EMEA
Investcorp & Coller to form $1bn European private equity fund.
AMERICAS
Vista completed $1.94bn acquisition of Apptio.
Alden Global-backed MNG Enterprises to acquire Gannett in a $1.36bn deal.
Perella Weinberg plans to name Peter Weinberg as CEO.
Blackstone hired GA's Jon Korngold to lead growth unit.
The Carlyle Group announced promotions.
APAC
Boyu Capital leads RMB1.8bn funding for Yimi Dida.
CPPIB investment into GLP's Japan-focused development fund.
NBFC Samunnati in talks with PE firms to raise up to $70m.
China doubles foreign investment ceiling in further opening of the financial system.
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Latest Deals
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EMEA
German media group ProSiebenSat.1 Media's e-commerce arm NuCom is buying control of Aroundhome, an online broker for home services and products, in a deal valued at €140m ($161m). NuCom Group is increasing its voting shares in Aroundhome from 42% to 94%. Aroundhome previously operated under the name Käuferportal and was renamed on January 2, 2019.
The 52% stake increase is made up of voting shares held by General Atlantic (42%) as well as of the founders Mario Kohle (8%) and Robin Behlau (2%).
Max Conze, CEO of ProSiebenSat.1 Media: "With the increase in Aroundhome shares, we now hold a majority stake in all of our commerce companies. This represents a strategically important milestone. We believe that based on organic growth and our successful acquisition activities, we will increase sales this year to around €1bn ($1.1bn). By 2023, we aim to achieve revenues of €2bn ($2.3bn) with the NuCom Group."
Investcorp & Coller to form $1bn European private equity fund.
London-based Coller Capital's Coller International Partners VII will underwrite the new fund, in which Investcorp will retain "a meaningful general partner commitment." The deal also includes fresh capital for any follow-on investments and future investments.
AMERICAS
Vista completed $1.94bn acquisition of Apptio.
Vista Equity Partners closed its previously announced take-private acquisition of Bellevue, Washington-based Apptio Inc, a provider of business management software. The value of the transaction was $1.94bn. As a result of the closing, Apptio will no longer trade on the NASDAQ.
Apptio shareholders received $38 in cash per share, representing a 53% premium to the unaffected closing price as of November 9, 2018.
Apptio was advised by Qatalyst Partners as financial adviser and Wilson Sonsini Goodrich & Rosati as legal adviser. Vista's legal adviser was Kirkland & Ellis.
Alden Global-backed MNG Enterprises to acquire Gannett in a $1.36bn deal.
Newspaper chain MNG Enterprises, also known as Digital First Media, made an offer to buy the USA Today publisher Gannett for $12 per share (23% premium). MNG Enterprises, backed by Alden Global Capital, has already built a 7.5% stake in Gannett and plans to publicly push Gannett to sell itself. MNG Enterprises has approached Gannett about a deal several times in the past few years, but has been rebuffed.
Gannett, whose shares rose 20% to $11.70, said it will review the proposal. MNG said it could also ask for changes to Gannett's board. The company is also in the middle of finding a successor for its current Chief Executive Officer Robert Dickey, who is slated to retire in May this year.
Investindustrial entered into a definitive agreement to acquire Jacuzzi Brands and several spa and bath products brands, from investment funds affiliated with each of Apollo Global Management, Ares Management Corp, and Clearlake Capital Group. Investindustrial has invited Nottingham Spirk Design Associates to be a business innovation and product design partner and to co-invest in the Company as a minority shareholder. Financial terms were not disclosed.
Jacuzzi Brands, founded in 1956 by an Italian family, is the clear European market leader and is the co-leader in the U.S. spa sector. The Company generated revenues of approximately $500m in the fiscal year 2018.
Andrea C. Bonomi, Investindustrial's Chairman of the Industrial Advisory Board, said, "We are excited about the opportunity to contribute to Jacuzzi Brands' next phase of development. We see significant untapped potential and will work closely with management to grow the business through product innovation and an expansion of the Company's footprint."
Atlantic Street Capital will form Advancing Eyecare Holdings with the partnership of its portfolio company Lombart Instrument, the leading U.S. distributor of ophthalmic instruments to ophthalmologists and optometrists, and Marco Ophthalmic, a market leading, high-tech instrumentation supplier. Financial terms were not disclosed.
Gordon Siteman, Chief Executive Officer of Lombart, said, "Creating Advancing Eyecare with the partnership of two leaders in the eyecare instrumentation marketplace increases our ability to provide the doctor both the service and product offerings that suit their budget and their technology requirements. When completed, the combined organization will deliver the best solution at the best price for every practice's needs."
ASSA ABLOY has signed an agreement to acquire KEYper Systems, a leading supplier of electronic and mechanical key management systems in the US with a strong presence in the automotive segment. Financial terms were not disclosed.
"I am very pleased to welcome KEYper Systems into the ASSA ABLOY Group. The acquisition of KEYper Systems enhances our global product offering in this area and will provide synergy opportunities in North America and other markets," says Nico Delvaux, President and CEO of ASSA ABLOY.
Perella Weinberg plans to name Peter Weinberg as CEO.
Investment bank Perella Weinberg Partners plans to name Peter Weinberg as its CEO with current CEO Robert Steel set to become the company's chairman. Weinberg founded the company with veteran deal maker Joe Perella in 2006. It currently manages assets worth about $13.8bn. Perella will be named chairman emeritus.
Blackstone hired GA's Jon Korngold to lead growth unit.
Blackstone Group hired a General Atlantic executive to launch a business that will invest in fast-growing companies. Jon Korngold, an 18-year veteran of General Atlantic who served on the private-equity firm's management committee and led its investments in financial services and health care, will lead Blackstone's new platform. The unit will take stakes in companies in a phase of development falling between early-stage venture-capital investments and more mature traditional buyout targets.
The Carlyle Group announced promotions.
The Carlyle Group announced the promotions of 60 professionals to senior positions: 5 to Partner, 22 to Managing Director and 33 to Principal/Director. The individuals work in Carlyle's offices around the globe in four investment segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – plus Investor Services.
APAC
CapitaLand Limited has entered into a transaction with Temasek to acquire from its subsidiary, Ascendas-Singbridge to create the largest diversified real estate group in Asia. The proposed transaction is valued at SGD11bn ($8.1bn) and is subject to approval by CapitaLand's independent shareholders.
Post-transaction, the combined total assets under management of the Group will exceed SGD116bn ($85.7bn). The Group's expanded asset classes will include logistics/business parks, industrial, lodging, commercial, retail and residential. Its geographical presence will span more than 180 cities across 32 countries. Also, the Group will leapfrog CapitaLand's Year 2020 AUM target of SGD100bn ($73.9bn), putting it amongst the top 10 real estate investment managers globally.
Under the terms of the agreement, Temasek will receive SGD6bn ($4.4bn), which will be satisfied 50% in cash and 50% in new CapitaLand shares.
JP Morgan and WongPartnership are financial advisors and legal counsel to CapitaLand respectively. Allen & Gledhill is legal counsel to ASB.
Boyu Capital leads RMB1.8bn funding for Yimi Dida.
Chinese firm Boyu Capital has led a RMB1.8bn ($266m) Series D round for Shanghai Yimi Dida Supply Chain. Hopu Investment Management and tech-focused venture capital firm Source Code Capital also participated in the new round. Founded in 2015, Shanghai Yimi Dida Supply Chain Management develops logistics management systems.
CPPIB investment into GLP's Japan-focused development fund.
Canada Pension Plan Investment Board invested in GLP Japan Development Partners III, the largest ever Japan-focused logistics private real estate fund. CPPIB is the largest investor in GLP JDP III which is expected to reach JPY625bn ($5.5bn) AUM when fully invested. This is the third Japan-focused logistics partnership between GLP and CPPIB, having previously established GLP Japan Development Venture I and II, GLP's first two Japan-focused logistics joint ventures with CPPIB, which have reached full capacity.
NBFC Samunnati in talks with PE firms to raise up to $70m.
Samunnati Financial Intermediation and Services, a non-banking financial company specializing in loans to farmers and entities engaged in agriculture, is in talks with General Atlantic and Warburg Pincus to raise around $50-70m.
Investment bank Kotak Mahindra Capital is said to be advising Samunnati on the fundraising.
China doubles foreign investment ceiling in further opening of the financial system.
China doubled the limit of one of the main foreign investment channels into the world's second-biggest economy, continuing to open up its financial system even as the country's trade war with the U.S. jolts financial markets. The quota for the Qualified Foreign Institutional Investor program was increased to $300bn, the State Administration of Foreign Exchange said.
It's the first expansion since July 2013, when the ceiling was raised to $150bn from $80bn. Authorities have been stressing that they plan to open China's financial system further, building on earlier promises that they would better integrate the more than $40tr sector into the global economy.
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