovation in neuroscience with our data-driven, precision medicine approach," Paul L. Berns, Neumora Co-Founder, Chairman and CEO.
Atlas Holdings, a diversified group of manufacturing, distribution, service and trading businesses, completed the acquisition of Crown Paper Group, an integrated mill and containerboard operation with a strategic presence in the growing markets of the Pacific Northwest and Western Canada. Financial terms were not disclosed.
"It's always an exciting day when we can welcome a great paper and packaging company to the Atlas Family of manufacturing, distribution, and logistics businesses. Atlas planted its roots in paper when we were founded with the purchase of a single corrugated medium mill in Indiana, preserving jobs and transforming operations to lay a strong foundation for future growth. Now, more than two decades later, paper, packaging and allied industries remain an important and growing sector for Atlas. We're thrilled to welcome the Crown team and excited to get to work in building an even stronger company," Tim Fazio, Atlas Co-Founder and Managing Partner.
Atlas Holdings was advised by Kekst CNC.
Insight Partners, a venture capital and private equity firm, and TA Associates, a private equity firm, agreed to invest in Aptean, a provider of enterprise resource planning software. Charlesbank Capital will continue as a shareholder, while Vista Equity Partners will fully exit its stake in the company. Financial terms were not disclosed.
"We are excited to partner with Insight and leverage the firm's significant experience investing in software companies to advance Aptean's growth journey. Insight's investment and TA's recommitment demonstrate enduring confidence in our strategy and results. Together we will aim to accelerate the market success of our cloud-based solutions, as well as other organic and inorganic growth initiatives, to continue meeting the mission-critical needs of prospects and customers," TVN Reddy, Aptean CEO.
Nordic Capital, a private equity investor, completed the investment in Equashield, a provider of closed-system transfer devices for hazardous drugs. Financial terms were not disclosed.
"We are excited to partner with Nordic Capital. The cultural alignment between our two firms was a key driver behind our decision to invite Nordic Capital to join as a significant shareholder and support our continued growth," Eric Shem-Tov, Equashield CEO & Founder.
Equashield was advised by Finn Partners.
Andreessen Horowitz, a venture capital firm, and Premji Invest, a venture capital firm, led a $154m funding round in TripActions, a travel management company, with participation from Base Partners, Elad Gil, Greenoaks Capital Management, Zeev Ventures, Lightspeed Ventures and Addition Ventures. Coatue provided a $150m structured financing.
“TripActions is building the best travel and expense management solution in the world. The recent funding round shows not only the strength of its business model but also the value to companies looking to increase savings and enable responsible spending. TripActions is proof that empowering users through relentless innovation and automation is the future of travel," Ariel Cohen, TripActions CEO and Co-Founder.
Somera Capital Management, an investment company, completed the acquisition of Quorum Hotels & Resorts, a hotel management company. Financial terms were not disclosed.
"We have well established regard for the culture and talent of Quorum and look forward to continuing the legacy for our associates, partners, and guests alongside a growing portfolio. We congratulate the founding partners on their 35 years of success and thank them for the opportunity to work with such a dedicated, dynamic, and talented leadership team in this new chapter," David Brown, Somera CEO.
Wedbush Financial Services, a privately held investment firm based in Los Angeles, agreed to invest in Velocity Trade, a global brokerage firm offering access to global OTC and exchange-listed markets. Financial terms were not disclosed.
"Our new partnership with Velocity is a major step forward in the Global vision for our firm. The unrelenting mission to provide our clients with world-class, global multi-asset services will only accelerate with the addition of Velocity's outstanding international capabilities," Gary Wedbush, Wedbush CEO.
Brookfield and CAA in talks to acquire a Primary Wave stake in a $2bn deal.
Brookfield Asset Management is set to acquire a significant minority interest in independent publisher Primary Wave Music in a deal valued in excess of $2bn.
Brookfield will provide an additional capital funding commitment of $1.7bn to invest in music copyrights. An initial acquisition of over $700m of music rights from the company's fund 1 and fund 2 will go into Primary Wave's new permanent vehicle which will hold assets in perpetuity.
Entertainment and sports agency, Creative Artists Agency, is also to become a strategic partner and minority shareholder in Primary Wave, with funds managed by Oaktree Capital Management also reamaining involved.
Carlyle credit arm makes $1.5bn wager on Citrix, Nielsen buyout debt.
Carlyle Group made large bets on the buyouts of Citrix Systems and Nielsen Holdings as banks struggled to find buyers for billions of dollars of debt they agreed to provide to finance the deals.
Carlyle’s credit arm has invested around $750m in the Citrix buyout, split about evenly between the secured debt portion that banks syndicated at steep losses last month, and a preferred equity piece that was arranged at the start of the year, Bloomberg reported.
DXC Technology mulling 'financial sponsor' bid.
DXC Technology, a US information-technology services provider with a market cap of $6.16bn, has confirmed it has been approached by a financial sponsor regarding a potential acquisition of the company. Some reports suggest the suitor could be pan-Asian buyout firm Baring Private Equity.
A statement from DXC's Management says it remains focused on the company's transformation journey. Consistent with its fiduciary responsibility to maximise shareholder value, the company is engaged in preliminary discussions and is sharing information.
Churchill raises over $12bn for its Senior Lending Program.
Churchill Asset Management, an investment-specialist of Nuveen, announced that it has raised over $12bn in third-party committed capital for the firm’s most recent senior lending program.
This milestone includes the closings of the firm’s flagship levered and unlevered senior loan funds, publicly-registered vehicles and separately managed accounts.
Veritas Capital closes eighth flagship fund with $10.65bn of commitments.
Veritas Capital, a technology and government investment firm, announced the successful final close of its latest flagship fund, Veritas Capital Fund VIII with $10.65bn of aggregate committed capital. Fund VIII was significantly oversubscribed, with demand exceeding its hard cap and initial target of $8.5bn. Veritas Capital Fund VII closed on $6.5bn in commitments in 2019.
“We are grateful to our global base of investors for their continued confidence, and we appreciate additional support from a number of new partners. The successful raise of Fund VIII demonstrates the enduring strength of Veritas’ differentiated team, strategy, and approach, enabling partnerships with technology and technology-enabled companies that provide critical products and services to government and commercial customers throughout the world. We look forward to pursuing a growing set of opportunities and continuing to make a positive impact across critically important areas, including healthcare, education, and national security," Ramzi Musallam, Veritas Capital Chief Executive Officer and Managing Partner.
Vista co-founder targeting $3bn for second Haveli fund.
Brian Sheth, the former president of Vista Equity Partners, is targeting a $3bn fundraise for a new software-focused private equity fund, the second from his new firm Haveli Investments.
Sheth set up Haveli after leaving Vista in 2020 following co-founder Robert Smith's admission of tax evasion. The formal fundraising for the new vehicle hasn't stated yet, but early-stage discussions with prospective investors are underway.
Ares Management closes oversubscribed tenth value-add US real estate fund at $1.8bn.
Ares Management, a global alternative investment manager, announced that it held the final closing of its Ares US Real Estate Fund X. US X was oversubscribed with $1.8bn of commitments relative to its $1.5bn target and is more than 75% larger than its predecessor fund, which closed at $1.04bn in November 2018.
“With the closing of the tenth fund in this series, we are proud of the continued strong support we received from our longstanding investors along with the significant demand from our new investors,” David Roth, Ares US Real Estate Partner.
Sunstone Partners raises $925m for fund III.
Sunstone Partners, a growth-oriented private equity firm, has held the final institutional close of its oversubscribed $925m third fund, Sunstone Partners III, at its hard cap.
Fund III, which more than doubles the total committed capital managed by Sunstone Partners, is the firm's largest fund to date and brings total committed LP capital to $1.7bn since inception in 2015.
North Castle Partners extends CR Fitness partnership with first Continuation Fund, led by TPG.
North Castle Partners, a private equity firm that has focused on consumer businesses that promote Healthy, Active and Sustainable Living for more than 20 years, announced today the closing of a single-asset continuation fund transaction dedicated to CR Fitness, a crunch fitness franchisee.
This transaction continues North Castle's ownership of the company and reaffirms its commitment to supporting CR Fitness' long-term growth strategy. The new continuation fund acquired CR Fitness from North Castle Partners VII and other existing investors.
EMEA
Bregal Milestone, a growth capital firm, agreed to invest in CUBE, an automated regulatory intelligence firm. Financial terms were not disclosed.
"We are highly enthusiastic to partner with CUBE for this next phase of growth. As a founder-led, category-leading RegTech business benefiting from powerful regulatory tailwinds and market momentum, we believe CUBE is an innovation leader and one of Europe's most exciting high-growth technology companies. We look forward to working with Ben and his ambitious team to further develop their business and drive growth," Philippe Lautenberg, Bregal Milestone Co-Founder and Managing Partner.
Bregal Milestone is advised by Alvarez & Marsal, ICAG Partners, Goodwin Procter, Deloitte and Endava. CUBE is advised by Investec, Taylor Wessing, Aspectus and Buzzacott.
EMZ Partners, a private equity firm, and IK Partners, a European private equity firm, agreed to acquire a stake in Wishcard, an operator of a digital voucher platform intended to offer multi-brand gift vouchers, from Oakley Capital, a mid-market private equity investor, for $50m.
"We are truly impressed by the rapid development that the Wishcard team has made in such a short time period and the positive regard their offering already enjoys amongst consumers. The portfolio clearly provides added value to customers, as evidenced by the significant growth rates in recent years and the high level of customer satisfaction. Furthermore, the very entrepreneurial culture and enthusiasm of all employees appealed to us a lot. We are looking forward to working together with Dr. Betzer, Verena Argauer and the broader team to bring joy to even more people using Wishcard’s sustainable gift ideas," Klaus Maurer, EMZ Partner.
EMZ is advised by LEK Consulting, Deloitte, Goodwin Procter and Latham & Watkins. Debt financing is provided by Houlihan Lokey. Oakley Capital is advised by Liberum Capital (led by Chris Clarke) and Greenbrook (led by Rob White).
Bridges Fund Management, a fund manager, MSCI, an investment firm, and Farview Equity, a private equity firm, agreed to invest in Evora Global, a developer of environment management software designed to improve sustainability and reduce climate risk. Financial terms were not disclosed.
“This funding enhances our ability to support them and to improve our technology and advisory services globally. We wanted investors who were aligned with our vision. We had a lot of options, but Bridges really stood out for its commitment to sustainability and impact investing, as well as being a B Corp. Working with MSCI will broaden our ability to drive positive impact, helping our clients with their sustainable development goals while widening our global reach. Farview's experience of growing enterprise technology companies will transform our SIERA software and support its international growth," Chris Bennett, Evora Global Managing Director & Co-Founder.
AtlasEdge, a pan-European data centre provider, agreed to acquire Datacenter One, an independent data centre provider, from STAR Capital, a private equity firm focused on developing strategic asset-based businesses in Western Europe. Financial terms were not disclosed.
"This is a highly strategic transaction for AtlasEdge. Germany is an important part of our expansion plans and a market that has seen customer demand rise across multiple metros. Acquiring DC1 transforms AtlasEdge into Germany's leading distributed platform, with ready-to-sell capacity in key locations across the country. We look forward to working with our new colleagues and continuing to grow our footprint across the continent," Giuliano Di Vitantonio, AtlasEdge CEO.
AtlasEdge is advised by DH Capital and Hogan Lovells (led by Alexander Stefan Rieger and Jörg Herwig). STAR Capital is advised by Jefferies & Company and King & Wood Mallesons.
Danfoss, a provider of HVAC products, agreed to acquire BOCK, a compressor manufacturer, from NORD Holding, a European private equity asset manager. Financial terms were not disclosed.
"It has never been more relevant to accelerate the green transition, and efficient compressors running with Low GWP refrigerants are instrumental to achieving that target. By expanding our portfolio with the BOCK range of semi-hermetic compressors, we deliver on our promise to help our customers decarbonize. The potential for cutting CO2 emissions is huge!" Jürgen Fischer, Danfoss Climate Solutions President.
Baker Hughes, an American international industrial service company, completed the acquisition of the power generation business of BRUSH, a manufacturer of electrical generators, from One Equity Partners, a middle-market private equity firm. Financial terms were not disclosed.
“We are thrilled to help unlock meaningful value creation through the transformational sale of BRUSH’s largest business segment. OEP recognized BRUSH as a leader within the Power Generation equipment and services sector when we acquired the business last year. We look forward to continuing to support and grow BRUSH’s remaining Power Distribution & Networks business alongside its exceptional management team,” Steve Lunau, One Equity Partners Managing Director.
Baker Hughes was advised by JP Morgan and Baker McKenzie. One Equity Partners was advised by White & Case (led by Ross J Allardice) and Stanton PRM.
Buckthorn Partners, a private equity firm, and One Equity Partners, a middle market private equity firm, agreed to acquire Amey, an infrastructure services and engineering company, from Ferrovial, a Spanish multinational company involved in the design, construction, financing, operation and maintenance of transport infrastructure and urban services, for $443m.
“Amey is a well-regarded, long-standing player in the critical infrastructure design and management space in the UK, and we are very excited about the enhanced opportunities for growth Amey will have as an independent company. We believe that the UK’s decarbonization efforts and Net Zero strategy will also accelerate growth by creating new opportunities for sustainable infrastructure," Ante Kusurin, One Equity Partners Principal.
Stanley Capital Partners, a private equity firm, completed the acquisition of a majority stake in Laboratoire XO, a French pharmaceutical group. Financial terms were not disclosed.
"SCP is pleased to partner with Karine Pinon and her impressive management team to accelerate Lab XO’s growth with a global footprint. All parties share a vision to couple further acquisitive growth with building leading lifecycle management capabilities to create a formidable specialist pharma player providing essential medicines to its customers in the patient community," Simon Cottle, SCP Founding Partner.
Stanley Capital Partners was advised by Willkie Farr & Gallagher (led by Gavin Gordon) and Brackendale Consulting.
KKR agreed to acquire Telenor Fiber, a fiber optics services provider, from Telenor, a telecommunication services provider, for $1bn.
“We are very excited to be investing long-term capital behind Norwegian infrastructure. KKR has significant experience within telecom infrastructure investing, and we look forward to supporting Telenor with its fibre strategy in Norway," Julian Barratt-Due, KKR Director.
Atomico, a European venture capital firm headquartered in London, led a $120m Series C round in Factorial HR, a Barcelona-based HR automation specialist, with participation from K Fund, GIC, Tiger Global, CRV and Creandum.
The company intends to use the funds to expand and improve its functionalities and strengthen itself in the existing markets in Spain, the United Kingdom, the United States, Germany, Italy, Portugal, France, Mexico and Brazil, open a new office in Miami, and expand into new markets worldwide.
American Tower weighs a $12.6bn offer for a stake in Vodafone towers unit.
American Tower, a real estate investment trust, is weighing entering the race for a stake in Vodafone’s $12.6bn wireless tower unit.
The US telecommunication infrastructure operator is exploring a possible investment in Frankfurt-listed Vantage Towers.
Vodafone plans to sell part of its roughly 82% interest in Vantage and has invited suitors to participate in an auction process. Private equity firms KKR, Global Infrastructure Partners and EQT Group are already in the running, Bloomberg reported.
Providence wins a $1.3bn auction for A2Mac1.
Providence Equity Partners has entered exclusive talks to buy French automotive data firm A2Mac1 for about $1.36bn, clinching one of Europe's rare private equity buyouts in a tough financing market, Reuters reported.
Providence signed an exclusive agreement with A2Mac1's owner Five Arrows Principal Investments last night, trumping rival bids from buyout funds EQT and TA Associates.
Five Arrows, advised by Harris Williams and Jefferies, will retain a minority stake in the business.
Credit Suisse SPG unit draws Pimco, Centerbridge interest.
Pimco, Sixth Street and an investor group including Centerbridge Partners are among a shortlist of bidders for at least part of Credit Suisse Group’s securitized products business as the Swiss firm moves closer to a deal.
Centerbridge is vying for the unit in its capacity as co-asset manager for Martello Re, a life and annuity reinsurance company. It isn’t immediately clear if Pimco is pursuing a deal alone or as part of an investor group. Sixth Street is also bidding, Bloomberg reported.
The discussions have become more advanced as Credit Suisse is due to announce its strategic plan in less than three weeks.
Brookfield, DigitalBridge weigh bid for stake in Vodafone’s Vantage unit.
Brookfield Asset Management and DigitalBridge Group have expressed joint interest in buying a stake in Vodafone Group’s wireless towers unit, Bloomberg reported.
Elliott in talks to back Matalan founder’s bid for discount retailer.
Investment firm Elliott Advisors is in discussions with John Hargreaves about financing his offer to regain control of the Lancashire-based chain, Sky News reported.
The feared investor which owns Waterstones is plotting to back the founder of Matalan in his efforts to wrest back control of the discount retailer.
Hy24 closes clean hydrogen infrastructure fund at €2bn.
Hy24, a joint-venture between FiveT Hydrogen, the clean hydrogen-enabling investment partner, and private investment house Ardianm has closed its first impact fund – the Clean H2 Infra Fund – with €2bn of allocations, exceeding its initial target.
Hy24 says the fund is the world’s first and largest infrastructure fund to invest exclusively in the entire clean hydrogen value chain.
Andera Partners closes largest life sciences fund date at $447m.
Andera Partners' specialist therapeutics and medical technologies asset management company, Andera Life Sciences, closed its BioDiscovery 6 fund with $447m in capital commitments.
Existing institutional investors of the BioDiscovery funds have chosen to support the new vehicle along with new subscribers, including funds of funds, insurance companies, pension funds, family offices, private investors and pharmaceutical companies.
Golding Capital Partners launches €300m energy transition fund of funds.
Golding Capital Partners is expanding its product range with the launch of Golding Energy Transition 2022, a €300m ($291m) fund which will focus on investments aimed at helping achieve the goals defined by climate agreements.
The global investment strategy of the new fund is to build a broadly diversified portfolio by the end of 2024, which will consist of around 10 funds and up to $0.2 co-investments. The focus will be on European and North American investments in solar and wind energy, energy storage technologies, and other technologies that enable and advance decarbonisation and the energy transition.
Adams Street Partners appoints global head of fund investments. (People)
Adams Street Partners, a private markets investment firm with more than $50bn of assets under management, is promoting Brijesh Jeevarathnam to partner & global head of fund investments.
Jeevarathnam, who joined Adams Street as a Partner in Primary Investments in 2016, will also become a member of the firm’s Executive Committee as part of his new role.
APAC
Warburg Pincus, the global private equity firm, agreed to acquire a majority stake in Vistaar Finance, an Indian small-business lender. Financial terms were not disclosed.
"We believe micro-enterprises in semi-urban and rural India are underserved by formal sources of credit and we believe Vistaar has the potential to fulfil that need gap and be a driver for broad-based growth in those regions and communities. Warburg Pincus has a deep history in partnering with exceptional teams, particularly within financial services and looks forward to a similarly exciting future at Vistaar," Narendra Ostawal, Warburg Pincus Managing Director.
Vistaar Finance is advised by Kotak Investment Banking.
Searchlight Capital Partners, a private equity firm, agreed to acquire a minority stake in Synergy Marine Group, a company which provides full ship management services for contemporary ships. Financial terms were not disclosed.
“We have always believed in and implemented a strong culture of customer centricity in Synergy. Now, to be able to further continue creating incremental value for our clients, we need to look at newer operating models focused on a value driven partnership as opposed to the present vendor mindset in the ship management industry. Amongst other things, this could be driven by digitalization especially considering the increased regulatory complexity and ever growing ESG considerations. Hence, we are excited to partner with Searchlight, who have a strong and demonstrable track record of rigorous transformation and operational excellence execution. With this transaction, we welcome new partners, Searchlight and our fellow Synergy colleagues, into the ownership of Synergy,” Rajesh Unni, Synergy Founder and CEO.
Searchlight was advised by Prosek Partners.
About Capital, a fund management company, completed the acqusiition of a majority stake in Huobi Global, a virtual asset exchanges company. Financial terms were not disclosed.
"This transaction marks a new chapter for Huobi Global. Over the past nine years, we have witnessed Huobi's ascendence into one of the largest virtual asset exchanges in the world. Following Huobi's exit from the Chinese mainland market in 2021, we have accelerated our globalization push amidst a challenging market environment, which adds to the impetus for Huobi to seek a new shareholding structure with a global vision and international resources. We believe the successful acquisition by About Capital vehicle will contribute to Huobi's global expansion in both aspects," Leon Li, Huobi Founder.
A consortsium of investors led a $100m Series E funding round in Airwallex, with participation from Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures, Tencent and HostPlus.
“The valuation underscores investors’ confidence in Airwallex’s core business value and fundamentals, and we are fortunate to have the continued support of our existing investors, and the confidence of new investors, as we pursue our vision to become the global economic infrastructure for modern businesses. The market environment remains challenging in the foreseeable future, and while we remain well capitalised, this additional runway allows us to continue our growth plans, product expansion, and hire some of the best talents in the world. By strengthening the breadth of our global reach and product offering, we can better empower our customers to unlock new market opportunities,” Jack Zhang, Airwallex Co-founder and CEO.
SoftBank Vision Fund 2 led a $100m Series D round in SprintRay, a Chinese provider of dental-care solutions based on 3D printing, with participation from Yiheng Capital, ZWC Partners, CD Capital and Marathon Venture Partners.
SprintRay looks to expand its global operations beyond the US and Europe.
Japan Industrial Partners-led group looking to buy Toshiba for $19bn.
The consortium of mostly domestic firms led by Japan Industrial Partners is looking to buy Toshiba for $19bn, Reuters reported.
The group, which includes Chubu Electric Power, received the right of first refusal in its bid for the Japanese conglomerate.
Investcorp said to buy into unit of Indonesia’s Kanmo Group.
Bahrain-based alternatives firm Investcorp is said to be investing in a division of Indonesian retail giant Kanmo Group, the distributor of consumer brands including Nespresso, Mothercare, and Coach.
Investcorp is investing in Kanmo Group’s Kids and Babies business unit, which comprises the Mothercare; Early Learning Centre; The Entertainer; Gingersnaps; Justice; and MoMaMi brands, DealStreetAsia reported.
Kredivo parent FinAccel seeks to raise up to $135m in Series D funding.
Fintech company FinAccel, the parent of Indonesian buy now, pay later player Kredivo, is seeking to raise up to $135m in a Series D funding round, DealStreetAsia reported.
As part of the round, the company plans to issue Series D-1, D-2 and D-3 convertible preference shares to investors at $27.14, $31.02 and $38.77 apiece, its filings with Singapore’s Accounting and Corporate Regulatory Authority show.
Hong Kong's BPEA in talks to join JIP's Toshiba bid.
Baring Private Equity Asia, a private equity investment firm, is considering joining a consortium led by Japan Industrial Partners for a buyout of Toshiba, Bloomberg reported.
The Hong Kong-based investment firm is in talks with financial advisers as it evaluates the potential transaction. BPEA could join the JIP-led group as both an equity and debt investor.
Indian billionaire entrepreneur Gautam Adani said to be in talks to raise $10bn.
Indian billionaire entrepreneur Gautam Adani and his family have initiated talks with top global private equity investors and wealth funds as they look to raise at least $10bn in capital to facilitate the Adani Group’s massive expansion plans in areas of clean energy, ports and cement.
The multinational company, headquartered in Ahmedabad, has held discussions with Singapore’s state-owned investment firm Temasek and sovereign wealth fund GIC, besides a slew of West Asian and American investors, DealStreetAsia reported.
US-based Stonepeak raises $2.5bn for maiden Asia-Pacific fund.
US infrastructure and real estate investment firm Stonepeak has so far raised $2.5bn for its maiden Asia-Pacific fund, its filing with the US Securities and Exchange Commission showed, DealStreetAsia reported.
The fund, Stonepeak Asia Infrastructure Fund, has already received commitments from at least 13 investors and is just $500m away from its $3bn target. The firm has also raised $312m for a parallel fund, Stonepeak Asia Infrastructure Fund.
SphitiCap launches maiden fund with a total corpus of $500m.
SphitiCap, a venture capital firm, has announced the launch of its maiden venture fund with a total corpus of $500m, which the firm is in the midst of closing.
"The investing landscape in India is exceptionally diverse. With new businesses sprouting daily, we are determined to decentralize the startup revolution and give impetus to founders who are resolved to make a difference and solve real-world problems. As a sector agnostic India-centred firm, we focus on value rather than valuation," Pallav Kumar Singh, SphitiCap Managing Partner.
BA Capital closes third RMB fund at $349m.
Black Ant Capital, also known as BA Capital, has closed its third RMB-denominated fund at $348.8m, DealStreetAsia reported.
Limited partners participating in the fund included private fund-of-funds, insurance institutions, industry investors and government guidance fund. The new fund started its fundraising in mid-2021 and locked its first close by the end of September last year.
Mamaearth-backer Fireside Ventures closes third fund at $225m.
Fireside Ventures, an early-stage venture fund that invests in digital-first consumer brands, announced that it has closed its third fund at $225m.
Fireside Fund III is anchored by new and existing Indian and global investors including Self-Reliant India Fund, Investment Corporation of Dubai, SBI, Premji Invest, Waterfield-Fund of Funds, ITC, Emami, Sharrp Ventures, and several startup founders, DealStreetAsia reported.
Trustar Capital secures around $210m so far for fourth RMB buyout fund.
Trustar Capital, earlier known as CITIC Capital Partners, has raised $209m so far for its fourth RMB-denominated buyout fund, DealStreetAsia reported.
The firm manages over $36bn of capital through its multi-asset class platform covering private equity, real estate, structured investment & finance.
TPG Capital Asia chairman retires. (People)
TPG Capital Asia chairman Tim Dattels has retired after 18 years with the firm. Dattels, who was based in Hong Kong, retired as a full-time partner on September 30, TPG confirmed. He will continue to support the firm as a senior adviser, DealStreetAsia reported.
Dattels joined TPG Capital Asia in 2004 from Goldman Sachs. At TPG, he has served on the TPG Holdings Committee and the Boards of Directors of Cushman & Wakefield, BlackBerry, Invest in Canada, Parkway Holdings, Primedia, Shangri-La Asia, Sing Tao News Corporation, and SFJazz.
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