IK Investment Partners acquired 2Connect from the Van der Put Family.
IK Small Cap II Fund has completed its first transaction in the Benelux by acquiring 2Connect, a leading manufacturer of specialised cables and connectors, from the van der Put family. The founder will reinvest alongside the Fund. Financial terms were not disclosed.
“The market for speciality cables is expected to grow as automation, miniaturisation and digitisation drive increased connectivity. 2Connect’s unique combination of in-house tailored design and low to medium volume manufacturing capabilities puts the company in a strong position to further develop its offering and gain market share. We are delighted to be the preferred partner for the future for Marc and his team."
Sander van Vreumingen, IK Investment Partner.
The alternative investment specialist agreed with EDP, Portugal’s biggest energy company, to acquire a portfolio of 21 operational small-scale hydropower plants located in Northern and Central Portugal with a total capacity of approximately 100 MW. The investment marks Aquila Capital’s first step into Portugal’s hydropower market. Financial terms were not disclosed.
“Portugal’s renewable energy market is grossly underestimated by general opinion and investors alike. The country is highly attractive to our investors for several reasons, including the predictability provided by feed-in tariffs, the stability of the binational energy market and the absence of currency risks. In particular, Portuguese hydropower is an ideal addition to our institutional investors’ portfolios because it offers diversification both regionally and by asset class.” Roman Rosslenbroich, Aquila Capital Co-founder and CEO.
VTB secretly financed Rosneft sale after foreign buyers walked.
The $11.57bn partial privatization deal of Rosnfet was designed to replenish Russia’s coffers, depleted by falling energy prices and Western sanctions. Glencore and Quatar's sovereign wealth fund announced then the acquisition of a 19.5% stake in Rosneft.
But now, nearly two years after the sale was first announced, it is said that a Russian state-owned bank, itself financed a large share of the acquisition, undermining the deal’s stated aim to bring foreign money into the country.
The value of the Russian loan to the Qatari sovereign wealth fund is said to be around $6bn. VTB denied it issued a loan to the Qatari sovereign wealth fund. However, VTB data published by the Russian central bank showed that VTB loaned $6.7 billion for up to three years to unnamed foreign borrowers.
FSN sells €215m block of Netcompany shares.
FSN Capital has sold 7.1m shares in listed IT services firm Netcompany Group via an accelerated bookbuild offering.
The financial technology platform democratizing alternative investments, today announced that The Carlyle Group has invested in the company as a strategic partner. Financial terms were not disclosed.
The firm joins BlackRock, The Blackstone Group, BNY Mellon, Credit Suisse, JPMorgan Chase, Morgan Stanley, and UBS as a strategic partner and investor, further expanding the consortium of industry leaders aligned with iCapital’s development of an industry standard technology solution for alternative investments.
In addition to the investment, The Carlyle Group has also partnered with iCapital to leverage its proprietary technology to help manage Carlyle’s operations and administration of its private equity vehicles targeting the wealth management marketplace.
“Carlyle has developed a strong relationship with the team at iCapital as they’ve rapidly grown from a fintech startup to an established leader working with some of the most respected participants in alternatives. Using technology to improve operational processes and infrastructure, iCapital’s platform is a potential game-changer for the industry.”Norma Kuntz, The Carlyle Group. Managing Director and the Global Head of Fund Management.
Ares Management and BC Partners provided strategic financing to NueHealth.
NueHealth has over 20 years of proven success in Multi-Specialty and Orthopedic Specialty surgical care and is a national leader in developing, building, managing, and growing specialty surgical hospitals, ambulatory surgical centers and hyper-specialty centers. This growth capital will enable NueHealth to accelerate the adoption of its value-based care protocols, consumer driven technology stack and advanced payment model contracting with payors and employers. Financial terms were not disclosed.
“Ares Management and BC Partners Credit worked to provide NueHealth with a capital structure that meets our near-term objectives and positions the Company to be the leader in the transition to value-based healthcare delivery in the United States. I am extremely proud of our experienced management team, which has over 150 years of combined experience in healthcare services, for closing this important transaction." Dan Tasset, NueHealth Founder and CEO.
NueHealth was advised by Bryant Park Capital.
Johnson Controls process to automotive-battery business withers?
The company was nearing a deal to sell the unit to Brookfield Asset Management for close to $14bn. There was no deal announcement. Now, Apollo Global Management, an early contender, has been invited to rebid for the business.
It is unclear if other parties have also been asked to submit new bids, and it is still possible that Brookfield will prevail or that a deal won’t happen.
If a deal is reached, it would be one of this year's largest leveraged buyouts.
Johnson Controls is advised by Centerview Partners.
Mawer explores potential C$2bn ($1.5bn) sale.
Canadian asset manager Mawer Investment Management is exploring a potential sale in a deal that could be worth as much as C$2bn ($1.5 bn).
Employee-owned Mawer manages more than C$50bn ($38bn) of assets for both individual and institutional clients through 13 mutual funds that cover equities, fixed income, or a combination of two.
Mawer is advised by Scotiabank.
Third Point acquired a stake in American Express.
Activist investor Daniel Loeb’s Third Point disclosed a new position in American Express Co, saying the market under-appreciates the strategic pivot of the company.
The hedge fund said it sees the company’s shares trading above $135 over the next 18 months.
Third Point said AmEx has a significant opportunity to sustain revenue growth, as it prioritizes investments that drive customer acquisition, card acceptance and higher average spend.
