Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
GIC, an investment firm, and Oak Street, a real estate investment firm, completed the acquisition of STORE Capital, an internally managed net-lease real estate investment trust, for $15bn.
“We are thrilled to complete the STORE Capital acquisition. As one of the largest M&A transactions in the US real estate market, it highlights GIC’s ability to execute at scale in areas we have high conviction in. With GIC’s long-term, committed capital and STORE’s demonstrated operational expertise, we will continue to prudently grow the company and drive strong returns for our portfolio,” Lee Kok Sun, GIC Chief Investment Officer.
Sealed Air, a provider of food packaging products, completed the acquisition of Liquibox, a producer of bag-in-box packaging and related filling equipment systems, from Olympus Partners, a private equity and venture capital firm, for $1.15bn.
"Today is an exciting day for SEE as we welcome the global team at Liquibox. This is a powerful combination, bringing together our people, cultures, solution portfolios and global footprints that will deliver more innovative and sustainable solutions to the customers and markets we serve. Finalizing this strategic acquisition is an important step in our journey to world-class status, fueling growth, expanding market penetration and driving earnings power for our SEE Operating Engine," Ted Doheny, SEE President and CEO.
CVS Health, a health solutions company, agreed to acquire Oak Street Health, a network of value-based primary care centers for adults, from investment firms Newlight Partners and General Atlantic for $10.6bn.
"Oak Street Health is a premier value-based primary care platform. We believe that in partnership with CVS Health, Oak Street Health can accelerate its growth and provide an attractive return to our shareholders over time. The pending acquisitions of Oak Street Health and Signify Health will also meaningfully advance our goal of adding 200 basis points of long-term adjusted operating income growth, a key commitment we made to shareholders at our December 2021 Investor Day," Shawn M. Guertin, CVS Health Chief Financial Officer.
Sycamore Partners, a private equity firm specializing in retail, consumer and distribution-related investments, completed the acquisition of the Canadian retail business of Lowe's, an American retail company specializing in home improvement, for $400m.
"We are excited to announce that RONA is once again an independent company headquartered in Boucherville, Quebec. We are honored that Lowe's has entrusted Sycamore Partners to lead RONA into its next chapter and build upon RONA's 84-year history serving communities across Canada. We look forward to working with RONA's 26,000 associates and over 200 dealer partners to meet the home improvement needs of Canadian families, builders, and contractors," Stefan Kaluzny, Sycamore Partners Managing Director.
KKR-backed Boasso Global, a provider of depot and transportation services, agreed to acquire Quala, a liquid bulk container cleaning and maintenance services provider, from Advent International, a global private equity investor. Financial terms were not disclosed.
"We are focused on meeting the needs of our global customers and the combination of Boasso and Quala makes perfect strategic sense. This transaction will enhance our ability to deliver safe, compliant and best-in-class services to our ISO tank container customers and meaningfully expand our access to more locations across North America to better serve their needs. This is a rare opportunity to put together two Tampa-based, complementary businesses and I am excited to work with Scott and his talented team to unite the best of our organizations with a focus on enhanced efficiency and growing our range of premium solutions for the liquid bulk logistics industry," Joe Troy, Boasso CEO.
Quala is advised by Bank of America, Credit Suisse and Weil Gotshal and Manges. Boasso is advised by Citigroup, Simpson Thacher & Bartlett and B2 Communications (led by Kyle Parks). Advent is advised by FGS Global (led by Anna Epstein and Zachary Tramonti).
Lone Star Funds, a private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets, agreed to acquire Titan, a bi-coastal provider of ship repair services and marine and heavy complex fabrication, from private equity firms Carlyle Group and Stellex Capital. Financial terms were not disclosed.
"We are proud of the many accomplishments of the Titan team over the course of our partnership. Throughout a particularly unprecedented time, with the pandemic and supply chain constraints, the Titan team has continually executed on its strategy to successfully grow the business, refine its market segments, and expand into new geographic territories. Titan is well-positioned to maintain its positive trajectory, and we wish the team continued success in its next phase of growth," Derek Whang, Carlyle Managing Director.
Titan is advised by Bank of America, Evercore and Latham & Watkins. Lone Star Funds is advised by Lazard and Kirkland & Ellis. Stellex is advised by Marketcom PR (led by Rosalia Scampoli).
Brookfield, an alternative investment management company, agreed to acquire an additional 30% stake in FirstEnergy Transmission, a utility services provider, from FirstEnergy, an electric utility company, for $3.5bn.
"This additional investment in FirstEnergy Transmission demonstrates our commitment to building strong partnerships with premier infrastructure asset owners and operators, like FirstEnergy, that share our focus on long-term value creation. This is a very attractive opportunity that firmly aligns with BSIP's strategy of investing in high quality, resilient businesses that combine growth and defensive characteristics to generate stable cash flows across market cycles," Eduardo Salgado, Brookfield Managing Partner of Infrastructure.
Leeds Equity Partners, a private equity firm, completed the acquisition of TalentNeuron, a software solutions provider from Gartner, a management consulting company. Financial terms were not disclosed.
"Business leaders face significant ongoing challenges with how to make informed human capital decisions and manage their global talent and skills strategies, all in the midst of substantial changes in the workplace. How companies work has and will continue to evolve, the supply and demand for talent is global, and enterprises understand the need to drive workplace diversity. TalentNeuron with its technology-enabled data platform and deep market insights serves as a critical partner to these business leaders and their talent analytics teams as they successfully execute on these mission critical initiatives," Jacques Galante, Leeds Equity Partner.
Leeds Equity Partners was advised by Alvarez & Marsal and Latham & Watkins. Gartner was advised by Evercore and Gibson Dunn & Crutcher.
Amulet Capital and Athyrium Capital, two private equity firms, completed the acquisition of Eruptr, a healthcare digital marketing company. Financial terms were not disclosed.
“Since we founded Eruptr in 2009, we have experienced significant growth, which is indicative of patient and market share demand for hospitals and systems. We will greatly benefit from the support of two experienced, operationally focused partners that intimately understand our business and landscape. We look forward to this next phase of expansion, which in turn will allow us to deliver even more patient engagement solutions and marketing results," J.K. Lloyd, Eruptr Co-Founder and President.
Eruptr was advised by Canaccord Genuity and Sidley Austin. Amulet Capital was advised by McDermott Will & Emery and Joele Frank (led by Jonathan Keehner).
Knox Lane, an investment firm focused on partnering with growth-oriented businesses in the services and consumer sectors, completed the investment in Spectrum Science, an independent, integrated marketing, communications and media firm. Financial terms were not disclosed
The partnership will support the continued expansion of Spectrum's strategic communications capabilities, while also enabling the Company to build on its unique approach to clinical trial recruitment, broaden consultative capabilities for medical affairs clients and drive enhanced tech enablement throughout the organization.
Spectrum Science was advised by Houlihan Lokey and Alston & Bird. Knox Lane was advised by Jefferies & Company and Kirkland & Ellis (led by Hamed Meshki and Evan M. Roberts) .
Progress, a provider of application development and infrastructure software, completed the acquisition of MarkLogic, a developer of a metadata refining platform designed to support powerful models, from Vector Capital, a private equity firm, for $355m.
“Our Total Growth Strategy consists of three pillars—Invest and Innovate, Acquire and Integrate and Drive Customer Success. The MarkLogic acquisition aligns with this approach by adding industry-leading products to our already-strong portfolio, new and meaningful customer relationships to our large customer base and significant revenue to our top line,” Yogesh Gupta, Progress CEO.
MarkLogic was advised by Jefferies & Company and Paul Hastings (led by Dana Kromm). Progress was advised by DLA Piper.
Mountaingate Capital-backed BioDerm, a manufacturer of proprietary hydrocolloid products, completed the acquisition of Argentum Medical, a provider of infection prevention solutions and wound care products, from Shore Capital Partners, a Chicago-based private equity firm. Financial terms were not disclosed.
"Shore Capital is immensely proud of what Raul and the management team built. We are excited for Argentum to continue providing significant value to the healthcare system as an international industry leader in infection prevention management," Don Pierce, Shore Partner.
Argentum Medical was advised by Moelis & Co and Winston & Strawn. Shore Capital was advised by Edelman.
Clayton Dubilier & Rice, a private investment firm, agreed to acquire Focus Financial Partners, a partnership of independent, fiduciary wealth management firms, for $4.1bn.
CD&R has communicated that its latest non-binding offer of $53 per share represented its "best and final" offer and that it was submitted with the understanding that there would be no further price negotiations. CD&R has also proposed that the transaction would be subject to a non-waivable approval of a majority of the voting power of disinterested shareholders.
Focus is advised by Goldman Sachs and Jefferies & Company.
American Pacific Group, a private equity firm, completed an investment in Media One Digital Imaging, a distributor of digital printing solutions. Financial terms were not disclosed.
"Media One is an innovator in the digital textile printing space and is led by an outstanding leadership team that is well-respected in the industry. We look forward to playing a strategic part of the next stage of Media One's growth story by supporting Jason and his team in executing against our shared goals for the company's future," Fraser Preston, APG Managing Partner.
Oaktree Capital Management, an investment company, agreed to acquire a majority stake in Enercon Services, a multi-disciplinary engineering and environmental services firm, from AE Industrial Partners, a private equity firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets. Financial terms were not disclosed.
"Over the course of our ownership, we worked closely with the Enercon team to build upon its strong foundation and expand its service offerings and geographic reach. Enercon has solidified its position as a leader in specialized engineering services, and we believe that the Company is well positioned to benefit from the attractive tailwinds in its energy and environmental end markets," Michael Greene, AEI Managing Partner.
AE Industrial Partners is advised by Harris Williams & Co and Kirkland & Ellis.
Panoramic Ventures, a venture capital firm, led a $200m round in ShiftMed, a healthcare workforce management marketplace, with participation from Blue Heron Capital and Audacious Capital.
"Healthcare providers continue to struggle with access to credentialed workers as patient needs and volume continues to rise. ShiftMed is positioned to provide health systems with a regulatory compliant W-2 solution that leverages local and part-time resources," Todd Walrath, ShiftMed CEO.
ShiftMed was advised by AM Public Relations.
General Atlantic, a global growth equity investor, led a $100m Series D round in Jobber, a provider of operations management software for home service businesses, with participation from Summit Partners, Version One Ventures, and Tech Pioneers Fund.
"While this is an important milestone for Jobber, what we care about most is the success of the small businesses we serve," Sam Pillar, Jobber CEO.
Jobber was advised PAN Communications.
Thompson Street Capital Partners, a private equity firm based in St. Louis, completed the investment in Sabai Global, a Chesterfield, MO-based provider of regulatory review and biosafety consulting services to pharmaceutical sponsors, CROs, academic health systems, and clinical research site networks. Financial terms were not disclosed.
"Our team has worked hard to identify an asset that serves the rapidly growing cell and gene therapy market, and was extremely pleased to find one led by a CEO as passionate as Chris in the St. Louis area. We are proud to support Sabai's continued growth as they help bring the most cutting-edge, life-saving treatments to market in an efficient, safe, and ethical manner," Matt Scherrer, TSCP Managing Director.
TSCP was advised by BackBay Communications.
Nestlé Purina PetCare, a pet food company, agreed to acquire the Miami, Oklahoma pet treats factory of Red Collar Pet Foods from Arbor Investments, a private equity firm. Financial terms were not disclosed.
The addition of the Miami factory to Purina's North American production footprint will mark the 22nd Purina-owned and operated facility nationwide and expand in-house capabilities for dog and cat treats innovation and production.
Arbor Investments is advised by Centerview Partners.
MetLife Investment Management, the institutional asset management business of MetLife, agreed to acquire Raven Capital Management, a privately-owned alternative investment firm. Financial terms were not disclosed.
"A distinguishing feature of MIM is our ability to originate differentiated private investment opportunities for our clients. The addition of Raven Capital Management will broaden and further distinguish our offerings in higher-yielding private credit and alternative investments. MIM will be able to deliver more for our clients and continue to expand our range of capabilities and complementary investment strategies," Steven J. Goulart, MIM President.
MetLife is advised by Dukas Linden Public Relations.
Blue Wolf Capital, an investment company, completed the acquisition of Sterling Site Access Solutions, a site access contractor providing ground protection products and turnkey access solutions. Financial terms were not disclosed.
“We are pleased to be partnering with Blue Wolf to build on Sterling’s long history of innovative solutions and outstanding customer service. Since my family started this business more than 70 years ago, we have grown into an industry leader that provides safe, efficient, environmentally friendly jobsite solutions to our customers. As we enter this next phase of our journey, Sterling will benefit from Blue Wolf’s deep bench of investment and operating professionals and significant industry experience,” Carter Sterling, Sterling CEO.
Blue Wolf was advised by Joele Frank (led by Arielle Rothstein).
CDPQ, a global investment group managing funds for public pension and insurance plans, agreed to acquire a 50% stake in A25 Concession, a toll road and bridge network serving Greater Montréal and its residents, from Transurban, a road operator company that manages and develops urban toll road networks, for $355m.
"This is the second partnership between Transurban and CDPQ since the recent WestConnex transaction. We have found them to be a constructive, knowledgeable and collaborative partner and we are excited to continue the excellent working relationship. Both parties are aligned on the long-term aspirations for the North American market, and we look forward to pursuing new opportunities together," Scott Charlton, Transurban CEO.
Crossplane Capital, a Dallas-based private equity firm, completed the investment in Viking Fence, a provider of fence rentals, sanitation rentals, fence installations and complementary building products and services to commercial and residential markets throughout Texas. Financial terms were not disclosed.
"Crossplane could not be more excited about our partnership with Sal and the rest of the management team and employees leading Viking Fence. With over 50 years of operating history and a local presence in some of the most attractive markets in the country over the long term, Viking represents a unique opportunity to partner with an owner to leverage our significant experience owning and operating service and rental-based businesses," Greg Balliro, Crossplane Capital Partner.
Northern Biogas acquires three dairy renewable natural gas projects.
HIG Capital, a global alternative investment firm with $54bn of equity capital under management, is pleased to announce that its portfolio company, Northern Biogas, has acquired three additional dairy renewable natural gas projects, significantly expanding its RNG production capacity.
“We appreciate HIG’s partnership, their continued commitment to our business plan, and the shared desire to scale our market position through the acquisition of these three new dairy RNG projects. Since partnering with HIG in September 2022, we have more than doubled the number of RNG projects under construction, and rapidly expanded our RNG project development pipeline across the waste-to-renewable natural gas market. We look forward to utilizing our technical, commercial, and operational expertise to continue to expand our existing dairy RNG footprint and further develop our landfill and food waste RNG projects,” Chris Akers, Northern Biogas CEO.
Carlyle weighs Cotiviti's $15bn acquisition.
Private equity firm Carlyle Group is in talks to buy health-care technology firm Cotiviti for close to $15bn, including debt, from Veritas Capital, Bloomberg reported.
Carlyle is working with private credit firms to gather around $5.5bn of financing for the potential deal. That would be one of the largest ever direct loans or non-bank buyout loans arranged in the private credit market.
Pension schemes advised to sell LDI funds run by BlackRock.
Pension schemes that invested in liability-driven investment funds run by BlackRock and other managers are being advised to sell their holdings.
Investment advisers XPS Pensions and Barnett Waddingham have cut their ratings on some pooled LDI funds to their lowest ranking, DealStreetAsia reported.
Apollo weighs CS First Boston investment.
Apollo Global Management is among a group of financial firms considering investing in Credit Suisse's revamped investment bank CS First Boston, Reuters reported.
Apollo has already committed to buying the bulk of Credit Suisse's securitized products group, which will be outside CSFB.
Ancora secures Ritchie Bros stake.
Ancora Group Holdings, a key shareholder in US auto retailer IAA, has accumulated a 0.5% stake in Canada's Ritchie Bros Auctioneers and is publicly challenging investors who oppose their planned merger, Reuters reported.
Activist investor Ancora last month threw its weight behind the tie-up after Ritchie Bros amended the terms. Ritchie Bros recut the deal, valued at nearly $6bn, to include more cash for IAA shareholders and reduced the dilution for Ritchie Bros shareholders.
Apollo sets up new credit unit with bulk of Credit Suisse assets.
Apollo bought most of the SPG assets held by Credit Suisse in November last year as a part of a sweeping revamp for the Swiss bank, without disclosing the sale price at that time, DealStreetAsia reported.
Nelson Peltz ends Disney proxy fight.
Nelson Peltz ended his proxy fight against Walt Disney, following news of the company’s plan to cut costs and reorganize its structure, WSJ reported.
Mr. Peltz said he is pleased with Chief Executive Robert Iger‘s corporate restructuring efforts and would pull back on his campaign to be added to Disney’s board.
Goldman Sachs Asset Management closed a $5.2bn growth equity fund.
Goldman Sachs Asset Management closed a $5.2bn direct private markets fund that invests in high-growth businesses.
The fund, one of the largest growth funds of its kind, seeks to buy minority stakes with an average investment size of about $50m in businesses that are in the early or middle stages of their growth.
Greenbriar Equity closes sixth fund at $3.5bn.
Greenbriar Equity Group announced the final closing of Greenbriar Equity Fund VI, with total capital commitments of $3.5bn, inclusive of $225m in commitments from the general partner and its network of operating executives.
Fund VI represents the firm's largest fund to date, receiving strong support from both existing investors as well as an expanded base of new investors globally. Fund VI was significantly oversubscribed at its hard cap, successfully completing the fundraise above its $2.75bn target after launching in the third quarter last year.
Just Climate closing in on $1bn target for debut fund.
Just Climate, a climate-led investment business established by impact firm Generation Investment Management, is close to reaching the $1bn fundraising target set for its first fund – a growth equity strategy focused on industrial decarbonisation.
The fund will look to take minority stakes in asset-heavy businesses and hold those assets for between three and five years, with a final close expected later this year at its $1bn target.
Seven Seven Six is looking to raise $776m for its new funds.
Seven Seven Six, the venture capital fund launched by Reddit co-founder Alexis Ohanian in 2020, plans to raise $776m for two new funds. The planned fundraising is more than 50% bigger than what it raised last year and will test investor appetite for bigger funds during a tough environment.
The firm had an uneven start since its 2020 launch. It made a number of ill-timed bets on non-fungible-token projects like Yuga Labs—the startup behind the Bored Ape Yacht Club NFT collection—in early 2022 as crypto prices were falling, and last year suspended fundraising for a planned crypto fund. But it's told prospective investors that its debut fund launched in 2021 has jumped in value.
Mercato Partners raises $400m growth fund.
Mercato Partners announced the final close of Traverse Fund IV, a $400m growth fund that will be deployed to high-growth, mature technology and branded consumer companies.
"Dedicated to investing in the next generation of great American entrepreneurs, Fund IV will prioritize those companies being built in cities and states that have historically been overlooked and under-appreciated by growth capital," Joe Kaiser, Mercato Partners Managing Director.
RRE Ventures closes $250m early-stage fund VIII.
RRE Ventures, a New York-based venture capital firm, has announced its eighth venture fund, with a $250m fundraising target. Despite facing one of the most challenging fundraising environments in recent history, RRE has successfully reached its target, a testament to the firm’s reputation and investment strategy.
“We are grateful for the continued support of our longstanding limited partners and the trust they have placed in our investment strategy. Despite the challenges in this down-market, we are excited to continue our focus on investing in early-stage companies and helping entrepreneurs bring their vision to life,” Jim Robinson IV, RRE Venture General Partner.
Schwartz is top contender for Carlyle CEO. (People)
Former Goldman Sachs President Harvey Schwartz is in talks with Carlyle Group to become the private equity firm's next CEO and has a emerged as a top contender for the job.
Carlyle board members and shareholders have discussed Schwartz's candidacy in recent weeks. His arrival at Carlyle would resolve a long-running succession challenge at the Washington-based firm.
Carlyle appoints former Goldman executive as CEO. (People)
Private equity firm Carlyle Group appointed former Goldman Sachs executive Harvey Schwartz as chief executive officer, effective February 15.
The Wall Street veteran will replace Co-Founder and interim CEO Bill Conway, who will remain co-chairman of the board.
EMEA
DigitalBridge, a provider of infrastructure solutions, and Brookfield, an alternative asset management company, completed the acquisition of a 51% stake in GD Towers, German and Austrian tower assets of Deutsche Telekom, a telecommunications company, for $8.93bn.
“The partnership being formed today is about building the next generation digital infrastructure champion of Europe. The combination of Deutsche Telekom’s leading mobile network and market position, alongside one of the largest real asset managers in the world in Brookfield, combined with the digital infrastructure domain expertise of DigitalBridge, creates a team of unmatched capabilities to support GD Towers as it grows to meet the evolving network demands of enterprises and consumers across Europe," Marc Ganzi, DigitalBridge CEO.
DigitalBridge was advised by Ernst & Young, Barclays (led by Scott Schaevitz and Ragavan Bala), Evercore, Perella Weinberg Partners, Allen & Overy, Dorda Rechtsanwalte (led by Andreas Mayr), Morgan Lewis & Bockius, Vinson & Elkins (led by James Fox) and Joele Frank (led by Jonathan Keehner). Brookfield was advised by JP Morgan, Morgan Stanley (led by Dominique Cahu), PricewaterhouseCoopers, Freshfields Bruckhaus Deringer (led by Christian Sistermann) and Brunswick Group. Debt financing was provided by Ares Capital, BNP Paribas, Credit Agricole, Intesa SanPaolo, MUFG Bank, Natixis Partners, Santander and UniCredit. Deutsche Telekom was advised by Goldman Sachs (led by Marco Prieto) and Gleiss Lutz (led by Adrian Bingel), Noerr (led by Baerbel Sachs), P+P Poellath + Partners and Schoenherr.
InfraRed Capital-backed HICL Infrastructure, a closed-ended investment company, failed to acquire a 55% stake in ADTIM, a French wholesale infrastructure telecom operator, from DIF Capital Partners, a private equity firm. Financial terms were not disclosed.
A group of investors, including Traxys' management, Optiver, CoLift and Regent Mercantile Holdings, agreed to acquire Traxys, a global physical trader and merchant in metals and natural resources, from Carlyle and Louis M. Bacon, the founder of Moore Capital Management. Financial terms were not disclosed.
"The increasing demand for raw materials to address the global energy transition serve the booming Electric Vehicle and Battery Storage markets and meet the needs of a growing global middle class coupled with structural underinvestment in raw material production markets underpin the opportunities for Traxys," Mark Kristoff, Traxys CEO.
Traxys is advised by Ducera Partners and ING Bank. Regent Mercantile is advised by Fasken. CoLift is advised by Jones Day (led by Robert Profusek). Optiver is advised by Clifford Chance. Carlyle is advised by Wachtell Lipton Rosen & Katz.
Syntagma Capital, a private equity firm, agreed to acquire LAN/data center and Telecom/Fibre divisions from Nexans, a company in the cable and optical fiber industry. Financial terms are not disclosed.
“We are pleased to partner with management to continue to grow the business. Providing the backbone for data management is an exciting prospect. Despite a challenging M&A market, we are continuing to find attractive opportunities to invest our capital while providing sellers with divestiture solutions for complex carve outs where speed and certainty are of the essence. This transaction represents our most recent carve out and reflects Syntagma’s strategy to acquire businesses that will benefit from a new owner to drive the next area of growth," Sebastien Kiekert Le Moult, Syntagma Managing Partner.
Syntagma is advised by Roland Berger, PricewaterhouseCoopers, ERM Group and Willkie Farr & Gallagher.
CVC Capital Partners, a Luxembourg-based French private equity and investment advisory firm, agreed to acquire a majority stake in Scan Global Logistics, a global transport and logistics provider, from AEA Investors, an American middle market private equity firm. Financial terms were not disclosed.
"Our people are our most valuable asset. We want to become the industry's preferred workplace, attracting the best talent with a defined ambition of becoming the most purpose-driven logistics company in the world. We are ambitious and believe that we can reach our revenue target of more than $5bn during the next few years by continuing to leverage our entrepreneurial culture, agile decision making, and high customer satisfaction obtained through tailored competitive logistics solutions," Allan Melgaard, SGL Global CEO.
Scan Global Logistics is advised by Barclays. CVC is advised by Rothschild & Co. AEA is advised by Joele Frank (led by Michael Freitag).
Altor Equity, a private equity firm focused on leveraged buyout and growth capital investments, agreed to invest in Kommunalkredit Austria, a specialized bank for infrastructure and energy financing. Financial terms were not disclosed.
"We are proud and excited to partner with management and current owners of Kommunalkredit. Kommunalkredit has a unique position as financing partner to some of the most prominent green transition ventures and we believe that we jointly can build the European champion within sustainable infrastructure financing. Altor will support Kommunalkredit with capital and resources to strengthen its capabilities, building on our experiences from investing in other leading financial institutions and green transition champions. Altor with our long-term perspective shares a common view with the company and current owners on how to scale the business and pursue quality-led growth opportunities," Paal Weberg, Altor Co-Managing Partner.
Wirtgen Invest, a private German family office, completed the acquisition of 50 Finsbury Square, EC2, a commercial development, from Great Portland Estates, a British property development and investment company, for £190m ($230m).
"The sale of 50 Finsbury Square concludes an exceptional development project for GPE. The completion of the sale enables us to recycle capital out of a mature asset where we have created value into our substantial development pipeline which is stacked full of future opportunities," Toby Courtauld, GPE CEO.
KKR agreed to acquire a stake in TIM, an Italian telecommunications company. Financial terms were not disclosed.
The offer matches with the fixed-line network management and infrastructure perimeter, including FiberCop's assets and activities, and a stake in Sparkle.
KKR is advised by Morgan Stanley.
Investment firms Aljazira Capital, Rainwater Partners, and STV led a $156m Series C round in Floward, the go-to online flowers and gifts destination in MENA and UK.
The company intends to utilize the funds to further invest in expanding its gifting verticals and relying more on artificial intelligence and machine learning to elevate its customer experience and meet the demands of its ever-growing customer base in the region.
Italy will study KKR's $37bn Telecom Italia acquisition.
The government, a stakeholder of the beleaguered phone carrier, will "evaluate the offer when it has full information on it." The minister reiterated that the government's goal is public control of the network, Bloomberg reported.
Sixth Street prepares bid for minority stake in Germany's football league.
US investor Sixth Street is among the firms preparing a bid for a part of the media and commercial rights to Germany's football league, Reuters reported.
The sale of a minority stake in the Bundesliga rights, which could be valued at up to $19.4bn, comes as the German soccer league tries to close the financial gap with rivals.
BlackRock-led investors in Aramco pipelines start bond sale.
Investors in Saudi Aramco’s gas pipelines network, led by BlackRock, have begun a sale of dollar bonds in three tranches to refinance a multi-billion dollar loan that backed their stake purchase.
Initial price guidance was around 240 basis points over US Treasuries for sukuk, or Islamic bonds, with a weighted average life of 7-1/2 years. Guidance was around 275 bps over UST for a tranche with a 12-year WAL and around 305 bps over UST for Formosa bonds with an 18-year WAL, Reuters reported.
Epiris hires JP Morgan to sell Bonhams.
Private equity firm Epiris is moving forward with a potential sale of Bonhams, the 230-year-old British auction house, Bloomberg reported.
The firm is working with advisers at JP Morgan as it prepares to gauge interest in the London-based auctioneer. Epiris is seeking to value Bonhams at about $1bn in any deal.
Hanover raised £150m for third fund.
Hanover Investors raised £150m ($181m) for its third private equity investment fund, which has a target of £300m ($361m) and will focus on acquisition opportunities in small cap public markets.
Hanover which was founded in 2002 and focuses on investing in illiquid, has achieved IRRs in excess of 40% over the last two decades. Fund III is expected to hold its final close by June 2023.
Planet A Ventures raises €160m for science-based climate investing.
Planet A Ventures, an investment company in Berlin, Germany, raised its first fund at €160m ($172m) to back founders tackling the world's largest environmental problems.
The Germany-based VC aims to take a novel "science-based" approach. It has engaged a full science team, to which it will hand the power of veto over investment decisions.
Weinberg Capital starts fund to buy French defense companies.
Paris-based Weinberg Capital Partners has created a fund to buy small and mid-sized French security and defense companies as it bets on growing interest in an industry that’s in the spotlight due to Russia’s invasion of Ukraine.
The private equity firm has more than €100m ($107m) in commitments so far from investors including a large bank and intends to take majority stakes via leveraged buy-outs. It aims to double in size by the end of next year, Bloomberg reported.
Eurazeo names new board, CEO Morgon to leave her role. (People)
French private equity and investment company Eurazeo named a new executive board and added that its current chief executive Virginie Morgon would leave her role, DealStreetAsia reported.
Eurazeo said its new executive board would be composed of two chairmen, namely Christophe Bavière and William Kadouch-Chassaing, while Sophie Flak and Olivier Millet would also be on this board.
APAC
National Council for Social Security Fund, a sovereign wealth fund of the of China, completed a $3.1bn investment in COFCO Fortune, an agri and grain business arm of COFCO Group.
COFCO Group is China's largest food processor, manufacturer and trader. It is also one of Asia's leading agribusiness groups alongside Wilmar International.
COFCO was advised by CICC.
AXA Investment Managers, a private equity firm, completed the acquisition of 33 rental apartments in Japan for $460m.
Spread across Tokyo, Greater Osaka, and Nagoya with close access to mass transit, the portfolio comprises high-quality residential buildings, predominantly one-bed apartments.
Australia's venture capital deals slide 30% from record year.
Venture-capital investments in Australia plunged by about a third in 2022, following the lead of listed global technology companies and venture markets, Bloomberg reported.
Australian startups raised $5.1bn across 712 deals in 2022, down from $7.3bn across 731 deals in 2021. The research was sponsored by JP Morgan, Silicon Valley Bank, Deloitte, Google Cloud and Sling & Stone.
Toshiba's bidders win a $10.6bn loan commitment.
Top Japanese banks are going to issue commitment letters for a $10.6bn loan that backs a Japan Industrial Partners-led consortium's takeover offer for Toshiba, Bloomberg reported.
Lenders including Sumitomo Mitsui Financial Group, agreed to issue the letters this week. The banks are still demanding senior positions in Toshiba's management for their representatives, should a takeover happen.
Toshiba announces offer from JIP as saga enters its final stages.
Toshiba received an offer from a Japanese group as the conglomerate moved a step closer to ending a troubled chapter in its 148-year history — after a series of scandals plunged it into difficulty and set it on a path toward a sale.
The Tokyo-based company announced the offer from a consortium led by domestic private equity firm Japan Industrial Partners in a statement. It just received the offer and will assess it, noting that there’s no assurance a deal will be done, Bloomberg reported.
Australia’s Rest Super said to kick off Endeavour stake sale.
Australian pension fund Rest Super is kicking off a sale of its minority stake in local electricity distribution firm Endeavour Energy, Bloomberg reported.
The fund plans to send out information memoranda as soon as this week. Rest Super is seeking as much as $694m for its 12.6% stake in the power company. Interested bidders are expected to provide indicative offers in about four weeks.
Navis hopes to acquire ISA TanTec.
Navis Capital Partners, a private equity firm focused on Southeast Asia, is considering a sale of its controlling stake in leather and sustainable materials supplier ISA TanTec, Bloomberg reported.
A transaction could value the Macau-based business at about $300m to $400m. Other investment firms and industrial players could be interested in acquiring the company.
Northstar weighs Innovalues' sale for at least $377m.
Private equity firm Northstar Group is considering the sale of Singapore's Innovalues in a deal that could value the precision machine parts maker at over $377m, Reuters reported.
The Singapore headquartered firm is talking with at least one advisor to explore the potential sale and gauge interest.
India looks for LIC, pension fund's investment in green projects.
The Indian government is considering mandating the Life Insurance Corp of India and sovereign pension fund to invest 1% of their assets under management in bonds issued by state-run power lending firms to finance green projects, Reuters reported.
The federal power ministry has written to the finance ministry asking that the LIC and Employees' Provident Fund Organisation be mandated to invest in such bonds issued by Power Finance, REC and Indian Renewable Energy Development Agency.
Virgin Australia weighing debt financing plan ahead of IPO.
Virgin Australia Airlines is considering taking on new debt in order to hand cash to owner Bain Capital just months ahead of the airline’s prospective initial public offering.
The nation’s second-largest carrier has asked investment banks to outline a potential so-called dividend recapitalization during interviews for prospective advisers on the listing. The move would see Virgin issue debt ahead of the possible IPO and the proceeds would be used to pay dividends to Bain, Bloomberg reported.
Oakley closes the fifth fund at €2.5bn.
Oakley Capital, a pan-European, mid-market private equity investor, announced the close of Oakley Capital V at its hard cap and exceeding its €2.5bn ($2.7bn) target.
Fund V hits hard cap, nearly doubling the size of its predecessor fund, with fund target raised in just over six months. Oakley welcomes 25 new institutional investors from across N America & EMEA. The strategy will pursue a continued focus on backing ambitious entrepreneurs and fast-growing, European businesses across core sectors of technology, consumer and education.
Quadria Capital eyes first close of $800m Fund III by June.
Healthcare-focused Quadria Capital, which is currently on the road to raise $800m for its third fund, is looking to hit the first close sometime in the first half of 2023.
The Singapore-headquartered private equity firm, with an establishment in India, recently amassed $25m from the Asian Development Bank for its third investment vehicle — Quadria Capital Fund III, DealStreetAsia reported.
Openspace Ventures seeking to raise $650m across two funds.
Southeast Asian venture capital firm Openspace Ventures is seeking to raise $300m for its fourth early-stage fund and $350m for its second growth vehicle, OSV+.
Openspace’s fundraising process commenced over the past week, with certain investors granted early access to the fund’s data room, DealStreetAsia reported.
ABC Impact aiming to raise $600m for second impact fund.
Singapore-based ABC Impact (formerly ABC World Asia) is raising at least $600m for its second impact fund. This marks a doubling in fund size for the Temasek-backed private equity firm, which last closed its debut fund at $300m in late 2019.
Singapore state investor Temasek Holdings is likely to make a smaller contribution to Fund 2, which will mean that ABC Impact will have to turn to other limited partners for fundraising, DealStreetAsia reported.
Chinese solar cell maker SolarSpace bags over $442m in two funding rounds.
Solar cell and module manufacturer SolarSpace has secured a total of $443m in its Series B and pre-IPO rounds, DealStreetAsia reported.
EBI Investment, Sinochem Capital, the private equity investment arm of Shaanxi Shantou Capital Management, as well as Yingke PE are among some of the participating investors.
Dexus raising $300m for two property funds.
Australia-listed real estate group Dexus announced raising an aggregate of $300m for its two property funds — Dexus Real Estate Partnership 1 and Dexus Healthcare Property Fund, DealStreetAsia reported.
DREP1 is a close-ended fund seeded by Dexus with three assets: a Melbourne office development, an industrial project in Sydney, and a construction loan.
ByteDance backer Oriza Rivertown raises $236m across two new funds.
Oriza Rivertown, the growth-stage investment platform of China’s Oriza Holdings, has raised RMB1.6bn ($236m) in capital commitments for two new funds, taking its total assets under management to over RMB4.5bn ($663m).
Oriza Rivertown, headquartered in eastern China’s Suzhou City, secured the new commitments for the second close of its second flagship fund called Oriza & Rivertown Innovation Growth Fund II and the first close of the Nantong Oriza & Rivertown Growth Fund I, the firm announced, DealStreetAsia reported.
|
