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AMERICAS
Brookfield Infrastructure, an owner and operator of critical global infrastructure networks, and Ontario Teachers' Pension Plan, an organization responsible for administering defined-benefit pensions, agreed to acquire Compass Datacenters, a wholesale provider delivering dedicated data centers for businesses, from RedBird Capital Partners, a private investment firm, and Azrieli, a real estate company. Financial terms were not disclosed.
“Digitalization remains a key thematic investment for Brookfield Infrastructure. The need for data storage continues to grow at an exponential rate across the globe, and Compass complements our existing platforms in South America, Europe and Asia Pacific. Compass is a best-in-class data center platform that we have known for years and we are excited to partner with Chris, the Compass team, and Ontario Teachers’ to support Compass on its rapid growth journey,” Sam Pollock, Brookfield Infrastructure CEO.
Compass is advised by DLA Piper, Fried Frank Harris Shriver & Jacobson and Wick Phillips. Ontario Teachers is advised by TD Securities and Paul Weiss Rifkind Wharton & Garrison (led by Ian Hazlett and Adam M. Givertz). Brookfield is advised by BMO Capital Markets, Scotiabank and Kirkland & Ellis. RedBird is advised by Deutsche Bank, Goldman Sachs, Guggenheim Partners, Fried Frank Harris Shriver & Jacobson and Gagnier Communications (led by Dan Gagnier).
Civitas Resources, a neutral energy producer, agreed to acquire oil producing assets in the Midland and Delaware Basins of west Texas and New Mexico from NGP Energy Capital, a private equity and venture capital firm, for $4.7bn.
“These accretive and transformative transactions will immediately create a stronger, more balanced and sustainable Civitas. By acquiring attractively priced, scaled assets in the heart of the Permian Basin, we advance our strategic pillars through increased free cash flow and enhanced shareholder returns. We will soon have nearly a decade of price-resilient, high-return drilling inventory. Our strong capital structure allowed us to capture these transformational assets, and, importantly, behind the strength of the pro forma business, we have a clear path to reduce leverage and maintain long-term balance sheet strength," Chris Doyle, Civitas President & CEO.
Civitas Resources is advised by Bank of America, Goldman Sachs, Guggenheim Partners, Kirkland & Ellis and DrivePath. Debt financing is provided by Bank of America and JP Morgan. NGP Energy is advised by JP Morgan, Jefferies & Company, Baker Botts and Vinson & Elkins (led by Bryan Loocke, Jackson O’Maley, Doug McWilliams, Matt Strock and Elena Sauber).
Jeff Leerink, SVB Securities' CEO and Founder, and The Baupost Group, a hedge fund, agreed to acquire SVB Securities, the investment banking business of SVB Financial Group, a financial services holding company. Financial terms were not disclosed.
"This transaction is a significant milestone in SVB Financial Group's strategic alternatives process. The Restructuring Committee and its advisors conducted a disciplined and independent process intended to maximize the value of the business for SVB Financial Group stakeholders. We are confident that the transaction led by the investment bank's current management team will preserve and enhance the value of the business," Bill Kosturos, SVB Financial Group Chief Restructuring Officer.
Blackstone Infrastructure Partners, an active investor across sectors, including energy infrastructure, transportation, digital infrastructure, agreed to acquire a 19.9% stake in NIPSCO, a gas company, from NiSource, a utility company, for $2.15bn.
"We're pleased to reach this agreement at a compelling valuation following a robust and competitive process and are confident that Blackstone is the right partner for NIPSCO and NiSource going forward, given its global footprint and deep infrastructure experience, including in renewable development and procurement. With this transaction, our commitment to Indiana remains unchanged, and we will be able to drive further sustainable growth for our stakeholders. This financing transaction will have no impact on NIPSCO's current strategic direction or on our commitment to our gas and electric customers in Indiana," Lloyd Yates, NiSource President and CEO.
Blackstone is advised by Barclays and Latham & Watkins. Debt financing is provided by Sumitomo Mitsui Banking. NiSource is advised by Goldman Sachs, Lazard and McGuireWoods.
Flexpoint Ford, a private equity firm, agreed to acquire Baker Hill, a provider of cloud-based, end-to-end loan origination, risk management, and analytics software. Financial terms were not disclosed.
"Baker Hill has a long-standing reputation for being a trusted provider of differentiated loan origination and risk management software, which has helped fuel our consistent growth each year. This ongoing market validation is a source of inspiration for our team and by partnering with Flexpoint we can continue to elevate the lending experience for our bank and credit union clients. Our team is confident this partnership will provide new opportunities to deliver more value for our clients and the communities they serve," John M. Deignan, Baker Hill President and CEO.
Baker Hill is advised by Leonis Partners, Raymond James and Jones Day. Flexpoint Ford is advised by William Blair & Co and Paul Weiss Rifkind Wharton & Garrison (led by Krishna Veeraraghavan and Brian Kim).
Macquarie Asset Management, a private equity firm, completed an investment in Coastal Waste & Recycling, a solid waste disposal and recycling company. Financial terms were not disclosed.
“We are excited to partner with Macquarie Asset Management through this investment into Coastal. With their experience in the space and commitment to providing ongoing capital and specialised support to management teams, we will be able to accelerate our growth in Florida as well as into adjacent geographies. This partnership will help us invest in needed waste infrastructure and position Coastal to further expand its waste and recycling services to more communities," Brendon Pantano, Coastal Waste CEO.
Coastal Waste & Recycling was advised by Brown Gibbons Lang & Company, Houlihan Lokey and Winston & Strawn. Macquarie was advised by Nomura and Sidley Austin.
Cisco, a software-defined networking, cloud, and security solutions provider, agreed to acquire Accedian, a performance analytics and end user experience solutions provider, from Bridge Growth Partners, a technology investment firm. Financial terms were not disclosed.
“We are very proud of the incredible transformation that Dion and the Accedian team has accomplished to become a global leader in network and application performance monitoring. At Bridge Growth, we strive to work closely with exceptional management teams to create lasting strategic value, with the goal to find the right home for our companies on behalf of all stakeholders. We look forward to Cisco implementing its vision to the benefit of all its customers,” Tom Manley, Bridge Growth Partners Partner.
Grain Management, an investment firm and solutions provider to the global broadband industry, and StratCap, an investment management platform focused on digital infrastructure, completed the acquisition of a majority stake in a Toronto data center, located at 55 Hereford Street, Brampton, Ontario. Financial terms were not disclosed.
"55 Hereford is a unique, next generation property centrally situated within the second largest financial hub in North America and in Canada's business and financial capital. This, along with its proximity to other US business hubs like Boston and Chicago, was a big draw for Grain, especially given the availability of power both onsite and in the surrounding area. With StratCap as our partner, we look forward to executing on our value creation strategy, bringing to bear our deep and broad expertise as a long-time investor in digital infrastructure and in the global broadband ecosystem," Ted Manvitz, Grain Managing Director.
Grain was advised by Gowling WLG and McCarthy Tetrault. Grain and StratCap were advised by Milbank and Troutman Pepper.
The Vistria Group, a private equity firm, completed an investment in MGT Solutions, a business consultancy firm. Financial terms were not disclosed.
"Our mission is to become the social impact and performance leader in our industry. By delivering world-class technology, education and performance solutions, our people improve lives in the communities we serve through their incredibly meaningful work. We are all excited about our new partnership with The Vistria Group as we elevate into our plans during this next chapter of impact and growth," Trey Traviesa, MGT CEO.
MGT Solutions was advised by Jefferies & Company and Davis Polk & Wardwell. Vistria Group was advised by Houlihan Lokey and Winston & Strawn.
Ember Infrastructure, a private equity platform delivering capital solutions, completed the acquisition of a majority stake in Ground/Water Treatment & Technology, a provider of commercial water treatment services. Financial terms were not disclosed.
"GWTT, with Ember as a financial partner, now has the capability to grow all segments of our business, including expansion into new geographic markets. With a partner like Ember, the opportunities for GWTT and our employees increase significantly, and we could not be more excited about the path ahead," Rich Worthington, GWTT President.
Ground/Water was advised by Winston & Strawn and Raymond James (led by Brendan Tierney and Clancey Crowley). Ember Infrastructure was advised by Greenberg Traurig.
Topspin, a private equity firm that makes investments in established, profitable, and fast-growing middle-market consumer businesses, completed the acquisition of consumer products division of Three Dog Bakery, a company that sells biscuits, cookies, cakes, and meals intended for dogs. Financial terms were not disclosed.
“Topspin has extensive experience building consumer brands and a strong network within the pet sector, making them the perfect partner as we enter our next phase of growth. Pet parents are becoming increasingly aware of the importance of providing their best furry friends with more wholesome options, and we are confident that our unique product offering, which directly taps into pet humanization trends, is changing the way people think of dog treats. As the pet food industry continues to evolve, we will be well-positioned with Topspin’s support to expand our brand and increase our market share in the US,” Jerry Dear, Three Dog Bakery President.
Topspin was advised by Lowenstein Sandler and FGS Global (led by Julie Rudnick).
CVC Capital, a private equity firm, agreed to acquire Delly’s, a food distribution company, from Patria Investments, an alternative asset manager. Financial terms were not disclosed.
“Delly’s is a great example of diligent execution across each pillar of Patria’s investment approach, including sector selection, consolidation strategy and operational value creation. We are very pleased to complete this chapter of growth into a market leader in Brazil and return capital for Private Equity Fund V, and also excited to partner with CVC to further expand Delly’s into a leading regional player," Ricardo Scavazza, Patria Managing Partner and CEO.
Patria is advised by Citigroup.
Blackstone, an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors, completed the $1bn investment in Invenergy, company that operates in renewable fuels sector.
“We are proud to support the continued growth of Invenergy’s business. Invenergy has a premier platform for developing, owning, and operating clean energy projects and we are excited to continue supporting the realization of these projects and their important contribution to decarbonizing the energy sector,” Matthew Runkle, Blackstone Senior Managing Director.
Gilinski Group, an investment firm, JGDB, a holding company, Nugil, a financial services company, and IHC, an investment manager company, agreed to acquire a majority stake in Nutresa, a food processing company. Financial terms were not disclosed.
ArcLight Capital, an infrastructure investment firm, completed the acquisition of an additional 12.5% stake in Natural Gas Pipeline Company of America from Brookfield Infrastructure, a global infrastructure company. Financial terms were not disclosed.
"Our investment in NGPL continues to be highly representative of ArcLight's thesis in strategic natural gas infrastructure. NGPL provides critical energy reliability and security services to utilities, enables increasing electrification in the US and supports the generational shift in supply-demand fundamentals driven by LNG export growth. In addition, we believe NGPL serves as a critical enabler to the future development of energy transition infrastructure. We are excited to further invest in our longstanding partnership with Kinder Morgan, a highly sophisticated operator with industry leading ESG credentials," Lucius Taylor, ArcLight Partner.
Alta Fox Capital, an alternative asset management firm, completed the investment in Flexion, a gaming software developer. Financial terms were not disclosed.
"It is great to have such an experienced and long term investor onboard. We look forward to working with the team at Alta Fox Capital," Jens Lauritzson, Flexion Mobile CEO.
KKR agrees to buy up to $44bn of PayPal’s pay-later loans.
KKR agreed to purchase as much as $44bn of buy-now-pay-later loan receivables from PayPal in a deal that frees up the payments giant to do more share repurchases. The agreement is part of a €3bn ($3.3bn) loan commitment that allows private credit funds and accounts managed by KKR to purchase loans originated by PayPal in France, Germany, Italy, Spain, and the UK. PayPal expects the transaction to generate $1.8bn in proceeds, allowing it to repurchase an additional $1bn of shares this year, Bloomberg reported.
While the concept of split installment payments for consumer purchases has been around for decades and online consumer financing has been a strategic offering of PayPal since 2008, BNPL has dramatically increased in popularity over the past several years. Since launching its first BNPL offering in 2020, PayPal has become an industry leader with its PayPal Pay Later products, issuing more than 200m loans to over 30m customers in eight markets around the world.
Saudi Arabia's PIF leads bidding for a $2.5bn Vale base metals stake.
Saudi Arabia's Public Investment Fund is emerging as the leading bidder to acquire a stake in Vale's multibillion-dollar nickel and copper operations, Bloomberg reported.
PIF is in advanced discussions with the Brazilian miner about a deal for a roughly 10% holding in its base metals unit. The stake could be valued at around $2.5bn.
Abu Dhabi wealth fund ADQ held early talks to acquire Lazard.
Abu Dhabi wealth fund ADQ held preliminary talks to buy boutique investment bank Lazard, highlighting the emirate's continued interest in acquiring a major financial institution, Bloomberg reported.
Officials from the emirate's third-largest sovereign wealth fund met their Lazard counterparts several months ago, but the discussions quickly fell apart over differences about the future independence of the 175-year old Wall Street firm.
Sixth Street considers bidding for Bed Bath & Beyond assets.
Bed Bath & Beyond's lender Sixth Street Partners is considering bidding for at least some of the bankrupt retailer's assets.
Sixth Street is planning to use more than $500m of its debt in the company to bid, the report said, citing the investment firm's lawyer in a bankruptcy-court hearing. If other offers for Bed Bath & Beyond's assets come up less than what Sixth Street considers satisfactory, the lender plans to bid in the form of debt forgiveness.
Sixth Street, which loaned Bed Bath & Beyond $375m in 2022 amid the home goods chain's struggle to stem steep losses and sales declines, has replaced JP Morgan as the company's senior lender, Reuters reported.
Fortress Investment Group may acquire $225m bankrupt Vice Media.
A group of buyers including Fortress Investment Group is set to take over Vice Media after bidding $225m for the bankrupt company, Reuters reported.
While multiple bidders put in offers to acquire Vice, only Fortress' bid was deemed "qualified", which added that a bankruptcy auction for the company scheduled for June 22, 2023 will be called off.
Bankrupt SVB Financial still exploring options for venture capital arm.
Bankrupt SVB Financial Group said it is continuing to evaluate strategic alternatives for SVB Capital, its venture capital and credit investment arm, as well as other assets and investments, Reuters reported.
Private equity-backed Savers Value Village targets $2.7bn valuation in US IPO.
Savers Value Village said it aims to raise up to nearly $320m for an initial public offering that would value the US thrift store operator at about $2.7bn. Owned by private equity firm Ares Management, the company plans to sell up to 18.8m shares at $15 to $17 apiece, Reuters reported.
Based in Bellevue, Washington, Savers Value Village is one of the largest retailers of secondhand clothing, books, toys, shoes and household goods, with 317 stores in the United States and Canada. Revenue totaled $1.44bn in 2022, up 19% from the prior year, while net income was flat at $84.7m. Ares Management will retain an 88% stake in Savers Value Village after the IPO. The company said two large institutional investors, Canada's Ontario Pension Plan and Norway's Norges bank Investment Management, have indicated interest in buying up to $130m worth of the shares.
Blue Owl's Dyal Capital unit sets targets for its sixth fund at $13bn.
Dyal Capital, the investing unit owned by Blue Owl Capital, is seeking to raise $13bn for its sixth investment fund.
Dyal, which backs other asset managers and offers financing to private equity firms, is setting another record target similar to the fund's predecessor. Capital-raising efforts and outreach to limited partners began this month, Bloomberg reported.
Wellington closes forth fund at $2.6bn.
Wellington Management held the final close of its fourth private late-stage growth strategy, Wellington Hadley Harbor IV, with $2.6bn in capital commitments and over $200m in co-investment capacity to invest alongside the fund.
The fund seeks to invest in late-stage private companies seeking capital to sustain or accelerate growth prior to a potential IPO or sale.
Aldine closes $276m Fund IV.
Aldine Capital Partners, a Chicago-based private investment firm providing junior capital financing to lower middle market companies, announced the closing of its fourth fund, Aldine Capital Fund IV. The fund is structured as a small business investment company licensed by the US Small Business Administration. Fund IV had a final closing at $276m of total capital, bringing Aldine's total commitments over its four funds to $775+ million.
"We are honored to partner once again with our outstanding base of returning limited partners. We are also pleased to welcome several new limited partners into the fund. Our new and existing investors include a diverse group of banks, family offices, insurance companies, individuals, and capital from the Small Business Administration," Michael Revord, Aldine Managing Partner.
Recharge Capital closes first tranche of $200m women’s healthcare fund.
Recharge Capital, a US-based private investment firm, has closed the first tranche of its $200m Women’s Healthcare Investment Vehicle.
Peter Thiel of Thiel Capital, The Olayan Family of the Olayan Group, Blue Lion Group, The Al Rashid Family of the Salmira Investment Fund, Shamrock Holdings, the Ozmen Family of the Sierra Nevada Corporation, Ian Osborne of Hedosophia, and Frank Liu of Texas-based Lovett participated in funding.
The fund will target investments in Southeast Asia, the Middle East, Latin America, and Europe. It will focus on international fertility medical tourism, menstrual wellness, and women’s disease prevention and aim to drive innovation and integration in the fertility value chain, DealStreetAsia reported.
Stone-Goff Partners closes Fund IV at $175m.
Stone-Goff Partners, a growth-oriented private equity firm focused on tech-driven B2B service companies, announced the final closing of Stone-Goff Partners IV at $175m, reflecting significant increases in commitments from SGP's existing investor base as well new institutional investors.
"Our emphasis on partnering with founder-led businesses in the lower middle market has been and will remain at the core of what has made us successful. We're extremely grateful for the support of both existing and new investors and are excited to continue to deploy capital in companies at the intersection of services and technology," Laurens Goff, Stone-Goff Co-Founder and Managing Partner.
Blackstone’s Horizon head Scott Bommer to leave company. (People)
Blackstone Group’s Scott Bommer, CIO of its hedge fund unit’s Horizon Platform, is leaving the company due to health reasons, Reuters reported.
Bommer started in 2021 as a senior managing director and prior to joining Blackstone, he was in charge of hedge fund SAB Capital for 17 years. The Blackstone Horizon platform will now be managed by an investment committee led by Blackstone Alternative Asset Management hedge fund head Joe Dowling.
Horizon, which launched shortly before markets turned in July 2021 with around $2bn in capital, is down 22% since its launch.
EMEA
PAI Partners, a pre-eminent private equity firm, agreed to invest in Azets Group, a provider of business-critical accounting, tax, payroll, audit and advisory services to SMEs. Financial terms were not disclosed.
"With its proven and resilient business model, Azets provides a strong platform for future growth. Thanks to its leading market positioning, the firm is well-placed to benefit from the growing levels of compliance, regulation and outsourcing that underpin its core services market. We look forward to partnering with the management team and Hg in this next phase of Azets' growth," Colm O'Sullivan, PAI Partner.
Azets Group is advised by Deloitte, Ernst & Young, OC&C Strategy Consultants, Alpha Advisory, JP Morgan, Jefferies & Company and Skadden Arps Slate Meagher & Flom. PAI is advised by Alvarez & Marsal, KPMG, Bain & Co, Deutsche Bank and Freshfields Bruckhaus Deringer. Hg Capital is advised by Brunswick Group (led by Azadeh Varzi).
CVC Capital Partners, a private equity firm, completed an investment in SD Worx, an HR and Payroll solutions provider. Financial terms were not disclosed.
“We are convinced that this partnership will help SD Worx further solidify its leading position in the European HR services and software industry. In our long journey, we have moved from a Belgian domestic player to a European leader, present in 26 countries. In CVC, we have found a strong financial partner endorsing our strategy of organic growth and further international expansion. CVC’s complimentary experience will be important in helping us to achieve our European growth ambition, with WorxInvest as long-term majority shareholder," Filip Dierckx, SD Worx Chairman.
SD Worx was advised by Belfius Bank, Morgan Stanley and Freshfields Bruckhaus Deringer. CVC Capital was advised by BNP Paribas, Ernst & Young, Kumulus Partners and Allen & Overy.
Harvest Partners, an investment firm, completed the acquisition of a majority stake in Sparq, a provider of outsourced digital engineering to build, deploy and support digital applications, products, and experiences. Financial terms were not disclosed.
“We’ve been impressed by the Harvest Partners Ascend team’s industry knowledge, expertise, and record of success, and believe we’ve found the right partner to help us scale the business to the next level. This partnership will help to drive our expansion into new geographies and add new high-value digital consulting and product engineering capabilities as we continue to build Sparq into a leading provider of outsourced digital engineering for technology driven and Fortune 1000 companies. We are grateful to Bain Capital Double Impact for their support and partnership to date,” Monty Hamilton, Sparq CEO.
Harvest Partners was advised by William Blair & Co and Ropes & Gray. Sparq was advised by Houlihan Lokey, Morris Manning & Martin and Lambert & Co (led by Lisa Baker).
Soho Square, an investment firm, completed the investment in xDesign, a digital consultancy. Financial terms were not disclosed.
“To date, we’ve been a fiercely independent organisation, a fact that has enabled us to provide a truly award-winning experience for our clients and our talented team of people. In Soho Square, we now have an investor - and more importantly - a partner, that will help us amplify our mission to create a truly human-centric digital consultancy on a much bigger scale whilst maintaining the independent mindset that’s made us successful. We believe that technology itself can only take you so far, it’s the people behind our business that really make the difference for the clients we collaborate with - setting us apart from our competitors," Euan Andrews, xDesign Founder and CEO.
xDesign was advised by Addleshaw Goddard and Deloitte. Soho Square was advised by Kepler Communications (led by Charlotte Balbirnie).
Bain Capital to acquire a 20% stake in IMS Nanofabrication, a high-tech company, from Intel, an American multinational corporation and technology company, for $860m.
“The advancement of lithography is critical to driving continued progress in the semiconductor industry, and mask writing plays a central role in the industry’s transition to new patterning technologies, such as high-NA EUV. Bain Capital’s investment and partnership will provide IMS with increased independence and bring strategic perspective to help accelerate the next phase of lithography technology innovation, ultimately benefitting the ecosystem as a whole,” Matt Poirier, Intel Senior Vice President.
Bain Capital is advised by Stanton PRM (led by Charlyn Lusk).
Michelin, a French multinational tire manufacturing company, agreed to acquire Flex Composite Group, a provider of engineered fabrics and films, from IDI, a private equity firm, for €700m ($766m).
"We are very pleased to extend a warm welcome to the FCG teams into our Group, to create a recognized leader in high-tech technical fabrics and films. This operation draws on the best of both companies, in particular on our shared expertise in polymer composite solutions. We are aiming to generate synergies and to push back the frontiers of deep-tech innovation in a wide range of new products and applications. This acquisition is a milestone in our strategy to position the Group as a key player in polymer composite solutions beyond mobility," Florent Menegaux, Michelin CEO.
Michelin is advised by JP Morgan.
Unigestion, an investment management company, completed the acquisition of Springer Fachmedien München, a publishing company, from Springer Nature, a German-British academic publishing company. Financial terms were not disclosed.
“We were attracted by the company’s leading position as well as its differentiated business model, which fits our investment strategy very well. From an ESG perspective, TecVia creates a direct benefit for society by providing quality education. We are pleased to support TecVia’s continued growth path, as an independent company in the future," Philipp Scheier, Unigestion Partner.
ilionx, an IT services firm, completed the acquisition of Inergy, a provider of governmental software and complex data & analytics platforms, from Main Capital Partners, a private equity firm. Financial terms were not disclosed.
"The broader portfolio of the combination enables us to serve our clients and prospects even better. We now have access to a lot of new expertise and experience as well as great execution power on complex issues. With our joint portfolio, knowledge and experience, we will be able to better fulfill our credo ‘We Improve Performance’. This step with ilionx is a wonderful sequel to the buy-and-build phase that we went through with Main in recent years. I am super proud of our Inergeeks and the trust that customers have placed in us every day for many years," Mathijs van Houweninge, Inergy CEO.
Engie, an energy company, and Meridiam, a private equity firm, agreed to acquire BTE Renewables, a renewable energy company, from Actis, an investor in sustainable infrastructure. Financial terms were not disclosed.
“I am delighted to announce that BTE Renewables will be sold to two leaders in energy and sustainable infrastructure both regionally and globally. The sale of BTE Renewables marks our fifth energy platform exit in Africa, where we have now built and owned 5GW of generation capacity, making Actis one of the largest investors in the regional energy sector. We are confident that BTE, with its new shareholders, will continue to play a leading role in the energy transition across Africa," Lisa Pinsley, Actis Head of Middle East & Africa Energy.
Actis is advised by Citigroup.
Stirling Square Capital Partners, a pan-European mid-market private equity firm, agreed to acquire a majority stake in Infobric, a software solutions provider, from Summa Equity, a purpose-driven thematic investment firm. Financial terms were not disclosed.
“We are delighted to invest in Infobric alongside its ambitious management team who have built a software leader in the build phase of the construction value chain. We look forward to bringing our experience in the ConTech sector to support the business to accelerate its impressive growth trajectory including enabling further international growth and expanding the software offering,” Henrik Lif, Stirling Square Partner.
Stirling Square Capital Partners is advised by FGS Global (led by Chris Sibbald).
Advent International, a global private equity firm, completed the investment in Parfums de Marly, a perfume company, and Initio Parfums Privés, an exclusive French fragrance brand. Financial terms were not disclosed.
“We are delighted to have acquired a majority shareholding in Parfums de Marly and INITIO Parfums Privés – two iconic and distinctive brands with creative, exciting fragrances at their heart. Under Julien Sprecher’s visionary guidance, the Group has established itself as a leader in niche luxury fragrance, and we see a considerable opportunity to accelerate its growth and penetration in key global markets,” Ranjan Sen, Advent International Managing Partner.
The Investment Management Corporation of Ontario, an investor for Ontario's public-sector institutions, completed the $400m investment in Northvolt, an integrated battery platform focused on the R&D, manufacturing, and recycling of sustainable battery cells and systems.
"This innovative collaboration between IMCO's Fundamental Equities and Global Infrastructure teams is paving the way for meaningful capital deployment towards the energy transition. With this investment, we are tangibly delivering on our Climate Action Plan, while also strategically managing material ESG risks, ultimately generating sustainable long-term value for our clients," Rossitsa Stoyanova, IMCO Chief Investment Officer.
Delta Electronics, a provider of power and thermal management solutions, agreed to acquire HY&T Investments, a holding company of automotive high-voltage hybrid components businesses, from H2 Equity Partners, an investment firm, and Te Bokkel Beheer, a financial holding company, for €142m ($154m).
"The accelerated growth of the global EV market is expected to help Delta's overall business achieve its two-digit growth target over the next five years. Delta has successfully developed EV powertrain solutions for global major automotive companies, as well as automotive magnetic components, passive components and thermal management solutions. TB&C has remarkable capabilities and rich experience in the high-voltage hybrid components for EVs, which complement Delta's world-leading power electronics technology. With the addition of TB&C, Delta will be able to expand its EV product portfolio, while the collaboration between both companies will make our EV business scope even more comprehensive," Ping Cheng, Delta Electronics CEO.
Novo, a holding and investment company, agreed to acquire Ellab, a company that provides software and hardware for validation and monitoring for the life sciences industry, from EQT Partners, a private equity firm. Financial terms were not disclosed.
“Ellab’s solutions play a vital role in ensuring accuracy and compliance in its clients’ biotech and pharmaceutical processes, which is key for these companies. This was true when we first invested in Ellab and remains the case today. The difference now is the scale and flexibility that Ellab offers, as it has transformed into a full-suite provider of validation and monitoring solutions and services. It has been a privilege to partner with the entire Ellab management team, who have built a company with a strong culture and customer focus, dedication to innovation and commitment to consumer safety. We believe Novo Holdings is a great partner for the next stage of Ellab’s growth journey and we wish them all the best in the future,” Rikke Kjaer Nielsen, EQT Partner.
Nordic Capital, a private equity investor, agreed to acquire a majority stake in Foxway, a European provider of circular IT services. Financial terms were not disclosed.
"We're pleased to have Nordic Capital as a new partner on our journey. We are immensely proud of the team at Foxway and how we have built a European leader in circular IT. With new valuable international experience and expertise, I'm confident that this will able us to support more clients on a global scale to incorporate a more sustainable profile in their businesses. With our leading in-house refurbishment centers, Foxway is leading the industry into a more sustainable era and enabling the complete eco-system of circular services," Martin Backman, Foxway CEO.
Perwyn, a private equity firm in London, completed the acquisition of Cruiseline, which provides voyages in the Mediterranean, North Sea, Latin America and the Caribbean. Financial terms were not disclosed.
"I would like to extend my warmest thanks to Tikehau Capital for their contribution over the last few years. Their financial support and vision will leave an indelible mark on all our teams. I am also very grateful to Montefiore. Their strategic support has enabled us to take leading positions in a number of markets and we are stronger today than we were before Covid-19. We are very excited to be entering a new phase of development with Perwyn. We are convinced that their flexibility in terms of investment horizon, their considerable financial capacity and, above all, the high quality of their teams are all assets for Cruiseline," Pierre Pelissier, Cruiseline Chairman.
Inflexion-backed Rosemont, a pharmaceutical company, agreed to acquire Lucis Pharma, a specialist pharmaceutical business in the UK. Financial terms were not disclosed.
"As well as continuing to broaden our portfolio and add to our strong growth globally, this acquisition also gives access to pipeline products and developer relationships to accelerate our entry into new product areas such as sachets. We will continue creating innovative solutions that meet the needs of dysphagic patients and establish best practice for their care," Howard Taylor, Rosemont CEO.
G42 and Israeli investor Viola tie up for new tech venture.
Abu Dhabi’s artificial intelligence firm G42 and Israeli technology investment company Viola Group, which manages $5bn announced Global Valley, a joint venture to set up a new platform to meet demand for high-skilled tech talent, DealStreetAsia reported.
Based in the UAE capital, Global Valley will employ specialised tech-focused workers from around the world providing a variety of services, as well as help develop Abu Dhabi’s local tech sector, a statement from the Abu Dhabi Investment Office, which provided support for the project, said.
APAC
The merger between Zee Entertainment and the Indian unit of Japan's Sony will go through, "whether or not" he is the CEO of the merged company, Reuters reported.
The India markets regulator has imposed a one-year ban on Zee Entertainment's Chairman Subhash Chandra and CEO Goenka for being actively involved in diverting company funds to the group's related entities, raising questions on the future of the Zee-Sony merger.
BPEA EQT and ChrysCapital, two investors, agreed to acquire a 90% stake in HDFC Credila, a loan agency, from HDFC, a banking and financial services company, for $1.1bn.
"The demand in India for obtaining a higher education is growing at a faster pace than ever, accelerated by our country's growing middle class and students' strive for better career opportunities. Coming out of HDFC Group, one of India's most respected and well-established financial conglomerates, HDFC Credila plays a critical part in serving this demand. We have been following HDFC Credila for several years and we are excited to partner with its strong management team led by Arijit Sanyal. We also welcome HDFC Group's decision to retain a minority stake in the business and we see their continued support as a testament to our vision for the company," Jimmy Mahtani, BPEA EQT India Partner.
BPEA EQT is advised by Awelin, Arpwood Capital, Ernst & Young and J. Sagar Associates. HDFC is advised by Jefferies & Company.
JEPLAN, a developer of new recycling technologies and systems that meet the various needs of consumers, is set to go public via a merger with Advantage Partners-backed AP Acquisition, a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, in a $300m deal.
"JEPLAN has been working very hard in order to realize our vision, “BRING everyone into circular economy”, and has been supported by many investors since our inception. We are now aiming to make our business more global by raising funds through listing on the NYSE. Today, as the first step towards achieving that goal, I am very happy to announce our entry into a business combination agreement with AP Acquisition. Going forward, JEPLAN will use this funding to expand the reach of our innovative chemical recycling business to the rest of the world," Masaki Takao, JEPLAN CEO and Founder.
CYVN Holdings, an investment vehicle majority owned by the Abu Dhabi Government, agreed to acquire a 7% stake in NIO, a smart electric vehicle manufacturer, for $739m.
“The strategic investments from CYVN Holdings demonstrate NIO’s unique values in the smart electric vehicle industry. The Investment Transaction will further strengthen our balance sheet to power our continuous endeavors in accelerating business growth, driving technological innovations and building long-term competitiveness. In addition, we are excited about the prospect of partnering with CYVN Holdings to expand our international business. With the vision of Blue Sky Coming, we will continue to strive for technological breakthroughs and user experiences beyond expectations, contributing to a more sustainable future for the globe," William Bin Li, NIO Founder, Chairman and CEO.
NIO is advised by Skadden Arps Slate Meagher & Flom (led by Yuting Wu).
L Catterton, a consumer-focused investment firm, completed a $60m investment in Drools Pet Food, a local pet food company.
"What truly differentiates Drools is its ability to manufacture high-quality products across the price ladder and make them available to pet parents via every relevant channel, be it online on Amazon or Flipkart, or offline in over 34k points of sale spanning specialty vet shops, veterinary clinics, and general trade stores. Its focus on product quality has helped it become a brand that has gained a reputation for providing high protein content at value-for-money price points, cultivating a very loyal base of customers. This is an exciting time to be entering the country's pet food market, which we believe is at an inflection point, and we look forward to working closely with the Drools team to further scale its business," Anjana Sasidharan, L Catterton Partner.
L Catterton and Drools were advised by Adfactors PR.
Hildrics Capital, a Singapore-based investment firm, completed the acquisition of an 8.2% stake in GIIB Rubber, a chemical and rubber manufacturing company. Financial terms were not disclosed.
"We are pleased to partner GIIB, which has an established track record of close to 30 years and an extensive presence across 60 countries, to support its next phase of growth and expansion plans," Kee Siong Choo, Hildrics Capital Founder and CEO.
CVC weighs a $1bn sale of Firm Fast Group.
CVC Capital Partners is considering options including a sale of its significant minority stake in Philippine logistics company Fast Group after receiving interest from potential buyers.
The alternative investments firm has been in talks with possible suitors for its stake, in a potential deal that could value the whole business at about $1bn. Other investment funds and companies in the industry have shown preliminary interest in a deal, Bloomberg reported.
TPG sells entire stake in India's Shriram Finance for $171m.
India's Shriram Finance said US private equity firm TPG sold its 2.65% stake in the non-banking financial company to some investors in an open market transaction, Reuters reported.
"They still remain partners in the group's insurance business. We believe they will look to deepen the relationship for newer opportunities within the group," Umesh Revankar, Shriram Finance Executive Vice Chairman.
Carlyle to sell entire stake in India's Delhivery for at least $86m.
Private equity firm Carlyle plans to sell its entire 2.53% stake in Indian logistics firm Delhivery via its special purpose vehicle for at least $86m, DealStreetAsia reported.
Carlyle plans to sell Delhivery's shares via CA Swift Investments at a floor price of $4.7 apiece, compared with the stock's last close at $4.74.
Macquarie front-runner to buy up to 50% in EnergyAustralia from HK's CLP Holdings.
Australian investment bank Macquarie Group could be the front-runner to buy up to 50% stake in electricity and gas supplier EnergyAustralia. Hong Kong-based investment firm CLP Holdings, which owns EnergyAustralia, was in discussions to finalise the deal with Macquarie but was also continuing talks with other interested parties, DealStreetAsia reported.
EnergyAustralia is one of the country’s biggest electricity and gas suppliers after AGL Energy and Origin Energy. It is also the third-largest carbon-polluting power producer in the country. In fiscal 2022, EnergyAustralia recorded an operating loss of $674m as multiple weather events in the country and the impact of the Russia-Ukraine war on coal and gas prices negatively affected it.
TPG sells entire stake in India's Shriram Finance for $171m.
India's Shriram Finance said US private equity firm TPG sold its 2.65% stake in the non-banking financial company to some investors in an open market transaction, Reuters reported.
"They still remain partners in the group's insurance business. We believe they will look to deepen the relationship for newer opportunities within the group," Umesh Revankar, Shriram Finance Executive Vice Chairman.
Macquarie front-runner to buy up to 50% in EnergyAustralia from HK's CLP Holdings.
Australian investment bank Macquarie Group could be the front-runner to buy up to 50% stake in electricity and gas supplier EnergyAustralia. Hong Kong-based investment firm CLP Holdings, which owns EnergyAustralia, was in discussions to finalise the deal with Macquarie but was also continuing talks with other interested parties, DealStreetAsia reported.
EnergyAustralia is one of the country’s biggest electricity and gas suppliers after AGL Energy and Origin Energy. It is also the third-largest carbon-polluting power producer in the country. In fiscal 2022, EnergyAustralia recorded an operating loss of $674m as multiple weather events in the country and the impact of the Russia-Ukraine war on coal and gas prices negatively affected it.
Bahrain-based Investcorp seeks to raise up to $600m from investment vehicle IPO.
Middle East alternative asset manager Investcorp is seeking to raise up to $600m from the listing of an investment vehicle in Abu Dhabi this year, DealStreetAsia reported.
Bahrain-based Investcorp is making preparations for a potential public share sale of Investcorp Capital, registered in the Abu Dhabi Global Market, the international financial centre in the capital of the United Arab Emirates.
KKR shuffles Asia buyout team after $15bn fund raise.
KKR has overhauled its Asia-Pacific private equity team in the early stages of allocating capital from its $15bn regional fund as deal making sputters on strained US-China relations, Bloomberg reported.
Ming Lu, the firm's Asia-Pacific head, will become executive chairman for the region to spend time on strategic initiatives. Hiro Hirano will relinquish his role as co-head of private equity to become deputy executive chairman, while maintaining his role as head for Japan.
Tiger Global raises $2.7bn for latest fund, way short of target.
Tiger Global, the invesment firm focused on the global internet, software, consumer, and fintech industries, has raised $2.7bn so far for its latest fund, DealStreetAsia reported.
The amount raised so far for Tiger Global Private Investment Partners XVI is way lower than the firm's $6bn target, even as the New York-based firm has been in the market for eight months to promote the vehicle.
MUFG, partners launch $1.5bn climate finance venture GAIA.
Mitsubishi UFJ Financial Group and partners, including Canada's development finance body, have launched a $1.5bn platform to help drive climate-focused investment into developing and emerging countries, DealStreetAsia reported
The new venture, dubbed GAIA, aims to blend private sector investment with concessional capital from public and philanthropic groups.
Go-Ventures rebrands as Argor, closes second fund at $240m.
GoTo-backed venture capital firm Go-Ventures has secured $240m in total in the final close of its second flagship venture fund as it officially rebrands as Argor, DealStreetAsia reported.
The second venture fund has secured commitments from sovereign wealth funds, institutional investors, corporates, and family offices from Asia, the Middle East, Australia, Europe, and the US.
Gentree Fund said to be raising the Philippines' largest VC vehicle at $120-150m.
Philippines-based Gentree Fund, the investment vehicle of the Sy Family Office, is said to be raising $120-150m for a new venture capital fund that will invest locally and in Southeast Asia.
The new fund will focus on early-stage companies up to the Series A stage.
CDPQ launches $136m sustainable agri platform with CEFC.
Canada's second-largest pension fund Caisse de dépôt et placement du Québec has partnered with Australian government-owned green bank Clean Energy Finance to launch a $136m sustainable agriculture fund, DealStreetAsia reported
The platform will acquire assets managed by Gunn Agri Partners, an Australian farmland manager, over the next three years. As part of this venture, both CDPQ and CEFC will become minority shareholders in Gunn Agri Partners, which will manage the platform.
KKR names Gaurav Trehan as Asia PE head in buyout team shuffle. (People)
Global buyout powerhouse KKR has named Gaurav Trehan, its partner and CEO for India, as its Asia head for private equity, DealStreetAsia reported.
Trehan will take over as KKR PE head for Asia from previous co-heads Ashish Shastry and Hiro Hirano.
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