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AMERICAS
A large investor in Ritchie Bros is backing the Canadian auction company’s proposed takeover of IAA, giving a boost to a deal that’s been opposed by other shareholders, Bloomberg reported.
Independent Franchise Partners is a “supportive shareholder” on the deal, according to a spokesperson for the London-based investment firm, which owns about 4.8% of Ritchie shares.
The cash-and-stock deal, which values IAA at about $6bn, is being opposed by Ritchie shareholders Janus Henderson and Luxor Capital. Janus released a letter to the Ritchie board saying the acquisition “would introduce a level of unnecessary risk for Ritchie Brothers shareholders.” Eagle Asset Management also plans to vote in favor of the deal. Funds managed by Eagle hold more than 2m Ritchie shares.
IAA is advised by JP Morgan, Blake Cassels & Graydon, Cooley (led by Ian A. Nussbaum and Jamie Leigh) and ICR (led by Farah Soi). JP Morgan is advised by Simpson Thacher & Bartlett (led by Caroline Gottschalk and Jakob Rendtorff). Ritchie is advised by Evercore, Goldman Sachs, Guggenheim Partners, RBC Capital Markets, Dorsey & Whitney (led by Michael R. Mills and Christopher L. Doerksen), Goodwin Procter (led by Stuart Cable, Lisa Haddad and Mark Opper), McCarthy Tetrault (led by David Frost and Shea T. Small), Skadden Arps Slate Meagher & Flom (led by Gregg Noel) and Joele Frank (led by Daniel Katcher and Joele Frank). Financial advisor is advised by Freshfields Bruckhaus Deringer (led by Paul Tiger).
Vista Equity Partners, an American investment firm, completed the acquisition of KnowBe4, the provider of the world's largest security awareness training and simulated phishing platform, from KKR, an 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.
SD Biosensor, a diagnostic reagents provider, and SJL Partners, a private equity investment manager, completed the acquisition of Meridian Bioscience, a provider of diagnostic testing solutions, for $1.53bn.
"This announcement follows an extensive and deliberate review of Meridian's growth and value creation opportunities in the context of the broader macroeconomic and industry environment. In consultation with external financial advisors and following outreach to potential strategic and financial partners, the Board unanimously agreed that this transaction represents the best path forward for Meridian shareholders, providing them with immediate, compelling and certain value, while enabling the Company to benefit from SDB's and SJL's capital support, expertise and experience," John C. McIlwraith, Meridian Chairman.
Starboard Value, an investment advisory company, completed a $500m investment in Ritchie Bros. Auctioneers, an industrial auctioneer and seller of used heavy industrial equipment.
"We welcome Starboard's strategic investment in Ritchie Bros., which we believe will provide us with additional financial flexibility. Starboard shares our belief in the potential of the combination of Ritchie Bros. and IAA. We look forward to benefitting from Jeff's expertise and working together as we complete this transaction, which we believe will deliver significant value to all our shareholders," Ann Fandozzi, Ritchie Bros CEO.
Ritchie Bros. Auctioneers was advised by Goldman Sachs, Guggenheim Partners, Goodwin Procter, McCarthy Tetrault, Skadden Arps Slate Meagher & Flom and Joele Frank. Starboard Value was advised by Evercore and RBC Capital Markets.
GI Partners, a private investment firm, agreed to acquire Atlas Technical Consultants, a provider of infrastructure and environmental solutions, from Bernhard Capital Partners, an infrastructure and services-focused private equity management firm, for $1.05bn.
"Using our top-down, thematic Blueprint approach, we identified the growing need for inspection and materials testing services across commercial, state, and local levels. BCP partnered with an exceptional management team to build a market-leading business to meet that specialized demand and achieve an enhanced exit valuation. Since 2017, we worked with the management team to thoughtfully expand the business organically and through strategic acquisitions, and we are confident Atlas will only continue to grow and succeed with this new partnership," Jeff Jenkins, Bernhard Capital Founder and Partner.
Apollo Global Management, an American global private equity firm, and Elliott Investment Management, an American investment management firm, completed a $900m investment in Western Digital, an American computer drive manufacturer and data storage company.
"This investment was the result of a comprehensive outreach and evaluation process to appropriately capitalize the company and retain optionality for future strategic decision-making. We have tremendous respect for Apollo and Elliott. Their partnership and perspectives as experienced capital investors will help us facilitate the next stages of Western Digital's strategic review. We look forward to working together in advancing our goal of creating value and finalizing the best possible strategic outcome for our shareholders," David Goeckeler, Western Digital CEO.
Private equity firms Waterfall Asset Management and Atalaya Capital Management completed an investment in OnPoint Warranty Solutions, an insure tech, mobile solutions and warranty services company. Financial terms were not disclosed.
"We are thrilled to be partnering with Chris and Rob to support OnPoint's long-term growth strategy. We believe OnPoint's product sophistication, client-first approach to technology and service, and the addition of Guardian, will continue to help differentiate the company in the marketplace," Gene Weil, Waterfall Managing Director.
OnPoint Warranty was advised by Capstone Partners, Houlihan Lokey, Bevilacqua and Calfee Halter & Griswold. Atalaya was advised by Orrick Herrington & Sutcliffe. Waterfall was advised by Mayer Brown.
Morgan Stanley Capital Partners, a middle-market private equity platform, completed the acquisition of a majority stake in Apex, a consulting and engineering services company, from Sentinel Capital Partners, a private equity firm. Financial terms were not disclosed.
"Apex's solutions serve clients and communities across a broad range of environmental and infrastructure needs, and seek to ensure that corporations, government agencies and municipalities achieve and maintain regulatory compliance. In addition to being a highly respected provider of environmental services, Apex is also a leader in the attractive and high-growth stormwater compliance industry. We believe the company's record of expansion, both organically and through accretive M&A, has generated substantial momentum for continued growth. We are excited to partner with Dave and the Apex leadership team to drive continued success in Apex's core service offerings and to pursue strategic M&A that adds additional geographic presence, service capabilities and customer diversity," Eric Kanter, MSCP Managing Director and Head of Industrials.
MSCP was advised by Harris Williams & Co, Raymond James and Latham & Watkins (led by David Beller). Debt financing was provided by Carlyle Invesment Management and Churchill Asset Management.
KKR & Co agreed to invest in Groundworks, a foundation repair and water management services company. Financial terms were not disclosed.
"In 2016, Groundworks embarked on a bold vision of building the nation's leading foundation repair and water management services company by investing and rewarding our incredibly talented tradesmen and tradeswomen," Matt Malone, Groundworks Founder and CEO.
Groundworks is advised by Harris Williams & Co and Paul Hastings. KKR is advised by Deutsche Bank, William Blair & Co and Simpson Thacher & Bartlett.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, completed the acquisition of the safety business of Apollo-backed Intrado, a provider of technology-enabled services, for $2.4bn.
"I am pleased that the Safety team will continue to advance their vision as part of the Stonepeak portfolio, benefitting from their experience and success in investing in a wide range of digital infrastructure companies over the past decade. I remain excited about Intrado's future given Digital Workflows, Notified, and Mosaicx are industry leaders in each market they serve," John Shlonsky, Intrado President and CEO.
Platte River Equity, a Denver-based private equity firm, completed the acquisition of Womack Machine Supply, an industrial equipment supplier. Financial terms were not disclosed.
"Platte River is honored to carry on the legacy that the Rowlett family has established over the past 17 years. Womack is a premier solution provider representing global manufacturers and related components used in the fluid power and automation industry. We are thrilled to partner with the management team of Womack as we seek to expand the company's strong market position," Mark Brown, Platte River Managing Director.
Womack Machine Supply was advised by William Blair & Co and Nelson Mullins Riley & Scarborough. Platte River Equity was advised by Bartlit Beck.
Trive Capital, a private equity firm, completed an investment in Kittyhawk, a provider of Hot Isostatic Pressing services for a variety of industries including space, commercial aerospace, defense, and medical applications. Financial terms were not disclosed.
"We are thrilled to partner with a market-leader like Kittyhawk. The Company's talented team, technical capabilities, and geographic presence position us to capture the incredible growth opportunities we see coming from the proliferation of space activity, rebound in commercial aerospace, and rapid adoption of additively manufactured metallic parts," Tanner Cope, Trive Capital Managing Director.
Kittyhawk was advised by KAL Capital Markets and Perkins Coie. Trive Capital was advised by Haynes and Boone.
McGrath Rentcorp, a diversified business-to-business rental company, agreed to acquire VESTA Modular, a modular construction services and modular buildings company, from Kinderhook, an American private equity firm, for $400m.
"Kinderhook is thrilled with this outcome for VESTA, its employees, and our limited partners. Our investment in VESTA highlights the key tenets of Kinderhook's investment strategy – partnering with world class management teams to create industry leading companies. We thank the VESTA team for their hard work over the past two years and look forward to the great accomplishments to come from the combined VESTA and McGrath teams," Rob Michalik, Kinderhook Managing Director.
Kinderhook and VESTA are advised by Kirkland & Ellis and Oppenheimer & Co.
Edgewater Capital Partners, a private equity firm, completed the acquisition of NeoGraf Solutions, a carbon and graphite products manufacturer, from Aterian Investment Partners, a private investment firm. Financial terms were not disclosed.
"This transaction completes a highly successful partnership between NeoGraf and Aterian. We are grateful for Aterian's confidence and support in our Company, team and strategy as we worked together to transform NeoGraf. We look forward to continuing executing on our strategy with Edgewater and drive continued industry-leading solutions for our customers," Drew Walker, NeoGraf CEO.
NeoGraf Solutions was advised by BDA Partners and Kirkland & Ellis.
IFM Investors, a provider of investment services, agreed to acquire a majority stake in GreenGasUSA, a renewable natural gas developer, owner and operator. Financial terms were not disclosed.
"We are excited to welcome GreenGas into the IFM NZIF portfolio and support its next phase of growth. RNG projects operated by GreenGas can deliver significant emissions reductions, which is well aligned with IFM's net zero commitments and our purpose to protect & grow the long-term retirement savings of working people," Kyle Mangini, IFM Investors Global Head of Infrastructure.
GreenGasUSA is advised by Marathon Capital. IFM Investors is advised by FTI Consulting.
MiddleGround Capital, an operationally focused private equity firm, completed the acquisition of Megatech, a new digital manufacturing platform investment focused on computerized numerical control machining of highly-complex, highly-precise, low volume engineered parts. Financial terms were not disclosed.
“In a world in constant acceleration, Megatech’s mission is to be a leading machining shop, specialized in high precision and complex parts. We’re excited to work with the MiddleGround team to achieve our next leg of growth through organic and inorganic strategies, while continuing to maintain the qualities that have resulted in our success thus far. Our growth to date can be attributed to our employees, equipment, processes and engineering capability along with our ability to provide highly-technical and complex machining capabilities with fast turnaround times,” Jean Blanchet, Megatech CEO.
Megatech was advised by Stifel. MiddleGround Capital was advised by Dukas Linden Public Relations.
ArcelorMittal, a steel manufacturing corporation, led a $120m Series C funding round in Boston Metal, a company developing technology to fully decarbonize steel production, with participation from Climate Innovation Fund and SiteGround Capital.
"In Boston Metal, we are investing in a team that has made impressive progress over a relatively short period of time, developing a technology that has exciting potential to revolutionize steelmaking. In our extensive discussions with them, we have been impressed by the passion and vision they have to contribute to the decarbonization of steelmaking. They are an exciting and welcome addition to the XCarb Innovation Fund's portfolio," Aditya Mittal, ArcelorMittal CEO.
Boston Metal was advised by Antenna Group (led by Annika Harper).
Sixth Street, a global investment firm, completed the investment in Logile, a retail labor planning, workforce management, inventory management, and store execution provider. Financial terms were not disclosed.
“Logile offers retailers the most complete platform available to solve the critical pain points associated with store planning and execution, and we believe in Logile’s vision to transform store-level planning and operations. Logile is starting a new chapter in its already successful journey, and we look forward to supporting Purna and his team as they pursue the large opportunity set ahead,” Bo Stanley, Sixth Street Growth Partner and Co-Head.
Logile was advised by Oppenheimer & Co.
Fifth Wall and Franklin Templeton led a $300m Series B round in Our Next Energy, a Michigan-based energy storage technology company, with participation from Temasek, Riverstone Holdings and Coatue.
"Batteries are a fundamental component of the global energy transition economy. ONE is firmly at the forefront of driving this systemic shift. We believe ONE's next-generation mobility and stationary storage applications are a game changer and are set to transform the $100bn+ battery market. We're thrilled to be a part of the company's category-defining growth," Peter Gajdoš, Fifth Wall Partner & Co-Head of The Climate Technology Investment Team.
ARCH Ventures, a venture capital firm, and General Catalyst, an investment company, led a $203m Series A round in Paradigm, a healthcare technology company, with participation from F-Prime Capital, GV, LUX Capital, Mubadala Capital, Magnetic Ventures, and BrightEdge.
"The clinical research and drug development process is failing the very people it's meant to serve. Patients who might be best served with participation in a clinical trial often can't get access or aren't offered access to trials, research departments are chronically overburdened with significant barriers to entry created by trial complexity, and as a result sponsors' study timelines continue to lengthen at higher cost. The system is broken, and the human cost of inaction is unacceptable. Paradigm is reimagining the entire drug development paradigm by upending the status quo and focusing on equitable access to clinical research at scale from the start," Kent Thoelke, Paradigm CEO.
USIT, an investment firm, led a $150m Series B round in Colossal Biosciences, the world's first de-extinction company, with participation from Breyer Capital, WestRiver Group, Bob Nelsen, Animal Capital, Victor Vescovo, In-Q-Tel, Animoca Brands, Peak 6, BOLD Capital, and Jazz Ventures.
"Dr. George Church and Colossal's deep work in genomics is creating some of the most cutting-edge advancements in biotech. Their innovative technology has important applications for scientific discoveries, including biomedicine, and we look forward to supporting this crucial work," Thomas Tull, USIT Chairman.
Qatar Investment Authority, a sovereign wealth fund, agreed to invest $150m in Providence-backed North Road, an independent studio that produces the TV series.
"There will be plenty of opportunities. Rather than find an opportunity we don't have money for, we'd rather have enough of a bankroll that we have flexibility," Peter Chernin, North Road Chairman and CEO.
Highlander Partners, a private investment firm, agreed to acquire Black Sage Technologies, a developer of defense technology systems, from Acorn Growth Companies, a middle-market private equity firm. Financial terms were not disclosed.
"The Black Sage executive team is excited to join forces with Highlander and High Point to continue our growth trajectory in the C-UAS, critical infrastructure, and security markets. The need for effective multi-mission C-UAS solutions is increasingly evident, and we believe that Highlander will bring the necessary government and military relationships, industry experience, and long-term financial approach to accelerate our objectives in driving the business forward," Al White, Black Sage CEO.
Blackstone REIT blocks investor withdrawals from its $69bn REIT in January.
Blackstone had blocked withdrawals from its $69bn real estate income trust in January, as the private equity firm faced a surge in redemption requests from investors looking to cash out, Reuters reported.
BREIT fulfilled redemption requests of about $1.3bn in January, representing 25% of the approximately $5.3bn of the total withdrawal requests it had received during the month. The fulfilled withdrawal requests also represents 2% of the net asset value of fund. Blackstone began exercising its right to block investor withdrawals from BREIT from November last year after it received a deluge of requests that exceeded a preset 5% of the net asset value of the fund.
JP Morgan adds a $500m timberland portfolio.
JP Morgan Asset Management's timber-investing arm has acquired about 250k acres in the Southern pine belt for more than $500m, WSJ reported.
The wealth manager said its Campbell Global unit, which invests on behalf of pension funds, foundations and other institutional investors, will manage the commercial forests in Mississippi, Oklahoma and Arkansas for wood production as well as carbon capture.
KKR commits $250m to invest in TIC companies.
KKR, a global investment firm, announced a strategic partnership with Amit Agarwal, a former senior executive of Thermo Fisher and Omega Engineering, and Andy Silvernail, KKR Executive Advisor and the former Chairman and CEO of IDEX, to acquire and build businesses in the Testing, Inspection, and Certification industry.
KKR's Ascendant strategy is committing up to $250m in funding for the new executive-led platform, which will have a flexible mandate to invest in leading TIC outsourced services and instrumentation manufacturing and distribution capabilities for attractive end-markets. Mr. Agarwal will lead the platform as Chief Executive Officer, working closely with Mr. Silvernail, who will serve as Chairman.
Blackstone to acquire event software firm.
Blackstone is one of a number of private equity firms considering making a bid to acquire Cvent Holding, a US-based provider of software for the events management sector, in a deal that could value the business at up to $4bn.
News of a potential sale of the firm, which offers a range of products for automating the event management process, pushed the company’s shares 23% higher on 31 January, up roughly 1% in trading.
Silver Lake considers Qualtrics takeover.
Private equity firm Silver Lake Management is considering a takeover of SAP-backed customer-survey software maker Qualtrics International.
Silver Lake, which currently owns 4.2% of Qualtrics, plans to submit a proposal to buy the firm’s remaining shares and delist the stock, it said on a filing. Software maker SAP last week announced plans to cut 3k jobs, or 2.5% of its global workforce, and explore the sale of its remaining 71% stake in Qualtrics, Reuters reported.
Cybersecurity firm Rapid7 explores sale.
Rapid7, the cybersecurity firm that hired Twitter whistleblower Peiter Zatko last month, is exploring options that include a possible sale after attracting acquisition interest, Reuters reported.
The Boston-based company is working with investment bank Goldman Sachs as it considers approaches from parties that include private equity firms.
Advent-backed Cobham studies takeover of US defense peer Mercury.
Advent International-backed UK defense firm Cobham said it's weighing an acquisition of Mercury Systems, a US peer that announced it's exploring strategic alternatives, Bloomberg reported.
Shonnel Malani, an Advent managing partner and Cobham's chairman, said in an interview that the company is looking seriously at Andover, Massachusetts-based Mercury as defense spending increases around the world.
Stripe in talks for possible funding round led by Thrive Capital.
Payments startup Stripe is discussing a possible funding round led by Thrive Capital, a venture capital firm founded by Joshua Kushner. A deal would allow some veteran employees of the company to sell their shares even if Stripe does not go public imminently, Bloomberg reported.
Thrive would invest $1bn in Stripe as part of a larger funding round valuing the startup at $55bn to $60bn. That’s significantly lower than the $95bn valuation Stripe received in its most recent funding round in 2021.
Warburg Pincus amasses $15.4bn for latest flagship private equity fund.
Warburg Pincus, a private equity firm, disclosed it has amassed $15.4bn for its latest flagship global private equity fund that will acquire companies across industries around the world.
The move brings New York-based Warburg closer to hitting its initial target of collecting $16bn from investors for the fund, Warburg Pincus Global Growth 14. The fund is the largest in the firm's history.
New Enterprise Associates closes on two funds totaling $6.2bn.
New Enterprise Associates, a private equity firm, announced that it has closed on approximately $6.2bn across two funds, bringing the firm's assets under management to over $25bn as of December 31, 2022.
Both funds will be invested across a broad range of technology and healthcare sectors, including enterprise and consumer technology, digital health and life sciences. Consistent with the firm's strategy over many funds, investing activities will span the entire lifecycle of company building, from incubation and seed-stage investments to fueling the growth of market leaders.
"We are deeply grateful to our Limited Partners for the trust they have placed in our team, and excited to have raised the largest pool of capital in NEA's history at a time of great uncertainty, but also tremendous opportunity. Our own performance over decades strongly affirms the importance of both peaks and troughs in a healthy ecosystem for innovation and company building, and we look forward to supporting founders at every stage with both the capital and the cycle-tested expertise NEA has always brought to bear in tough times," Scott Sandell, NEA Managing General Partner.
Patient Square beats target to raise $3.9bn for first fund.
Healthcare-focused Patient Square Capital, founded by former KKR dealmaker Jim Momtazee, raised $3.9bn for its debut fund, surpassing a $3bn target.
The Menlo Park, California-based firm, launched in 2020, benefited from heightened investor demand for exposure to the healthcare sector, driven by demographics and innovation, Bloomberg reported.
Gemspring Capital announces two funds with $2.1bn in commitments.
Gemspring Capital Management, a middle market private equity firm, forms Gemspring Capital Fund III at $1.7bn and Gemspring Growth Solutions Fund I at $400m, totaling $2.1bn in aggregate capital commitments. Fund III, Gemspring's third buyout fund, held its first and final close at the hard cap on all institutional limited partner commitments.
The Gemspring team makes substantial investments in all Gemspring funds and was the largest commitment in Fund III.
"We are grateful for the overwhelming support from both existing and new limited partners. With the fresh capital, we are well-positioned for a market environment which will likely yield an abundance of opportunities in line with our value-oriented and transformational growth investment strategy," Bret Wiener, Gemspring Managing Partner.
Gemspring was advised by Kirkland & Ellis.
Tritium Partners secures $684m for a third growth-focused private equity fund.
Tritium Partners, a private equity firm investing in growth companies in the lower middle market, announced it held a final closing on its third fund, Tritium III, with $684m of committed capital. The fund exceeds its target and represents a nearly 50% increase over Tritium's 2019 second fund.
"We are extremely excited to have received such strong support from current Tritium investors and are proud of the new investors we have added. Tritium's limited partners share our belief that growth-focused investing in the lower middle market offers opportunities for those willing to do the hard work required to scale businesses with great potential," Philip Siegel, Tritium Managing Partner and Co-Founder.
Shamrock Capital raises $600m for Fund III.
Shamrock Capital, a Los Angeles-based investment firm specialising in media, entertainment, communications and related sectors has held the final closing of Shamrock Capital Content Fund III, which is to acquire a diverse and global portfolio of content and media rights, with over $600m in commitments, exceeding its target of $500m.
SCCF III, the third equity fund for Shamrock's Content Strategy, will follow the same mandate as its two predecessor funds and partner with content creators and owners while targeting the acquisition of premium, cash-flowing portfolios across film, television, music, video games, sports rights and other forms of content.
North Hudson launches $275m energy credit fund.
North Hudson Resource Partners, a Houston-based energy investment firm, announced the launch of its inaugural credit fund, North Hudson Energy Credit Partners. The fund seeks to deploy $275m of capital to support middle-market, North American onshore oil and gas production companies with senior secured loans to refinance existing debt, finance acquisitions, and fund development.
"With the continued pullback by many capital providers in the oil and gas sector - in particular, commercial banks - we are pleased to be able to provide solutions for companies seeking to achieve their strategic objectives. The lack of capital available in the oil patch is even more acute for small and mid-sized operators, which is a serious impediment to responsible resource development," Mark Bisso, North Hudson Managing Partner.
Firebolt Ventures in the market to raise $100m new VC fund.
Seed and early-stage focused venture investor Firebolt Ventures has filed with the US Securities and Exchange Commission to raise $100m for its latest venture capital vehicle.
The filing for Firebolt Ventures V comes less than two years after the US-headquartered VC firm, which counts more than a dozen Silicon Valley unicorn founders as backers, raised $25m for the predecessor fund, DealStreetAsia reported.
EMEA
Energy Capital Partners, a private equity firm, completed the acquisition of Biffa, a waste management company, for £1.9bn ($2.3bn).
"We are pleased to complete our acquisition of Biffa and to partner with such an exceptional leader in the waste management space. We share the Biffa team's vision to promote a more sustainable, circular economy, and are excited to partner with the Company in its next phase of growth. We are impressed by Biffa's visionary leadership, talented employees and commitment to safety. ECP and Biffa will remain focused on providing the highest levels of service to the Company's customers," Andrew Gilbert, ECP Partner.
Permira, a global private equity firm, agreed to acquire a majority stake in Acuity Knowledge Partners, a provider of high-value research, analytics and business intelligence to the financial services sector, from Equistone, a mid-market private equity investor. Financial terms were not disclosed.
"Rob and his team have done a phenomenal job building Acuity to what it is today. The Company stands out because of its domain expertise, scale, long track record serving blue-chip financial institutions and innovative technology solutions. In the context of rising cost pressures facing the financial services industry, the value proposition of Acuity's tech-enabled, global delivery specialists is extremely clear. We see great potential for Acuity to further extend its leadership in existing segments as well as branch into new adjacencies and geographies – growth areas we are very experienced in facilitating via our deep sector knowledge, across both services and technology, and global network," Daniel Tan, Permira Head of Asia.
Acuity is advised by Montieth (led by Cameron Penny). Permira is advised by Jamieson, Robert W Baird, Clifford Chance, Travers Smith and Headland Consultancy (led by Carl Leijonhufvud). Equistone is advised by DC Advisory, Rothschild & Co, Latham & Watkins and Hawthorn Advisors (led by Stephen Atkinson).
Platinum Equity, a private equity firm, completed the acquisition of the High-Temperature Solutions business of Imerys, an industrial company, for $944m.
"We have great respect for the Imerys team, which has been an excellent steward of the HTS business for many years. We appreciate their confidence in our ability to deliver a transaction that is opportune for everyone involved. Platinum's carveout expertise and ability to manage through complex situations once again differentiated us. We are excited to add HTS to our growing pan-European portfolio and to support its new chapter of growth," Louis Samson, Platinum Equity Partner.
Veritas Capital, a New York-based private equity firm, completed the acquisition of Wood Mackenzie, a global research and consultancy group, from Verisk Analytics, an American multinational data analytics and risk assessment firm, for $3.1bn.
"We are pleased to announce this transaction, which both represents value creation for our shareholders and will allow us to focus on businesses more closely aligned with our strategy, distinctives, and global ambitions. We are glad to have found strong ownership for our healthcare services business. The sale will enhance our focus on proprietary data analytics in our key vertical markets," Scott Stephenson, Verisk Analytics Chairman, President and CEO.
Timken, a global industrial company, agreed to acquire Nadella Group, a manufacturer of linear guides, telescopic rails, actuators and systems, and other specialized industrial motion solutions, from ICG, an asset management, and private equity firm. Financial terms were not disclosed.
"Nadella will complement and scale our linear motion product portfolio and deliver strong synergies with our Rollon business. Timken executive vice president and president of industrial motion. Nadella's differentiated solutions are custom engineered for premium applications in attractive and growing market sectors, including medical, food and beverage, packaging, and automation. We also see significant growth opportunities for Nadella products in North America as part of Timken," Christopher A. Coughlin, Timken Executive Vice President.
Timken is advised by Jones Day (led by Leon N. Ferera). Nadella is advised by Alvarez & Marsal, Houlihan Lokey, and DLA Piper.
Uniphore, a conversational AI and automation company, completed the acquisition of Red Box, a voice and data recording solutions provider, from Livingbridge, a mid-market private equity firm. Financial terms were not disclosed.
“During these dynamic economic times, enterprises are realizing the importance of working with integrated platforms that can scale to offer stellar customer experience and proven ROI, versus point solutions and data silos. Today, I am excited to welcome the Red Box team to bring even more value to our combined global customer base through innovative technology, and a talented team that will help maximize the value of conversations,” Umesh Sachdev, Uniphore CEO and Co-Founder.
Flight Centre Travel Group, a travel agency, agreed to acquire Scott Dunn, a luxury travel operator, from Inflexion, a private equity firm, for A$211m ($150m).
"We would like to thank the whole team at Scott Dunn for their commitment to building on the Scott Dunn brand and heritage, reinforcing its position as the leading luxury travel company. In particular, the business has come out of the pandemic in a strong position. It is well placed to continue to grow further in the UK and across the globe," Simon Turner, Inflexion Managing Partner.
Debt financing is provided by Macquarie Group and UBS.
Chimera Investments, an investment company in Abu Dhabi, completed the acquisition of a 22% stake in MNT Halan, a microfinance lending and payments company, for $200m.
"As one of the region's premier and most progressive investors, Chimera Abu Dhabi brings a unique and dedicated understanding of our business. Having the backing of Chimera Abu Dhabi is of significant support to the execution of our strategy. The timing of the transaction is also a testament to our ability to significantly increase our revenues and open new revenue streams while growing our bottom line, despite the macro-economic situation. I am excited for what lies ahead as we continue to grow both organically and inorganically by offering cutting edge financial products and services locally and internationally to empower the underserved," Mounir Nakhla, MNT-Halan Founder and CEO.
Chimera was advised by Shearman & Sterling (led by Jade Chu).
Austria's Federal Competition Authority wants to conduct a more in-depth investigation into brickmaker Wienerberger's takeover bid for French firm Terreal, Reuters reported.
The FCA said in a statement it had filed an application with the cartel court due to competition concerns after discussions with competitors and customers indicated a different market definition than the one submitted by the involved parties.
Goldman Sachs Asset Management is advised by Weil Gotshal and Manges (led by Jean Beauchataud).
GLIL, an alternative investment fund, completed the acquisition of a 25% stake in M6toll, an operator of a mile toll road across the United Kingdom, from IFM Investors, an investment management services provider. Financial terms were not disclosed.
"We are delighted to form a partnership with IFM and Aleatica, two experienced infrastructure investors with proven sustainability credentials. For GLIL Investors, the M6toll offers long-term, asset-backed cash flows and further diversifies the portfolio into road infrastructure, an essential part of UK economic growth," Lee Belfield, GLIL Investment Lead.
GLIL was advised by Credit Agricole.
Brookfield, an alternative asset management company, completed the acquisition of the private equity solutions business from DWS, an asset management firm. Financial terms were not disclosed.
"We are pleased to have delivered a strong outcome for the clients and employees of our private equity solutions business. Brookfield Asset Management is a global player in private equity and a natural home for the PES business. Alternatives remains a priority growth area for DWS, and this transaction allows us to focus on and fund new initiatives in our key areas of strength, including our strong real assets franchise and growing private debt business," Stefan Hoops, DWS CEO.
Messer in talks with sovereign funds over CVC JV buyout.
German industrial gas maker Messer is in talks with sovereign wealth funds to help finance a buyout of its joint venture with CVC Capital Partners.
The firm was in touch with investors including Singapore's GIC, Abu Dhabi's Investment Authority and EQT's infrastructure arm.
The joint venture, Messer Industries, owns former Linde assets in North and South America and could be valued at up to $7.6bn, Reuters reported.
Activist Elliott discloses stake in Germany’s Vantage Towers.
Elliott Investment Management, the activist investor owned by billionaire Paul Singer, disclosed a stake in Germany’s Vantage Towers, as the tower company’s controlling shareholders work to take the business private, Bloomberg reported.
The investor said it owns 5.6% of the company’s total voting rights as of January 24. Elliott could use the stake to take advantage of a German law that lets investors, under certain conditions, challenge a bidder for a higher offer. Vantage shares jumped to a record high of €33.68 ($36.61) apiece after the statement, above the €32-per-share bid price that Vantage’s minority investors were offered to sell their stakes.
KKR bids for Telecom Italia network.
Telecom Italia received a multi-billion euro bid for a controlling stake in its fixed-line network from US fund KKR, Italy's biggest phone group said, adding its board would meet on Thursday to discuss the matter. Telecom Italia said the size of the stake that KKR was seeking was yet to be defined, but the move would result in the US firm taking control of a newly created company comprising TIM's domestic landline network as well as a stake in submarine cable unit Sparkle.
KKR, which is already an investor in TIM's network, made a non-binding takeover offer for the group as a whole late in 2021 which TIM eventually rejected, Reuters reported.
Santander is not interested in potential acquisition of Orange Bank.
Spain's Santander is not interested in the potential acquisition of Orange Bank, the mobile banking unit of Orange, chairman Ana Botin said.
Reuters reported that French banks BNP Paribas, Credit Agricole and Societe Generale were mulling a bid for Orange Bank. Spanish bank Santander and US private equity fund Cerberus were also considering a bid.
Greybull eyes distress deal for battery-maker Britishvolt.
Greybull Capital, a PE firm with a track record of backing struggling British companies, could be a potential savior for failed battery startup Britishvolt, Pitchbook reported.
The London-based firm met with Britishvolt's management on Monday to discuss the proposal. The company launched bankruptcy proceedings in January following repeated emergency funding rounds. Staff costs, which ate most of the cash raised, ultimately forced the company's creditors to call time.
IONOS targets IPO value of up to $3.4bn.
German web hosting firm IONOS is targeting a market capitalisation of up to $3.42bn in Europe's first major initial public offering since sports car maker Porsche last September.
United Internet and its minority private equity partner Warburg Pincus are each offering 15% of their respective holdings in IONOS at $20.11 to $24.46 a share, resulting in total proceeds of up to $590m.
Subject to regulatory approval of the IPO prospectus, the offer is expected to run from January 30 to February 7. The stock will debut on the Frankfurt bourse the following day. If all the shares are sold, IONOS will have a free float of 17.3%, Reuters reported.
Greece picks banks for €1bn Athens airport IPO.
A Greek government-owned fund has picked banks for an initial public offering of its 30% stake in Athens International Airport, Bloomberg reported.
The Hellenic Republic Asset Development Fund has chosen Bank of America and Morgan Stanley to lead work on the share sale, which will likely take place in the second half of the year. It has selected Deutsche Bank as a senior joint bookrunner and financial adviser on the deal.
All Seas Capital closes maiden fund with $400m.
All Seas Capital, a pan-European private capital fund that provides transformational capital solutions to founder- and entrepreneur-owned companies, announced final close of its maiden fund, All Seas Capital I, with total commitments of $400m including co-investments.
"As entrepreneurs ourselves, we launched All Seas Capital to take advantage of the deep pool of opportunities across the European mid-market, accessible through our established sourcing network across our target markets of Western and Northern Europe. We have built a strong and ambitious investment and operational team, with an entrepreneurial culture at its core," Cristobal Cuart, All Seas Capital Co-Founder.
Adenia Partners announces $300m first close for Fund V.
Adenia Partners, a private markets investment firm committed to responsible investing and a sustainable Africa, is pleased to announce the first close of its fifth flagship fund, Adenia Capital (V), with $300m commitments from investors.
“This successful first closing – against the backdrop of an uncertain macro environment – is testament to our long-established track record of building market leaders in Africa as a committed, responsible investor with an on-the-ground presence across the continent,” Alexis Caude, Adenia Managing Partner.
Buyout firm convergence raises $296m Africa tech fund.
Buyout firm Convergence Partners raised $296m to buy African technology assets, Bloomberg reported.
The capital raise, one of the first private equity funds secured for sub-Saharan Africa this year, will bring the total funds under management at Convergence to about $600m. The new money is mainly from previous investors, development agencies, and pension funds in the US, UK, Europe, and Africa.
AE Industrial Partners appoints head of ESG. (People)
AE Industrial Partners, a US-based private equity firm specialising in aerospace, defence and government services, space, power and utility services, and specialty industrial markets, has appointed Jennifer Essigs as head of ESG.
Essigs will spearhead the firm’s increased commitment to supporting ESG initiatives at both the firm and its portfolio companies.
One Rock to open London office. (People)
One Rock Capital Partners, a value-oriented, operationally focused private equity firm, has opened a new office in London, to focus on European investment opportunities. Industry veteran Telmo Valido has been appointed as a partner to co-lead and grow the London-based team alongside Kurt Beyer, a partner formerly based in New York who is relocating to the London office.
Jeremy Xia, a principal from the New York office, has also relocated to London along with Beyer, while Lukas Zeitlberger, formerly of Metric Capital, has been appointed as a London-based principal. Over the years, One Rock has grown its presence and deal activity in European markets, completing several corporate carve-outs of North American assets from Europe-based parent companies, as well as multiple European add-on acquisitions.
APAC
Lotus Technology, a global luxury electric vehicle maker, agreed to go public via a SPAC merger with L Catterton Asia Acquisition in a $5.4bn deal.
"The global EV market is expanding rapidly, with the luxury segment growing at a faster pace than the broader industry. China, the EU, the UK, and the US are expected to fuel the majority of this growth over the next decade as government policies in these regions provide further tailwinds for EV sales. Lotus Tech is well positioned to benefit from these dynamics, as it is a pioneer in the decarbonisation of luxury automobiles, and its management team and R&D experts have demonstrated that they have the ability to lead the energy transition in the Company's target segment and geographies. We look forward to a fruitful partnership with them to extend Lotus Tech's technological and market leadership," Chinta Bhagat, LCAA Co-CEO.
Lotus Technology is advised by Deutsche Bank, Han Kun Law Offices, Skadden Arps Slate Meagher & Flom, and Brunswick Group. LCAA is advised by Credit Suisse, Fangda Partners, and Kirkland & Ellis. Credit Suisse is advised by Shearman & Sterling.
DigitalBridge Investments, a private equity firm, completed the acquisition of the global infrastructure equity investment management business of AMP Capital, a private equity firm, for $498m.
"This transaction represents a unique opportunity to extend our leadership in digital investment management. In addition to accelerating and scaling the growth of our platform, we are empowering a team of high-caliber investment professionals who share our commitment to delivering strong long-term returns for investors and have significant experience investing in the value-added mid-market infrastructure segment directly adjacent to our flagship equity business," Marc Ganzi, DigitalBridge CEO.
Axa Investment Management, a global investment management firm, completed the acquisition of a 33-asset multifamily portfolio in Japan for $460m.
The newly acquired portfolio is made up of residential buildings with predominantly one-bed apartments in Tokyo, Greater Osaka and Nagoya. Axa IM Alts' exposure to Japanese residential assets currently totals around 7.8k units.
Axa was advised by JP Morgan.
MBK Partners, a North Asia-focused private equity firm, completed the acquisition of Unimat Retirement Community, a Japanese elderly care service provider, for $300m.
The investments were made as MBK recognized the high growth potential of Japan's nursing care industry and its social significance, MBK said in the release.
Canada’s $181bn pension fund pauses private China deals.
Ontario Teachers' Pension Plan Board, a Canadian fund, has paused direct investing in private assets in China. Geopolitical risk is among the reasons behind the pension fund’s move, Bloomberg.
OTPPB has about $5bn invested in China, equal to about 2% of its portfolio. Direct investments include online education startup Zuoyebang, community group buying company Xingsheng Youxuan, and micro lender CD Finance.
“Our current focus is on listed securities, building value in our existing portfolio, and investing in public and private assets via fund partners, rather than direct private investments,” Dan Madge, OTPPB spokesperson.
Accel, Tiger Global to exit Flipkart.
Accel and Tiger Global are in discussions over the sale of their remaining stake in Indian e-commerce firm Flipkart to US retail giant and majority shareholder Walmart, in a deal valued at around $1.5bn.
Both companies were early backers of Flipkart with Accel now holding a stake of just over 1% of the business and Tiger Global about 4%. The stake would raise Walmart's ownership in the e-commerce giant from the current 72%.
Both investment firms are exiting from Flipkart largely because they need to return money to their limited partners or sponsors from funds that are nearing the end of the maturity cycle, The Economic Times reported.
Adani gets backing as UAE royals buy $400m in a share sale.
Abu Dhabi's International Holding will invest about $400m in Adani Enterprises' follow-on share sale, saying it was confident in Indian billionaire Gautam Adani's business empire even after almost $70bn was wiped off its market value, Bloomberg reported.
The funding from IHC, controlled by a key emirate's royal family member, will represent about 16% of the offering and follows an almost $2bn investment in Adani's companies last year.
"Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises. We see a strong potential for growth from a long-term perspective and added value to our shareholders," Syed Basar Shueb, CEO.
Pertamedika IHC looking to raise over $300m from private equity firms.
Pertamina IHC, an Indonesian hospital operator, is looking to raise more than $300m from investors including private equity firms, DealStreetAsia reported.
Nicke Widyawati, Pertamina's CEO, confirmed that Pertamedika IHC is in the process of raising capital, without revealing the figure.
Canada's CPPIB invests $205m in IndoSpace's new fund.
Indian warehouse and parks developer IndoSpace on Monday said the Canada Pension Plan Investment Board would invest $205m in the company's new real estate fund, Reuters reported.
The investment from Canada's biggest pension fund is part of IndoSpace's new fund targeting $600m in equity commitments. CPPIB's latest investment in the Indian property developer will take its partnership with the company to over $1bn in assets.
Ingka Investments signs agreement to invest in Australia’s biggest permitted wind farm.
Ingka Investments, the investment arm of Ingka Group, the world's largest IKEA retailer, has made its first renewable energy investment in Australia, taking a 15% stake in the $1.4bn stage one of TagEnergy’s Golden Plains Wind Farm near Geelong.
“Sustainability investments are a growth sector, where doing good business and being a good business comes together, and therefore are also a core strategic priority for Ingka Group. It is about making the necessary investments to meet sustainability goals and support the IKEA transition to become climate positive and transition to a circular business model, through offering affordable solutions enabling people to live within the planetary boundaries. The investment also increases our ability to support value chain partners with renewable energy,” Peter van der Poel, Ingka Investments Managing Director.
Japan banks extend deadline for Toshiba bid’s loan decision.
Top Japanese banks are extending the deadline to issue commitment letters for a loan that backs Japan Industrial Partners-led consortium’s takeover offer for Toshiba, Bloomberg reported.
The lenders are now looking to make a decision on the loans by February 3 as discussions on the loan conditions including financial covenants are still ongoing.
Ardian to open new Abu Dhabi office.
French private equity firm Ardian is to open a new office in Abu Dhabi – its 16th globally – as part of an initiative to expand partnerships in the region and support portfolio companies expanding into the region.
Last month Adrian, which manages $140bn in assets, announced a new $2.1bn private equity partnership with Mubadala Capital, the Abu Dhabi sovereign wealth fund's asset management arm.
Australian real estate investor Dexus raises $300m for two property funds.
Australia-listed real estate group Dexus has announced raising an aggregate of AUD420m ($300m) for its two property funds — Dexus Real Estate Partnership 1 and Dexus Healthcare Property Fund.
DREP1 is a close-ended fund seeded by Dexus with three assets: a Melbourne office development, an industrial project in Sydney, and a construction loan, DealStreetAsia reported.
Elevar Equity raises at least $126m for latest India fund.
Venture capital firm Elevar Equity Advisors, which is currently on the road to raise its fifth India-focused fund, has garnered as much as $125m so far from US investors.
The total corpus that the social impact investor is targeting to raise for Elevar India is $225m as it looks to invest in growth-stage companies that cater to the marginalised and weaker sections in the country.
The firm seeks to invest in companies across the financial services, education, agriculture, healthcare, and housing sectors, DealStreetAsia reported.
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