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AMERICAS
Clayton, Dubilier & Rice, an American private equity company, completed the acquisition of Veritiv, a distributor of packaging, facility solutions and print products, for $2.3bn.
"The completion of this transaction represents an important milestone in our company's journey. CD&R's significant investment in Veritiv is a testament to our company's strong positioning as a leading specialty distribution solutions company and to our team's hard work and commitment. We are confident that this partnership, along with the financial and operational flexibility we will now have as a private company, will enable us to continue enhancing the innovative and sustainable solutions we deliver to our customers today – and into the future," Sal Abbate, Veritiv CEO.
Veritiv was advised by Morgan Stanley and Alston & Bird. Clayton, Dubilier & Rice was advised by BMO Capital Markets, Goldman Sachs, Guggenheim Partners, RBC Capital Markets, UBS, Wells Fargo Securities, Debevoise & Plimpton and Kirkland & Ellis (led by Richard Campbell and David Klein). Debt financing was provided by BMO Capital Markets, Goldman Sachs, RBC Capital Markets, UBS and Wells Fargo Securities.
Banc of California, a provider of a full-service banking and home lending to individuals and their businesses and families, completed the merger with PacWest, a bank holding company headquartered in Los Angeles, California, in a c. $1.15bn deal. Warburg Pincus and Centerbridge Partners will invest an aggregate of $400m for newly issued equity securities concurrently with, and subject to, closing of the merger.
“This transformational merger will create a robust, well-capitalized and highly liquid institution poised to deliver exceptional service to even more California businesses and communities. We believe both Banc of California and PacWest stockholders will benefit from the compelling economics of the combined company and its enhanced ability to deliver profitable and sustainable growth. Out of the gate, the combined company will have the strength and market position to support the banking needs of small and medium-size businesses in California and to capitalize on the opportunities created for stronger financial institutions in the wake of the recent banking industry turmoil,” Jared Wolff, Banc of California President and CEO.
Ariel Alternatives, a private investment firm, completed the acquisition of a 58.5% stake in My Code, a multicultural media and marketing services company, from Falfurrias Capital Partners, a private equity firm for $235m.
"We are exceptionally proud of the partnerships My Code has built over the last eight years with the many brands, creators, and publishers who have put their trust in our Company. We are humbled that Ariel Alternatives sees our growth potential as well. With a new investment partner by our side, we look forward to working with both new and existing clients to help them understand, embrace, and reach the underrepresented communities driving economic growth in our country," Parker Morse, My Code Founder and CEO.
My Code was advised by Canaccord Genuity, The Raine Group, Cooley and K&L Gates. Ariel Alternatives was advised by Deloitte, Bridge House Advisors, Insight Sourcing Group, McKinsey & Company and Willkie Farr & Gallagher (led by Mark Getachew).
Capitol Meridian Partners, a Washington, DC-based firm that invests at the nexus of government and commercial markets, completed the investment in Clarity Innovations, a provider of advanced data and cyber analytics services and software. Financial terms were not disclosed.
"After careful consideration of strategic alternatives, we unanimously concluded that a partnership with Capitol Meridian is the best next step in achieving our vision. The Capitol Meridian team shares our relentless focus on customer success and enhancing mission outcomes. We're creating a strategic partnership to build and deliver capabilities faster to our customers in today's evolving geopolitical environment," Wes Daniels, Clarity Co-Founder and CEO.
Capitol Meridian was advised by PricewaterhouseCoopers, Raymond James, Latham & Watkins and Ullman Communications (led by Chris Ullman). Debt financing was provided by Macquarie Group. Clarity was advised by Astrapi Leadership Consulting, Robert W Baird (led by Jean Stack and John Song) and Miles & Stockbridge.
The Freedman Group-backed RØDE, an Australian audio technology company, agreed to acquire Mackie, an American professional audio products brand, from Transom Capital, a private equity firm, Financial terms were not disclosed.
“RØDE and Mackie are incredibly harmonious brands. This acquisition diversifies our product offering in a very complementary way. We now offer end-to-end audio solutions for everyone from musicians setting up a home studio to professional live sound engineers. Whilst Mackie’s brand, manufacturing and operations will remain unchanged, there are incredible opportunities to combine the complementary IP, infrastructure and resources of both brands in powerful ways. I am very excited about the potential this offers RØDE and Mackie,” Damien Wilson, Freedman Group CEO.
American Industrial Partners, a private equity firm, agreed to acquire restraint control systems business from SSW-backed Veoneer, a provider of automotive technology. Financial terms were not disclosed.
"We are pleased to announce this transaction with AIP, who bring a differentiated operating skillset alongside long-term capital that present a compelling platform for Veoneer's future growth, We are grateful for our loyal customers, supplier partners, and our dedicated employees, whose relentless pursuit of quality and innovation has created a leading platform of life-saving technology," Jacob Svanberg, Veoneer CEO.
American Industrial Partners is advised by Baker Botts and Ropes & Gray. Veoneer is advised by Evercore, Morgan Stanley, Baker Botts, Davis Polk & Wardwell and Eversheds Sutherland.
EagleTree Capital, a private equity firm, completed the acquisition of Summit Hill Foods, a food products manufacturer. Financial terms were not disclosed.
“Today, we embark on an exciting new chapter in the history of Summit Hill Foods and are absolutely delighted to join forces with EagleTree, whose vision and resources align seamlessly with our aspirations. We see incredible opportunity for our brands Better Than Bouillon and The Original Louisiana Hot Sauce in addition to our custom bases and sauces business. EagleTree’s partnership will empower us to accelerate our growth and innovation, expand our market reach and continue providing high quality products to our customers," Steve Goodyear, Summit Hill Foods CEO.
Summit Hill Foods was advised by Bank of America, Deloitte and Eversheds Sutherland. EagleTree Capital was advised by Alvarez & Marsal, BDT & Co, Jones Day (led by Andrew Levine) and FGS Global.
KKR completed the acquisition of Potter Global Technologies, a manufacturer of fire and life safety equipment, from Gryphon Investors, a private equity firm. Financial terms were not disclosed.
“Potter’s growth is a testament to the performance of our talented team and to our reputation as a leader in the fire and life safety industry. Our mission to protect people, buildings, and critical infrastructure across the globe underpins everything we do, and we are excited to continue furthering this mission with KKR. We are aligned on Potter’s potential and look forward to continue serving our customers through accelerated new product innovation, superior customer service, and an expanded reach domestically and internationally. Implementing KKR’s equity ownership philosophy, which will make every employee an owner, will be instrumental in achieving our potential and we are looking forward to the exciting growth that all employees together will drive as co-owners in Potter,” Gerry Connolly, Potter CEO.
KKR was advised by Robert W Baird and Baker McKenzie (led by Airi Hammalov). Gryphon was advised by Harris Williams & Co, Raymond James, Kirkland & Ellis and Lambert & Co (led by Caroline Luz and Jennifer Hurson).
A Jacobs Private Equity-led consortium agreed to invest $1bn in SilverSun Technologies, a national provider of transformational business technology solutions and services.
Upon the closing of the equity investment, JPE will become the majority stockholder of SilverSun and Brad Jacobs will become the company's chief executive officer and chairman of its board of directors. The investment agreement also provides for the spin-off of the company's existing business to SilverSun stockholders as of a record date that is expected to be one day prior to the closing of the investment. The remaining company will become a standalone platform for significant acquisitions in an industry to be announced soon, along with the company's new name.
SilverSun Technologies is advised by Benchmark Company and Lucosky Brookman. Jacobs Private Equity is advised by Goldman Sachs, Morgan Stanley and Wachtell Lipton Rosen & Katz (led by Adam O. Emmerich and Viktor Sapezhnikov).
Thales, a company that designs, develops and manufactures electrical systems, completed the acquisition of Imperva, a data and application cybersecurity company, from Thoma Bravo, a software investment firm, for $3.6bn.
"The acquisition of Imperva marks a major milestone in Thales' cybersecurity strategy. With this acquisition, we are seizing a unique opportunity to accelerate our cybersecurity capabilities and are taking an important step towards our ambition to build a world-class global cybersecurity integrated player, providing a comprehensive portfolio of products and services. We have tremendous respect for Imperva's innovative application and data security offerings. Imperva and Thales share the same vision and the same DNA. We are thrilled to enter the next phase of our growth together. We look forward to welcoming Imperva to Thales to further enhance our cybersecurity solutions, and help customers address their most important digital security challenges," Patrice Caine, Thales Chairman and Chief Executive Officer.
Thales was advised by Centerview Partners, Morgan Stanley and Cleary Gottlieb Steen & Hamilton (led by Christopher Moore and James E. Langston). Thoma Bravo was advised by Citigroup and FGS Global (led by Liz Micci).
Patria Investments, a global alternative asset manager, agreed to acquire the Brazilian real estate business of Credit Suisse, a global investment bank and financial services firm, for $130m.
"This latest acquisition for our real estate business is a continuation of the M&A strategy we have conveyed since our IPO, and further exemplifies Patria's capability as a consolidator of high-performing asset managers in Latin America. Upon execution of the various approval stages of this transaction, we would add additional permanent capital AUM, and continue to grow the real estate asset class as a key component of our diversified investment platform," Alex Saigh, Patria CEO.
Patria Investments is advised by Pinheiro Neto, i2a legal and Ideal H+K Strategies (led by Fábio Martins). Credit Suisse is advised by UBS and Barbosa Mussnich & Aragao.
Resurgens Technology Partners, an Atlanta-based private equity firm, completed the acquisition of Valant, a provider of SaaS-based electronic health record and practice management software for behavioural health providers, from Gemspring Capital, a middle-market private equity firm. Financial terms were not disclosed.
"As we've scaled our business to meet the needs of behavioural health providers across the country, Gemspring has been a tremendous partner to Valant and has helped us drive product innovation and develop our go-to-market strategy. We look forward to continuing the strong momentum we've built under Gemspring's stewardship with the Resurgens team," Ram Krishnan, Valant CEO.
Valant was advised by Aeris Partners and McDermott Will & Emery. Resurgens was advised by Lincoln International, DLA Piper and Prosek Partners.
Sysco, a food and kitchen products marketer and distributor, completed the acquisition of Edward Don & Company, a foodservice equipment and supplies firm, from Vestar Capital Partners, a private equity. Financial terms were not disclosed.
"It's been a privilege to support Steve Don and DON management to help them achieve their growth objectives. When we originally invested in the business, we believed we were backing one of the strongest management teams and one of the highest-quality platforms in the food service equipment & supplies distribution space. That thesis has proven out many times over the years, and this successful outcome is yet another proof point," Rob Rosner, Vestar Founding Partner.
HIG Capital, a global alternative investment firm, completed the acquisition of Mainline Information Systems, an IT solutions provider. Financial terms were not disclosed.
“Mainline’s technical expertise, its status as a trusted advisor for its customers, and the value it brings to its Original Equipment Manufacturer partners are unmatched in the IT industry. We have been very impressed by what Jeff, and the rest of the management team have built and look forward to helping the Company further accelerate its significant growth potential through organic initiatives and acquisitions,” Aaron Tolson, HIG Capital Managing Director.
HIG Capital was advised by Guggenheim Partners, UBS and Latham & Watkins. Mainline Information Systems was advised by Highlander Advisors and King & Spalding.
American Pacific Group, a San Francisco Bay Area-based private equity firm, completed the acquisition of Spark Power, an end-to-end electrical services provider, for $140m.
“We want to thank our employees, customers, and vendors, for their support in helping to build and shape Spark Power into the industry-leading organization it is today. Going forward, we are excited to be partnering with APG to execute our next chapter of growth. APG’s invaluable experience and support will help accelerate our ability to scale and better serve our key markets,” Richard Jackson, Spark Power CEO.
Spark Power was advised by MPA and Bennett Jones. American Pacific was advised by Jones Day (led by Joseph Hatina) and Stikeman Elliott.
Truelink Capital, a Los Angeles based private equity firm, agreed to acquire Ansira Partners, an independent global marketing services and solutions company with proprietary channel, website, and advertising technology platforms. Financial terms were not disclosed.
"Ansira is a multifaceted company that is services-led and technology-powered. Truelink is a trusted partner with a proven track record, and this acquisition by Truelink provides the opportunity for us to grow, innovate, and refine our operations while continuing to deliver cutting-edge marketing solutions. Their partnership with Ansira provides further validation of our work and our impressive roster of clients, many with long-standing tenure," Andy Arnold, Ansira President.
Truelink Capital is advised by FTI Consulting. Ansira is advised by Canaccord Genuity and Ropes & Gray.
Bessemer Venture Partners led a $121m Series B financing round is Seismic Therapeutic,a biotechnology company advancing machine learning for immunology drug development, with participation from Amgen Ventures, Codon Capital, Alexandria Venture Investments, Gaingels and GC&H, Timothy A. Springer, Lightspeed Venture Partners, Polaris Partners, Boxer Capital, GV and Samsara BioCapital.
“Seismic has made impressive achievements in a short time integrating the power of machine learning with its deep drug development expertise to create two differentiated lead programs, each offering a compelling opportunity to address unmet medical needs in autoimmune diseases in a new way. We look forward to collaborating with the Seismic team to realize the full potential of its unique approach to immunology drug development, enabled by machine learning,” Andrew Hedin Bessemer Venture Partners Biotech and Healthcare Partner.
Seismic Therapeutic is advised by The Yates Network (led by Kathryn Morris).
Ascenta Capital, a private equity and venture capital firm, led a $101m Series C round in Odyssey Therapeutics, a biotechnology company, with participation from OrbiMed, SR One, General Catalyst, Foresite Capital, Woodline Partners, HBM Healthcare Investments, Colt Ventures, BlackMars Capital, Creacion Ventures, Fidelity Management & Research Company, T. Rowe Price Associates, Catalio Capital Management, Walleye Capital, Alexandria Venture Investments, Racing Beach Ventures, The Healthcare Innovation Investment Fund, Leerink Partners, Ab Magnitude Ventures, KB Investment and The Global BioAccess Fund.
“Odyssey has rapidly advanced a portfolio of immunology and oncology therapeutics with the goal of providing transformative medicines for large numbers of patients in need and several of these molecules have the potential to enter the clinic in the next 12 months. For us, success is defined as bringing safe and effective medicines to patients with serious diseases, with support from Ascenta and our other investors driving our pipeline into the future. We welcome Dr. Lorence Kim, co-founder and managing partner of Ascenta Capital, to our board to join us in achieving this mission,” Gary D. Glick, Odyssey Therapeutics Founder and CEO.
Odyssey Therapeutics was advised by Spectrum Science.
Tenzing Private Equity, a private equity firm, completed the acquisition of Webexpenses, an expense software provider. Financial terms were not disclosed.
"This is a hugely exciting time for the business, I am filled with gratitude for the incredible team that has brought us to this point. This is a testament to the hard work, dedication, and innovation that defines our company. Joining forces with Tenzing opens up new horizons and opportunities for growth. I believe this acquisition is not just a milestone but a stepping stone towards even greater success for our Clients and Partners. Our shared vision and combined strengths will undoubtedly propel us to new heights, and I am eager to see the remarkable achievements that lie ahead," Andrew May, Webexpenses Managing Director.
K1 was advised by Rothschild & Co.
BroadRiver Asset Management, a specialist in the management of fixed-income alternative investments, completed the acquisition of the US & Bermuda businesses of Lombard International, a provider of wealth structuring, life assurance solutions for succession and wealth planning. Financial terms were not disclosed.
"This transaction is an outstanding opportunity for BroadRiver and its investors and an additional step in BroadRiver's strategic expansion into the insurance sector. We look forward to supporting the sustained development of Lombard US/BDA's position in specialty life insurance and variable annuity products," Andrew Plevin, BroadRiver Co-Founder and Co-CEO.
BroadRiver Asset Management was advised by Henley Cay Capital.
Ares Management, a private equity firm, and Kam Ghaffarian, a Founder of X-energy, led a $235m Series C round in X-energy with participation from Ontario Power Generation, Curtiss-Wright, Daelim Industrial and Doosan Enerbility.
“We are grateful to all of our investors for supporting X-energy and advancing our mission to meet growing energy demands facing the world today with clean, safe, affordable, and reliable solutions. We are proud of the technology advancements our team has developed and are excited about the market opportunities expected to underpin our growth going forward. Combined with our technological advantages and strategic customer and investor collaborations, X-energy is poised to generate value and execute our growth strategy,” Kam Ghaffarian, X-energy Founder and Executive Chairman.
Wentworth Capital, a real estate private equity firm, completed the acquisition of a Logistics Portfolio from GPT, a Real Estate Investment Trust, for $140m.
The deal shows that industrial portfolio trades are still on the agenda despite quieter times in capital markets. GPT has been expanding in logistics. Last year, it said its joint venture with Canada’s Quadreal Property had expanded to $2bn. It has also built up substantial holdings and has a near $5bn industrial empire. A deeper shift into logistics has been a hallmark of departing GPT chief executive Bob Johnston’s period at the helm of the company. But it has been selling off smaller assets, and Wentworth has been on the expansion trail, becoming one of the key players in last-mile logistics since it was set up in 2019.
US Innovative Technology Fund, a venture capital firm, and Founders Fund, a San Francisco based venture capital firm, led a $100m Series C round extension in Gecko Roboticsa, a developer that provides AI-powered software and advanced robotics.
“This investment is designed to help supercharge our work ensuring the critical assets that our military relies on to protect our national security are ready. From our work getting ships out of maintenance cycles faster to helping build the next generation of military equipment, Gecko is proud to be increasing our partnerships with the US Military - and we’re looking forward to having USIT and Founders Fund onboard helping us continue that growth,” Jake Loosararian, Gecko Robotics CEO.
CVC Capital Partners,a global private markets manager, and Keensight Capital, a private equity firm, agreed to invest in Sogelink, a provider of software solutions for infrastructure, construction, and property management professionals. Financial terms were not disclosed.
"After four years of productive and successful partnership with Keensight Capital, that made Sogelink an undisputed European leader in the Construction Tech industry, I am delighted to open a new chapter in the group’s development with a partnership between CVC and Keensight, whose capabilities will surely reinforce our growth ambition,” Fatima Berral, Sogelink CEO.
Reverence seeks buyer for $2.5bn stake in Osaic.
Reverence Capital Partners, the financial-services focused private equity group, is seeking buyers for a minority stake in Osaic, the network of wealth management firms formerly known as Advisor Group.
Reverence is seeking to sell up to 20% of Osaic, a stake that could be worth as much as $2.5bn. Deliberations are ongoing and Reverence may yet opt to sell a larger holding, Bloomberg reported.
Ares and Sportsology are in talks for a stake in MLB's Texas Rangers.
Sportsology Capital Partners and Ares Management are in exclusive talks to buy a stake in Major League Baseball's Texas Rangers, Bloomberg reported.
The group is in advanced discussions to acquire the 10% stake in the 2023 World Series winners owned by Janice Simpson, and the transaction is set to value the team at more than $2bn.
EIG closes in on a multi-billion-dollar LNG acquisition.
EIG Global Energy Partners expects to announce soon a deal of several billion US dollars to buy an LNG asset in addition to a stake in an Australian project, EIG chief executive officer R. Blair Thomas said in an interview.
EIG via its unit MidOcean Energy, is currently looking to buy a 27.5% stake in the Australia Pacific LNG project in eastern Australia. The project is currently owned by ConocoPhillips with a 47.5% stake, Australia’s top energy retailer, Origin Energy, with 27.5%, and Chinese state-owned energy giant Sinopec with a 25% interest, WSJ reported.
Elon Musk's AI firm xAI files to raise up to $1bn in equity offering.
Elon Musk's artificial intelligence startup xAI has filed with the US securities regulator to raise up to $1bn in an equity offering, Reuters reported.
The company has raised $135m in equity financing from a total offering amount of $1bn, the filing with the Securities and Exchange Commission showed.
Fundraising for AI remains a bright spot for startups this year, following OpenAI's launch of popular chatbot ChatGPT last year and raising of $10bn from its strategic backer Microsoft Regulators, however, are concerned about the potential use of the technology to spread misinformation.
Danish pension fund to sell its Tesla shares.
PensionDanmark, one of Denmark's largest pension funds, decided to sell its holdings in Tesla over the US auto company's refusal to enter into agreements with labour unions, Reuters reported.
The decision is part of a growing Nordic movement to force Tesla to sign collective bargaining agreements with Swedish mechanics, who have been on strike since October. Labour unions in Norway and Denmark this week said they would start blocking transit shipments of Tesla cars meant for the Swedish market.
Blackstone explores sale of Anthos Therapeutics.
Private equity firm Blackstone is exploring the sale of Anthos Therapeutics, a developer of a new generation of blood thinners it launched four years ago with backing from Novartis, Reuters reported.
Anthos, which does not yet have any approved products or generate revenue, could be worth several billion dollars in a potential sale, significantly more than the $250m Blackstone invested when it founded Anthos in 2019.
Jana Partners calls for strategic review, possible sale at Frontier Communications.
Activist investment firm Jana Partners is urging Frontier Communications to begin a strategic review, including a possible sale of the telecommunications company, arguing that its shares will continue to lag unless corrective action is taken, Reuters reported.
Jana, which in October called on the third-largest US fiber broadband provider to sell itself, is now pressing Frontier's board to "immediately" start a comprehensive review process.
Judge offers Berkshire possible speedy trial over Pilot dispute.
A Delaware judge said she will grant a January trial requested by Warren Buffett's Berkshire Hathaway, if it agrees to certain conditions, to resolve claims that billionaire Jimmy Haslam tried to improperly inflate his stake in a truck stop chain, Reuters reportes.
Vice Chancellor Morgan Zurn of Delaware's Court of Chancery said in ruling on December 1 that efficiency favored hearing Berkshire's allegations next month alongside a January 8-9 trial over claims by the Haslam family that Berkshire was deflating the value of Pilot Travel Centers.
Activist investor Blackwells plans Wendy's board challenge.
Activist hedge fund Blackwells Capital is preparing to challenge Wendy's board of directors in a push for improvements to the fast food chain's financial performance, Reuters reported.
The challenge pits Blackwells against another activist hedge fund, Trian Fund Management, which owns a 16% stake in Wendy's and has three representatives -- Trian CEO Nelson Peltz, Trian President Peter May and Trian research co-head Matthew Peltz -- serving on the Dublin, Ohio-based company's board.
HPS Investment Partners considers filing for a $8bn IPO.
HPS Investment Partners, the private credit firm carved out of JP Morgan in 2016, confidentially filed for an initial public offering. HPS could be valued in a listing at about $8bn
The firm submitted its registration to the US Securities and Exchange Commission more than a year ago. As a result of that filing, HPS is positioned to pursue a listing if equity capital markets become more favorable. The firm has been working with JP Morgan and Goldman Sachs on the effort, Bloomberg reported.
Insurer Aspen chooses New York over London for $4bn IPO.
Aspen Insurance is targeting its $4bn IPO next year in New York instead of London partly due to management concerns about valuations and more stringent listing requirements in Britain, Reuters reported.
Bermuda-based Aspen, owned by private equity group Apollo, is being advised by Goldman Sachs, Citi and Jefferies on an IPO planned for the first half of next year.
Mexico’s Fibra Next IPO said to be delayed until next year.
Mexican industrial real estate trust Fibra Next is unlikely to carry out its highly anticipated IPO until early next year, Bloomberg reported.
The trust, which this week delayed its plans to go public in Mexico, still lacks needed paperwork from the tax authority and stocks regulator.
Canada's Brookfield raises record $28bn for infrastructure fund.
Canada's Brookfield Asset Management said on December 1 it had raised $28bn for its largest-ever fund, wagering on infrastructure assets the company believes would benefit from a shift to "deglobalization", given recent geopolitical tensions, FT reported.
The fund, raised by the group's Brookfield Infrastructure Partners arm, is the largest-ever dedicated to investing in assets such as airports, toll roads, pipelines and natural gas export plants. It is also the biggest fund ever raised by Brookfield, which manages $850bn across sectors spanning real estate, credit and insurance, renewable energy and corporate buyouts.
TPG and ALTÉRRA partner on $1.5bn climate investment initiative within $10bn Fundraising.
TPG, a leading global alternative asset management firm, and ALTÉRRA, the world's largest private investment vehicle for climate change action launched at the World Climate Action Summit at COP28, today announced an aggregate $1.5bn commitment to the next generation of TPG Rise Climate private equity funds, including its new Global South Initiative.
The Global South Initiative will be managed by TPG and is purpose built to accelerate and attract institutional capital at scale by offering return enhancement to encourage private equity investments in high growth climate opportunities in the Global South.
EMEA
KKR, an American global investment company, agreed to acquire Smart Metering Systems, a British energy infrastructure company, for £1.4bn ($1.76bn).
"KKR's offer recognizes the strength and resilience of our model and will ensure SMS has the necessary capital to accelerate and unlock its full growth potential. The offer price represents a significant premium to the current share price and allows shareholders to realize immediate and attractive value for their shareholding," Tim Mortlock, SMS CEO.
Francisco Partners, an American private equity firm, completed the acquisition of Blancco Technology Group, a global provider of mobile device diagnostics and secure data erasure products, for £175m ($221m).
“We have been very impressed with the leading market position that Blancco has established through its best-in-class solutions and are thrilled to partner with Blancco’s management team to drive the next phase of expansion,” said Brian Decker, Partner at Francisco Partners, and Karl Shum, Principal at Francisco Partners. “Sustainability and e-waste reduction are increasing strategic priorities for customers of all sizes globally, and we see tremendous organic and inorganic growth opportunities for Blancco worldwide,” Ravi Bhatt, Francisco Partners Vice President.
Trive Capital, a private equity firm, agreed to acquire Ten Entertainment Group, a bowling centers company, for £287m ($362m).
"Trive is delighted to have reached agreement with the TEG Board with respect to the Acquisition. We have been extremely impressed by the TEG management team and TEG's ability to deliver a high quality customer experience across its locations in the UK," Shravan Thadani, Trive Capital Partner.
Kering, a multinational corporation specializing in luxury goods, completed the acquisition of a 30% stake in Valentino, an Italian luxury fashion house, from Mayhoola, a private equity firm, for €1.7bn.
“I am impressed with the evolution of Valentino under Mayhoola ownership and very delighted that Mayhoola has chosen Kering as its partner for the development of Valentino, a unique Italian house that is synonymous with beauty and elegance. I am very pleased of this first step in our collaboration with Mayhoola to develop Valentino and pursue the very strong strategic journey of brand elevation that Jacopo Venturini will continue to lead,” François-Henri Pinault, Kering Chairman and CEO of Kering.
Kering was advised by Centerview Partners and Rothschild & Co. Mayhoola was advised by Intesa SanPaolo and JP Morgan. JP Morgan was advised by White & Case.
HENSOLDT, a defence supplier, agreed to acquire ESG, an IT service management, from Armira Beteiligungen, a private equity firm, for €675m ($733m).
“The acquisition of ESG is an excellent fit with our overall strategy and accelerates HENSOLDT’s development as a solution provider for defence and security. By combining highly complementary capabilities from HENSOLDT and ESG, we are taking a decisive step towards becoming a leading European provider of seamlessly integrated solutions. This will put us in an ideal position to meet the existing and future requirements of our customers around the world,” Thomas Müller, HENSOLDT CEO.
HENSOLDT is advised by Deutsche Bank, Gleiss Lutz and Hengeler Mueller. Armira Beteiligungen is advised by Rothschild & Co and Hengeler Mueller (led by Hans-Jorg Ziegenhain and Daniel Moritz).
Arctos Partners, a private equity platform dedicated to the professional sports industry, agreed to acquire a 12.5% stake in Paris Saint-Germain, a football club in France, from Qatar Sports Investments, a private equity company, for $575m.
“We are delighted to welcome Arctos into the Paris Saint-Germain family as a strategic partner and investor. As a Club and institution, we are entering the next exciting phase of PSG’s growth and development, both on and off the pitch – which is based on long-term ambitions and attaining excellence in everything we do. Arctos is a fantastic partner to help us achieve our goals, bringing strategic expertise, ideas and innovation to our business, while providing investment and new relationships to support our footballing and sporting goals. From day one, they have passionately believed in our project, our plan and vision for the Club – and we are proud to have them as part of our family. Today is an important milestone in Paris Saint Germain’s history, which will contribute greatly to the continued success and growth of our great Club,” Nasser Al-Khelaïfi, Qatar Sports Investments Chairman.
Arctos Partners is advised by Kirkland & Ellis and Prosek Partners (led by Matthieu Roussellier). Qatar Sports Investments is advised by Guggenheim Partners and DLA Piper.
Bain Capital is the last remaining bidder for software company SoftwareOne after other interested parties, including private equity firm Apax Partners, dropped out, Reuters reported.
This makes buyout group Bain the frontrunner to acquire the Swiss software manager after it first emerged as a bidder back in June. SoftwareOne shares fell 1.1% on December 7 morning after the Reuters report.
SoftwareOne is advised by JP Morgan and FGS Global.
Aldar Properties, a real estate developer, investor, and manager, completed the acquisition of London Square, a residential home developer, for £230m ($291m).
“Our recently announced international expansion strategy centres on exploring opportunities to acquire or partner with established operating platforms in our target markets. The acquisition of London Square represents our first market entry outside of the region, and is a testament to the company’s management team, governance framework, and business model which has consistently delivered strong performance. The transaction, which is synergistic in nature, gives us the ability to leverage our mutual strengths, shared values, and common approach to homebuilding to scale London Square while bringing the best of Aldar to bear in the UK’s property market, as we continue to build our foothold outside of the region," Talal Al Dhiyebi, Aldar Properties CEO.
Ares Management is advised by Rothschild & Co.
Bridgepoint, an investment firm, agreed to acquire a 75% stake in Fera Science, a provider of environmental testing, research, and advisory, from Capita, an international business process outsourcing and professional services company, for £60m ($76m).
"We are very pleased to have agreed the sale of our stake in Fera after a competitive auction process. Capita and Defra have partnered together to grow and professionalise Fera over the past eight years, creating significant value for us and the taxpayer," Jon Lewis, Capita CEO.
Capita is advised by Strata Partners.
PIF, a sovereign wealth fund of Saudi Arabia, agreed to acquire a 49% stake in Rocco Forte Hotels, a British hotel group. Financial terms were not disclosed.
“PIF is an excellent partner for us going forward. We have established an extremely good relationship during the course of our negotiations. They share the same vision for the brand and the future strategy of the group with the same ambition to take a long-term view. I look forward to working with PIF to expand the group and improve the high level of service we offer our customers," Rocco Forte, Rocco Forte Hotels Executive Chairman.
Rocco Forte Hotels is advised by Rothschild & Co.
The takeover of Everton FC by 777 Partners is facing increasing scrutiny from Premier League officials studying the investment firm's suitability to own a major football club, Bloomberg reported.
Decision-makers in the Premier League have begun adopting a more sceptical stance in recent weeks after questions were raised about the finances of Miami-based 777 Partners.
Telegraph, Spectator to not resume sale as Barclay family repays debt.
Telegraph Media Group and the Spectator magazine will not resume a sale process it paused last month, the publishers said on December 5, after the Barclay family, helped by Abu Dhabi-backed RedBird IMI, repaid a £1.2bn ($1.51bn) debt to Lloyds Bank, Reuters reported.
A battle to own the right-leaning newspaper and the Spectator political magazine was launched earlier this year when Lloyds seized control of the titles from the Barclay family following a long running dispute over the debt.
Blackstone, EQT, CVC bid for Deutsche Fußball Liga TV rights.
Blackstone, EQT Group and CVC Capital Partners are submitting bids for a minority stake in a vehicle that holds broadcasting rights for Germany’s top football leagues. DFL Deutsche Fußball Liga is seeking bids of up to €1bn ($1.1bn) for a stake of as much as 8%.
Advent International also is interested in a stake. Bidders are also bound to commit to an eight-year minimum holding period and bidders must come from Western nations, ruling out investment from the Middle East or China, Bloomberg reported.
Blank-Check firm in talks to merge with South African gold mine.
Rigel Resource Acquisition, a New York-listed blank-check company, is in talks to combine with a South African gold miner, Bloomberg reported.
The deal could value Blyvooruitzicht Gold Mining at as much as $425m.
The blank check company backed by Orion Resource Partners, a money manager with $8.5bn of assets, hired Citigroup and Rand Merchant Bank to do a pre-sale and raise about $60m early in 2024.
Kester Capital eyes £100m sale of Jollyes.
The private equity owner of pet specialist retailer Jollyes is understood to be considering a sale of the business for more than £100m ($127m), The Times reported.
The retailer’s private equity owner, Kester Capital, is working with financial advisors at Houlihan Lokey on “strategic options” for the business.
Commerzbank seeks wealth fund investor in Asia, Mideast.
Commerzbank is talking to sovereign wealth funds about becoming an anchor investor to shore up its defenses against any opportunistic takeover bid and preserve its independence, Bloomberg reported.
Commerzbank Chief Executive Officer Manfred Knof has approached state-backed funds from Asia and the Middle East in recent weeks to gauge their interest in buying a stake of up to 9.9%. The bank sees an opportunity to speak with investors as it has recently unveiled a new strategy and its share price is up.
US forces Saudi fund to exit Altman-backed AI chip startup.
The Biden administration has forced a Saudi Aramco venture capital firm to sell its shares in a Silicon Valley AI chip startup backed by OpenAI co-founder Sam Altman, Bloomberg reported.
Prosperity7, a lead investor in a funding round that raised $25m for Rain AI in 2022, sold its shares in the startup after a review by the Committee on Foreign Investment in the United States. The agency, the primary US watchdog for deals with national security implications, instructed the Saudi fund to unwind that deal sometime over the past year.
Abu Dhabi state-backed fund moves to take control of Daily Telegraph.
An Abu Dhabi state-backed vehicle has moved closer to taking full control of The Daily Telegraph just hours after the launch of a regulatory probe that prevents it from removing key journalists from their posts, Sky News reported.
RedBird IMI has given the newspaper's board and the government notice of its intention to activate a call option that will convert loans secured against the Telegraph titles and Spectator magazine into shares.
Coco di Mama owner to test bidders' casual dining appetite.
One of Britain's biggest casual dining operators is to begin testing buyers' appetite for a deal next year in a move that could see chains such as Ask and Coco di Mama changing hands, SkyNews reported.
Azzurri Group, which is owned by Towerbrook Capital Partners, has begun talks with investment bankers about an auction that would launch sometime next year. Towerbrook took control of the casual dining chains at the height of the pandemic in 2020 when the business - like many others in the sector - went through a pre-pack administration.
UAE set to announce $30bn climate finance fund at COP28.
The United Arab Emirates is preparing to announce a new $30bn climate-focused investment fund during COP28 with backing from some of the world's biggest investors including BlackRock, Reuters reported.
UAE would provide the bulk of the money and private equity firm TPG and infrastructure investor Brookfield would also be involved. Money would be overseen by UAE-backed investor Lunate Capital.
Polish homebuilder IPO raises $101m in mortgage boom.
Murapol's owner raised PLN404m ($101m) in its initial public offering as investors bet on the continued health of Poland's housing boom, Bloomberg reported.
Ares Management sold a 30% stake in residential builder Murapol for PLN33 ($8.2) per share, versus a maximum marketed price of PLN35 ($8.7) each. The IPO values Murapol at about PLN1.35bn ($336m).
Eurazeo raises €3.2bn for private debt.
Eurazeo, an European investment group, has announced the closing of its sixth direct lending fund, including €2.1bn ($2.3bn) from third parties, the initial target of €2bn ($2.2bn). Adding in the €900m ($980m) raised from retail investors, the total scale of Eurazeo's Private Debt program reaches €3.2bn ($3.5bn).
Since its inception, the program is already over 70% deployed. The Private Debt VI fund has invested in over 50 companies across Europe, operating in resilient, non-cyclical sectors such as business services, healthcare, specialized financial services and information technology.
Lazard taps BofA's Adam Cady for financial sponsors coverage. (People)
Lazard has hired Bank of America managing director Adam Cady to cover some of its largest private equity and alternative asset manager clients, Bloomberg reported.
New York-based Cady, who was last year named head of Bank of Americas' financial sponsors group, is set to join Lazard in a senior role in February after a standard period of leave.
APAC
Brookfield said on December 1 that it would consider the implications of Australia's new green energy policy on Origin Energy before making a new offer should its $10.6bn bid for the firm be voted down by the takeover target's shareholders on December 4, Reuters reported.
The government plan announced last week to underwrite a massive expansion of clean energy in the electricity market, where Origin is a major player, has scrambled the outlook for electricity prices, future investment and existing plants. Brookfield Australia's head of renewable energy and transition, Luke Edwards, said should the shareholder vote fail, the private equity firm would further examine the government's proposed expansion to the Capacity Investment Scheme (CIS) and National Energy Transformation Partnership (NETP).
Origin Energy is advised by Barrenjoey Capital Partners, Jarden, and Herbert Smith Freehills (led by Rebecca Maslen-Stannage). EIG is advised by JP Morgan and FGS Global (led by Kelly Kimberly). Brookfield Renewable is advised by Citigroup, Allens, and White & Case (led by Christopher Flynn). GIC is advised by SEC Newgate.
MBK Partners, a private equity firm, agreed to acquire a 20% stake in Hankook, a battery storage manufacturer, for $1.45bn.
Upon the announcement of the tender offer, Hankook & Company’s shares experienced a significant surge. At one point in intraday trading, the shares jumped by more than 19%. Hankook & Company is a reputable name in the industry as it serves as the holding entity for Hankook Tire & Technology, the seventh-largest tire manufacturer globally in terms of sales.
Bessemer Venture Partners, a venture capital firm, led a $210m funding round in Klook, a provider of online travel booking services, with participation from BPEA EQT, Atinum Investment, Golden Vision Capital, Krungsri Finnovate, Kasikorn Bank, and SM Investments.
"We are pioneering a transformative era of travel, catering to a new generation of more digitally-savvy travelers with bigger and bolder appetites for unique experiences. Our goal is to empower travelers to explore the world effortlessly through the Klook app, a one-stop platform that seamlessly connects them to a comprehensive range of in-destination services, encompassing immersive experiences and convenient ground transportation," Eric Gnock Fah, Klook COO and Co-Founder.
ChrysCapital, an Indian private equity firm, completed the investment in ProHance Analytics, a business-to-business software-as-a-service provider. Financial terms were not disclosed.
"We see tremendous potential in 'India for global SaaS' given the large developer talent pool and higher adoption of cloud in global enterprises. ChrysCapital is excited to be partnering with an innovative and dynamic company for our inaugural investment in the SaaS sector," Rishabh Iyer, ChrysCapital Vice President.
TPG Capital takes aim at $4bn payday with Novotech exit.
TPG Capital is shaping up for a big start to the new year, after 2023 saw it sweep death care services business InvoCare, off the ASX-boards, and explore an exit of pets & vets business Greencross, Financial Review reported.
Now the private equity giant is bringing Novotech, a clinical research organisation, to market, mandating long-time advisors Goldman Sachs to explore options for the business. It was valued at $3bn in the private markets early last year.
Australian fund manager Perpetual rejects $2bn bid from top investor.
Australian fund manager Perpetual on December 6 rejected a AUD3.1bn ($2bn) takeover offer from its largest shareholder, diversified investor Washington H Soul Pattinson, saying the proposal undervalued its business, Reuters reported.
WHSP has a 9.9% stake in Perpetual. Its proposal came hours after Perpetual announced that it was looking at splitting off its corporate trust and wealth management businesses from its core asset management division.
Longreach weighs sale of Japan’s Fujitsu Component.
Longreach Group, an investment firm, is considering selling Japanese industrial technology company Fujitsu Component after the Asian buyout firm received interest from potential buyers, Bloomberg reported.
Longreach is working with a financial adviser on the potential divestment. A transaction could value the components maker at $500m to $1bn.
Hedge fund Palliser urges changes at Samsung C&T.
Activist investor Palliser Capital is urging Samsung C&T to spend its cash better, improve governance and communications and simplify its corporate structure to boost its share price, Reuters reported.
The London-based hedge fund has suggested SCT consider making a number of potential changes that could lift its share price by as much as 170%. SCT is the effective holding company of South Korea's largest business conglomerate, Samsung Group, that is controlled by its founding family. Possible changes could include speeding up plans to cancel its treasury shares and appointing more diverse board members who have expertise in capital allocation. Palliser also suggested naming one chief executive to oversee SCT's four business units that, now each have their own head, and reviewing whether some businesses could be sold or spun off and listed.
Bahrain's wealth fund to become 'engine for deals' under new CEO.
Bahrain's sovereign wealth fund plans to sell stakes in at least four companies next year as it seeks to become a more active investor, Bloomberg reported.
Mumtalakat is "looking to increase our market activity. We are aiming to do at least four listings or market offerings of different parts of the Mumtalakat portfolio in 2024 on the main exchange and on alternative exchanges we have," Shaikh Salman bin Khalifa, Bahrain finance minister and chairman.
AirAsia parent Capital A weighs IPO of Philippine operations.
AirAsia parent Capital A said it was exploring financing options for its Indonesian and Philippine operations, including a potential initial public offering for AirAsia Philippines in the near term, DealStreetAsia reported.
Bursa Malaysia stock exchange had classified both AirAsia X and Capital A as PN17, a tag given to financially distressed company, last year. Such firms may be de-listed from the exchange if they fail to stabilise their finances within a set time frame.
RRJ Capital seeks to raise $2bn for new asia private credit fund.
RRJ Capital, the private equity firm founded by former Goldman Sachs Group banker Richard Ong, is seeking to raise as much as $2bn for a new fund that focuses on private credit in Asia. Bloomberg reported.
The Singapore-based firm has received initial interest from North American pension funds totaling $500m ahead of the fund launch in January, according to Bloomberg. The firm is seeking at least $1.25bn and may raise another $750m, capping the fund size at $2bn.
GLP Capital Partners launches onshore fund with Chinese insurance provider.
Global venture capital firm GLP Capital Partners has established a new CNY4.3bn ($603m) onshore income fund in partnership with a Chinese insurance provider, Reuters reported.
The global asset manager said the fund is seeded with 13 stabilised income-generating industrial park assets, with a total leasable area of more than 970k square meters located in core markets, including Shanghai and Kunshan.
Warburg Pincus reshuffles leadership team in Asia. (People)
Warburg Pincus is tapping a new boss to oversee its entire Asia private equity business, placing a region that’s increasingly complex to navigate under one chain of command, Bloomberg reported.
Vishal Mahadevia, a Warburg veteran since 2006 and the firm’s India chief, will become head of Asia private equity, the company plans to announce on December 4. It’s part of a sweeping overhaul of Asia top brass at the firm. Warburg is also naming new heads in China, India and Southeast Asia.
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