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AMERICAS
GI Partners, a private investment firm, completed the acquisition of Atlas Technical Consultants, a provider of infrastructure and environmental solutions, from Bernhard Capital Partners, an infrastructure and services-focused private equity management firm, for $1.05bn.
"Using our top-down, thematic Blueprint approach, we identified the growing need for inspection and materials testing services across commercial, state, and local levels. BCP partnered with an exceptional management team to build a market-leading business to meet that specialized demand and achieve an enhanced exit valuation. Since 2017, we worked with the management team to thoughtfully expand the business organically and through strategic acquisitions, and we are confident Atlas will only continue to grow and succeed with this new partnership," Jeff Jenkins, Bernhard Capital Founder and Partner.
TPG, a global alternative asset management firm, and AmerisourceBergen, an American drug wholesale company, agreed to acquire OneOncology, an oncology practices network, from General Atlantic, an American growth equity firm, for $2.1bn.
“Our 2018 investment in OneOncology helped launch a shared vision to improve the future of cancer care amidst prevailing cost, quality and access issues. We are proud that this mission-driven approach has resulted in a leading oncology platform that empowers high-quality and innovative cancer care in the community setting. We wish Dr. Patton and the OneOncology team continued success in their next phase of growth,” Justin Sunshine, General Atlantic Managing Director.
OneOncology and General Atlantic are advised by Centerview Partners and Paul Weiss Rifkind Wharton & Garrison. TPG Capital is advised by Guggenheim Partners, Debevoise & Plimpton and Mintz Levin. AmerisourceBergen is advised by JP Morgan, Morgan Lewis & Bockius (led by Aaron Suh and Crystal Fang) and Sidley Austin.
Mohari Hospitality, an investment firm focused on the luxury lifestyle, agreed to acquire Tao Group Hospitality, a company specializing in restaurants, nightlife, and entertainment, from Madison Square Garden, an entertainment holding company, for $550m.
"Tao Group has grown from an innovator in nightlife to a leader in premium lifestyle and hospitality. Its global footprint of more than 80 branded locations in over 20 markets and best-in-class management infrastructure speaks to the Group's tremendous potential. We look forward to working with Noah Tepperberg, Jason Strauss and the rest of the dynamic management team to continue growing Tao Group's business," J. Allen Smith, Mohari Managing Partner.
Tao Group is advised by Ernst & Young, Goldman Sachs and Hughes Hubbard & Reed. Mohari is advised by Deloitte, Moelis & Co, Kirkland & Ellis (led by Allison Wein and David Klein), and KWT Global.
Ontario Teachers’ Pension Plan, a pension fund company, completed the investment in Westland Insurance Group, an independent insurance broker. Financial terms were not disclosed.
“We’re very excited to partner with Ontario Teachers’ and BroadStreet on Westland’s future growth. Most importantly, our new partners share our values and long-term vision. This partnership provides us with the capital needed to continue investing in our business and delivering market leading insurance solutions to more Canadians. With the support of Ontario Teachers’ and BroadStreet, we’ll further expand Westland’s presence coast-to-coast and continue our journey to become Canada’s favourite insurance broker," Jamie Lyons, Westland Insurance President & CEO.
OTPP was advised by BMO Capital Markets, RBC Capital Markets, Torys and Weil Gotshal and Manges. Westland Insurance was advised by Evercore and Stikeman Elliott.
Audax Private Equity, an alternative investment manager, completed the investment in Pyramid Laboratories, a drug product contract development and manufacturing organization. Financial terms were not disclosed.
“We are excited to partner with Audax as we embark on an exciting new chapter in our growth story. Audax’ track record of partnering with founders to accelerate growth in the healthcare space will strengthen our ability to service our existing customers, build new commercial relationships, and enhance our service offerings, while maintaining our commitment to quality," Medhat Gorgy, Pyramid Founder and CEO.
Audax was advised by William Blair & Co, Ropes & Gray and FGS Global (led by Julie Rudnick). Pyramid was advised by Fairmount Partners and Troutman Pepper.
Apollo Global, an American global private equity firm, agreed to invest $500m in Cengage Group, a global edtech company.
"This investment is a strong affirmation of our performance and strategy by an investor who has deep knowledge of our industry and a track record of value creation. By replacing debt with equity capital from Apollo Funds, we are meaningfully reducing outstanding debt giving us optionality to invest in our portfolio of growing businesses," Michael E. Hansen, Cengage Group CEO.
Cengage Group is advised by KKR Capital Markets and Wachtell Lipton Rosen & Katz (led by Steven A. Cohen and Alison Zieske Preiss). Apollo is advised by Apollo Global Management and Paul Weiss Rifkind Wharton & Garrison.
Atlas Credit Partners, an asset management firm, completed a $100m investment in SoundHound, a global company in voice artificial intelligence.
“Today’s announcement with SoundHound AI demonstrates our commitment to empowering technology leaders in their respective categories. After meeting Keyvan and the SoundHound team, the sophistication of their voice AI, robust data, and technology stack made our decision to partner natural. We believe our investment will help SoundHound AI to accelerate the pace at which they are redefining voice AI and enable them to further extend their global lead,” Drew Mallozzi, Atlas Credit Partners CIO and Managing Partner.
SoundHound is advised by Cantor Fitzgerald and Union Square Advisors. Atlas Credit Partners is advised by JMG PR.
WHP Global, an investment company, and Express, a fashion retailer, agreed to acquire Bonobos, a menswear fashion brand, from Walmart, a supermarket operator, for $75m.
“Bonobos joined the Walmart family to expand our assortment and expertise in menswear. Since acquiring Bonobos, Walmart.com has grown from 70m to hundreds of millions of items. After nearly six years, we’ve decided it’s the right time to sell Bonobos,” Walmart.
Express is advised by Moelis & Co and Kirkland & Ellis. WHP Global is advised by Goodwin Procter.
7RIDGE, a specialized growth equity firm, completed the acquisition of American Financial Exchange, an electronic exchange for direct lending and borrowing for American banks and financial institutions. Financial terms were not disclosed.
"We see a great opportunity to deliver on the full potential of the infrastructure that AFX has built and the groundwork it has laid over the years. There is an ever-increasing demand for credit-sensitive rates, especially in the current macroeconomic environment. We look forward to working with the AFX team and members to make this exciting vision a reality," Carsten Kengeter, 7RIDGE Founder.
American Financial Exchange was advised by Broadhaven Capital Partners and Willkie Farr & Gallagher (led by Dvir Oren and Heather Schneider). 7RIDGE was advised by Proskauer Rose.
DFW Capital-backed American Track, a provider of inspection, maintenance, repair and specialized construction services for industrial railroad infrastructure in the United States, completed the acquisition of Universal Rail Systems, a railway infrastructure service provider, from TorQuest Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to partner with the ATS team to create the newly formed North American Rail Solutions. Our combined experience, resources, and scale will enable us to provide our customers with the highest level of service throughout North America. We very much look forward to this next chapter of growth in our business," Tim McMillan, URS President and COO.
Universal Rail Systems was advised by Lazard and Northborne Partners.
Magnetar Capital, an alternative asset manager, led a $221m Series B round in CoreWeave, a specialized cloud compute provider, with participation from NVIDIA, Nat Friedman and Daniel Gross.
“CoreWeave is uniquely positioned to power the seemingly overnight boom in AI technology with our ability to innovate and iterate more quickly than the hyperscalers. Magnetar’s strong, continued partnership and financial support as lead investor in this Series B round ensures we can maintain that momentum without skipping a beat. Additionally, we’re thrilled to expand our collaboration with the team at NVIDIA. NVIDIA consistently pushes the boundaries of what’s possible in the field of technology, and their vision and guidance will be invaluable as we continue to scale our organization,” Michael Intrator, CoreWeave CEO and Co-Founder.
Olympus Partners, a private equity firm, agreed to acquire International Wire Group, a designer and manufacturer of highly-engineered copper-based wire products, from Atlas Holdings, a private investment and equity firm. Financial terms were not disclosed.
"When we acquired IWG, we partnered with Greg Smith to transform and grow the business. In the four years since, we have seen IWG cement its industry-leading position and create a unique platform for continued growth. We are looking forward to continuing to support the company in this new chapter with Olympus Partners," Neil Mahajan, Atlas Partner.
Atlas is advised by Kekst CNC.
The Riverside Company, a global private investor focused on the smaller end of the middle market, completed an investment in Green Guard, a provider of commercial kitchen exhaust cleaning. Financial terms were not disclosed.
"This investment presents an attractive opportunity for EverSmith's expansion into commercial KEC, an ideal market for continued expansion. The scale, service and customer base of Green Guard combined with EverSmith's expertise in supporting accelerated and profitable growth for franchise owners offer this platform an unparalleled opportunity for accelerated growth through a franchise model," Loren Schlachet, Riverside Managing Partner.
BDT Capital Partners, a private investment banking company, led a $290m round in EquipmentShare, an equipment and digital solutions provider serving the construction industry, with participation from RedBird Capital Partners, Tru Arrow Partners, Sound Ventures, and Brown Advisory.
"Our growth continues to be fueled by new customers who are ready for a technology-driven construction solution. This latest round of funding brings in growth capital from both new and existing investors. We were pleased to have completed this raise in a challenging macro-economic environment at a valuation that was 40% higher than the previous raise in 2021," Jabbok Schlacks, EquipmentShare CEO and Co-Founder.
Investment firms Telus Ventures, Maverix Private Equity and Export Development Canada led a $260m funding round in Miovision, a Canada-based provider of intelligent transportation solutions.
The company intends to use the funds to accelerate organic and inorganic growth initiatives, as well as increase investment in product development.
Private equity firms Blackstone and Juxtapose led a $200m funding round in Kite, a commerce company specializing in scaling high-potential brands.
"Creating extreme efficiencies across a product's commerce journey is the path to unlocking its greatest potential. At Kite, we are reimagining how products are made, moved, stored, shipped, and sold—at scale. As we build upon the platform's suite of companies and products, the more insights we will glean on consumer preferences, buying behavior, and brand-customer engagement. As the platform matures and expands, we will refine our ability to make data-driven strategic decisions to intelligently scale our brands," Rob Solomon, Kite Co-Founder and CEO.
Thoma Bravo sponsors launch of industry group to advance cybersecurity sector.
Thoma Bravo, a leading software investment firm, announced the launch of the Cyber Consortium, which will bring together approximately 30 cybersecurity experts with a shared mission of providing insights on sector risks and trends, fostering dialogue among industry leaders and sharing key learnings to help companies identify and navigate the increasing number of cybersecurity threats.
"As cyber threats become increasingly sophisticated and the landscape becomes more complex, there's both a need and an opportunity for the cybersecurity community to partner and learn from one another to help predict and prevent the next generation of threats. With one of the largest cybersecurity portfolios in private equity, we are proud to sponsor this Cyber Consortium and bring together our network of leading cybersecurity experts who are eager to share their expertise for the benefit of the whole industry," Seth Boro, Thoma Bravo Managing Partner.
Activist investor urges Getty to partner with Meta, Microsoft to grow revenue.
Activist investor Trillium Capital said stock-photo company Getty Images Holdings should expand and create partnerships with technology firms and publishers to grow its revenue.
According to Trillium's statement, Getty should expand its partnership with Nvidia to use the chip company's image-rendering technology and collaborate with Adobe to combine their media collections, Reuters reported.
Gallatin closes fund II above target at $1.6bn.
Gallatin Point Capital closed its second fund Gallatin Point Capital Partners II with $1.6bn in capital commitments split between the fund and associated separately managed accounts, exceeding the initial target of $1.5bn.
Gallatin says the fund received strong support from existing LPs and has further diversified its investor base with capital from new institutional investors in the US, Europe and the Middle East, including sovereign wealth and public pension funds, foundations, endowments, and family offices.
Gallatin Point Capital was advised by Atlantic-Pacific Capital.
Virginia Retirement makes $850m PE commitment.
Virginia Retirement System has confirmed additional private equity investment vehicle commitments worth $850m.
With the new commitments VRS has allocated $150m to Ares Capital Europe VI, and $250m to Ares Pathfinder II. In addition, the pension scheme has made a $150m commitment to Oaktree Opportunities Fund XII and a further $300m to Hellman and Friedman XI.
Braemont Capital secures $525m for inaugural fund.
Texas-based private investment firm Braemont Capital closed its inaugural fund Braemont Partners I with approximately $525m in total capital commitments, surpassing it initial $500m target.
Commitments to the fund were secured from a diverse set of investors, including leading family offices, executives, and entrepreneurs.
O2 Investment Partners closes oversubscribed Fund IV at $445m.
O2 Investment Partners, a private equity firm investing in growth-oriented, privately-held businesses in the North American lower middle market, has held the final closing of O2 Investment Partners Fund IV with $445m in capital commitments.
Founded in 2010, O2 leverages its family office roots to partner with the entrepreneurial management teams of family- and founder-owned businesses that are positioned for long-term growth.
O2 Investment was advised by Metric Point Capital and Kirkland & Ellis.
EMEA
Caledonia Investments, a self-managed investment trust, completed the acquisition of a 98.8% stake in AIR-serv, a designer and manufacturer of air, vacuum and jet wash machines, for $177m.
"We are proud to have become the new owners of AIR-serv Europe and to partner with Clive Steel and his team in the next stage of the company's development. The strength and consistency of AIR-serv Europe's profitability, cash generation and market position are an ideal fit with our Private Capital investment strategy. We believe there are exciting opportunities to build further on the Business' excellent record and to expand its European presence," Tom Leader, Caledonia Head of Private Capital.
HSBC's planned sale of its French retail banking business to Cerberus-backed My Money Group could fail due to interest rate hikes in France that boosted the amount of capital the buyer will need.
The potential failure of the deal would undo one of HSBC's biggest strategic asset sales in recent years, and a key pillar of its plan to exit slow-growth Western markets in favour of Asia, Reuters reported.
"Unexpected rate hikes have increased the amount of regulatory capital required by the enlarged purchaser after completion. Unless this issue is addressed, the purchaser will be unable to obtain regulatory approval for the Transaction," HSBC.
Cerberus is advised by Sard Verbinnen & Co. My Money Bank is advised by Goldman Sachs, Rothschild & Co, CMS, Cleary Gottlieb Steen & Hamilton, Herbert Smith Freehills and Havas Paris. HSBC is advised by HSBC, JP Morgan and Lazard
Listed specialist UK multi-let industrial business Industrials REIT has agreed to a £511m ($638m) takeover offer from Blackstone.
Earlier this month Blackstone made a final possible cash offer of $2 per ordinary share to Industrials REIT shareholders and was expected to announce a firm intention to make an offer by 14 April 2023.
"Reflecting on the uncertain macro-economic backdrop, we believe this offer is in the best interests of Industrials shareholders providing them with cash certainty at an attractive premium to the pre-offer share price and significantly accelerating the value that could be realised by Industrials if it were to remain listed," Richard Grant, Industrials REIT Chairman.
Industrials REIT is advised by Java Capital, Numis Securities, Eastdil Secured, Numis Securities, Bryan Cave Leighton Paisner, and FTI Consulting. Blackstone is advised by Rothschild & Co, Simpson Thacher & Bartlett and Brunswick Group.
Insight Partners, a venture capital and private equity firm, offered to acquire SignUp Software, an independent software vendor, for $229m.
"With a strong presence in Europe, SignUp has gained significant international traction in recent years, and its solutions are critical for customers across multiple industries. Insight is optimistic about the Company’s growth prospects, supported by the Company’s extensive network of partners. Insight believes it can help management build on SignUp’s already-strong foundation to serve growing customer needs for financial automation and further invest in product development," Insight Partners.
Insight Partners is advised by Mannheimer Swartling, Willkie Farr & Gallagher (led by Matthew Guercio and Erin Kinney) and Fogel & Partners. Debt financing is provided by Wells Fargo Securities and National Association of Realtors. SignUp Software is advised by Lenner & Partners and Cirio (led by Maria Arnoldsson).
Mubadala, an investment company, and G42, an artificial intelligence firm, agreed to acquire Diaverum, a health care provider, from Bridgepoint, a private equity firm. Financial terms were not disclosed.
“Diaverum is an exceptional company providing vital treatments that enable patients suffering from chronic kidney disease to live fulfilling lives. Its pioneering digital care offering fully aligns with M42’s focus on leveraging advanced technological solutions to deliver precise, personalized patient care,” Hasan Jasem Al Nowais, Mubadala Health Chief Executive Officer.
Mubadala is advised by JP Morgan. Bridgepoint is advised by Citigroup. Diaverum is advised by LEK Consulting, White & Case and KPMG.
CVC Capital and Francisco Partners, two private equity firms, offered to acquire Network International, a technology-enabled payments solutions provider, for $2.56bn.
Network said that its board had agreed to provide the CVC Capital and Francisco Partners consortium access to confirmatory due diligence.
Charlesbank Capital Partners, a private equity investment firm, completed the acquisition of Maltego, a software company in Munich, Germany, from Maxburg, an investment management company. Financial terms were not disclosed.
"The Maltego platform provides incredible value to investigators in helping them make sense of a large volume of different data sets to complete their investigations and identify threats. We are excited to partner with the Maltego executive team and have reserved significant additional capital to pursue follow-up acquisitions across the fragmented landscape. We expect strong market growth in the cyber security sector especially, and believe we have all the ingredients to develop a market-leading platform for investigators globally," Darren Battistoni, Charlesbank Managing Director.
Oakley Capital, an investment company in London, agreed to invest in Thomas's London Day Schools, a family-run group of co-educational independent schools. Financial terms were not disclosed.
"We are delighted to announce this partnership with Oakley which enables us to pursue our development plans whilst remaining a privately owned and run family business. We had never seriously considered bringing on board a financial partner for Thomas's, until we met Oakley. We have found that they understand the long-term nature of education, are aligned with our values and are willing to support us as a minority investor. As a result, we firmly believe that they are the right partner, who come at the right time to enable us to take Thomas's to the next stage of its evolution. Oakley has helped many world-leading education businesses realise their full potential. We are pleased to be partnering with them as we work together to realise our plans and expand our provision of a forward-thinking, outward-looking education based on a strong set of values," Ben Thomas, Thomas's London Day Schools Principal.
Thomas's London Day Schools is advised by Houlihan Lokey.
Nordic Capital, a private equity investor, agreed to acquire a majority stake in corpuls an innovative medical technology company. Financial terms were not disclosed.
"We are excited to partner with Nordic Capital with the objective of jointly supporting the next stage of corpuls' growth. Having attracted a leading investor like Nordic Capital is a testimony to the remarkable success of our company over the past years. They are the ideal partner for further developing corpuls, for solidifying our position as a leading technology supplier for cardiac resuscitation and emergency medical solutions, and for expanding into new markets. We share the same perspective about innovative high-quality products and continued strong growth of the company," Klaus Stemple, corpuls CTO.
G42, an Abu Dhabi-based AI technology holding group, and Mubadala, an Abu Dhabi-based global sovereign investor, formed M42, integrated healthcare company. Financial terms were not disclosed.
"As we launch M42, we are excited to impactfully disrupt the global healthcare industry. Our vision is to transform lives through innovation by providing personalized, and precise patient care. We are confident that through our operating companies, M42 will create a future in which dedicated healthcare professionals are empowered by the latest technology to optimize patient outcomes. M42 also represents a platform for us to target international expansion and partner with global peers to solve the world's most pressing healthcare challenges," Hasan Jasem Al Nowais, M42 Group Chief Executive Officer and Managing Director.
Jupiter Aluminum, an aluminum mill, agreed to acquire Aludium, a manufacturer of aluminum flat-rolled products, from Atlas, a global asset management company. Financial terms were not disclosed.
"With this acquisition, Jupiter Aluminum is pursuing its objective to expand in Europe. Aludium's extended capabilities and experience represent an excellent opportunity to complement our existing operations and product offering in the market," Paul-Henri Chevalier, JAC CEO.
European VC deal value falls sharply in Q1.
The value and number of venture capital deals fell in Europe in the first quarter as inflation and higher interest rates dampened capital deployment and companies came under pressure to reduce costs and improve margins, Reuters reported.
The value of VC deals fell 32.1% quarter-over-quarter to $12.9bn. The number of deals fell by 19.2%.
EQT in talks for a possible $5.8bn offer for Dechra.
EQT is in talks to acquire Dechra, a British veterinary pharmaceuticals maker. Dechra shareholders would receive $50 per share in cash at that price, which represents a 46.6% premium to Dechra's closing price of $35 per share. The possible offer was announced after the market close.
Dechra said it has informed EQT that it will recommend the possible offer if EQT announces a firm intention to make an offer.
Dechra Pharmaceuticals said it has informed EQT Group that it will recommend the possible offer if EQT Group announces a firm intention to make an offer. Dechra said it is in discussions that if a firm offer is made, Abu Dhabi Investment Authority's Private Equities Department would be a co-investor with EQT, Bloomberg reported.
Bridgepoint plans a $2.21bn sale of Kereis.
Bridgepoint is preparing to sell its majority stake in French insurance broker Kereis, in a deal that could value the company in the region of $2.21bn.
The buyout fund is leaning towards appointing Rothschild & Co to run a sale in the coming months. The timing is dependent on the health of the debt financing market.
The deliberations followed recent interest from prospective buyers and a wave of consolidation in the sector, Reuters reported.
Ynsect raises $175m for food expansion.
Insect farming startup Ynsect has secured more funding as it expands globally and looks to prioritize higher-value food for pets and humans, Bloomberg reported.
The French company closed a $175m financing round, bringing the total amount raised so far to about $625m. It's shifting away from animal feed — such as mealworms fed to fish — to high-margin pet food and food ingredients to boost profit amid soaring energy, raw materials and debt costs.
Carlyle in talks to buy stake in Manchester United.
The giant American financial investor Carlyle is in talks about a major investment in Manchester United Football Club as the auction of the Premier League side nears its concluding stages.
The private equity firm is one of the entities to have pitched proposals to buy a stake in the English soccer team. Key details of Carlyle’s proposal, including the amount of capital it would invest and the structure of the deal, are yet to be finalized.
Carlyle's interest has emerged a fortnight before a deadline set by Raine Group, the advisers handling the sale process, for final proposals to acquire or invest in Manchester United.
Abrdn weighs split of private equity assets to draw fresh bids.
Abrdn is seeking to individually sell a batch of private equity businesses which collectively have about £12bn ($15bn) of investments, after struggling to find a buyer for the entire portfolio, Reuters reported.
The British asset manager has been working with advisers at Rothschild & Co to sell the package of businesses spanning Britain, the United States and continental Europe, amid a push by investors to boost flagging returns by offloading non-core assets.
Credit Mutuel Arkea explores stake sale in payments unit Monext.
French cooperative bank Credit Mutuel Arkea is looking to sell a stake in its subsidiary Monext, following a string of European lenders that have sought external partners for their payments businesses, Reuters reported.
The group is offering a minority holding in the unit and is working with advisers at Deutsche Bank to gauge investor interest. Private equity funds are looking at the unit. Arkea has previously partnered with Advent International and PSG Equity for two of its other financial technology ventures.
THG shares soar after retailer confirms Apollo takeover bid.
THG shares soared as much as 47% after the embattled UK online retailer received a non-binding acquisition proposal from Apollo Global Management.
The New York-based private equity business now has until May 15 to decide whether to make a firm offer. The company did not disclose the value of Apollo’s initial proposal, Bloomberg reported.
Saudi PIF unit AviLease vies for StanChart leasing arm.
AviLease, owned by Saudi Arabia’s Public Investment Fund, is among suitors competing to acquire Standard Chartered’s aviation finance unit, Bloomberg reported.
The fledgling Riyadh-based jet lessor is one of several parties that were shortlisted to proceed to the second round of bidding for the unit. Dublin-based Standard Chartered Aviation Finance manages over 230 aircraft and offers other services such as jet fuel hedging, debt financing and remarketing unneeded planes. An acquisition of the business would help AviLease rapidly gain scale and boost its presence in key leasing markets in the Middle East and other parts of the world.
Saudi Aramco's 4% stake transferred to PIF's Sanabil Investments.
A 4% stake in oil major Saudi Aramco has been transferred from state ownership to Sanabil Investments, which is wholly owned by the Saudi Arabia’s sovereign wealth fund, Crown Prince Mohammed Bin Salman said.
The state remains Aramco’s biggest shareholder, owning 90.18% of the company. Riyadh-based Sanabil is an investment company that commits approximately $3bn a year to private transactions. The transfer will solidify PIF’s strong financial position and credit rating, the crown prince’s statement said of the fund that is responsible for the bulk of projects aimed at transforming the Saudi economy to reduce its reliance on oil revenue, DealStreetAsia reported.
Forbion raises €1.35bn across two funds.
Forbion, a European life sciences venture capital firm, has raised €1.35bn ($1.5bn) for its two newest funds, bringing the firm's total funds under management to €3bn ($3.2bn). Both exceeded their original target sizes and represent Forbion’s largest fundraising to date.
Both funds reached their hard caps of €750m ($821m) for Forbion Ventures Fund VI and €600m ($657m) for Forbion Growth Opportunities Fund II and are aimed at meeting the needs of distinct segments of the market.
Flexstone Partners raises $790m for co-investment fund.
Flexstone Partners has closed another vintage of its small- and middle-market private equity co-investment funds – Flexstone Partners’ Global Opportunities IV – with $790m in capital commitments, despite challenging global markets.
An affiliate of Natixis Investment Managers with over $10bn assets under management, Flexstone Partners specialises in small and mid-market global private assets. According to Flexstone, Global Opportunities IV will follow the same proven strategy and investment selection process as its predecessor funds, which are performing on or above expectations with significant risk mitigation. The fund is expected to make between 40 to 50 direct co-investments.
Gilde Healthcare raises €600m for fund VI.
Gilde Healthcare has raised €600m ($657m) in capital commitments for Gilde Healthcare Venture & Growth VI, a new investment fund which will focus on fast growing companies developing solutions for better care at lower cost.
Gilde Healthcare invests in companies in Europe and North America active in digital healthcare, medical technology and therapeutics. The fund is backed by a balanced mix of international investors, including corporates, banks, pension funds, insurers, fund-of-funds, sovereign wealth funds, endowments, family offices, entrepreneurs and the Gilde team.
Investec hires Potel as head of industrials M&A. (People)
Anglo-South African international banking and wealth management group Investec Bank appointed Marc Potel as head of industrials M&A. He will support the growth of Investec's European M&A footprint, which has expanded from 20 to 120 people over the past five years.
Potel will oversee Investec's advisory activities on the buying and selling of companies in the industrials sector, including aerospace & defence, automotive, building products, capital goods, chemicals, industrial services and packaging.
APAC
Platinum Equity, a global investment firm, agreed to acquire Australia windows and doors business from Jeld-Wen, a manufacturer of doors and windows, for $461m.
"We are proud to have crafted a divestiture solution that delivers speed and certainty to JELD-WEN at a time when the M&A market remains challenging. We are excited about the prospects for the Australasia business. Platinum has decades of experience with corporate carve outs, helping establish standalone companies that can maximize their potential," Louis Samson, Platinum Equity Co-President.
Platinum Equity is advised by Gresham and Allens. JELD-WEN is advised by Macquarie Group and Herbert Smith Freehills.
Wellington Management, an investment firm, led a $150m funding round in Saluda Medical, a global medical device company, with participation from Fidelity Management & Research Company, TPG, Redmile Group, Action Potential Venture Capital and T. Rowe Price Associates.
"We are very excited to add two elite healthcare investors to our shareholder base while existing investors continue to support our mission to transform patients' lives with neural sensing technology and revolutionize the field of neuromodulation. With this financing, which follows the recent presentation of our 36-month data, the decision by CMS to grant Evoke TPT payment, and our initial limited commercial release, we are more prepared than ever to fundamentally transform the neuromodulation space with our clinically proven, technologically unrivaled platform," Jim Schuermann, Saluda Medical President and CEO.
Saluda Medical was advised by Bank of America and Gilmartin Group.
Paramount Global and QIA-backed Bodhi Tree, an investment company, completed a $528m investment in Reliance Industries-backed Viacom18, a media company.
Reliance, which is expanding in every sector from retail to e-commerce, made a big splash in the Indian streaming space last year, with its acquisition of digital streaming rights for the Indian Premier League T20 cricket tournament from 2023 to 2027.
CBC Group, a healthcare-dedicated investment firm, and Mubadala, a sovereign investor, led a $315m round in Hasten Biopharma, an innovation-driven pharmaceutical company.
"Hasten is a well-established Chinese biopharma company with tremendous growth potential. The firm reported 47% growth in sales from Q2 to Q4 in 2022, which is testament to CBC's unique and effective investor-operator strategy. We are confident that the attractive entry valuation, coupled with strong operational and growth momentum, will create long-term sustainable value for CBC and our fellow shareholders," Fu Wei, CBC Group CEO.
GL Capital, an investment firm, led a $290m round in Sangon Biotech, a biotechnology company, with participation from CITIC Private Equity, Greenwoods Investment and Huagai Capital.
Sangon Biotech is engaged in the research and development of chemical synthesis of DNA.
Legend Capital, a venture capital firm, led a $145m Series B round in Dalian Rongke Power, a battery solutions provider.
The investment marks the latest bet in the carbon neutrality space by Legend Capital, which manages over $10.2bn across RMB and USD funds. Having invested in carbon neutrality for over 15 years, it focuses on areas including de-carbon solutions for traditional energy industries, synthetic biology, and smart, electrified products.
Creador, a private equity firm, agreed to acquire a 14.7% stake in CTOS Digital, a credit reporting agency, for $103m.
“We are confident of CTOS’ growth potential in Malaysia, given the increasing digitalization of the financial services industry and improving financial literacy among Malaysians. Creador remains highly committed to supporting CTOS in its pursuit of growth and plans to continue to be a long-term investor,” Creador.
Warburg Pincus, a private equity firm, agreed to acquire a 23% stake in Zhong Ou Asset Management, a financial services company. Financial terms were not disclosed.
“Zhong Ou AMC has built up a strong business over the years through its outstanding investment and research capabilities, market-based operation, and strong distribution channels,” Ben Zhou, Warburg Pincus Managing Director.
Indonesia's eFishery in talks to raise $100m led by UAE's 42XFund.
Indonesian aquatech firm eFishery is in advanced talks to raise around $100m in a fresh funding round led by the UAE-based G42 Global Expansion Fund.
The 42XFund is a partnership between the Artificial Intelligence firm G42 and the Abu Dhabi Growth Fund. It operates as a PE fund and has $10bn in committed capital and a team of professionals based in the UAE, Shanghai, Singapore and Jakarta, DealStreetAsia reported.
BPEA initiates talks to invest in Indira IVF.
Baring PE Asia has initiated talks to invest in Indira IVF, as a number of shareholders in the Indian infertility clinic chain consider selling their stakes to raise funds.
Talks are at a preliminary stage right now, as the deal is officially set to be launched by investment bankers in May. But even then, several big fund managers have already reached out to the company, DealStreetAsia reported.
KKR-backed ZJLD is said to raise $675m in Hong Kong IPO.
Chinese liquor company ZJLD Group raised HKD5.3bn ($675m) in Hong Kong’s largest initial public offering this year, after pricing shares near the bottom of a marketed range.
The KKR-backed firm sold about 491m shares at HKD10.82 ($1.37) each. The shares were marketed at HKD10.78 ($1.37) to HKD12.98 ($1.65). Their first day of trading is slated for April 27, Bloomberg reported.
PAG, Carlyle Stung by politics in $18bn Asia fundraising.
PAG and Carlyle Group, alternative asset managers seeking to raise almost $9bn each for Asian private equity deals, are falling victim to an increasingly contentious political climate between the US and China, Bloomberg reported.
PAG, Asia’s biggest multi-asset manager, has slashed its target to $6bn, while Carlyle has pushed back closing its new fund to April after originally seeking to get it done last year. Carlyle is targeting a first close at 35% of its $8.5bn target this month. A successful fundraising in previous years would typically require achieving 50% of the target in an initial closing.
Secondaries-focused investor Aquilius raises $400m for maiden fund.
Singapore-based investment manager Aquilius Investment Partners has announced raising $400m for its maiden fund that will invest in secondaries transactions in the Asia-Pacific region.
Alongside the $400m commitment, Aquilius also raised an additional $200m of managed accounts available for co-investments from its investors, which include sovereign wealth funds, family offices, and endowments, DealStreetAsia reported.
Asia Partners raises $373m so far for latest growth fund.
Southeast Asia’s technology-focused private equity firm Asia Partners has so far raised $373m for its second buyout fund and a feeder fund, DealStreetAsia reported.
The firm, launched by former Sea president Nick Nash and Naspers B2C e-commerce division’s former CEO Oliver Rippel, disclosed that Asia Partners II and its feeder fund, Icosahedron, have already secured commitments from 102 investors.
Hitachi establishes the third corporate venture capital fund for innovation in the digital domain.
Hitachi announced the establishment of a third fund for Hitachi Ventures, the global corporate venture capital arm of Hitachi, for the purpose of accelerating innovation and initiating new business opportunities in the digital domain, a key business focus area for Hitachi.
The fund will begin with a size of $300m, which is twice the size of the first and second funds established previously and will make strategic investments in startups driving the latest digital trends including Web3 and generative AI technologies.
Monk's Hill Ventures closes early-stage Fund III at $200m.
Southeast Asian venture capital firm Monk’s Hill Ventures has closed its third early-stage fund at $200m, DealStreetAsia reported.
The Singapore-based VC firm had first filed with the US Securities and Exchange Commission to raise $150m for this vehicle in July 2021, indicating that it took about one-and-a-half years to close the fund but exceeded the target.
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