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AMERICAS
Groupe Touchette, a Canadian tire distributor, completed the acquisition of National Tire Distributors, a Canada-based foremost tire, wheel, and accessory distribution company, from American Tire Distributors, an independent supplier of tires. Financial terms were not disclosed.
"On behalf of the entire Groupe Touchette team, we are absolutely thrilled to welcome NTD into our growing family. In these challenging times, and in this ever-evolving industry, the environmental and technological realities bring a high complexity on a 360-degree perspective. Groupe Touchette's plan is to offer powerful solutions that drive efficiencies and streamline the supply chain for the benefit of customers, consumers and manufacturers. NTD's addition will help us reach our goal to best serve Canadians!" Nicolas Touchette and Frédéric Bouthillier, Touchette Co-Owners.
Groupe Touchette was advised by Jefferies & Company, Dentons, Prevost Fortin D'Aoust and Hill+Knowlton Strategies. ATD was advised by Moelis & Co, Davies Ward Phillips & Vineberg, Troutman Pepper, Joele Frank and Longview Communications.
Altamont Capital Partners, a private equity firm, agreed to invest in Nutrition 101, a provider of eco-friendly waste management services for food processors and retailers. Financial terms were not disclosed.
"101 is a pioneer in responsible waste management, and the company's relentless focus on service, sustainability, and investment in people is well-aligned with the principles that guide Altamont as a firm and the partnerships we pursue," Wande Olabisi, Altamont Principal.
Altamont Capital is advised by Brown Gibbons Lang & Company, Morrison & Foerster, Ropes & Gray, and Narrative Strategies. Debt financing is provided by Churchill Asset Management and Maranon Capital. Nutrition 101 is advised by Mesirow Financial and Dentons.
ManTech, a provider of innovative technologies and solutions, announced that its stockholders approved a proposal to acquire the company by Carlyle, a private equity firm, for $4.2bn. As previously announced, ManTech stockholders will receive $96 per share in cash under the transaction terms, representing a 17% premium.
"We thank our stockholders for their strong support of this transaction. We look forward to completing the transaction with Carlyle to deliver immediate and premium value to our stockholders, stronger outcomes for our customers, and more opportunities for our employees," Kevin M. Phillips, ManTech CEO, Chairman, and President.
ManTech is advised by Goldman Sachs, King & Spalding and Joele Frank. Goldman Sachs is advised by Sullivan & Cromwell. Carlyle is advised by Robert W Baird and Latham & Watkins.
Hecla, a gold, silver and other precious metals mining company, completed the acquisition of Alexco Resource, an owner and operator of the historic Keno Hill Silver District in Canada's Yukon Territory, for $69m.
“With the world’s increasing demand for silver for clean energy, Hecla is helping meet that demand as the world’s fastest growing established silver miner. Since 2010, Hecla has increased silver production by more than 25%. With the additional production from Alexco’s Keno Hill, and the continued production growth from Greens Creek and Lucky Friday, we expect Hecla to produce 17-20m ounces per year in the next few years, which is 30 to 55% more than 2021. Hecla’s silver production is in the United States where it already produces 40% of all the silver mined and, with Keno Hill, Hecla is on the path of being Canada’s largest silver producer as well," Phillips S. Baker, Hecla President & CEO.
Hecla was advised by BMO Capital Markets, K&L Gates and Osler Hoskin & Harcourt. Alexco Resource was advised by Cormark Securities and Blake Cassels & Graydon.
Williams, a company with operations across the natural gas value chain, completed the acquisition of NorTex Midstream, a fully contracted natural gas pipeline and storage asset located in north Texas, from Tailwater Capital, a growth-oriented energy and growth infrastructure private equity firm, for $423m.
“Serving one the fastest growing population centers in the United States, this irreplaceable natural gas infrastructure is critical to bridging the gap between limited supplies and periods of peak demand, while supporting the viability of intermittent renewables like solar and wind. During the extreme cold of Winter Storm Uri, the NorTex pipeline and storage facilities reliably provided gas to residential customers and electric power plants throughout the entire storm. We see significant upside to integrating these assets, especially when combined with our existing transmission and storage capabilities,” Alan Armstrong, Williams President and CEO.
Williams was advised by Bank of America and Davis Polk & Wardwell. Tailwater Capital was advised by Wells Fargo Securities and Kirkland & Ellis.
Sycamore Partners-backed Ste. Michelle, an operator of a collection of distinctive wine estates, completed the acquisition of A to Z Wineworks, a winery in Oregon. Financial terms were not disclosed.
"We are delighted to welcome A to Z to the Ste. Michelle family. Erath and A to Z share the same passion for producing high-quality wines at fair prices, making A to Z a natural fit for Ste. Michelle. The future of Pacific Northwest wines – both Oregon and Washington – is bright, and we're excited to introduce new consumers across the country and around the world to the full complement of our region's outstanding wines," David Dearie, Ste. Michelle Wine Estates President and CEO.
Ste. Michelle was advised by Kirkland & Ellis. Debt financing was provided by Bank of the West. A to Z was advised by BNP Paribas and Tonkon Torp.
Francisco Partners, a private equity firm, agreed to acquire a majority stake in Kobalt, an operator of an independent music services company focused on offering an alternative to the traditional music business model. MUSIC and Dundee Partners are also investing in Kobalt. Financial terms were not disclosed.
"Kobalt has been an agent of change and innovator for the past 20 years, and as a result, we have built an extraordinary brand and creative destination for the best creators in the world. We look forward to working with Francisco Partners to embark on Kobalt's next innovation chapter. The combination of FP's expertise in technology and our deep understanding of the music industry will ensure that Kobalt expands its reach and impact as a global music publisher. Our mission of being a positive transformative force for the benefit of all creators continues," Laurent Hubert, Kobalt CEO.
Francisco Partners is advised by The Raine Group and Sloane & Company. Kobalt is advised by Goldman Sachs.
Francisco Partners, a private equity firm, completed a $60m investment in Reciprocity, a developer of enterprise software designed to turn corporate compliance from a cost center into a valuable strategic asset. Financial terms were not disclosed.
“Our vision is a world where risk is automatically identified and rapidly assessed in context of a customer’s business objectives and can be communicated in a way that everyone can understand. With our ROAR platform, companies can easily see, understand, and take action on their IT and cyber risks to quickly identify what is driving cyber risk for the business. With this investment from Francisco Partners, we’ll be able to accelerate product innovation and offer new levels of functionality and deeper intelligence with our technology, providing our customers with risk insight that is quantified and actionable," Michael Maggio, Reciprocity CEO and Chief Product Officer.
Francisco Partners was advised by Sloane & Company.
Beringer Capital, a North American private equity firm specializing in the information, marketing, and technology sectors, completed the acquisition of a majority stake in Dig Insights, a consumer insights and market research company. Financial terms were not disclosed.
“We founded Dig because we knew the market research industry could do better and over the last decade, our team, partners, and clients have helped us on our mission to build the world’s smartest insights company – but this is just the beginning. As we look forward, our new partnership with Beringer will push us to continue to be leaders, leveraging their value creation methodologies to introduce new and innovative ideas that will take Dig Insights to new heights,” Paul Gaudette, Dig Insights CEO.
Dig Insights was advised by Canaccord Genuity.
Sentinel Capital Partners, an investment firm, completed the acquisition of SmartSign, an online provider of customizable signs, labels, and tags for regulatory, compliance, and safety applications. Sentinel partnered with Norwest in the transaction. Financial terms were not disclosed.
"SmartSign is strategically positioned to capitalize on favorable secular trends underpinning the online signs, labels, and tags industry. With a talented and committed management team and a highly dedicated team of employees, we believe SmartSign is well-positioned to continue its rapid growth, both organically and through acquisitions. We are extremely excited about the opportunity to partner with the SmartSign team," Louis Brotherton, Sentinel Principal.
Sentinel Capital was advised by Broadgate Consultants.
Tecum Capital, a private capital firm, and Valley Ridge, a growth equity investment firm, agreed to invest in Keystone Foam, a fabricator of proprietary custom foam products for various end markets, with participation from Centerfield Capital Partners and Petra Capital Partners. Financial terms were not disclosed.
"Keystone represents another opportunity to partner with a passionate and proven management team right in our backyard alongside an experienced sponsor in VRIP. Brian and Jeep's commitment to the Company and its customers highlights the partnership mentality we look for in our management teams," Matt Harnett, Tecum Partner.
Tecum Capital is advised by Jones Day.
Imperalis Holding, a development stage company, completed the acquisition of TurnOnGreen, an electronic vehicle charging and power solutions company, from BitNile, a diversified holding company. Financial terms were not disclosed.
"We look forward to leveraging the public markets to drive the development and distribution of TurnOnGreen's innovative technology. TurnOnGreen has a team of experienced professionals. I am pleased to have Marcus and Douglas on our leadership team to help accelerate our growth and provide shareholder value. Marcus and Douglas' leadership across the organization will help build a solid corporate foundation from which the Company can expand its e-Mobility products and services. Our team is focused on adding shareholder value and has the objective of pursuing an uplisting to the Nasdaq Capital Market, subject to seasoning rules and other criteria for listing," Amos Kohn, Imperalis Chairman and CEO.
Iconic Marine Group, a firm revitalizing Fountain, Donzi and Baja boats, completed the acquisition of the NauticStar business, a manufacturer of bay boats, deck boats, and offshore center console boats, from MasterCraft Boat, a firm that designs, manufactures and markets performance sport boats and outboard boats. Financial terms were not disclosed.
“The sale of the NauticStar business to Iconic Marine Group will better position MasterCraft to drive profitable growth. I am confident that focusing on our MasterCraft, Crest and Aviara brands will drive enhanced value for MasterCraft shareholders, and that NauticStar will benefit from a new strategic owner dedicated to the future success of the brand. I want to thank NauticStar’s employees, who have a new home at Iconic Marine Group, for their hard work and dedication to quality and craftsmanship for our customers. We wish them success in the future," Fred Brightbill, MasterCraft CEO and Chairman.
Principal weighs selling Hong Kong pension business.
Principal Financial Group is considering selling its pension fund business in Hong Kong, a move that would help the US financial services firm streamline its portfolio.
The company is working with an adviser to sound out preliminary interest in the assets. A sale could fetch a few hundred million dollars, and attract interest from insurers and banks seeking to expand in the Asian financial hub, Bloomberg reported.
LaSalle Asia opportunity VI raises over $2.2bn. (FS)
LaSalle Investment Management has raised over $2.2bn of equity for LaSalle Asia Opportunity VI, including sidecars and co-investment programmes, exceeding its initial target of $1.5bn. The committed capital has been secured from global institutional investors and will provide buying power for over $7bn worth of assets.
LAO VI is the sixth in LaSalle’s closed-ended, opportunistic fund series focusing on the Asia Pacific. In keeping with its predecessor funds, LAO VI seeks to take advantage of mispriced assets with opportunities to add value through repositioning and redevelopment in Asia Pacific’s key markets, including Australia, China, Hong Kong, Japan, Korea, and Singapore, having invested approximately 25% of committed capital so far in a diversified portfolio. To date, the LaSalle Asia Opportunity Fund series has invested in over $13bn worth of assets. In the last 10 years, the average asset returns generated by the series have exceeded its target of 18% net IRR.
Ardian closes its second-generation Americas Infrastructure fund at $2.1bn. (FS)
Ardian, a private investment house, announced the final closing of $2.1bn for its latest Americas infrastructure fund – Ardian Americas Infrastructure Fund V. Continuing its successful investment strategy, AAIF V will invest in high-quality, mid-market US and other OECD American essential infrastructure assets in the telecommunications, transportation, and energy transition sectors.
The Ardian Infrastructure team now has over $21bn in assets under management across the globe. AAIF V was significantly oversubscribed, exceeding its hard cap of $2bn, and significantly larger than the inaugural AAIF IV which raised $800m in 2018.
The successful fundraise attracted over 60 investors from 17 countries across the Americas, Europe, Middle East, and Asia, comprising major pension funds, insurance companies, sovereign wealth funds, Fund of Funds, endowments, and high-net-worth investors. With a mix of returning investors, who on average doubled their previous commitments to the strategy, and new investors, the successful fundraising of AAIF V demonstrates the growing appetite for Ardian’s Americas infrastructure and asset management strategies.
Kapor Capital collects $126m for Fund III. (FS)
Kapor Capital announced that it has closed its largest fund to date, a $126m investment vehicle set to back early-stage founders of color and social impact ventures.
The new fund, which has been in the works since February 2021, was raised by managing partners Uriridiakoghene “Ulili” Onovakpuri and Brian Dixon, who succeeded the firm’s co-founders Mitch Kapor and Freada Kapor Klein earlier this year.
"Fund III is taking things to a whole new level. I’ve been an investor at Kapor Capital for over 10 years, and this is the first time our firm has partnered with external LPs. This is huge for us, and it offers a new level of access to our investment strategy for people who’ve long championed our work from afar. We have over 50 LPs invested in Fund III and supporting our growth and expansion. It’s truly an exciting time," Brian Dixon, Kapor Capital managing partner.
Truist appoints insider Maguire as new CFO. (People)
Truist Financial said on Wednesday Michael Maguire, its consumer finance and payments head, has been named the bank's chief financial officer.
Michael Maguire replaces Daryl Bible, who will retire from the bank after a transition period, Truist said. He will take on his new role on September 15, the Charlotte, North Carolina-based bank added, Reuters reported.
EMEA
Cohn Robbins Holdings, a SPAC, announced that its shareholders had approved the previously announced $9.3bn business combination with Allwyn Entertainment, an operator of the lottery business.
The Business Combination was supported by over 99.2% of the shares of CRHC voted at an extraordinary general meeting. Approximately 66.7% of total outstanding shares voted. Additionally, shareholders approved a proposal to extend the date by which CRHC must consummate its initial business combination from September 11, 2022, to December 11, 2022.
Cohn Robbins is advised by Citigroup, Credit Suisse, PJT Partners, Bar & Karrer, Skadden Arps Slate Meagher & Flom, Winston & Strawn and Arrowpath Advisors. Allwyn Entertainment is advised by JP Morgan, Morgan Stanley, PJT Partners, Clifford Chance, Kirkland & Ellis, Lenz & Staehelin and ICR.
Shareholders of Euromoney, a business and financial information company, recommend a £1.66bn acquisition by private equity firms Astorg and Epiris.
The outcome of meetings means that conditions have been satisfied. The scheme remains subject to the sanction by the Court at the Court Hearing, which is expected to take place in Q4 2022, and the satisfaction of the other conditions to the scheme that remain outstanding.
Euromoney is advised by Numis Securities, Goldman Sachs, UBS, Freshfields Bruckhaus Deringer and FTI Consulting. Astorg is advised by Bank of America, Raymond James, Latham & Watkins and Greenbrook. Financial advisors are advised by Norton Rose Fulbright.
Qualium Investissement, a private equity investment firm, agreed to acquire a minority stake in AmeXio, a digital services provider. Financial terms were not disclosed.
"We were attracted by of AmeXio’s highly talented management team, led by Xavier Morcillo. His visionary spirit, his level of expertise, and his sense of service have enabled the group to establish its position of European leadership with prestigious clients. We are delighted to support AmeXio's ambitions for further development," Jean Eichenlaub, Qualium Investissement Managing Partner.
Qualium Investissement is advised by Eight Advisory, Advention, Sirsa and Mayer Brown. Debt financing is provided by Schelcher Prince Gestion and Artemid. Debt providers are advised by Goodwin Procter. AmeXio is advised by Eight Advisory, Rothschild & Co and Fidufrance.
Arcutis Biotherapeutics, a California-based early commercial stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, completed the acquisition of Ducentis BioTherapeutics, a preclinical-stage biotechnology company focused on developing novel therapies for inflammation and autoimmune diseases, from LifeArc, a self-funded medical research charity, for $400m.
"Arcutis has the resources, experience and commitment to accelerate clinical development of DS-234 to treat patients with atopic dermatitis, and, in future, other serious autoimmune diseases lacking effective treatment options. With Arcutis' depth of knowledge and capabilities in dermatology, and its team's experience developing, manufacturing and commercialising biologics, we are confident Arcutis is well positioned to build on Ducentis' pre-clinical work," Philip Huxley, Ducentis founder and former CEO.
Arcutis Biotherapeutics was advised by Covington & Burling. Ducentis BioTherapeutics was advised by Goodwin Procter. LifeArc was advised by Mo PR.
Private equity firms CVC and Nordic Capital have increased their offer price for Cary Group, a Swedish glass repair company, to $6.5 per share in an attempt to sway shareholders who had previously resisted the takeover.
The consortium announced plans to buy the firm for $6.43 per share at the end of June, just nine months after the company listed on Nasdaq Stockholm.
AMF Pension, the third largest shareholder in Cary Group, said it would turn down the original offer as it didn't reflect "the long-term value of the company." In August, the bidding consortium only controlled 40% of the Group's share capital.
The revised offer is recommended by an independent bid committee appointed by Cary Group's board and will not be increased further, Nordic Capital and CVC Funds said in a statement. The new level values Cary Group at $853m and is equivalent to the price set at its initial public offering. The consortium has also extended the acceptance period for the offer to September 22.
CVC is advised by Carnegie Investment Bank. Cary Group is advised by Jefferies & Company and White & Case.
Insight Partners, a private equity firm, agreed to invest in DataSnipper, an Amsterdam-based software company focused on transforming the financial audit industry. Financial terms were not disclosed.
"It is the perfect moment to team up with a partner that strongly believes in our mission. This minority investment from leading software investor Insight Partners enables us to deliver on our promise to make every auditor in the world more successful and impactful. DataSnipper's value isn't limited to auditors. As we continue to expand globally, early customers in these new markets are excited about the value DataSnipper delivers, and we're looking to continuously improve our platform and service offerings," Maarten Alblas, DataSnipper Founder and Co-CEO.
Insight Partners is advised by Willkie Farr & Gallagher. DataSnipper is advised by De Brauw Blackstone Westbroek.
Melrose, an investment company, agreed to demerge GKN Automotive, a multinational manufacturer of driveline components, and GKN Powder Metallurgy, an engineering solutions provider, shaping powder metal into high performance and high precision components. Financial terms were not disclosed.
“Since acquiring GKN in 2018 we have reinvigorated each business to achieve its potential. The proposed demerger now gives each an exciting opportunity to individually grow shareholder value through organic growth and acquisition in both platforms. Meanwhile, we remain on track to meet our full year 2022 expectations with full inflation recovery and providing good momentum for the intended Demerger in the new year," Justin Dowley, Melrose Industries Chairman.
Melrose is advised by Rothschild & Co and Montfort Communications.
Canada Pension Plan Investment Board, a pension fund agreed to acquire a minority stake in Universal Investment, a provider of investment management services, from Montagu Private, a European private equity firm. Financial terms were not disclosed.
“Our development into one of the fastest growing European fund service platforms was a decisive factor for CPP Investments to invest. Backed by the great partnership with Montagu we have leveraged our full potential and have become one of the few players active in Germany, Ireland and Luxembourg, offering not only ManCo services but also fund administration and distribution services. We are delighted to welcome CPP Investments and with both investors by our side, we are excited to take on a more global perspective for the business," Michael Reinhard, Universal Investment CEO.
Montagu Private is advised by Rothschild & Co and Greenbrook.
DCC, an international sales, marketing, and support services group, agreed to acquire Medi-Globe Technologies, an international medical devices business focused on minimally invasive procedures, from Duke Street, a private equity firm, for €245m.
"The synergistic acquisition of Medi-Globe significantly expands and enhances DCC Vital's position in the medical devices sector. It will create a leading international platform in single-use medical devices for minimally invasive procedures, with strong product development capability. The acquisition of Medi-Globe and other recent acquisitions in DCC Healthcare and DCC Technology are consistent with our ambition to really scale our operations in these higher-growth sectors. We are very pleased with DCC Vital's progress in expanding its market positions beyond Britain and Ireland - we now have strong European growth platforms in both medical devices and primary care supplies," Donal Murphy, DCC CEO.
DCC is advised by Powerscourt.
DigitalOcean, a cloud infrastructure provider, completed the acquisition of Cloudways, a cloud hosting company, for $350m.
“SMBs represent more than 50% of global gross domestic product and spend $70bn on cloud infrastructure today. With this acquisition, we are making it easier to launch, build and scale a business on DigitalOcean,” Yancey Spruill, DigitalOcean CEO.
KinderCare, a provider of early education and child care, agreed to acquire Crème de la Crème, a service provider of child care centers and early learning centers. Financial terms were not disclosed.
KinderCare and Crème de la Crème share a passion for supporting America’s families. Forty years ago, we set out to provide families with premium early childhood education and care. We’re proud of our growth. Now it’s time to take the next step and expand our services to even more families, and with KinderCare’s support we can do that,” Bruce Karpas, Crème de la Crème founder, Chairman and CEO.
Mississippi Lime Company, a manufacturer of calcium products, completed the acquisition of Singleton Birch, an independent supplier of lime products in the United Kingdom. Financial terms were not disclosed.
"For more than 115 years, Mississippi Lime has been focused on meeting the evolving needs and priorities of our customers. That focus has served our customers, our employees and our business very well. Our approach is to grow by finding businesses that represent a good cultural fit for us and can complement what we already provide to customers. Singleton Birch is a great fit, and we are delighted to welcome them to the Mississippi Lime family today," Paul Hogan, Mississippi Lime President and CEO.
Media company United Group to invest $2bn in Greece by 2027. (FS)
Balkan telecoms and media company United Group plans to invest €2bn ($2bn) in Greece up to 2027 to upgrade its telecoms infrastructure, Reuters reported.
United Group, majority owned by private equity firm BC Partners, will install a 10-gigabit fiber optics network to service 4.5m customers, the office of Prime Minister Kyriakos Mitsotakis said in a statement.
Credit Agricole takes majority stake in Egypt subsidiary.
Crédit Agricole has bought a majority stake in its Egyptian subsidiary Crédit Agricole Egypt, Reuters reported. Credit Agricole confirms its intention to acquire a 4.8% of the capital of Crédit Agricole Egypt.
The French bank bought 60m additional shares, increasing its total shareholding in the Egyptian bank to 52.185% from 47.385%. "This bears witness to the confidence in the development and the performance of Crédit Agricole Egypt," the Cairo-based subsidiary said in a statement on the Egyptian Exchange.
JP Morgan weighs investment in fintech startup Yapily.
JP Morgan is considering buying a stake in Yapily, a financial technology startup that’s seeking to raise fresh funds. The US bank is in early-stage talks with London-based Yapily about the possibility of making an investment, Bloomberg reported.
Yapily is looking to bring in the capital as it closes in on its acquisition of finAPI, a provider of open banking solutions in Germany. Yapily is buying finAPI from Schufa, the German equivalent to the US FICO credit score firm.
Darktrace and Thoma Bravo terminate deal discussions. (FS)
Thoma Bravo, a private equity firm, does not intend to make an offer for Darktrace, a provider of cyber security AI. The Board of Darktrace confirms that discussions with Thoma Bravo have been terminated.
Discussions were first announced on August 15, 2022, in response to media speculation, after Darktrace received several unsolicited, preliminary, and conditional proposals from Thoma Bravo. As a result of the announcement, Darktrace is no longer in an offer period for the purpose of the UK Takeover Code.
Royal Mail denies talks over potential sale.
Britain's Royal Mail said it was not involved in talks with a private-equity firm over a potential sale of the postal group amid clash with its largest labour union over pay, Reuters reported.
"We are aware that in recent media interviews, Dave Ward, the General Secretary of the CWU has indicated that we are in 'secret talks' with a private equity investment group, he believes, regarding a takeover of Royal Mail," in a statement.
Parmenion owners prepare $459m sale in fresh blow to abrdn.
A money manager for independent financial advisers that was sold by the fund manager Abrdn for $117m just 18 months ago is exploring a sale that could value it at up to four times that sum.
Parmenion, which has about $10.3bn in assets under management, is being marketed to potential strategic investors.
Parmenion's shareholders were keen to sell a significant stake at a valuation of $345m and $459m, generating a handsome return on their March 2021 deal.
Atom Bank picks advisers for IPO after $804m SPAC merger stalls.
The digital lender Atom Bank is close to picking bankers to work on a stock market listing after calling off talks about a $804m merger with a vehicle set up by Donald Trump's former commerce secretary.
Atom Bank is interviewing investment banks about roles on an initial public offering - likely to take place in London - next year. Banks were expected to be formally appointed in the coming weeks, although a final decision on a flotation will be dependent upon market conditions.
Arcmont raises €800m for debut capital solutions strategy. (FS)
Arcmont Asset Management, a European private debt asset management firm, completed the fundraising for its Capital Solutions Fund I and associated vehicles, attracting total strategy capital of approximately €800m.
The fund exceeded the firm's initial target and reflects the strong support received from new and existing Arcmont investors globally, including private and public pension funds, insurance companies, asset managers, and family offices.
The fund is over 50% deployed and has fully realized several investments, illustrating the strategy's ability to originate, structure, and execute attractive investment opportunities across various situations and market environments.
APAC
Foresight Group, sustainability-led alternative assets and SME investment manager, completed the acquisition of Infrastructure Capital, an Australian specialist infrastructure manager, for $95m.
"Acquiring Infrastructure Capital is a transformational deal for Foresight and well-aligned with our ambitious growth plans. We have been in Australia since 2015 and know that Infrastructure Capital, with its significant infrastructure presence and strong institutional client base, is a highly complementary fit for the Group," Bernard Fairman, Foresight Executive Chairman.
Foresight Group was advised by Lazard, Marsh, PricewaterhouseCoopers, Allens, Travers Smith and Citigate Dewe Rogerson. Debt financing was provided by Numis Securities. Infrastructure Capital was advised by Ernst & Young, Berkshire Global Advisors and Piper Alderman.
Nine Communications, a provider of security systems, networking and electrical services, agreed to acquire Telecom Business in Myanmar from Ooredoo Group, an international communications company operating across the Middle East, North Africa and Southeast Asia, for $576m.
“Ooredoo Group has gone through an extensive business review resulting in a reassessment of its overall strategic direction. The difficult decision to divest from our Myanmar business is a direct result of this review to reshape our portfolio as a leading telecommunications company. It was important for us to make this call at a time when Ooredoo Myanmar is performing at its strongest to ensure the business continues from strength to strength. We will ensure a smooth transition with the least possible disruption adhering to all local requirements,” Aziz Aluthman Fakhroo, Ooredoo Group CEO & Managing Director.
Ooredoo Group is advised by Ernst & Young and CMS.
Credit Suisse, a global investment bank and financial services firm founded and based in Switzerland, agreed to acquire a 49% stake of Credit Suisse Securities China, a securities joint venture established by Credit Suisse and Founder Securities, from Founder Securities, a Chinese company that engages in the consulting, distribution, brokerage, and management of securities business, for $160m.
“Credit Suisse sees China as more than a growth market with immense potential, but also a place that offers opportunities for collaboration and mutual benefits,” Carsten Stoehr, Credit Suisse Greater China CEO.
Temasek, a global investment company, Boyu Capital, a China-focused private equity firm, and GGV Capital, a private equity firm, led a $110m funding round in Animoca Brands, a software company and venture capital company, with participation from Mirae Asset Management and True Global Ventures.
“We are incredibly pleased to complete a special strategic round of fundraising comprising several of the most respected institutional investors in the world, and we are honored by the continued support from existing investors. Animoca Brands has grown significantly as a company in the last year, and our new investors will contribute strategic advice and perspective as we build the world’s leading company furthering digital property rights in the Web3 industry," Yat Siu, Animoca Brands Co-Founder and Executive Chairman.
STACK Infrastructure, a digital infrastructure partner, and ESR, an Asia-focused real estate services and investment company, agreed to form a joint venture to develop a 48MW data center site in Incheon, Korea. Financial terms were not disclosed.
"STACK's opening of a fifth APAC market in 12 months, expanding on our recent developments in Melbourne, Canberra, Perth and Tokyo, enhances our focus on our customers' strategic requirements by establishing a scalable presence in existing and emerging Tier 1 data center markets. We are excited about our partnership with ESR, which illustrates our ability to work with market leading real asset managers, leveraging our combined expertise to the benefit of our customers," Pithambar (Preet) Gona, STACK CEO of APAC.
China's Yankuang Energy ends buyout talks with Yancoal Australia.
China's Yankuang Energy, an international comprehensive energy company, had walked away from a potential deal to buy the remaining shares in its majority-owned unit, Yancoal Australia, due to current market conditions.
In June, the Chinese energy firm said it was open to negotiations with the Australian coal firm, in which it holds a 62.26% stake, after its $1.8bn offer was rejected, Reuters reported. Yancoal Australia in a separate statement confirmed that the deal was terminated.
Axiata’s tower arm Edotco said to weigh $600m stake sale.
Edotco Group, the wireless tower business of Malaysian telecommunications group Axiata Group, is considering a share sale that could raise as much as $600m.
The Kuala Lumpur-based company is working with an adviser on the deal. Existing shareholders including Axiata could also tag along and sell down their stakes in the privately-held tower unit, which could boost the total transaction size to as much as $1bn, Bloomberg reported.
The potential share sale could attract interest from other companies in the industry and investment firms as the asset appetite for digital infrastructure grows in Asia.
Japan's JFE is to decide on electrical steel sheet JV with JSW in India this year.
Japan’s JFE Steel aims to decide this year on a joint venture in India with partner JSW Steel to produce electrical steel sheets used in power plant transformers, JFE President Koji Kakigi said.
Japan’s second-biggest steelmaker, which is under JFE, aims to tap growth in the Indian market by offering advanced steel products to boost efficiency in power generation.
“We are thinking of developing a business in the higher-end field, using our technology, to create demand for a grain oriented electrical steel sheet together with JSW,” Kakigi, JFE President.
Asia Digest and Sequoia launch startup expansion platform. (FS)
Tech investment firm Sequoia India & Southeast Asia has launched Pathfinders, a platform to help regional early-stage startups expand globally through its network of senior entrepreneurs.
Sequoia India & Southeast Asia has launched Pathfinders, a platform that connects early-stage founders from India and Southeast Asia with seasoned business leaders who can help them expand into new markets, with a strong focus on the US.
The support will include shaping the startups’ go-to-market strategy, landing the initial set of global customers, making key hires, and thinking through company design choices.
Battery maker CALB wins nod for $2bn Hong Kong IPO.
CALB, a Chinese battery supplier for electric vehicle makers, has received approval from the Hong Kong stock exchange for an initial public offering. The Jiangsu-based company received the green light following a hearing with the Hong Kong bourse’s listing committee, Bloomberg reported.
CALB is considering seeking as much as $2bn including an over-allotment option. It could be among the biggest in Hong Kong this year, in a group led by China Tourism Group Duty Free $2.1bn listing.
Tencent-backed Weilong Weighs Hong Kong IPO launch next month.
Chinese snack maker Weilong Delicious Global is weighing kicking off its long-awaited Hong Kong initial public offering, which could raise about $500m, as soon as October.
The company could seek stock exchange approval by the end of this month and start gauging investor demand afterward. Weilong, which refiled a preliminary prospectus in June, is seeking a valuation of about $4.7bn in the listing, Bloomberg reported.
Deliberations are ongoing, and details of the IPO’s size and the timing could still.
Weilong Delicious is advised by Morgan Stanley, China International and UBS.
A 100-year-old Indian bank set to raise $100m amid curbs. (FS)
Tamilnad Mercantile, a regional Indian bank, which drew international anchor investors
including Nomura and Societe Generale for its initial public offering, is poised to raise about $100m amid various challenges it faces.
Tamilnad Mercantile Bank, whose history stretches back over a century, is considering pricing 15.84m shares at $6.38 a share, near the bottom of a marketed range. The IPO, which was oversubscribed by nearly three times, closed Wednesday, and trading is slated to start on September 15, Bloomberg reported.
The demand to invest in the Tamil Nadu-based bank hasn’t been deterred by minority shareholders’ objections and various curbs imposed on it. The lender needs permission from a high court to hold annual shareholder meetings and has been restricted by the central bank from opening new locations. Last week, minority shareholders’ appeals to halt the IPO, citing concerns about the sale, got dismissed by an agency within the country’s securities regulator.
General Atlantic-backed Indian eye-care chain ASG readies plan to launch IPO. (FS)
As part of the exercise, it has set up an IPO office in Mumbai with a team comprising both in-house and external persons to take stock of details such as reporting and accounting standards, among others. ASG expects to be IPO-ready by next year.
ASG Eye Hospitals is a chain of super-specialty eye hospitals serving many Cities in India. It was started by eye experts from AIIMS, New Delhi, and has its expansion in North and North East India, Rajasthan, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Jharkhand, Bihar, and Assam.
CLSA pushes out banker who proposed moving summit to Singapore. (People)
Kai Kaufmann, CLSA global head of corporate access, is leaving the investment bank after his proposal to hold the firm’s flagship annual conference in-person in Singapore drew criticism from senior executives in Beijing.
The move is the latest example of a years-long culture clash within Hong Kong-based CLSA that has seen many of its senior international bankers depart after it was acquired by state-owned Chinese brokerage Citic Securities Changes within the broker have partly mirrored those in the city more broadly, as China’s ruling Communist Party tightens its grip on the once-freewheeling former British colony, Bloomberg reported.
Kai Kaufmann was asked to depart in August after he submitted a plan to host the forum in Singapore, instead of Hong Kong, at a cost more than three times higher than a virtual gathering.
Benjamin Tan exits Tin Men Capital. (FS, People)
Singapore-based venture capital firm Tin Men Capital, once a three-man founding team investing in early-stage B2B tech startups in Southeast Asia, is now down to two.
According to recent filings with Singapore’s Accounting Corporate and Regulatory Authority, Benjamin Tan, co-founder of Tin Men Capital, ceased to be a director for its second fund on August 17. His ordinary shares in the company were transferred to co-founders Jeremy Tan and Murli Ravi on the same day.
Tin Men’s focus is enterprise technology segments with large and growing total addressable markets in Southeast Asia.
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