Blackstone completed the acquisition of Bluerock Residential Growth REIT for $3.6bn. (FS)
Blackstone completed the acquisition of Bluerock Residential Growth REIT, a residential REIT, for $3.6bn.
“We are very proud to enter into a transaction that delivers tremendous value to our shareholders. We believe the substantial premium to our historic trading price is a testament to our success in building a best-in-class institutional-quality multifamily apartment portfolio in our attractive knowledge-economy target markets, along with the robust process run by the board of directors and management to secure maximum value for our shareholders,” Ramin Kamfar, Bluerock Chairman and CEO.
Bluerock Residential was advised by Bank of America, Duff & Phelps, Eastdil Secured, Morgan Stanley, Kaplan Voekler Cunningham & Frank, Vinson & Elkins (led by Christopher Mangin) and Wachtell Lipton Rosen & Katz (led by Victor Goldfeld and David Shapiro). Financial advisors were advised by Cravath Swaine & Moore (led by Craig Arcella). Blackstone was advised by Barclays, Wells Fargo Securities, Simpson Thacher & Bartlett (led by Krista Miniutti, Brian Stadler and Matthew Rogers) and Joele Frank (led by Jonathan Keehner and Andrew B. Siegel).
Tiger Infrastructure-backed 11:11 Systems to acquire the North American recovery services business of Sungard Availability Services. (FS)
Tiger Infrastructure-backed 11:11 Systems, a provider of network and internet services, agreed to acquire the North American recovery services business of Sungard Availability Services, a provider of connected cloud infrastructure and workplace recovery services. Financial terms were not disclosed.
"With these strategic acquisitions, 11:11 Systems is the best option on the market for helping customers of any size – no matter how simple or complex their needs are – prepare for and defend against cyber-attacks and other business interruptions. We are bringing together the market's best players in cyber resiliency, harnessing their experience and strength, and will add to it an innovation platform that will not only convey our combined customer ecosystem safely into the future but also will optimize their environments for efficiency cost and availability," Brett Diamond, 11:11 Systems CEO.
11:11 Systems is advised by Q Advisors and Perkins Coie. Sungard Availability Services is advised by DH Capital, Houlihan Lokey, Akin Gump Strauss Hauer & Feld, Cassels Brock & Blackwell, Jackson Walker, FTI Consulting and Gregory FCA.
Yukon-backed Wind Point Partners, a private equity firm, agreed to acquire D&H United, an oil & energy company, from KLH Capital, a private equity firm. Financial terms were not disclosed.
“Bo and the D&H team have built a tremendous franchise that is known for its service-first orientation among the industry’s leading fueling and EV station operators. D&H and Wind Point have developed a robust growth plan focused on rapidly expanding the Company’s team of technicians and pursuing strategic M&A in a highly fragmented market. We believe this joint vision will further solidify D&H as the industry’s service partner of choice with the nation’s leading fueling and EV station operators,” Konrad Salaber, Wind Point Managing Director.
Yukon is advised by Dorsey & Whitney. D&H United is advised by Harris Williams (led by
Luke Semple). Wind Point Partners is advised by KPMG, Kirkland & Ellis and Reed Smith. Debt financing is provided by Churchill Asset Management and BMO.
KKR & Co to acquire a majority stake in Boasso Global from Apax Partners. (FS)
KKR & Co, a private equity firm, agreed to acquire a majority stake in Boasso Global, a provider of the depot, maintenance, cleaning, and transportation services, from Apax Partners, an independent global partnership focused solely on long-term investment. Financial terms were not disclosed.
"It has been a privilege to work with Apax, whose guidance and support have helped Boasso achieve significant growth. As we look ahead, we are excited about the new opportunities before us as we continue to expand our global footprint and provide our customers with the outstanding service offerings they have come to expect. We also look forward to beginning our new strategic partnership with KKR," Joe Troy, Boasso Chairman & CEO.
KKR & Co is advised by Jefferies & Company and Simpson Thacher & Bartlett. Apax is advised by Harris Williams & Co, JP Morgan and Kirkland & Ellis. Boasso Global is advised by B2 Communications (led by Kyle Parks).
Health Care Service completed the acquisition of Trustmark Health Benefits from Trustco Holdings.
Health Care Service, a health insurance company, completed the acquisition of Trustmark Health Benefits, an insurance brokerage firm, from Trustco Holdings, a financial services company. Financial terms were not disclosed.
"With this transaction, I am confident that, with HCSC, Health Benefits and its associates will be well-positioned for future success. Trustmark will focus on markets where we can grow in the future, deliver differentiated capabilities for our clients and members and lead at a national level. In an evolving work environment, we will accelerate our efforts to become vastly more consequential in the markets we serve by helping employers offer benefits that build engaged, healthy teams," Kevin Slawin, Trustmark President and CEO.
Trustmark Health was advised by Houlihan Lokey and Latham & Watkins (led by Bradley Faris and Max Schleusener). Health Care Service was advised by Barclays and Foley & Lardner (led by Steven Vazquez).
Wren House to acquire a minority stake in Blackstone-backed Phoenix Tower International for $500m. (FS)
Wren House, an infrastructure investment management company, agreed to acquire a minority stake in Blackstone-backed Phoenix Tower International, a firm that owns and operates wireless infrastructure sites, for $500m.
"We are excited to add Wren House to our long-term partnership with Blackstone and look forward to benefiting from their investment experience. We believe that there is significant opportunity in the wireless infrastructure sector and are confident that with the support of the Wren House and Blackstone teams, PTI will continue to execute on its strategic growth priorities," Dagan T. Kasavana, PTI Founder and CEO.
Wren House is advised by Citigroup, Sullivan & Cromwell (led by Christopher L. Mann and Brian E. Hamilton) and Brunswick Group (led by Simone Selzer and Sumeet Desai).
KKR & Co to invest $410m in NetSPI. (FS)
KKR & Co, a private equity firm, agreed to invest $410m in NetSPI, a provider of enterprise penetration testing and attack surface management services, with participation from Sunstone Partners.
"We are excited to double down on our investment in NetSPI to help build a differentiated leader in offensive cyber security. We have been very impressed by the performance of the company and the exceptional execution by Aaron and his team over the past 18 months. We believe this is just the beginning of what we can accomplish together," Jake Heller, KKR Partner and Head of Technology Growth Team in the Americas.
KKR & Co is advised by Latham & Watkins (led by John Miller and Ryan McCarthy). NetSPI is advised by Goodwin Procter.
Northern Oil and Gas completed the acquisition of Midland Basin properties for $110m.
Northern Oil and Gas, an independent energy company, completed the acquisition of Midland Basin properties for $110m.
“We continue to focus on a balanced approach to growing our enterprise, with a focus on quality and low-breakeven economics. NOG continues to build a stronger, more diversified company built to drive higher shareholder returns for the long term," Nick O’Grady, NOG CEO.
Northern Oil and Gas was advised by Kirkland & Ellis (led by David Castro and Rahul D. Vashi).
Activate Capital, a growth equity partner, led a $100m series B funding round in Altana Technologies, a software company, with participation from OMERS Ventures, Prologis Ventures, Reefknot Investments, Four More Capital, GV, Amadeus Capital Partners, Floating Point, and Ridgeline Partners.
“Some of the most important companies are forged during economic adversity. Altana has a singular mix of ingredients: unique technology, network effects, and an all-star team pursuing a world-changing vision. Altana has the potential to provide the infrastructure of a better globalization. We are thrilled to partner with the company in the journey ahead,” Raj Atluru, Activate Capital Managing Partner.
Altana Technologies was advised by The Outcast Agency.
CenterOak Partners completed the acquisition of a majority stake in Palmetto Exterminators. (FS)
CenterOak Partners, a private equity firm, completed the acquisition of a majority stake in Palmetto Exterminators, an independent pest control company providing general pest, recurring termite, and mosquito control services. Financial terms were not disclosed.
"Palmetto is a great fit with CenterOak's focus on investing in family-owned businesses in growing, non-discretionary end markets. As the first institutional investor of a second-generation family-owned and operated business, we were attracted by the opportunity to leverage CenterOak's recent relevant investment experience in the residential services sector. Palmetto has a long track record of growth, and we look forward to supporting the Company's next stage of expansion, both organically and through acquisitions," Jason Sutherland, CenterOak Co-Managing Partner.
CenterOak was advised by BackBay Communications.
The Riverside Company-backed ESHA Research completed the acquisition of FoodLogiQ. (FS)
The Riverside Company-backed ESHA Research, a provider of nutrition analysis and regulatory-compliant labeling software and services, completed the acquisition of FoodLogiQ, a supply chain transparency software developer. Financial terms were not disclosed.
"FoodLogiQ broadens the ESHA platform and expands the universe of potential product extensions and add-on acquisitions that will be attractive to the combined company. We will continue to invest meaningfully in product innovation, sales and marketing, and customer support while closely evaluating complementary add-ons to strengthen the company," Brian Sauer, Riverside Senior Partner.
Riverside was advised by Jones Day (led by Cameron Reese).
Investcorp, a global investment manager, agreed to acquire a majority stake in Sunrise Produce, a wholesale produce distribution company. Financial terms were not disclosed.
"Fresh produce distribution is a highly fragmented, $70bn national market that has consistently shown resiliency through economic cycles. David and the Sunrise team have built a special, passionate culture that consistently thrills its customers with outstanding service. Their model and disciplined approach has propelled them to exceptional, industry-leading growth. We look forward to our partnership and to helping the Company accelerate its growth through geographic expansion and acquisitions," Amit Gaind, Investcorp Managing Director.
Roxe Holding and Goldenstone Acquisition terminated a $3.6bn merger.
Roxe Holding, a payment network that uses blockchain to make money smarter, and Goldenstone Acquisition, a SPAC, terminated a $3.6bn merger.
Goldenstone initially announced its $3.6bn business combination to combine with Roxe on June 21, 2022. New York City-based Roxe provides payment tools for remittances and merchant and consumer purchases on its in-house blockchain.
Ingersoll Rand to acquire the air treatment business of SPX FLOW for $525m.
Ingersoll Rand, a provider of a broad range of mission-critical air, fluid, energy, specialty vehicle, and medical technologies, agreed to acquire the air treatment business of SPX FLOW, a firm offering engineering solutions in two segments, for $525m.
"We are excited to welcome the SPX FLOW Air Treatment team into the Ingersoll Rand family. Our customers lean on us to deliver innovative technologies that drive reliability, efficiency, performance, and excellence. Compressed air dryer and filtration equipment helps increase the production and process reliability of the compressor and continues our strategy of expanding our product offerings in the broader compressor ecosystem. The business is highly complementary, and we expect it to be driven by the same sustainability trends that we see as a tailwind for our compressor business," Vicente Reynal, Ingersoll Rand Chairman and CEO.
Prospect Medical to acquire three Connecticut hospitals from Medical Properties Trust for $457m.
Prospect Medical, a firm offering healthcare, and physician services, agreed to acquire three Connecticut hospitals from Medical Properties Trust, a healthcare facility REIT, for $457m.
MPT presently plans to utilize proceeds from the transaction to reduce debt and to fund the select acquisition and other investment opportunities.
WPP to acquire Passport Brand Design.
WPP, a British multinational advertising, and public relations company, agreed to acquire Passport Brand Design, a brand design agency based in Southern California. Financial terms were not disclosed.
"It is a great honor to join a global team of passionate branding and business experts. Nearly twenty years ago, we founded Passport on the mission that great creative output is a result of great team connection and respect. When the agency is happy, the client is happy. VMLY&R shares this ethos, and with the strength of its global network and WPP's vision, Passport intends to continue that mission," Natalie Taormina, Passport CEO.
Apollo, Sixth Street no longer in talks to finance Twitter deal. (FS)
Apollo had been in talks to provide preferred equity financing for the deal, alongside Sixth Street. Apollo, Sixth Street and other investors were looking to commit more than $1bn in financing for the deal at the time.
David Rubenstein-backed firm taps world’s rich for US bets. (FS)
An investment firm backed by Carlyle Group co-founder David Rubenstein has raised money from some of the world’s super-rich, creating its first fund employing outside cash.
Declaration Partners collected $240m from wealthy individuals and family offices to target multifamily housing and industrial properties across the US, the New York-based company said in a statement. Rubenstein is also an investor in the vehicle,
Bloomberg reported.
Centerbridge-backed Kik Consumer said to explore sale. (FS)
Kik Consumer Products, the maker of household and pool-cleaning products, is exploring a sale that could value it at as much as $4bn,
Bloomberg reported.
The company is working with an adviser on the potential sale. Kik is owned by private equity firm Centerbridge Partners, which acquired it in 2015 for an undisclosed price.
SoftBank weighing sale of stake in TelevisaUnivision.
SoftBank Group is considering a sale of its stake in Spanish-language TV broadcaster TelevisaUnivision, according to people familiar with the matter, as the Japanese conglomerate unloads assets amid a prolonged tech slump.
No final decision has been made and the Tokyo-based company could opt to hold onto the stake. It’s not clear how much the stake is worth, Bloomberg reported.
Industry Ventures closes $300m fund to back leading early and mid-stage technology companies. (FS)
Industry Ventures, an investment firm focused on venture capital, announced today the final closing of Industry Ventures Direct III. The firm’s third fund focused on early- and mid-stage technology investments. With $300m of committed capital, the fund brings the firm’s total institutional committed capital under management to $5.5bn, with over $680m of that dedicated to the Direct fund strategy.
“We are grateful for strong support from our Limited Partners. Our unique brand of collaborative capital and partnership with our small, early-stage fund managers to support their breakout companies in follow-on rounds is well suited for a changing venture landscape with less capital availability,” Roland Reynolds, Senior Managing Director.
Hamilton Lane and Securitize to tokenise private markets funds. (FS)
Securitize, a digital asset securities firm, and Hamilton Lane, a global private markets investment firm, are partnering to expand investor access to Hamilton Lane's funds through tokenisation.
Through this partnership, qualified US-based investors will be able to more easily access three distinct Hamilton Lane funds, which will be available through new tokenised feeder funds.
EMEA
The CMA has found that Viasat's $7.3bn merger with Inmarsat could lead to airlines facing higher prices for onboard wifi. The deal could lead airlines to face higher prices and worse onboard wifi quality. It would remove key competitors from the market.
The CMA is concerned that the loss of competition brought about by the deal could harm UK businesses and consumers: airlines could face higher prices and be offered lower-quality connectivity solutions, ultimately affecting airline passengers' cost, quality, and availability.
"This is an evolving market, but the merging companies are currently 2 of the key players - and it remains uncertain whether the next generation of satellite operators will be able to compete against them effectively. Ultimately, airlines could be faced with a worse deal because of this merger, which could have knock-on effects for UK consumers as in-flight connectivity becomes more widespread," Colin Raftery, CMA Senior Director.
Viasat is advised by PJT Partners (led by
John Trousdale and
James Murray), Latham & Watkins (led by
Nick Cline,
Ann Buckingham and
Craig Garner), Linklaters (led by
Nicole Kar and
Simon Pritchard) and Brunswick Group (led by
Jonathan Doorley,
Christopher Charles Blundell and
Paul Durman). Inmarsat is advised by Barclays (led by
Osvaldo Ramos), JP Morgan, Trinity Advisors Corporation, Clifford Chance (led by
David Lewis), Kirkland & Ellis (led by
Rory Mullarkey,
Jacob Traff,
Carlo Zenkner,
Edward J. Lee and
Stuart Boyd), Steptoe & Johnson (led by
Alfred Mamlet), Kekst CNC (led by
Oliver Mann) and Teneo (led by
Tim Burt and
Katherine Kim).
Alpha Private-backed Impact Field Marketing Group, a provider of solutions enabling its clients to roll out their sales and marketing strategy, completed the acquisition of Field Sales Solutions, a marketing services provider. Financial terms were not disclosed.
"This acquisition embodies our vision of the future for IFMG. Our pan-European positioning, combined with our omnichannel know-how, allows us to implement the solutions that support the strategy of our clients. With FSS, we are ready to embrace our development as a Group in the UK. On top of this, our relationship with Julian Cordy and its management team has been strong for years now, and we are used to working together on international matters, which facilitates integration and synergies," Jean-Dominique Castellani, IFMG CEO.
Cinven, a private equity firm, completed the acquisition of the pest control unit of Bayer, a German multinational pharmaceutical and life sciences company, for $2.6bn.
"Following Cinven's recent acquisitions of TK Elevator and Arxada, Cinven is confirmed as a preferred partner for large European corporates on significant disposals, especially within the Industrials sector. Bayer has been an exemplary custodian of the business, and we look forward to continued close collaboration between BESP and Bayer," Pontus Pettersson, Cinven Partner.
Orangewood Partners, a long-term focused private investment firm, agreed to invest in Barrington James, a global recruitment firm. Financial terms were not disclosed.
"Barrington James deep focus on life sciences uniquely positions it to provide outstanding and highly bespoke service to its clients and capitalize further on this attractive opportunity. To that end, we are thrilled to bring Orangewood's deep expertise in partnering with founders and track record of building healthcare-focused businesses to support Dan and his talented team. We look forward to working together as Barrington James continues to innovate and deepen its role as one of the premier life sciences-focused recruiting firms," Neil Goldfarb, Orangewood Managing Partner.
Barrington James is advised by Brightwood Capital, Fairmount Partners, and Keystone Law. Orangewood is advised by K&L Gates and Gasthalter & Co (led by
Nathaniel Garnick).
FnB Private Equity, a French investment fund, SWEN Capital, an investment management firm, and Turenne Groupe, an independant private equity management company, completed the acquisition of Mousline, a France-based mashed potato business, from Nestle, a Swiss multinational food and drink processing conglomerate. Financial terms were not disclosed.
“We are giving new strategic impetus to the Mousline brand. Our ambition is to pursue growth by accelerating Mousline’s capacity for innovation and strengthening our links in Picardy with our farmers and local players,” Philippe Fardel, Mousline President.
FnB Private Equity was advised by Rothschild & Co, Accuracy, Area Avocats, Karman Associes and Shearman & Sterling (led by
Xavier Norlain). Nestle was advised by Reed Smith.
Origin Enterprises, an international agronomy-services group, agreed to acquire Keystone Environmental, a UK-based independent ecology solutions provider. Financial terms were not disclosed.
"Keystone is an excellent fit for Origin to develop our ecology services for our existing customers as well as their strong client base. Investment in this sector is a key priority for the group, as we broaden our offering in sustainable land use. We are delighted to welcome the Keystone team to the Origin Group and look forward to working together," Sean Coyle, Origin CEO.
Origin Enterprises is advised by Davy Corporate Finance, Goodbody, Numis Securities (led by
Stuart Skinner) and FTI Consulting (led by
Jonathan Neilan).
Aramis Group, a used car dealers company, completed the acquisition of Onlinecars, a refurbished vehicle company. Financial terms were not disclosed.
“In line with the strategy presented at the time of its IPO, Aramis Group is moving forward with its international expansion through a commitment to acquire Onlinecars, the market leader for refurbished vehicle sales in Austria. There will be synergies on a number of levels between the companies, with this operation helping in particular further extend the selection of vehicles offered by Aramis Group," Nicolas Chartier and Guillaume Paoli, Aramis Group Co-Founders.
Aramis was advised by KPMG, Rothschild & Co and Hoche Societe D'Avocats.
Halma, a British global group of safety equipment companies, completed the acquisition of WEETECH, a designer, manufacturer, and distributor of test systems, from PINOVA Capital, an independent private equity firm, for £50m.
"We are delighted to welcome WEETECH to Halma and look forward to supporting their future development through our Growth Enablers. WEETECH brings new opportunities for growth in electrical safety, driven by increasing safety needs and greater regulation. Their technology will play an important supporting role in addressing key issues such as growing urbanization, the challenge of the energy transition, and the adoption of more efficient modes of transport, such as mass transit systems and electric vehicles," Andrew Williams, Halma CEO.
Bregal Investments, a global private equity firm, agreed to invest in PUR Projet, a social business that assists companies in the integration of social and environmental innovations. Financial terms were not disclosed.
“Humanity is facing an unprecedented climate crisis and investing in nature is an essential part of the solution. This crisis is bigger than us. Bregal’s investment in PUR will help us scale nature-based solutions projects worldwide and further strengthen the impact that we have on the communities we partner with across the globe,” Tristan Lecomte, PUR Projet Founder.
Africa records one of its strongest-ever halves for private capital investments with $4.7bn of new capital flowing into companies. (FS)
Africa has scored one of its strongest six months of private equity and venture capital investment ever, with $4.7bn of new capital flowing into companies in the continent.
More than 330 PE and VC deals were done in the first half of 2022, research from industry body AVCA shows. Big drivers of the investment wave were the substantial amount of fresh capital raised by fund managers in 2021, an increasing interest in Africa’s venture ecosystem and overall larger ticket sizes.
“Unsurprisingly, given its enormous potential, the continent’s financial services industry has continued to attract investors from all over the world, with fintech companies, in particular, comprising 89% of the total number of deals within financials," AVCA.
PAI weighs sale of $2bn UK infrastructure services firm M group. (FS)
PAI Partners is exploring a potential sale of M Group Services, a UK-based infrastructure services firm that could be valued at about $2bn.
The private equity group is working with Citigroup to evaluate options including an exit of M Group. Investors continue to pour money into infrastructure, drawn by the stable, recurring returns these assets can generate. A sale of M Group could attract both financial and strategic suitors. Deliberations are in the early stages and PAI could still decide to keep the business.
West End theater giant seeks £1.2bn from private lenders. (FS)
Ambassador Theatre Group, which owns venues in the West End and Broadway, is looking to refinance its debt with a direct lending deal worth as much as £1.2bn.
The entertainment business, backed by Providence Equity Partners, is speaking to direct lending firms about the potential refinancing. Private lenders have won some large deals this year, while a rout in the high-yield and leveraged-loan markets has made investment banks more cautious about underwriting buyouts.
Credit Suisse explores sale of storied hotel Mandarin Oriental Savoy Zurich. (RE)
Credit Suisse Group is exploring a sale of the Mandarin Oriental Savoy Zurich, Bloomberg reported.
“Credit Suisse reviews its property portfolio on a regular basis as part of its global real-estate strategy. As part of this process, the bank has decided to start a sales process for the Hotel Savoy building. We will carefully assess all offers and potential investors and communicate any decision," Simone Meier, Credit Suisse spokeswoman.
Credit Suisse eyes outside money for investment bank spinoff.
Credit Suisse Group is trying to bring in an outside investor to inject money into a spinoff of its advisory and investment banking businesses, as the firm’s leaders aim to put the finishing touches on their planned overhaul.
Businesses being targeted for a boutique-style future include the advisory and dealmaking teams alongside the leveraged finance unit. The bank is interested in an outside investor to take a partial stake in order to provide capital and help fund the costs of hiring and keeping talent, Bloomberg reported.
Spain's largest gas firm gets key backing as CVC says it's not selling stake. (FS)
CVC Capital Partners is committed to being a long-term investor in Naturgy Energy Group and has no plans to sell its 20% stake in the utility, Bloomberg reported.
“We aren’t looking to sell and we aren’t speaking to anybody. There is no time-line for the fund to sell its stake so it’s under no pressure to divest,” Javier de Jaime, CVC managing partner for the country.
India's Nykaa and Dubai's Apparel Group forge Gulf alliance.
Indian cosmetics and fashion retailer Nykaa entered a strategic alliance with Dubai-based fashion and lifestyle retail conglomerate Apparel Group to expand in Gulf countries, Reuters reported.
Nykaa Chief Executive Falguni Nayar said the two companies will together build a multi-brand beauty retail business in Gulf Cooperation Council countries. Nykaa will holding a 55% stake in the entity and Apparel Group will hold the rest. The companies did not disclose financial details of the agreement.
Porsche overtakes parent Volkswagen as Europe’s most valuable automaker.
Porsche became Europe’s most valuable automaker a week after its initial public offering when its market capitalization overtook parent Volkswagen, Bloomberg reported.
The German sports-car maker’s preferred shares were up 3.1% at €90.68 ($90.23), giving it a market value of €82.7 bn ($81.5bn) to edge past Volkswagen’s valuation of €78.6bn. VW sells some 10m vehicles in a typical year compared to Porsche’s 300k deliveries.
Antin holds first close of Flagship Fund V with more than €5bn in commitments. (FS)
Antin Infrastructure Partners has held a first close for its fifth flagship fund, its largest to date, raising more than €5bn ($4.95bn) to invest in infrastructure opportunities. Antin expects to hold a second closing before year-end.
With a target of €10bn ($9.91bn) and hard cap set at €12bn ($11.9bn), Flagship Fund V will continue to seek controlling equity investments in the energy and environment, telecom, transport and social infrastructure sectors in Europe and North America. Strong demand resulted in a swift first close, demonstrating strong support from both existing and new investors for Antin’s approach to infrastructure investing and recognition of the firm’s successful 15-year track record of value creation.
Stafford Capital Partners launches new seeded open-ended direct lending and speciality finance fund. (FS)
Stafford Capital Partners, an international private markets investment and advisory group, has launched Stafford Private Credit Income Opportunities Fund, a new open-ended direct lending and speciality finance fund.
CIO will invest in both lower middle market senior secured direct lending and speciality finance opportunities primarily in Europe and North America.
Barclays bolsters financial institutions group with new EMEA co-head. (People)
Barclays has promoted Luca Maiorana to lead its financial institutions group across Europe, the Middle East and Africa as part of its efforts to deepen its ties with key clients who are grappling with the turmoil in financial markets.
Maiorana, who heads Barclays' fintech and asset management franchise, will become co-head of EMEA FIG investment banking and will share responsibilities with Enrique Pinel who has been in charge of the business since 2020, Reuters reported.
APAC
Harmony Gold, a gold mining and exploration company, agreed to acquire Eva Copper Project from Copper Mountain Mining, a Canadian based, high growth mining company, for $230m.
"We are pleased with this transaction as it demonstrates the value the Company has developed in the Eva Copper Project since our acquisition of Altona Mining Limited in 2018. It also recognizes the exploration upside that exists on the surrounding prospective land package," Gil Clausen, Copper Mountain President and CEO.
Copper Mountain Mining is advised by Macquarie Group, Corrs Chambers Westgarth and Davies Ward Phillips & Vineberg. Harmony Gold is advised by Rothschild & Co and Ashurst.
Brookfield said to be in advanced talks to buy Hong Kong-based Trimco. (FS)
Brookfield Asset Management is in talks to acquire Hong Kong clothing label maker Trimco from private equity firm Affinity Equity Partners,
DealStreetAsia reported.
The firms are working up the details of a transaction that could value Trimco at as much as $1bn, with Brookfield weighing potential financing banks for the deal that could lead to an agreement being reached in a few weeks. Talks are ongoing and could still face delays or fall apart.
TPG, Johor talks to take KPJ private have stalled. (FS)
TPG Capital and Malaysia’s Johor have halted talks about taking Kuala Lumpur-listed KPJ Healthcare private,
Bloomberg reported.
The private equity firm and the investment arm of the Johor state government have been unable to agree on the terms of the potential purchase of Malaysia’s largest private-hospital operator including its valuation. Market volatility also weighed on the potential buyout.
Goodwin opens Singapore office to focus on PE, tech and M&A.
Global law firm Goodwin has opened a new office in Singapore's central business district, which will serve clients raising, deploying, and lending capital in the region and around the world. Singapore is Goodwin’s second location in Asia and the 15th office globally.
Private investment funds partner Greg Barclay chairs the new office, which initially includes private equity partner Abhishek Krishnan, counsel Ananth Lakshman and a team of associates. Goodwin’s Hong Kong-based lawyers also support the new office and the firm’s clients in Singapore and the wider region. Private investment funds partner Elyn Xing will spend significant time in Singapore over the coming months.
Creador-backed Malaysian bubble tea chain Loob to revisit IPO plans.
Malaysia’s Loob, which owns Southeast Asia’s biggest bubble tea brand by stores, will consider plans for a share listing once it reaches its target of operating 1k Tealive stores in the country by 2024.
Loob, which opened its 800th Tealive store in Malaysia last month, had previously planned for a Malaysian IPO but put it on hold due to the coronavirus pandemic in 2020,
DealStreetAsia reported.
ESR makes $352m first close of latest Australia logistics fund.
Hong Kong-based ESR Group has announced raising AUD540m ($352m) for a substantial anchor close of its new develop-to-core logistics fund, ESR Australia Development Partnership II.
EADP II, which has a target of AUD1bn ($647m), received a AUD490m ($317m) commitment from GIC as the cornerstone investor. It is targeting a second close in H1 of 2023,
DealStreetAsia reported.
HSBC hires Christopher Chua for top Asia M&A role. (People)
Credit Suisse Group’s Christopher Chua is leaving the bank to help oversee the Asia mergers and acquisitions business at HSBC,
Bloomberg reported.
Chua, a Hong Kong-based managing director and deputy head of M&A for Asia-Pacific at Credit Suisse, has resigned from the bank. An HSBC spokesperson confirmed Chua’s appointment as HSBC’s head of M&A for Asia-Pacific.
