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AMERICAS
EU antitrust regulators will decide by December 6 whether to clear Novo Holdings' acquisition of contract drug manufacturer Catalent, Reuters reported.
Novo, a holding and investment company that is responsible for managing the assets and wealth of the Novo Nordisk Foundation, agreed to acquire Catalent, a global provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products, for $16.5bn.
Cencora, a global pharmaceutical solutions company, agreed to acquire a 85% stake in Retina Consultants of America, an ophthalmology and retina services provider, from Webster Equity Partners, a private equity firm, for $4.6bn.
“We are pleased to enter our next phase of growth with the support of a leading global pharmaceutical solutions organization. With additional resources to support the continued execution of our growth strategy, we will be better positioned to continue expanding our physician network and enhancing the quality of care we provide,” Robby Grabow, RCA Chief Executive Officer.
RCA is advised by Goldman Sachs, Rothschild & Co, Goodwin Procter and Reed Smith. Cencora is advised by Lazard, Freshfields Bruckhaus Deringer, Morgan Lewis & Bockius (led by James W. McKenzie, Aaron D. Suh and Andrew Budreika) and Sidley Austin.
American Industrial Partners, a private equity firm, completed the acquisition of the Grain & Protein business of AGCO, an American agricultural machinery manufacturer, for $700m.
"Grain & Protein Technologies is a critically important business to the future of the global food supply. With decades of industrial manufacturing expertise and a track record of success building large-scale, global operations, Jacob is the right leader for the Company to ensure it fully capitalizes on its unique market position as the go-to partner for large-scale agriculture worldwide," Eric Baroyan, AIP Partner.
American Industrial Partners was advised by Santander, Chiomenti, Sidley Austin and Wolf Theiss. Debt financing was provided by Santander. AGCO was advised by Morgan Stanley, Rabobank and Simpson Thacher & Bartlett.
Blackstone Real Estate agreed to acquire Retail Opportunity Investments, a fully integrated, self-managed real estate investment trust, for $4bn.
“We are pleased to reach this agreement with Blackstone, as it will provide significant and certain value to our stakeholders. This transaction represents the culmination of the steadfast commitment and extraordinary dedication of our talented team and their tireless efforts over the past 15 years. We are confident that Blackstone will position ROIC’s portfolio for continued growth and success," Stuart A. Tanz, ROIC President and Chief Executive Officer.
ROIC is advised by JP Morgan and Clifford Chance (led by Chang-Do Gong, Jay Bernstein and John Healy). Blackstone is advised by Bank of America, Eastdil Secured, Morgan Stanley, Newmark Group and Simpson Thacher & Bartlett.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, agreed to acquire ATSG, a medium widebody freighter aircraft leasing, air transport operations, and support services company, for $3.1bn.
“This transaction reflects the tremendous value of our fleet of in-demand midsize freighter and passenger aircraft, and the strength of our talented teams across ATSG’s businesses. In Stonepeak, we have found a partner that recognizes the power of our Lease+Plus strategy to provide comprehensive aircraft leasing and operating solutions to our customers. With Stonepeak’s investment and extensive expertise in transportation and logistics and asset leasing, ATSG will be well positioned to further expand its global presence in the air cargo leasing market and enhance its service offerings to customers. We would like to thank our employees for helping us achieve this significant milestone and for their continued dedication as we prepare to enter this new chapter as a private company,” Mike Berger, ATSG CEO.
EPAM Systems, a digital transformation services and product engineering company, completed the acquisition of NEORIS, a Miami-headquartered global advanced technology consultancy, from Advent International, a private equity firm, and Cemex, a global construction materials company. Financial terms were not disclosed.
“NEORIS’ commitment to engineering quality, innovation, and strong level of client engagement, combined with their deep expertise across our key industry segments, makes them the best partner for us. This combination will significantly strengthen our presence in LATAM while we continue to enhance our differentiated delivery capabilities across Europe, India and APAC,” Arkadiy Dobkin, EPAM Systems CEO & President.
NEORIS was advised by Canaccord Genuity, Creel Garcia-Cuellar Aiza y Enriquez, DLA Piper, Freshfields Bruckhaus Deringer, Martínez Quintero Mendoza Gonzáles Laguado & De la Rosa, Perez Llorca and Simpson Thacher & Bartlett (led by Juan Naveira and Todd Crider). EPAM Systems was advised by Orrick Herrington & Sutcliffe (led by Matthew Gemello and Spencer Cohen).
Corporación Multi Inversiones, a family-owned multilatina corporation, agreed to acquire a majority stake in Del Real Foods, a Hispanic refrigerated foods company, from Palladium Equity Partners, a private equity firm. Financial terms were not disclosed.
"During our time together with Palladium, Del Real has experienced substantial growth and transformation, solidifying our market position. We're thrilled to enter this new chapter with CMI, which brings exceptional opportunities for Del Real Foods. By leveraging CMI's strengths, we're confident we can deliver even greater value to our consumers and further empower our employees," Michael Axelrod, Del Real Foods CEO.
Del Real Foods is advised by Houlihan Lokey, Piper Sandler, Greenberg Traurig and Power Digital. CMI is advised by Ernst & Young and Hunton Andrews Kurth. Palladium Equity Partners is advised by Kekst CNC.
Dai-ichi Life-backed Protective Life, a financial service holding company, completed the acquisition of ShelterPoint, a life Insurance company, from Eos Partners, an alternative investment firm. Financial terms were not disclosed.
“As a leader in the employee benefits space with a strong commitment to customer service, ShelterPoint stood out as a great business for Protective to add to our already diversified product mix. We welcome ShelterPoint’s teammates to the Protective family and look forward to continuing ShelterPoint’s great customer care to its more than two million customers,” Rich Bielen, Protective President and CEO.
ShelterPoint was advised by Goldman Sachs, Houlihan Lokey, Katten Muchin Rosenman and Winston & Strawn. Protective was advised by Fenchurch Advisory Partners, Kirkland & Ellis (led by Kimberly Meng Han and Rajab S. Abbassi) and Maynard Nexsen.
BC Partners, a private equity firm, agreed to acquire Runway Growth Capital, a provider of growth loans to both venture and non-venture-backed companies. Financial terms were not disclosed.
"David and the team at Runway have built one of the most well-respected platforms across growth and venture lending. Their solutions are sought after by fast growing companies, and we look forward to building on their momentum. As a virtue of being part of the BC Partners Credit platform, we see many compelling opportunities for Runway to generate additional origination activities, optimize its capital structure and create value for investors and borrowers. Likewise, the acquisition is quite strategic for BC Partners Credit, as we expand our offerings through a robust suite of financing solutions to all stakeholders. We will continue to accelerate our growth trajectory, establishing BC Partners Credit as a best-in-class, fully diversified credit manager, serving a multi-trillion-dollar market with strong tailwinds," Ted Goldthorpe, BC Partners Head of Credit.
Runway Growth Capital is advised by Oppenheimer & Co, Eversheds Sutherland, Wachtell Lipton Rosen & Katz and Prosek Partners. BC Partners is advised by Simpson Thacher & Bartlett and Kekst CNC.
Private equity firms HIG Capital and Thoma Bravo agreed to acquire the certification and training business and products of CompTIA, a company that issues professional certifications for the information technology industry. Financial terms were not disclosed.
"We are thrilled to be joining forces with two leading, experienced investors in the technology space, whose expertise and resources will allow us to expand our impact on the global IT industry. Through this transaction, we will be well-positioned to accelerate and expand the rollout of products and services to train the highly skilled workers of the future, and further strengthen our reputation across the industry as the leading provider of certifications and trainings," Todd Thibodeaux, CompTIA President and CEO.
HIG Capital and Thoma Bravo are advised by Macquarie Group, Polsinelli PC and Ropes & Gray. Thoma Bravo is advised by FGS Global (led by Akash Lodh). CompTIA is advised by JP Morgan and Husch Blackwell.
SK Capital Partners, a private investment firm, completed the acquisition of the North America composites & fuel containment division of Parker Hannifin Corporation, a provider of engineered carbon fiber composite components and fuel containment solutions for the defense and commercial aerospace markets. Financial terms were not disclosed.
“We are pleased to have completed this sale for the North America Composites and Fuel Containment Division. One element of our strategy is assessing whether we are the best owner for certain businesses or whether they could be more successful as part of another organization. We wish the CFC team continued success under the ownership of SK Capital Partners, whom we are confident has the expertise to help this already strong business achieve its full potential,” Jenny Parmentier, Parker Hannifin Chairman and CEO.
SK Capital Partners was advised by JP Morgan, Latham & Watkins (led by Nicholas Luongo and Elizabeth More) and BackBay Communications (led by Jeremy Milner). Debt financing was provided by HPS Investment Partners. Parker Hannifin was advised by Lazard and Jones Day (led by Patrick Leddy).
Royalty Pharma, a company specializing in acquiring pharmaceutical royalties, and Pharmakon Advisors, an investment manager providing non-dilutive debt for the life sciences industry, completed the $375m investment in Geron, a commercial-stage biopharmaceutical company.
“The substantial financial commitment of exceptional long-term partners like Royalty Pharma and Pharmakon Advisors strengthens our cash position and further solidifies our balance sheet, while providing flexibility to invest in our future. We believe that the terms reflect the significant commercial potential of RYTELO. The proceeds are expected to enable us to support the commercial launch of RYTELO in the US and potential launch in the EU, complete our Phase 3 IMpactMF trial in relapsed/refractory myelofibrosis, invest in supply chain redundancy for RYTELO, and our general working capital requirements,” Michelle Robertson, Geron Executive Vice President and CFO.
Geron was advised by TD Cowen and Cooley. Royalty Pharma was advised by Fenwick & West and Goodwin Procter. Pharmakon Advisors was advised by Akin Gump Strauss Hauer & Feld.
Monomoy, a private investment firm focused on private equity and credit investing in the middle market, completed the acquisition of Oliver Packaging and Equipment, a manufacturer of heat seal food packaging systems and bakery equipment. Financial terms were not disclosed.
“We are excited to welcome Oliver to the Monomoy portfolio. Oliver is a clear market leader with a unique customer value proposition and tremendous growth potential. We look forward to working with the management team to ensure Oliver continues to accelerate its growth as a standalone platform,” Mel Bartoul, Monomoy Managing Director.
Oliver Packaging was advised by TD Cowen and Dechert. Monomoy was advised by Mesirow Financial, Kirkland & Ellis and MiddleM Creative (led by Jan Morris).
Ryan Specialty, an international specialty insurance services firm, completed the acquisition of Innovisk, a diverse, non-correlated portfolio of seven highly regarded speciality MGUs, from Abry Partners, a Boston-based private equity firm, and BHMS, a Connecticut-based private equity firm. Financial terms were not disclosed.
"We have tremendous respect for Innovisk. Their outstanding management team has demonstrated a differentiated value proposition to brokers, agents and carriers, and their underwriting talent is among the best in the industry. At Ryan Specialty, we see new product innovation and diversification as essential components of the value that we bring to our clients and trading partners. Innovisk clearly shares this view and has made the critical investments to be able to not only launch new products but bring those products to market quickly," Tim Turner, Ryan Specialty CEO.
Innovisk was advised by Ardea Partners, Hill Dickinson and Kirkland & Ellis. Ryan Specialty was advised by Insurance Advisory Partners. Abry Partners was advised by Chris Tofalli Public Relations (led by Chris Tofalli).
Francisco Partners, a global investment firm, completed the investment in Evite, a digital platform for bringing people together. Financial terms were not disclosed.
“We are excited to partner with David on the next phase of Evite’s growth journey. David has done an exceptional job of evolving Evite under his leadership by reinventing the brand and upleveling the product experience by really focusing on the needs of Evite’s users,” Alan Ni, Francisco Partners Partner and Nick LaGrandeur, Francisco Partners Vice President.
Evite was advised by Rothschild & Co, Cooley and Jennifer Bett. Francisco Partners was advised by Kirkland & Ellis and Sloane & Company (led by Whit Clay).
Peakstone Realty Trust, a real estate company that manages industrial and office REITs, completed the acquisition of 51-property portfolio from a joint venture between Alterra IOS, an industrial outdoor storage company, and institutional investors advised by JP Morgan Asset Management, an asset manager, for $490m.
“This significant portfolio sale to a publicly traded REIT underscores the success of Alterra’s investment strategy, which we have refined for nearly a decade, and further advances the institutionalization of the IOS asset class. We believe this is just the beginning as more institutional investors seek scale in the highly fragmented IOS sector, and we look forward to continuing to pursue growth opportunities as market fundamentals remain strong,” Leo Addimando, Alterra CEO and Managing Partner and Matt Pfeiffer, Alterra CIO and Managing Partner.
Peakstone Realty Trust was advised by Bank of America, DLA Piper, Latham & Watkins and O'Melveny & Myers (led by Michael Hamilton).
Ampersand Capital Partners, a Boston-based private equity firm, agreed to acquire the Huntsville, Alabama manufacturing facility and reagent supply business of Nektar Therapeutics, a global biotechnology company, for $90m.
"This sale streamlines Nektar's operations as we continue to focus on the future success and clinical advancement of rezpegaldesleukin and our other antibody-based immunology pipeline assets, including our TNFR2 antibody and bispecific programs," Howard W. Robin, Nektar Therapeutics President and CEO.
Ampersand Capital Partners is advised by Goodwin Procter. Nektar is advised by UBS, Sidley Austin (led by Daniel J. Belke) and LifeSci Partners.
Littlejohn, a private investment firm, completed the acquisition of Sunbelt Modular, a designer and manufacturer of modular solutions. Financial terms were not disclosed.
“We are thrilled to partner with Sunbelt and its dedicated team as they continue to build a market-leading modular manufacturing platform. The Company’s in-house technical expertise, comprehensive product offering, and national footprint positions it as a highly valued partner to their long tenured customer base. We look forward to expanding Sunbelt’s capabilities and geographic reach as it seeks to execute on its growth plan,” Steven Kalter, Littlejohn Managing Director.
Sunbelt Modular was advised by Robert W Baird. Littlejohn was advised by Vestra Advisors, Sheppard Mullin Richter & Hampton and Gasthalter & Co (led by Nathaniel Garnick).
Vinci Partners Investments, the controlling company of an alternative investment platform completed the acquisition of Lacan Ativos Reais, an alternative asset manager with a franchise in the forestry segment. Financial terms were not disclosed.
"We are thrilled to announce this transaction and to welcome Lacan's team to our platform. We have always regarded the forestry sector in Brazil as a prime opportunity for capital deployment, and we believe it is highly complementary to Vinci's current product offering. As such, we couldn't have found a better team to help establish Vinci's presence in this sector. Lacan's long-term expertise and proven track record in this asset class set them apart, and we are excited to offer our clients this new investment strategy. In addition, the Forestry vertical is already well developed in other Latin American countries, and with the Team and strong track record of Lacan, we believe there is opportunity to expand the strategy outside of Brazil," Alessandro Horta, Vinci Partners CEO.
Lacan was advised by Cepeda Advogados. Vinci Partners was advised by Pinheiro Neto, Danthi Comunicações (led by Carla Azevedo) and Joele Frank (led by Nicholas Lamplough).
CoStar Group, a provider of online real estate marketplaces, completed the acquisition of Visual Lease, a software platform for integrated lease management, accounting, and reporting, from Spectrum Equity and Growth Street, two private equity firms. Financial terms were not disclosed.
“By combining CoStar Group’s industry expertise with Visual Lease’s diverse customer base, deep lease portfolio management expertise, and leading sustainability solutions, we are well positioned to offer a more comprehensive service offering and continue growing both nationally and internationally. I am excited to work with the talented team at Visual Lease to accelerate our growth, expand our offerings, and further enhance how we serve our customers. CoStar Group is always focused on innovation and sourcing ideas and solutions from the best in the industry. Welcoming Visual Lease to CoStar Group is a significant milestone in our journey, opening new opportunities for both our clients and employees moving forward,” Andy Florance, CoStar Group Founder and CEO.
Aterian Investment, a private equity firm, completed the acquisition of Outlook Group, a provider of pressure sensitive labels and turnkey packaging solutions. Financial terms were not disclosed.
"We are excited to partner with the Outlook team to support the Company through its next phase of growth. Outlook has an industry-wide reputation for quality earned through decades of superior levels of service that has resulted in a longstanding customer base," Brandon Bethea, Aterian Co-Founder & Partner.
Aterian Investment was advised by Perella Weinberg Partners, PricewaterhouseCoopers and Weil Gotshal and Manges (led by Chris Machera).
Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, led a $318m Series C round in BETA Technologies, an electric aerospace company, with participation from Fidelity Management & Research Company and TPG Rise Climate.
“At QIA, we seek out companies that are well-positioned to become category leaders by addressing critical challenges with innovative solutions. BETA is a leader in the electric aviation market and our participation in this funding round is fully aligned with QIA’s efforts to invest in the companies that are making the energy transition a reality," Mohammed Al-Sowaidi, QIA Chief Investment Officer for Americas.
BETA Technologies was advised by Goldman Sachs and Kirkland & Ellis.
General Atlantic, a global growth investor, led a $500m Series E round in Insider, an AI-native omnichannel experience and customer engagement platform.
“The MarTech industry is benefitting from a secular shift levered to ongoing tailwinds, including the proliferation of data traffic and channels, the growing importance of first-party data, and evolving customer expectations regarding personalized experiences across channels. Insider has successfully positioned itself as a leading and dynamic innovator in the B2B SaaS space and delivers tangible ROI to its customers. We believe the company is well placed to capture a greater share of the $15+bn total addressable market, as businesses race to upgrade their marketing strategies around the world in need of higher marketing efficiency and effectiveness,” Sascha Guenther, General Atlantic Managing Director and Head of DACH.
Jeff Bezos, Thrive Capital and Lux Capital led a $400m funding round in Physical Intelligence, a robotics artificial intelligence startup, with participation from OpenAI, Redpoint Ventures and Bond.
The San Francisco, California-based company seeks to develop universally compatible software for robots, aiming to circumvent the need for task-specific programming.
KKR, a private equity firm, completed the investment in eRESI, an innovative mortgage funding platform. Financial terms were not disclosed.
"With KKR’s support, we have achieved remarkable goals, and we look forward to accomplishing even more in the future. Our best-in-class platform empowers us to deliver exceptional products and services to our customers and partners and this commitment will continue to drive our growth and strengthen our market-leading position," Gregory Tsang, eRESI CEO and Tim Wang, eRESI President.
Shore Capital, Silver Lake in talks over $8.6bn pet care deal.
Private equity firm Shore Capital Partners is in talks to partner with Silver Lake to combine two veterinary groups through an $8.6bn deal.
Shore is working to merge portfolio companies Southern Veterinary Partners and Mission Veterinary Partners and recapitalize the combined entity with an investment from California-based Silver Lake. The two private equity firms would co-own the combined entity and together contribute about $4bn of fresh equity to the company, Reuters reported.
Silver Lake, Bain prepare to bid for multi-billion stake in Intel's Altera unit.
Buyout firms Silver Lake and Bain Capital are among the potential suitors that are likely to compete to acquire a minority stake in Altera, the programmable chips business that Intel acquired for nearly $17bn in 2015, Reuters reported.
Intel, which has already taken steps to spin Altera out as a separate company, kicked off a process for the stake sale in the unit in recent weeks, adding that the talks are at an early stage and the company is preparing to receive initial bids from potential buyers in the coming weeks.
Blackstone in advanced talks to acquire shopping center owner Retail Opportunity.
Blackstone is in advanced talks to acquire Retail Opportunity Investments, which owns US shopping centers and has a market value of $3.4bn including debt, Reuters reported.
Lockup on Thiel’s stake in Altman-backed nuclear firm to end.
A manic rally for Oklo, a developer of advanced nuclear systems backed by Sam Altman, has delivered a massive paper windfall to its founders and early investors since going public earlier this year. Peter Thiel’s venture capital firm is among those able to start cashing in soon, Bloomberg reported.
Major venture capital investors that previously served on the company’s board can begin divesting some 13.5m shares as soon as November 6 after restrictions preventing early backers from selling are lifted, six months after Oklo’s blank-check deal closed.
Wellpath prepares bankruptcy filing.
Wellpath Holdings, one of the largest providers of health-care services to prisons and jails across the US, is preparing to file for bankruptcy after struggling with an elevated debt load and high labor costs.
The company, owned by HIG Capital, failed to repay a credit facility that expired on October 1 and deferred interest payments on its other debt after entering a forbearance agreement with lenders, according to Moody’s Ratings. The credit grader said it views the actions as a default, Live Mint reported.
Avenue Capital seeking a buyer for Impact fund.
Avenue Capital Group is seeking a buyer for its impact investing business after one of the biggest US public pension funds lost interest in the portfolio.
The $12.2bn investment firm run by billionaire Marc Lasry is considering a sale after the New York State Common Retirement Fund, which had been the anchor investor in its first Sustainable Solutions Fund, declined to participate in a second fund under the same strategy. If Avenue fails to find a buyer, it may explore winding down the fund and dismissing employees, Bloomberg reported.
ATL Partners weighs a potential sale of Global Critical Logistics.
Private equity firm ATL Partners is considering a possible sale of Global Critical Logistics, which provides freight forwarding and logistics to live entertainment events such as music tours.
The buyout firm is in the early stages of working with an adviser to prepare for a potential exit. It could start a sale process as soon as the first half of next year. Deliberations are still preliminary, and details of the potential transaction could change or ATL could decide to keep the business for longer, Bloomberg reported.
NielsenIQ considers an IPO at a valuation close to $10bn.
NielsenIQ is exploring an initial public offering that could value the consumer intelligence firm at about $10bn as the market for first-time share sales continues a comeback, Bloomberg reported.
NielsenIQ, which is backed by Advent International and KKR, has begun talking to potential advisers about a listing in 2025. No final decision has been made and the Chicago-based company could opt to stay private.
Coatue seeks $1bn for its flagship fund to wager on AI.
Coatue Management is looking to raise $1bn to amplify bets on artificial intelligence and tech innovation, marking the first time in several years it has sought cash for the flagship fund.
The tech-focused hedge fund firm will raise most of the capital from institutional investors, with a smaller amount coming from wealthy individuals through a new arrangement with Raymond James and Associates, Bloomberg reported.
Shamrock Capital raises $1.6bn for sixth PE flagship fund and inaugural small cap fund.
Shamrock Capital, an LA-based investment firm specialising in the media, entertainment, and communications sectors, has held the final closing of Shamrock Capital Growth Fund VI and Shamrock Capital Clover Fund I, with a combined $1.6bn in capital commitments.
The funds will focus on buyout and later-stage growth equity investments in middle market companies across Shamrock’s target sectors, seeking to capture Shamrock’s proprietary middle-market deal flow, thematic approach, expertise and value creation capabilities.
EMEA
ECI Partners, a growth-focused mid-market private equity firm, completed an investment in Independent Governance Group, a provider of professional pensions trusteeship and governance services. Financial terms were not disclosed.
“We were attracted by IGG’s fantastic track record of delivering award-winning pension services with excellent client retention, delivered by a highly skilled team. We’re looking forward to working with the IGG team on the next stage of the company’s growth, building on its phenomenal achievements so far. The company provides a strong organic growth opportunity due to growing demand for trustee and governance services as the pension regulatory environment continues to grow in complexity, and we also anticipate acquisitions to further boost growth," Michael Butler, ECI Partners Partner.
Independent Governance Group was advised by KPMG, Liberty Corporate Finance, PricewaterhouseCoopers, Eversheds Sutherland and Gateley. ECI Partners was advised by Alvarez & Marsal, PricewaterhouseCoopers and Squire Patton Boggs. Debt financing was provided by Clearwater and Crescent Credit.
Standard Motor Products, an automotive parts manufacturer, completed the acquisition of Nissens, an aftermarket engine cooling and air conditioning products manufacturer, from Axcel, a private equity company, for $390m.
"We are very pleased to announce the closing of the Nissens acquisition. With this combination, we create an aftermarket leader in North America and Europe across our key product categories. The strength of Nissens' leadership team and overall cultural fit will allow for immediate collaboration on opportunities for growth through cross-selling as well as bi-directional synergies with significant savings potential. We welcome Nissens and its employees to the SMP family," Eric Sills, Standard Motor Products Chairman and CEO.
Nissens was advised by Deloitte, Jefferies & Company, PricewaterhouseCoopers and Gorrissen Federspiel (led by Tobias Linde). Standard Motor Products was advised by JP Morgan, Hughes Hubbard & Reed (led by Scott Naturman and Ken Lefkowitz), Plesner and Wolf Theiss.
Middleground Capital, a Lexington-based private equity firm, completed the acquisition of STEMMER IMAGING, a provider of machine vision technology, for €312m ($340m).
“Arne and the STEMMER IMAGING team have built an impressive organization that harnesses the power of machine vision technology to deliver engineered solutions to meet the needs of a broad group of customers. We believe our ability to streamline operations and improve supply chain management will enable the company to focus on evolving its technology and capabilities to meet the needs of customers looking to benefit from machine vision technology,” John Stewart, MiddleGround Managing Partner.
STEMMER IMAGING was advised by ParkView Partners and Hogan Lovells. Middleground Capital was advised by Alvarez & Marsal, Jefferies & Company, Clifford Chance (led by Mortiz Petersen), Dukas Linden Public Relations (led by Doug Allen) and Kekst CNC (led by Knut Engelmann).
ECI, a growth-focused mid-market private equity firm, completed the acquisition of CMap, a software company, from NorthEdge, a private equity firm. Financial terms were not disclosed.
“We have thoroughly enjoyed working with the CMap team since our investment in 2019. Since then, we have seen the business significantly grow its team, revenues and customer base across its chosen sectors and regions – it’s another great example of NorthEdge supporting an international technology firm from the UK regions. We look forward to watching the company continue to grow with the support of ECI and we wish Dave and the team every success in the future,” Ray Stenton, NorthEdge Managing Partner.
CMap and NorthEdge were advised by Houlihan Lokey, Liberty Corporate Finance, PricewaterhouseCoopers, Crosslake Technologies and DWF.
TA Associates, a global private equity firm, agreed to acquire Nexus, a European e-health software company, for €1.21bn ($1.32bn).
"After careful consideration of various strategic options and after analyzing the proposed partnership with TA and the associated takeover offer, the Supervisory Board and Management Board have come to the unanimous conclusion that the transaction is in the best interests of the company and its shareholders. We therefore welcome the strategic partnership with TA and support the offer. The transaction is in the best interest of our customers, partners and employees and creates immediate value for our shareholders," Hans-Joachim König, Nexus Chairman of the Supervisory Board.
TA Associates is advised by Barclays, Kirkland & Ellis and FGS Global (led by Tanja Dorr). Nexus is advised by GSK Stockmann.
EQT Partners, a Swedish global investment organization, agreed to acquire OEM International, a technical trading company, for SEK12.25bn ($1.15bn).
"EQT is impressed by OEM International’s management team and their achievements to date and intends to continue develop the decentralized model and entrepreneurial focus that has made the Company successful. There are no decisions on any material changes that may impact OEM International’s employees and management or the existing organization and operations, including the terms of employment and locations of the business," EQT.
OEM International is advised by Lenner & Partners and Mannheimer Swartling. EQT Partners is advised by UBS.
Miura Partners, a private equity firm, agreed to acquire HealthTech BioActives, a developer of food supplements for the prevention of cognitive impairment, from The Riverside Company, a global investment firm. Financial terms were not disclosed.
“Our divestment of HTBA is the latest example of Riverside’s commitment to growing and supporting mid-market companies that show high growth potential and sound management. This is our fifth completed investment in the specialty ingredients space in Europe, an industry in which Riverside has a lengthy track record and a global network of expertise. HTBA demonstrates Riverside’s ability to lead businesses through challenging macroeconomic environments to deliver consistent value for our portfolio companies,” Rafael Alvarez-Novoa, Riverside Europe Partner.
The Riverside Company is advised by Evercore and A&O Shearman.
AshbyCapital, a private equity firm, completed the acquisition of 50% stake in Charterhouse Place, the owner of The JJ Mack Building, from Helical, a real estate company, in a £139m ($179m) deal.
"We are delighted to have completed the purchase of our partner's 50% share in The JJ Mack Building to add another market leading office asset to our uniquely high quality long term central London portfolio. With only one 20k sq ft floor remaining to let, the transaction marks the conclusion of this highly successful partnership with Helical and we look forward to further joint projects in the future," Peter Ferrari, AshbyCapital CEO.
Helical was advised by FTI Consulting.
The Nurture Group, a provider of landscape construction, winter gritting, and plant display services, completed the acquisition of Tivoli Group, a company offering landscaping, ground maintenance, interior, and winter maintenance services for education and corporate industries, from Sullivan Street Partners, a private equity firm. Financial terms were not disclosed.
“This is a superb marriage of differentiated businesses with much history and mutual respect. The combination of our skills, clients, reach and greater scale will put Nurture indisputably at the pinnacle of our sector. The enhanced scale and density across Great Britain, particularly in key segments, will drive greater operational efficiencies, delivery of an even better experience for clients, with improved value, range and service quality. At the same time, our shared commitment to direct service delivery through our employees will enhance the experience for our colleagues on the ground,” Peter Fane, Nurture Group executive chairman and founder.
Sullivan Street Partners was advised by Rothschild & Co.
J.C. Flowers, a private investment firm, agreed to acquire Pepper Advantage, a credit management firm, from Pepper Global, a diversified financial services company. Financial terms were not disclosed.
"We are delighted to join forces with J.C. Flowers & Co. as we embark on the next phase of our growth strategy. Their extensive experience and resources will provide us with the support we need following a period of prolonged success under the ownership of Pepper Global and will help us enhance our offering. This deal comes at a critical junction in credit markets as we continue to support our clients in an evolving market environment," Fraser Gemmell, Pepper Advantage Group CEO.
Pepper Global is advised by Rothschild & Co.
Jolt Capital, a private equity firm, completed the acquisition of IP activities from Dolphin Design, a semiconductor company. Financial terms were not disclosed.
Thanks to Jolt Capital’s expertise, Dolphin Semiconductor will scale its operations to meet the growing demand for advanced semiconductor IP in key markets, including Industrial, High-Performance Computing, Consumer Electronics, IoT and Automotive.
Soitec was advised by Rothschild & Co.
M&G, a global investment manager, completed the acquisition of BauMont, a European investment manager specialising in value-add strategies. Financial terms were not disclosed.
“Collaborating with M&G Real Estate is an exciting milestone for us as they share our commitment to excellence and innovation in real estate investing. We will be able to leverage M&G’s extensive resources and expertise to source a wider set of opportunities as we seek to deliver enhanced value to our investors," Robert Balick, BauMont Managing Partner.
Advent mulls €5bn sale of generic drugmaker Zentiva.
Buyout firm Advent International is considering the sale of generic drugmaker Zentiva, in a deal that could value the former Sanofi unit at about €5bn ($5.4bn), Bloomberg reported.
Advent is working with Goldman Sachs and boutique adviser PJT Partners to explore options for the business that it acquired in 2018. The business is likely to draw interest from other buyout firms and financial investors who are keen to expand in the sector.
Saudi Arabia nears deal to take over $4bn Olam unit.
Olam announced that it received a non-binding indicative offer from the Saudi Agricultural and Livestock Investment Company for its stake in its Olam Agri business. The deal could value the business unit at $4bn.
In a bourse announcement, Olam Group stated that it is currently reviewing and discussing a potential sale of its stake in the Olam Agri business. However, it emphasised that no definitive terms or formal agreements have been reached yet, and there is no certainty that the sale will proceed. The Saudi firm already owns just over a third of of Olam Agri, which it bought for $1.24bn in 2022. Salic is a unit of the Public Investment Fund and aims to achieve food security for the kingdom, investing domestically and overseas, Bloomberg reported.
KKR exploring investment in Thames Water share plan.
KKR is in talks with troubled British utility Thames Water and its advisers about participating in a £3bn ($3.88bn) share sale which forms part of a wider recapitalisation plan.
The utility, Britain's biggest water supplier, said in October it had lined up a financing lifeline of up to £3bn with some of its creditors in a deal which if approved will help it survive for another year at least. KKR is among a small number of investors studying Thames Water's finances with a view to supporting a rescue share sale. KKR's decision hinges on a final determination by water regulator Ofwat which is due by January at the latest, Reuters reported.
Thames Water bondholders submit rival £3bn financing offer.
A group including BlackRock has tabled a cheaper, fully underwritten proposal that will pile pressure on Thames Water to switch its backing from a rival offer.
The battle for control of Thames Water's future has deepened after a second group of bondholders tabled a fully underwritten offer to provide £3bn ($3.8bn) of new debt. Sky News has learnt that the utility's class B bondholders submitted a proposal to the company on November 7 morning which aims to trump a rival offer from its class A creditors.
GoldenTree to buy €800m of Bank of Ireland’s UK loans.
GoldenTree Asset Management agreed to buy a portfolio equivalent to about €800m ($872m) of UK consumer loans from Bank of Ireland Group, Bloomberg reported.
Citigroup is arranging financing for the deal through a securitization using the Bank of Ireland loans as collateral. The asset-backed deal will be carved into varying portions. GoldenTree’s managed funds intend to buy the junior part while Citigroup will arrange the rest of the transaction.
Mubadala and KKR among groups that have held talks with UK data firm 9fin.
Firms including Abu Dhabi’s Mubadala Capital and private equity giant KKR have held talks to invest in UK corporate debt research start-up 9fin, in a deal that would value the privately held company at around $500m.
An investment would mark the latest in a flurry of high-profile transactions for businesses that provide information on niche areas of financial markets. No final agreement has been reached and may be weeks away, FT reported.
Elliott is said to take stake in RWE, call for share buyback.
Activist investor Elliott Investment Management has built up a sizable stake in RWE and is calling on the German utility’s management to consider a share buyback, Bloomberg reported.
The fund founded by billionaire Paul Singer amassed a stake in recent months and has spoken to top RWE executives about its demands.
Advent, Apollo among potential bidders for Reckitt's homecare assets.
Private equity groups Advent International and Apollo Global are among firms considering a potential buyout of consumer goods company Reckitt's homecare assets, Reuters reported.
Britain-based Reckitt announced plans in July to divest its home care portfolio, which includes Air Wick air fresheners and Cillit Bang cleaner, by the end of 2025.
Apollo-backed Autodoc picks banks for its $11bn IPO attempt.
German online car-parts dealer Autodoc has picked banks to help arrange a potential Frankfurt initial public offering, several years after its previous attempt.
The company selected Barclays, Citi, Deutsche Bank and Jefferies to lead the share sale, which could take place next year. Its valuation in an IPO could be lower than the €10bn ($11bn) it was seeking in 2021. Deliberations are ongoing and details of the potential offering could still change, Bloomberg reported.
Stada is said to add Deutsche Bank, Goldman Sachs to help lead the $11bn IPO.
Stada Arzneimittel's private equity owners have expanded the lineup to help lead a potential initial public offering of the German generic drugmaker.
Deutsche Bank and Goldman Sachs have been added as global coordinators, joining JP Morgan and Morgan Stanley in helping to arrange the possible share sale, the people said. Analyst meetings to prepare for the IPO are slated to start next week.
Bain Capital and Cinven, the buyout firms that own Stada, have shifted their focus to an IPO after negotiations over a sale of the business to rival investment firm GTCR cooled, Bloomberg reported.
Grocer Lulu’s $1.72bn Abu Dhabi IPO draws Vanguard, GIC.
Hypermarket chain operator Lulu Retail's $1.72bn Abu Dhabi initial public offering drew orders worth $37bn from global investors Vanguard and Singapore sovereign wealth fund GIC, Bloomberg reported.
Lulu International sold 3.1bn shares, or a 30% stake, at $0.56 apiece, the top of a marketed range. Based on that offer price, the firm will have a market capitalization of $5.7bn when it lists on November 14.
Ben-Gacem is said to plan $1bn Abu Dhabi fund.
The former co-chief executive officer of the Middle East’s top alternative asset manager is setting up a $1bn permanent capital fund to buy stakes in financial services firms across the Global South, Bloomberg reported.
Hazem Ben-Gacem, who stepped down as co-chief executive officer of Investcorp in September, is in talks with investors across the US, Asia, Europe, and the Middle East to raise funds for BlueFive Capital.
Capital Dynamics secures over $1bn for oversubscribed secondaries fund.
Global private asset management firm Capital Dynamics has closed its latest global secondaries fund Capital Dynamics Global Secondaries VI which was oversubscribed with approximately $1.1bn in capital commitments.
GSEC VI builds on Capital Dynamics’ secondary investment strategy, which targets smaller, often complex secondary transactions on a global scale, with diversified portfolios ranging from single LP positions to GP-led structures.
APAC
EQT Partners, a global investment firm, completed the acquisition of PageUp, a human-resources and talent software company, from Battery Ventures, a private equity firm. Financial terms were not disclosed.
The deal will enable PageUp to leverage EQT’s deep expertise in scaling high-growth global technology businesses to capture greater opportunities in the talent management software space, accelerate its international expansion, and enhance product innovation.
PageUp was advised by William Blair & Co. EQT Partners was advised by Barclays, Barrenjoey Capital Partners and Ropes & Gray.
KKR has secured more than one-third of software developer Fuji Soft after the private equity firm completed the first stage of its tender offer, Bloomberg reported.
3D Investment Partners and Farallon Capital have tendered their shares to KKR following an earlier agreement. Together with stock tendered by other minority shareholders, KKR is set to hold more than one-third of Fuji Soft shares, paving way for its plans to take control of the company.
A consortium led by Palisade Impact, a company focused on unlisted investments that intentionally target solutions to environmental and social challenges, agreed to acquire Energy Locals, a non-traditional electricity retailer, from Quinbrook Infrastructure Partners, an investor and asset manager. Financial terms were not disclosed.
"Quinbrook identified very early the key rol e community energy networks play in accelerating the energy transition through enabling new approaches to energy distribution and sustainability, and the journey of Energy Locals is a testament to Quinbrook’s commitment to active management and value creation. From concept to this pivotal agreement we have worked closely with the management team to develop a unique business model that is well positioned to continue to grow and deliver a cleaner energy future for its customers. The consortium led by Palisade Impact are natural stewards to drive the company into its next phase and we wish them continued success," David Scaysbrook, Quinbrook Co-Founder and Managing Partner.
Quinbrook is advised by Jefferies & Company and Honner.
CVC DIF, the infrastructure arm of global private markets manager CVC, agreed to acquire a 49.9% stake in ECO, a hazardous waste management company in Singapore. Financial terms were not disclosed.
"ECO’s leading market position, their longstanding and diversified client relationships and the high barriers to entry in the sector make this an interesting investment for DIF Infrastructure VII. Moreover, this investment marks the first investment of CVC DIF in Southeast Asia, on the back of CVC DIF’s global sector relationships and CVC’s widespread local office network in the region. We are delighted to partner with Séché Environnement, a market leader in hazardous waste. Together with Séché Environnement and ECO’s Singapore based management team, we are well-positioned to drive ECO’s growth as a leader in sustainable infrastructure in the region," Gijs Voskuyl, CVC DIF Managing Partner.
MTR Lab, a venture capital firm, completed the investment Ensonic, an industrial acoustic AI technology provider. Financial terms were not disclosed.
The investment comes as MTR Lab’s attempt to expand its investment portfolio into mainland China. It will accelerate the ongoing research and development of Ensonic’s technology and products.
Katha VC, the US-based venture capital firm focused on fintech startups, led a seed round in Cards, an Indonesian school management SaaS platform, with participation from EduSpaze and DS/X Venture. Financial terms were not disclosed.
With the new funding, Cards plans to expand its reach and further develop its product offerings, hire a regional sales team, strengthen after-sales support, and develop new technologies like artificial intelligence to assist school staff.
KKR is considering selling a $750m stake in JB Pharma.
KKR is considering selling some of its controlling stake in JB Chemicals & Pharmaceuticals via a block trade in the market, Bloomberg reported.
The US private equity firm is working with an investment bank as it considers selling about $750m worth of stock in the Indian-listed company known as JB Pharma. The size of the stake sale could be increased to $1bn based on investor demand.
Bain, Apollo and Brookfield said to eye Blackstone’s worker housing firm.
Blackstone’s worker housing firm Avery Lodge has drawn interest from investment firms including Bain Capital and Apollo Global Management, Bloomberg reported.
The Avery Lodge portfolio, a set of four purpose-built worker compounds with about 1.7k units, has also attracted Brookfield Asset Management. A transaction could value Avery Lodge at about SGD750m ($568m).
Singapore's CapitaLand Investment secures $198m for SEA and India funds.
Singapore-based global real asset manager CapitaLand Investment announced that it has secured a total of SGD261m ($198m) in fresh commitments for its Southeast Asia and India private funds, DealStreetAsia reported.
The company said CapitaLand SEA Logistics Fund, its first logistics fund in Southeast Asia, has secured SGD130m ($98.5m) in commitment from Japanese shipping major Mitsui O.S.K. Lines.
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