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AMERICAS
Clayton Dubilier & Rice-backed Resideo Technologies, a manufacturer and distributor of technology-driven products and solutions, agreed to acquire Snap One, a provider of smart-living products, services, and software to professional integrators, from Hellman & Friedman, an American private equity firm, for $1.4bn.
"Snap One has grown from a startup built by entrepreneurial integrators to an industry leader in smart technology, delivering seamless experiences to consumers and high-quality services and support to our integrators. This is the right next step to capture new opportunities to bring our solutions to market. The future of smart living is here. Demand for connected technology products continues to grow, and Resideo is the right owner to drive our expansion. We believe this transaction will deliver compelling value to our stakeholders and will create opportunities for our people and integrator partners," John Heyman, Snap One CEO.
Snap One is advised by JP Morgan, Moelis & Co, Simpson Thacher & Bartlett and H/Advisors Abernathy (led by Dan Scorpio and Dana Gorman). Resideo Technologies is advised by Evercore, Raymond James and Willkie Farr & Gallagher. Debt financing is provided by Morgan Stanley and Bank of America.
Clearlake Capital Group, a private equity firm that focuses on the technology, industrial and consumer sectors, said it had made a fresh offer to buy Blackbaud in an all-cash deal that values the software provider at $4.3bn.
The $80 per share offer represents a premium of 4.3% to the last share price close. Last year, Clearlake had made an all-cash offer of $71 per share that Blackbaud rejected, claiming it undervalued the company.
TPG, a private equity firm, completed the acquisition of a majority stake in Sayari, a provider of financial intelligence and supply chain risk solutions for analysts and investigators, for $235m.
"As the global business landscape continues to evolve, companies are facing an increasingly complex set of risks and are being held accountable for the counterparties with which they partner. Sayari sits at the intersection of these trends. Through its unique data assets built over many years, Sayari's platform drives greater insights into emerging threats and gives organizations more power to protect the people, businesses, and nations they serve. TPG has invested behind leading information services and government technology businesses for more than two decades, and we look forward to partnering with the Sayari team on their journey," Mike Zappert, TPG Partner.
Hostmore, a UK hospitality business, offered to acquire TGI Fridays, a hospitality business that owns the American-themed casual dining brand "TGI Fridays", from TriArtisan, a private equity firm, for £177m ($221m).
"I am pleased to announce that we are in advanced discussions with TGI Fridays on the terms of a proposed transaction, which would reunite two businesses that are a natural fit, and were one business until as recently as 2014," Stephen Welker, Hostmore Chairman.
Partners Group, a global private markets firm, completed the acquisition of a minority stake in Trinity, a hospitality-focused real estate investor, for $500m.
“We are grateful to have held a long-standing relationship with Partners Group, and that the firm has committed to investing alongside Trinity so that we can continue to build a preeminent global hospitality program together. We see an abundance of opportunities to deploy our sophisticated platform for hotel real estate, re-positioning, operation and asset management into new hotel assets and credit investments both in North America and abroad,” Sean Hehir, Trinity Managing Partner, President, and CEO.
Trinity was advised by JLL Corporate Finance (led by Jeff Altman), Jones Lang LaSalle and Prosek Partners (led by Kristin Cole).
One Equity Partners, a private equity firm, completed the acquisition of Ballymore Safety Products, a material-handling equipment company, from Graycliff Partners, an investment firm. Financial terms were not disclosed.
“Companies are increasingly looking for innovative technologies and solutions that ensure worker safety and enhance productivity. Ballymore has a longstanding reputation, developed organically and through strategic M&A, for developing and delivering high-quality and innovative workplace solutions. This investment exemplifies OEP’s focus on identifying strong businesses with significant growth potential that can serve as a platform for growth through transformational M&A,” Steve Lunau, One Equity Partners Partner.
One Equity Partners was advised by Stanton PRM. Graycliff Partners was advised by BlackArch Partners and Fairmount Partners.
Manulife Investment Management, a private equity firm, led a $520m investment round in Nexamp, an independent renewable energy provider, with participation from Diamond Generating and Generate Capital.
"This landmark financing comes at a pivotal moment in the evolution of America's energy economy, and underscores the indispensable role of community solar in democratising access to clean, affordable energy solutions for every American. This unprecedented investment reflects swelling confidence in the ability of independent renewable energy providers to reimagine outmoded infrastructure and reshape our grid. Nexamp is committed to deep collaboration with communities across the nation in building a more sustainable future for us all," Zaid Ashai, Nexamp CEO.
Nexamp was advised by Bank of America. Manulife was advised by Jefferies & Company.
Wynnchurch Capital, a private equity firm, completed the acquisition of Handgards, a specialist in manufacturing and distribution of food safety products along with printing and plastic film extrusion, from Wind Point Partners, a private equity firm. Financial terms were not disclosed.
"From our first meeting with Wynnchurch, I knew we had found a fantastic partner for our next chapter of growth. Wynnchurch brings significant commercial and operational expertise in distribution and has substantial resources to support Handgards' growth plans. Importantly, they also share our core values of providing best-in-class service and quality products to our customers," Joe Kubicek, Handgards CEO.
Wynnchurch Capital was advised by Houlihan Lokey and Foley & Lardner.
Stonepeak, an American investment firm, completed the acquisition of a rail-served logistics portfolio in Chicago from CenterPoint Properties, a real estate company. Financial terms were not disclosed.
“This transaction demonstrates the power of the Stonepeak platform to invest in supply chain real estate with durable infrastructure characteristics. The portfolio is directly adjacent to critical rail infrastructure and is a strong addition to our broader real estate strategy. We look forward to expanding our portfolio as a trusted buyer who provides speed and certainty of execution,” Phill Solomond, Stonepeak Senior Managing Director and Head of Real Estate.
Stonepeak was advised by Eastdil Secured and Simpson Thacher & Bartlett.
The Riverside Company, a private equity firm, completed the acquisition of Kaseware, a provider of investigation management software. Financial terms were not disclosed.
"The Riverside team and their investment philosophy are a perfect fit as we look to further expand and innovate our product. We were pleased to find an investor that shares our vision for driving innovation across the public safety and security industries," Dorian Deligeorges, Kaseware Co-Founder & CEO.
The Riverside Company was advised by Jones Day.
Graham Partners, a private equity firm, completed the acquisition of a majority stake in E Tech Group, an automation system integrators. Financial terms were not disclosed.
"The E Tech Group is on a mission to disrupt and reshape the world of industrial automation. This new investment will advance our ability to provide distinctive automation solutions, elevating efficiency and productivity while redefining how manufacturing is done in North America," Matt Wise, E Tech Group CEO.
E Tech Group is advised by Robert W Baird.
APi Group, a construction engineering company, agreed to acquire Elevated Facility Services Group, a provider of contractually based services for all major brands of elevator and escalator equipment, from L Squared Capital Partners, a private equity firm, for $570m.
"We have long viewed the elevator and escalator service market as very attractive due to highly recurring nature of the business, driven by non-discretionary, statutorily driven demand. We believe Elevated is the perfect opportunity for APi to expand into this adjacent and attractive market, creating a platform from which to execute our bolt-on M&A strategy. I believe our strength in operating a branch-led operating model makes APi the perfect owner for Elevated and businesses like it," Russ Becker, APi President and CEO.
Armis, an asset intelligence cybersecurity company, completed the acquisition of Silk Security, a platform for cyber risk prioritization and remediation, for $150m.
“Global enterprises and governments need a platform that can address the entire lifecycle of cybersecurity threats. Given today’s complicated, dynamic threat landscape, legacy technologies and point solutions are no longer fit for purpose. To ensure the entire attack surface is both defended and managed in real time, organizations need a comprehensive solution that quantifies and reduces risk continually through the ability to prioritize and remediate the most important security findings at any given time, in any environment," Yevgeny Dibrov, Armis CEO and Co-Founder.
Blackstone leads $2bn private loan for data center firm.
Blackstone led a roughly $2bn financing package to Park Place Technologies to refinance the company’s debt and to fund a payout to its private equity owners, Bloomberg reported.
Blue Owl Capital also participated in the new financing, which includes a loan of around $1.7bn, a revolving credit facility and a delayed-draw term loan.
Brookfield is in talks to buy a majority stake in Castlelake.
Brookfield Asset Management is in advanced talks to buy a majority stake in private-credit manager Castlelake.
The potential deal would see Brookfield invest more than $1.5bn in the Minneapolis-based firm, which manages around $22bn. The talks are advanced but could still fall apart. As part of the deal, Brookfield would be entitled to receive 51% of fee-related earnings and a much smaller share of carried interest, Bloomberg reported.
Hedge fund Barington urges Paramount to scrap talks with Skydance.
Some Paramount Global investors are speaking out about a possible merger with Skydance Media, calling on the US media conglomerate to look at other options and to treat shareholders equitably if this deal should be inked. Skydance has been conducting exclusive talks with Paramount Global.
Hedge fund Barington Capital urged Paramount Global to scrap its exclusive merger talks with Skydance Media, arguing all shareholders would benefit if the company looked at other potential bidders. The New York-based hedge fund, which owns 325k shares in Paramount, has joined a chorus of increasingly disgruntled investors who say they are fearful of being cheated in a potential deal that is widely seen as favoring the company's controlling shareholder, Shari Redstone, Reuters reported.
Halliburton, Baker Hughes may see deal pressure after SLB's buying spree.
Investors of Halliburton and Baker Hughes are likely to pile up pressure on the top US oilfield service companies to follow the steps of bigger rival SLB in beefing up their portfolios through deals, industry experts said.
SLB made a nearly $8bn bid for ChampionX earlier this month to add new technology offerings, its second acquisition this year and the biggest purchase since 2016, Reuters reported.
Riverside explores potential sale of its private credit arm.
Riverside is exploring strategic options including a sale of its direct lending arm, Riverside Credit Solutions. The firm is negotiating with potential buyers of the unit, Bloomberg reported.
The possible transaction is part of a trend as asset managers and insurance companies seek to broaden their exposure to firms involved in private credit. Riverside Credit Solutions, led by managing partner Dave Dobies, was founded in 2016 and provides financing to private equity-owned companies and other borrowers, with a focus on those that operate in the lower-middle market.
KKR Co-CEOs predict revival in global IPO and takeover activity.
KKR, one of the pioneers of the $15tn private capital industry, is hastening plans to sell large investments or take them public after higher interest rates caused a two-year slowdown in takeovers and initial public offerings, Financial Times reported.
Scott Nuttall and Joseph Bae, co-chief executives of the New York-based group, said they were seeing an improvement in activity to take portfolio companies public. KKR was also holding talks with large corporations and other private equity buyers about potential asset sales.
Omers Private Equity explores IPO of transport and logistics firm Kenan.
Omers Private Equity is exploring an initial public offering of Kenan Advantage Group, one of North America’s biggest tank truck transporter and logistics providers, Bloomberg reported.
Omers is discussing a US listing in which the North Canton, Ohio-based company may raise about $400m. Kenan could be valued at about $3.5bn in an IPO.
Lone View raises $850m for inaugural fund.
Lone View Capital, an LA-based private equity firm investing in the technology sector, has held final close of its inaugural fund, Lone View Capital Fund I with total committed capital of $850m, bringing the firm’s AUM to approximately $1.1bn.
Fund I was backed by university endowments, sovereign wealth funds, charitable foundations, pension funds, asset managers, insurance companies and family offices.
Lone View was advised by Kirkland & Ellis.
BDT, Credit Suisse alums’ Citation Capital seeks $850m.
Private equity firm Citation Capital is seeking to raise about $850m for its debut fund, Bloomberg reported.
The Dallas-based firm, led by former BDT dealmaker Tiffany Hagge and Credit Suisse alum Lydie Hudson, is discussing the vehicle with prospective investors.
Compass Group closes second oversubscribed fund in two years.
US private equity firm Compass Group Equity Partners has closed Compass Group Fund III and hit its hard cap of $408m, the firm’s second oversubscribed fundraising in two years.
The fund attracted “strong carryover” from investors in the firm’s previous fund, which closed in April 2022, having secured support from insurance companies, endowments, registered investment advisors, and foundations.Since its first investment in 2015, Compass Group has invested in 14 portfolio companies, more than 230 bolt-ons and has completed four exits.
Compass Group was advised by McGuireWoods and Aqueduct Capital Group.
EMEA
Apax Partners, a private equity firm, agreed to acquire Zellis Group, an HR and payroll solutions provider, from Bain Capital, a private investment firm. Financial terms were not disclosed.
“We are proud of the market leading position that Zellis Group has built over recent years, a testament to the work and innovation of our team, with the strong support of Bain Capital. Today’s announcement reaffirms that position and will allow us to increase our investments and expansion in the areas that are most important to our customers. We’re excited to partner with Apax as we begin a new chapter to fulfil our mission to help our customers offer exceptional employee experiences to their people," John Petter, Zellis Group CEO.
Apax Partners is advised by Arma Partners, Citigroup, Kirkland & Ellis and Weil Gotshal and Manges. Zellis Group is advised by Evercore and Morgan Stanley. Bain Capital is advised by Ropes & Gray (led by William Mone and John Newton).
General Atlantic, a global growth equity firm, agreed to acquire a majority stake in GRESB, an ESG performance data and peer benchmarks provider, from Summit Partners, an American investment firm. Financial terms were not disclosed.
“GRESB looks forward to contributing to BeyondNetZero’s vision for climate action powered by technology, innovation, and entrepreneurship. This vision underpins GRESB’s industry-led approach to creating global standards that increase market transparency and accelerate the clean energy transition,” Sebastien Roussotte, GRESB CEO.
General Atlantic is advised by De Brauw Blackstone Westbroek and Weil Gotshal and Manges. Summit Partners is advised by Moelis & Co, Loyens & Loeff (led by Roel Fluit and Louis Lutz) and Milbank.
Gen II Fund Services, a private equity fund administrator, completed the acquisition of Crestbridge, a private capital fund administration solutions provider. Financial terms were not disclosed.
“The integration of the Crestbridge team and capabilities into Gen II marks a major milestone in achieving our goal to be the leading global private capital fund administrator. Blending Crestbridge’s private equity and real estate fund administration businesses with our service offerings provides our clients with many more options to support their success and growth," Steven Millner, Gen II CEO.
Crestbridge was advised by Freshfields Bruckhaus Deringer (led by Edward Cole) and Material Impact (led by Daniel Jason). Gen II was advised by BackBay Communications (led by Daniel Abramson) and Highwire PR.
VINCI Airports, a company that manages the entire life cycle of airport sites, agreed to acquire a 50.01% stake in Edinburgh Airport, an international airport located in Scotland, from Global Infrastructure Partners, an infrastructure investment fund, for £1.27bn ($1.58bn).
"This partnership underlines our commitment to Scotland and its capital city airport. We are excited to extend our partnership with VINCI to deliver on our shared aspirations for the future of Edinburgh Airport, including our promise to support the airport's 2030 sustainability commitments. We are pleased the senior leadership team will remain in place under the chairmanship of Sir John Elvidge. Their focus remains on the long-term growth, modernisation and sustainability of the airport and on continuing to improve passenger service," Michael McGhee, Global Infrastructure Partners Deputy Chairman and Founding Partner.
Global Infrastructure Partners is advised by JP Morgan and Charlotte Street Partners (led by Malcolm Robertson). VINCI Airports is advised by Credit Agricole.
Motel One, a German budget hotel chain, completed the acquisition of the remaining 35% stake in One Hotels & Resorts, a hotel chain operator, from Proprium Capital Partners, a private equity firm, for €1.25bn ($1.33bn).
"We are proud to have been a long-term partner to Dieter Müller and the Motel One team on its impressive growth journey for more than 15 years. Motel One has delivered outstanding profitable growth since inception by combining a unique design-led hotel concept, a disciplined and cash generative business model and an entrepreneurial culture. While the sale of our stake in Motel One will generate very attractive returns for our investors, we leave Motel One very well positioned with an enormous potential for future growth. The investment in Motel One exemplifies Proprium's commitment to platform investing, aimed at delivering outsized private equity returns within the real estate industry," Philipp Westermann, Proprium Partner & Head of Europe.
One Hotels & Resorts was advised by Hengeler Mueller. Proprium Capital Partners was advised by Morgan Stanley and Freshfields Bruckhaus Deringer.
CREDITAS Group, a financial services firm, agreed to acquire GGE, a producer and distributor of electricity, from Infracapital, an investor in essential core infrastructure assets. Financial terms were not disclosed.
"The management team has been instrumental in the transformation of GGE over the nine years of Infracapital's ownership. We would like to thank them for their dedication and the fantastic EBITDA growth that has been achieved. The business is in great shape and is now strongly positioned as a key player in the Slovakian energy market. We wish the new owners every success in the future," Mark Chladek, Infracapital Head of Brownfield.
Infracapital is advised by DC Advisory and Teneo.
Certares, an investment management company, agreed to invest €125m ($133m) in FTI GROUP, a tour operator.
“We are delighted to announce our partnership with the Certares-led Consortium. Certares is a leading investor in the global travel and tourism sector. With support from Certares and its extensive experience in the sector and capital provided by the Consortium, FTI is uniquely positioned for future growth and profitability which benefits all the stakeholders, including our customers, commercial partners and employees. We are committed to start our next chapter of success and to further consolidate our position as a leading player in the German and European tourism sector," Karl Markgraf, FTI GROUP CEO.
Certares is advised by Jefferies & Company.
Mutares, a private equity firm, agreed to acquire the Polish high voltage business of Eltel, a Nordic service provider for critical infrastructure that enables renewable energy and high-performing communication networks. Financial terms were not disclosed.
"We are satisfied to find a new owner in Mutares, who can continue to develop the Polish business. The transaction creates value for us and our shareholders by minimising complexity and risks associated with project business outside Nordics. The Eltel Group Management team will focus on executing on our new strategy by developing new service offerings and broadening our customer base in our core markets," Håkan Dahlström, Eltel President and CEO.
Eltel is advised by DC Advisory.
Nalka Invest and Kirk Kapital, two investment firms, agreed to acquire Norstat, a data collectors for market research and insight, from Triton, a private equity firm. Financial terms were not disclosed.
"Norstat is truly a leading company within its market, that we have followed over time. We are impressed by the team and its position as the go-to provider of high-quality data and insights in Europe. The deal is pending regulatory approval, but we are looking forward to our future cooperation with Norstat and to contribute to the company's development. We are also glad to partner with Kirk Kapital as a large minority shareholder, a strong partner sharing our values and long-term perspective on business development," Martin Lagerblad, Nalka Invest Managing Director.
Triton is advised by William Blair & Co.
Fortress Investment Group, a private equity firm, completed the acquisition of Poundstretcher, a British variety store chain. Financial terms were not disclosed.
"Poundstretcher is an exciting business in a critical part of the UK retail sector, and we recognise its importance to consumers across the country. We have long believed in the UK, and the consumer sector, as evidenced by our investments. We have a demonstrated history of investing in sponsored companies to drive growth, increase profitability and job creation – our plans for Poundstretcher are no different," Ahsan Aijaz, Fortress Co-Head of Private Equity.
Crown Crest Group was advised by Rothschild & Co.
Blackstone agreed to acquire a 50.7% stake in Winthrop Technologies, a turnkey data centre delivery provider. Financial terms were not disclosed.
"The partnership with Blackstone marks a new era of growth for Winthrop Technologies. This is an investment in the company's leadership, and our team at all levels, who have achieved our strong current market position and will continue to drive Winthrop Technologies into its next phase. Together with Managing Director Bernard Keane, and our senior management team, we look forward to working with the Blackstone team to showcase our best-in-class delivery," Anne Dooley, Winthrop Technologies CEO.
Winthrop Technologies was advised by Rothschild & Co.
BNP Paribas, a multinational universal bank and financial services holding company, agreed to acquire a minority stake in Ageas, a Belgian multinational insurance company, from Fosun Capital, a private equity firm, for €730m ($780m).
"Ageas is pleased to see that BNP Paribas recognises, through this investment, the value of its partnership for the long term and the potential of the company going forward," Ageas.
Abu Dhabi's TAQA confirms Naturgy shareholder talks as it eyes full takeover.
Abu Dhabi's TAQA is in discussions with the three largest shareholders of Spanish energy firm Naturgy with a view to a possible full takeover bid for the company, Reuters reported.
Criteria, the main shareholder in lender Caixabank, owns a 26.7% stake in Naturgy, which has a current overall market value of €22bn ($23.42bn). Private equity firms CVC and GIP each own a further 20%, at a combined value of almost €9bn ($9.56bn). TAQA said it is in talks with the pair regarding the possible acquisition of the stakes. Spanish supervisor CNMV on April 17, suspended trade in Naturgy awaiting the disclosure of relevant information.
Platinum is said to consider €6bn sale of Spain’s Urbaser.
Investment firm Platinum Equity is considering a potential sale of Urbaser in a deal that could value the Spanish waste-management company at €6bn ($6.4bn) or more including debt, Bloomberg reported.
The US firm, led by billionaire Tom Gores, is in the early stages of discussing its options with advisers and potential buyers. A sale process is likely to kick off as early as the second half of the year and draw interest from large infrastructure funds and other financial investors.
Blackstone, CVC consider bids for Superstruct festivals firm.
Blackstone and CVC Capital Partners are among a list of potential bidders for European festivals organiser Superstruct Entertainment.
Superstruct, which runs events including electronic music festival Sonar in Spain and Mysteryland in the Netherlands, could be valued at as much as $1.9bn in a sale.
Private equity owner Providence is working with advisers at LionTree and HSBC to gauge interest and is set to launch a formal auction process over the next month. Providence has been planning the sale since last summer as live music festivals rebounded after the end of Covid-19 lockdowns, which has encouraged investment, Reuters reported.
TA explores sale of €1bn French tech company Orisha.
Private equity firm TA Associates is exploring options for French software company Orisha including a sale that may value the business at more than €1bn ($1.1bn), Bloomberg reported.
TA is working with JP Morgan to gauge interest in the company.
State Street said to explore acquisition of SocGen’s custody arm.
State Street is exploring a potential acquisition of Societe Generale's custody business, as the French lender pushes to streamline its operations, Bloomberg reported.
Boston-based State Street has been discussing terms of a possible purchase of Societe Generale Securities Services, known as SGSS. Societe Generale has been seeking more than €1bn ($1.1bn) for the business.
Permira considers sale of German chemicals firm CABB.
Buyout firm Permira is considering a sale of specialty chemicals manufacturer CABB for more than €1bn ($1.1bn) after plans to list the company in Switzerland didn’t bear fruit in 2022, Bloomberg reported.
The private equity group is working with an adviser on a potential deal and has held initial talks with potential buyers. First-round bids are due in early May and other private equity firms are expected to express interest.
LetterOne might acquire office building in central London for $125m.
LetterOne International Investment Group, founded by Russian entrepreneurs Mikhail Fridman, Peter Aven and Alexey Kuzmichev, will acquire an office building in central London for £100m ($125m), FT reported.
It is said to be house number 20 Grafton Stith Street in the prestigious London district of Mayfair. In a modern six-storey office building, 1.6k sq. meters can be rented for offices and shops. It is now belong to the heirs of the German banker Wilhelm von Fink.
Engie, Iberdrola and funds eye bids for UK's Electricity North West.
European utility Engie is set to join Iberdrola and a group of investors in preparing bids for British power network Electricity North West in the coming weeks, Reuters reported.
Besides the two utilities, among the investment and infrastructure firms working on potential offers are Canadian investor Caisse de dépôt et placement du Québec and a consortium of private equity firm KKR with Dutch pension fund APG.
Blackstone to buy Britishvolt site for massive QTS data center.
Blackstone has been selected to purchase the former Britishvolt site in the north of England where it plans to build what could become Europe’s largest data center, Bloomberg reported.
A proposal for funds managed by the private equity firm to purchase the site on behalf of its data center landlord QTS and for Northumberland County Council to amend its right to buy it back will face a vote by councilors on April 23.
Norway wealth fund backs NatWest's plan to buy more state-owned stock.
Norway's $1.6tn sovereign wealth fund, one of the world's largest investors, said on April 18 it would vote in favour of a proposal letting NatWest buy back more of its stock from the British government, amid efforts to speed up privatisation, Reuters reported.
Ahead of its annual meeting on April 23, lender NatWest has asked its investors to back a resolution that would enable it to acquire up to 15% of its total stock from the government in a 12-month period, up from a previous ceiling of 5% a year.
Norway wealth fund will not invest in private equity.
Norway's $1.6tn sovereign wealth fund, the world's largest, should not be allowed to include private equity investments in its portfolio at this time, in a setback for the fund's management, Reuters reported.
Norway's central bank, which runs the fund via an asset management unit, last year recommended allocating up to 5% of assets to private equity investments, currently corresponding to about $80bn.
CVC unveils plan for $1.3bn private equity IPO.
CVC Capital Partners said on April 15 it planned to list its shares on Euronext Amsterdam, in one of the most highly anticipated initial public offerings in Europe this year, Reuters reported.
The company and its backers aim to raise at least €1.25bn ($1.33bn) through the sale of new and existing stock, confirming earlier reporting by Reuters in October.
EMMA Capital's Premier Energy plans Bucharest IPO to fund growth.
Premier Energy, one of Romania's leading power distributors, plans an initial public offering on the Bucharest Stock Exchange to raise about €100m ($107m) to finance expansion plans, Bloomberg reported.
The Bucharest-based company is seeking to complete the offer as early as May, pending regulatory approvals, as it targets a capital increase to boost its renewable energy portfolio.
Beyond Capital Partners closes third fund at the hard cap of €180m.
Beyond Capital Partners Fund III, a fund advised by Beyond Capital Partners, reached its final closing at the hard cap of €180m ($191m) in April 2024.
In addition to the capital commitment of all institutional limited partners already existing in the predecessor fund, further well-known fund-of-funds from continental Europe were acquired as investors. In addition, more than ten percent of the fund volume is provided by Beyond Capital Partners as General Partner and Beyond Family & Friends, thus ensuring a high degree of alignment of interests with its limited partners.
Acre Impact Capital announces the first closing of its Export Finance fund I.
Acre Impact Capital, a private-debt impact investment manager, announces the first closing of its Export Finance fund I, with commitments of $100m, with a target size of $300m.
The fund has attracted a diverse group of investors including institutional investors, major Development Finance Institutions, family offices and impact-first investors such as Trimtab Impact and Ceniarth. DFIs include the European Investment Bank and FSD Africa Investments. The fund has also secured significant commitments from several African investors, reflecting the attractive risk-return profile and expected impact of the strategy.
APAC
Affinity Equity, a private equity firm, agreed to acquire SK Rent-a-Car, a car rental company, from SK Networks, a corporation with a wide span of businesses including mobility, home appliances, blockchain, for $610m.
SK Networks will likely spend the raised funds on the AI business as the company has selected this as its major business focus.
HSBC, a banking and financial services institution, HITE Hedge, an investment management company, and Goodman Group, an industrial real estate and digital infrastructure specialist, led a $110m Series B round in Windrose Technology, an electric heavy-duty truck developer.
"as a young entrepreneur in my early thirties, I'm deeply respectful of the enormity of our vision of bringing zero-emission long-haul trucks to China, Europe, the US, and other parts of the world. My Stanford education has fostered the entrepreneurial spirit in me, but I also recognize that Windrose can only achieve our goal of revolutionizing the global trucking industry by standing on the shoulder of giants, and I'm truly grateful to be supported by world-class investors, customers, and partners," Wen Han, Windrose Founder, Chairman and CEO.
Jio Financial Services, an Indian financial services company, and BlackRock, a private equity firm, agreed to form a joint venture for setting up the wealth management and broking business. Financial terms were not disclosed.
This joint venture further strengthens Jio Financial’s relationship with BlackRock, with whom Jio Financial had announced a 50:50 joint venture on July 26, 2023 to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India.
Warburg Pincus, a US private equity frim, completed the investment in Xuyen A, a Vietnam-based hospital group. Financial terms were not disclosed.
“We believe the private healthcare sector in Vietnam presents a tremendous opportunity for outsized growth, as the hospital infrastructure in the country is significantly underdeveloped,” Saurabh Agarwal, Warburg Pincus Managing Director and Head of Southeast Asia private equity.
GQG, SBI funds eye investments in Vodafone Idea $2.16bn share sale.
Investment firm GQG Partners and State Bank of India Mutual Fund are considering investing up to $800m in total in a $2.16bn share offering of Indian telecom firm Vodafone Idea, Reuters reported.
US-based GQG, run by India-born executive Rajiv Jain, plans to invest about $500m, while SBI Mutual Fund is considering an investment of $200m to $300m in the follow-on public offering.
Saudi Arabia moves closer to $1bn Barrick Pakistan deal.
Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold, Bloomberg reported.
Manara Minerals Investment, backed by the Saudi sovereign wealth fund, plans to invest at least $1bn in the Reko Diq copper and gold mining project. It could announce that it's reached a preliminary agreement on terms of a transaction as soon as the next few weeks.
Macquarie, Canada Pension are among bidders on India road assets.
Macquarie Group and an investment trust backed by the Canada Pension Plan Investment Board are among short-listed bidders to buy road assets from India’s quasi-sovereign infrastructure fund, Bloomberg reported.
The deal could be worth about $300m to $500m. The assets, with an enterprise value of $1bn, are part of the National Investment & Infrastructure Fund’s roads platform known as Athaang Infrastructure. Athaang’s portfolio consists of five stretches of highways, including toll roads, running a combined 230km across India.
GQG said to invest around $400m in ailing Vodafone Idea.
Rajiv Jain’s GQG Partners is looking to invest around $400m in Vodafone Idea’s share sale that starts later this week, in a vote of confidence in the unprofitable Indian wireless operator, Bloomberg reported.
GQG will place bids for equity worth at least $300m and as much as $400m in a follow-on public offer being floated by the joint venture between Vodafone Group and the Aditya Birla Group. Other institutional investors are also expected to buy into the sale, they added.
Partners Group said to mull the sale of Taiwanese solar firm Formosa.
Partners Group is weighing a sale of Taiwan's Formosa Solar Renewable Power. The Swiss private equity group is working with Bank of America on the potential divestment, targeting an equity value of $300m to $400m, Bloomberg reported.
Deliberations are at an early stage, and Partners Group could decide to retain the business. Formosa Solar manages and invests in solar photovoltaic projects in Taiwan. It also engages in power machinery manufacturing, maintenance and inspection. Partners Group, which manages about $147bn of assets, has been a main investor in Formosa Solar since its inception in 2016.
Japanese investors partner with I Squared to invest $370m in India's natural gas infra.
Global private equity firm I Squared Capital on April 15 said a consortium of Japanese investors will invest $370m for a minority stake in Singapore-based Natural Gas Transition Platform, which has investments in Indian city gas distribution networks, DealStreetAsia reported.
The consortium comprises Osaka Gas, the second-largest city gas distributor in Japan; Sumitomo, one of Japan’s largest trading houses; and the Japan Overseas Infrastructure Investment, a government-sponsored entity that promotes Japanese investment abroad.
Invictus sale talks stall as potential PE buyers weigh core terms.
The sale process of Invictus International School, a Singapore-based education business owned by Chip Eng Seng Education, is said to have stalled as interested buyers, including private equity firms, are taking time to examine certain deal terms linked to the entity’s only profitable campus, DealStreetAsia reported.
Singapore’s Growtheum Capital Partners and Malaysia-based Navis Capital Partners are among the parties that have passed on the deal. Hong Kong-based Temple Water has reviewed the sale proposal even though it could not be ascertained if the investor evinced interest in the asset.
GIP said to halt plan to buy stake in Malaysian ports operator.
Global Infrastructure Partners has shelved plans to buy up to 49% of Malaysia’s biggest port operator from a local tycoon on valuation concerns, Bloomberg reported.
After completing due diligence on MMC Port, the New York-based investment firm couldn’t reach an agreement on a price for the stake.
Buyout interest in Samsonite is waning on valuation concerns.
Private equity firms are backing away from Samsonite International after assessing that it is priced too highly for a buyout, clearing the way for a dual listing of the luggage maker.
Early interest from investment funds didn’t match Samsonite’s value expectations. While potential suitors could revive work on a go-private deal, such plans are on hold, Bloomberg reported.
Singapore car startup seeks valuation of over $1.5bn.
Southeast Asia’s used-car marketplace Carro is raising about $100m as it gears up for a stock-market debut, betting that new funds will cement it as the region’s top player, Bloomberg reported.
The company is speaking with investors for a pre-initial public offering funding round which could raise its valuation to more than $1.5bn. The firm, which has about 4.5k staff and counts SoftBank Group as well as Singapore’s GIC and Temasek Holdings among its investors, just posted its first annual operating profit.
Masan said to consider record Vietnam IPO for consumer unit.
Vietnam’s Masan Group is considering listing its consumer unit in what could potentially be the country’s biggest-ever initial public offering, Bloomberg reported.
The conglomerate, based in Ho Chi Minh City, is working with banks including Jefferies Financial Group, Morgan Stanley and UBS Group on an IPO of Masan Consumer that could raise $1bn to $1.5bn. The share sale may take place early next year if market conditions suit.
Evolvence India raises $226m so far for fourth PE fund.
India-focused private equity fund of funds Evolvence India has so far raised $226m from US investors for its fourth vehicle, DealStreetAsia reported.
Evolvence India Fund IV, which started raising capital in March 2022, seeks to raise $250m in total commitments. The filing showed that the vehicle has already secured commitments from at least 25 investors. US SEC filings typically cover commitments raised from investors based in the US.
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