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AMERICAS
Blue Wolf, a private equity firm, and Stonepeak, an investment firm, completed the acquisition of LOGISTEC, a container cargo handling company, for $897m.
“LOGISTEC has a well-earned reputation for operational excellence providing marine and environmental services across critical infrastructure and industrial markets. We are excited to support LOGISTEC’s exceptional team providing safe, sustainable and creative solutions for their customers and invest in the company’s next phase of growth,” Bennet Grill, Partner at Blue Wolf.
Sycamore Partners, a private equity firm, completed the acquisition of Chico's FAS, a Florida-based fashion company, for $1bn.
"Joining the Sycamore portfolio of leading retail brands marks an important milestone for Chico's FAS and continues our journey as a customer-led, product-obsessed, digital-first, and operationally excellent company. Sycamore and Chico's FAS both share a commitment to providing solutions, building communities, and creating memorable experiences to bring women confidence and joy. We look forward to working together to reach even greater levels of success," Molly Langenstein, Chico's FAS CEO and President.
Renesas, a Japanese semiconductor manufacturer, agreed to acquire Transphorm, a semiconductor company, for $339m.
“Transphorm is a company uniquely led by a seasoned team rooted in GaN power and with origins from the University of California at Santa Barbara. The addition of Transphorm’s GaN technology builds on our momentum in IGBT and SiC. It will fuel and expand our power portfolio as a key pillar of growth, offering our customers the full ability to choose their optimal power solutions,” Hidetoshi Shibata, Renesas CEO.
Renesas is advised by Citigroup, Covington & Burling and Goodwin Procter
(led by Jon Olsen, Jean Lee, and William Stanton). Transphorm is advised by Bank of America, Wilson Sonsini Goodrich & Rosati and KCSA Strategic Communications.
Capital Square Partners completed the acquisition of Startek for $217m.
Capital Square Partners, a private equity investment firm, completed the acquisition of Startek, a contact center company, for $217m.
"For more than 35 years, Startek has delivered customer experience excellence for the world's leading brands. Spread across 12 countries, our 38k associates create memorable, personalised experiences in both voice and non-voice channels. Our clients span from fortune 500s to fast-growing startups in a diverse range of industries including cable, media and telecom; travel and hospitality; retail and e-commerce and banking and financial services," Startek.
Startek was advised by Houlihan Lokey, Gibson Dunn & Crutcher (led by Saee Muzumdar), Gateway Investor Relations (led by Cody Cree) and Joele Frank (led by Viveca Tress and Kaitlin Kikalo). Houlihan Lokey was advised by Sullivan & Cromwell (led by Eric M. Krautheimer). Capital Square Partners was advised by Latham & Watkins (led by Sidharth Bhasin).
Forum Energy Technologies completed the acquisition of Variperm Energy Services from SCF Partners for $150m.
Forum Energy Technologies, a company that offers manufactured technologies and applied products to the energy industry, completed the acquisition of Variperm Energy Services, a company that engineers and manufactures Sand Control and Flow Control products for operators around the world, from SCF Partners, a private equity firm, for $150m.
"This accretive acquisition enhances FET's downhole and artificial lift product portfolio by adding a leading manufacturer of customised downhole technology solutions in sand and flow control for heavy oil applications. We expect the combined global footprint of FET and Variperm to benefit both legacy FET and Variperm products. We are excited to welcome the Variperm employees to the FET team," Neal Lux, FET President and CEO.
Variperm Energy Services was advised by Tudor Pickering Holt, Bennett Jones and Vinson & Elkins (led by Mike Marek). Forum Energy Technologies was advised by Goldman Sachs, Gibson Dunn & Crutcher (led by Tull Florey), and Goodmans.
Energy Capital Partners, a private equity firm, agreed to acquire Triple Oak Power, a green energy supplier, from EnCap Investments, a private equity firm. Financial terms were not disclosed.
"ECP is excited to work with Triple Oak Power to execute our shared mission of delivering cost-effective, clean energy to consumers. Triple Oak’s talented team shares our passion for developing integrated, diverse, and sustainable electricity infrastructure and has leveraged its senior executives’ deep experience in renewables to execute on a unique strategic vision. ECP has a longstanding history of investing at scale in the renewable energy space and we look forward to applying our expertise and capital to facilitate Triple Oak’s continued growth," Schuyler Coppedge, ECP Partner.
Energy Capital Partners is advised by Latham & Watkins, FGS Global, Ovation Group and Redbird Communications. EnCap Investments is advised by Marathon Capital and Sidley Austin.
Inspirit Capital, an investment firm, agreed to acquire Wiley Edge, an early-career talent, training and placement business serving global employers, from Wiley, a publishing company. Financial terms were not disclosed.
“We are delighted to be investing in Edge. The business has a unique global footprint and deep relationships with an impressive array of market-leading clients. We believe that the compelling value proposition Edge provides will continue to become increasingly important for both employers and entry-level talent," Will Stamp, Inspirit Capital Founding Partner.
Inspirit Capital is advised by Ernst & Young, Lincoln International and Mayer Brown. Wiley is advised by Centerview Partners, Rothschild & Co and Weil Gotshal and Manges.
Thoma Bravo completed the investment in BlueMatrix.
Thoma Bravo, a software investor, completed the investment in BlueMatrix, a publisher of investment research. Financial terms were not disclosed.
"BlueMatrix's fully integrated, cloud-based solutions meet the critical needs of investment banks and research analysts working within the highly regulated investment research industry. We are excited to leverage our deep sector expertise to support BlueMatrix as the company continues to revolutionise investment research workflow through continued innovation," Adam Solomon, Thoma Bravo Partner.
BlueMatrix was advised by Stifel (led by Ben Tompkins) and Mintz Levin. Thoma Bravo was advised by Raymond James, Kirkland & Ellis (led by Kristen Molloy and Bradley Reed) and FGS Global (led by Liz Micci). Debt financing was provided by Golub Capital.
Altamont Capital Partners, a private investment firm, completed the investment in Mini Melts, a brand in premium, beaded, single- and bulk-serve frozen novelty products. Financial terms were not disclosed.
"Mini Melts has established itself as a leader in frozen novelties. The brand's products are some of the highest selling single-serve products in on-the-go locations today. We believe the beaded ice cream category has expandable growth potential. Mini Melts brings moments of joy to life with a product that's quite simply delicious. We are excited to invest in the brand and bring Mini Melts into more consumers' hands while fostering new and exciting innovation in the future," Kabir Mundkur, Altamont Principal.
Mini Melts was advised by Raymond James and Stradley Ronon Stevens & Young. Altamont Capital was advised by Morrison & Foerster and Ropes & Gray. Debt financing was provided by Capital Southwest Corporation and Main Street Capital Corporation.
GI Partners, a private investment firm, completed the investment in BusPatrol, a school bus safety technology provider. Financial terms were not disclosed.
“GI Partners’ meaningful investment is a testament to our differentiated offering, our operational excellence, and most importantly, our customer impact. As a GI Partners portfolio company, we have a significant opportunity in front of us to grow additional market share and expand into new and exciting verticals. We’re thrilled to embark on this new chapter and to have GI as a partner," Karoon Monfared, BusPatrol Chief Executive Officer.
BusPatrol was advised by Moelis & Co, Osler Hoskin & Harcourt, Skadden Arps Slate Meagher & Flom (led by Michael Mies) and Chris Tofalli Public Relations (led by Chris Tofalli). GI Partners was advised by Alvarez & Marsal and Ropes & Gray.
Patrick Industries, a manufacturer and distributor of component products and building materials, agreed to acquire Sportech, a supplier of premium component solutions to powersports OEMs, from Monomoy Capital Partners, a private equity firm, for $315m.
“Sportech’s growth underscores the unique strength of our closely integrated teams and their commitment to our supportive approach as companies make the leap from a family- or founder-led operation to an enterprise with even broader scale and breadth. We are honored to have worked alongside the company’s management team to exceed the goals we outlined together, and we are confident they are well-equipped for continued success as they join the Patrick family of brands,” Dan Collin, Monomoy Founding Partner and Co-CEO .
Monomoy Capital Partners is advised by Robert W Baird, Kirkland & Ellis, and MiddleM Creative (led by Jan Morris).
Siris, a private equity firm focused on investing and driving value creation in technology companies, completed the acquisition of BearCom, a North American solutions provider of wireless communications and security technologies, from Bertram Capital, a middle market private equity firm. Financial terms were not disclosed.
"The completion of this transaction positions BearCom to enhance our offerings across sectors and help customers measurably improve safety, security and productivity in their businesses and communities. With Siris' resources and deep technological expertise on our side, we look forward to scaling our capabilities and pursuing new investment opportunities and acquisitions across key growth areas, including video security, private mobile networks, and event & industrial solutions," Les Fry, BearCom CEO.
Siris was advised by Sidley Austin. BearCom was advised by BlackArch Partners, Piper Sandler and Hirschler.
Investment companies DigitalBridge and Silver Lake agreed to invest $6.4bn in Vantage Data Centers, a global provider of hyperscale data center campuses.
"We are delighted that Silver Lake is joining DigitalBridge to support Vantage's continued expansion across North America and EMEA. Cloud computing, AI and related technologies are driving unprecedented demand for digital infrastructure. The market opportunity in front of us is extraordinary, and we are excited to chart our next phase of growth with two premier investors who have been great partners to us and have an unmatched understanding of our global technology customers and their infrastructure needs," Sureel Choksi, Vantage President and CEO.
DigitalBridge is advised by Joele Frank (led by Jonathan Keehner). Silver Lake is advised by Edelman. Vantage is advised by REQ.
I Squared Capital, a global infrastructure investment manager, agreed to invest $400m in Órigo Energia, a distributed energy generation firm in Brazil.
"This is a landmark transaction for I Squared. We have ambitious plans for renewables and are leveraging our extensive experience in this space to build a leading global renewables-focused platform consistent with I Squared's overall approach to investing," Gautam Bhandari, I Squared Capital Managing Partner and Chief Investment Officer.
Órigo Energia is advised by Hill+Knowlton Strategies. I Squared Capital is advised by Brunswick Group (led by Alex Yankus).
Ridgewood Infrastructure, an infrastructure investor in the US, completed the acquisition of Waste Resources Management, a provider of liquids and wastewater collection, treatment, and disposal serving the commercial and industrial market. Financial terms were not disclosed.
"WRM is an industry leader, operating a strategically advantaged, vertically integrated network of wastewater treatment facilities and related specialized rolling stock across several high-growth states. WRM services are essential to its diversified customer base. We look forward to working with the WRM management team to scale the business and further enhance its service offerings," Ryan Stewart, Ridgewood Partner.
Pelican Energy Partners, a Houston-based private equity firm, completed the acquisition of Container Technologies Industries, a manufacturer of containment solutions for the nuclear industry. Financial terms were not disclosed.
"CTI is a great company with a 20+ year track record of expansion. The company's highly-experienced team has a reputation of delivering the highest quality containment solutions, including specialty products and industry-standard containers. The business is well positioned to deliver products for growing customer demand. In addition to the majority buyout of legacy shareholders, Pelican has invested growth capital into the business to expand capacity,'' Mike Scott, Pelican Founding Partner.
Pelican Energy Partners was advised by McGuireWoods. CTI was advised by Hirsch & Westheimer.
Strategic Value Partners, a global alternative investment firm, completed the acquisition of the remaining 40% stake in IPC Systems, a global provider of mission-critical trading communication technology and network services to the financial markets industry. Financial terms were not disclosed.
"We are delighted to continue our partnership with SVP. IPC is executing an ambitious growth plan that will further enhance its already-leading position in the market with industry expertise, customer service and technology offerings," Bob Santella, IPC CEO.
Aviva, a British multinational insurance company, completed the acquisition of Optiom, a Canadian vehicle replacement insurance business, from Novacap, a North American private equity firm, for £100m ($127m).
"The acquisition strengthens our offering and distribution capabilities in a highly attractive segment of the Canadian insurance market. We know Optiom well through our existing relationship and are excited about what we can do together to better serve our brokers and customers," Tracy Garrad, Aviva Canada CEO.
Novacap was advised by BMO Capital Markets.
Manulife Investment Management, an asset management firm, led a $225m round in NineDot Energy, a battery storage developer, with participation from Carlyle, a multinational private equity company.
“We are honored and excited to have Manulife Investment Management as a NineDot equity investor and partner. From our first meeting it was clear that Manulife IM understood the importance of battery storage in modernizing the urban electric grid, making it cleaner, more resilient, more equitable, and less costly. Having Manulife Investment Management and Carlyle – two of the world’s leading infrastructure investors – in our corner will truly energize NineDot’s future,” David Arfin, NineDot Energy CEO and Co-Founder.
MC2 Titanium completed the acquisition of Trustwave from Singtel for $205m.
MC2 Titanium, a growth equity fund firm, completed the acquisition of acquire Trustwave, a Chicago-based cybersecurity arm, from Singtel, a multinational telecommunications conglomerate and one of the four major telcos operating in the country, for $205m.
"Alongside MC², The Chertoff Group, and their tremendous expertise, we are positioned to further extend the global reach of our comprehensive offensive and defensive cybersecurity portfolio, providing organisations with unmatched protection and strategic guidance. I'm exceptionally proud of Trustwave's evolution as a leader in the MDR industry, marked by rapid growth with discerning enterprise buyers that outpaces the market, and sustained momentum with clients around the globe. This strategic partnership with MC² and The Chertoff Group serves as a testament to our ongoing innovation and commitment to delivering unparalleled cyber value," Eric Harmon, Trustwave CEO.
Private equity firms Novo, OrbiMed, and F-Prime Capital led a $100m Series A financing round in OnCusp Therapeutics, a biopharmaceutical company, with participation from Sofinnova Investments, Catalio Capital Management, Marshall Wace, Forge Life Science Partners, Blackbird BioVentures, CJNV BioVenture and BioTrack Capital.
"We are grateful to have the trust and support from some of the most prominent global biotech investors. I am also thankful to the OnCusp team for their commitment and excellent work. We hold a strong conviction to develop innovative oncology therapies for patients. This significant Series A financing enables OnCusp to accelerate the development of CUSP06 and other game-changing therapeutics in our fight against cancer," Bing Yuan, OnCusp Therapeutics Co-Founder and CEO.
Accenture, a multinational professional services company that provides services in strategy, consulting, digital, technology and operations, agreed to acquire Navisite, a digital transformation and managed services provider from Madison Dearborn Partners, a private equity firm. Financial terms were not disclosed.
"Our clients feel a sense of urgency to modernize their enterprise and they continue to call on Accenture for help in critical areas where we excel. With skills steeped in cloud, infrastructure and application services, Navisite’s talented team expands our ability to help clients embrace new technologies and ways of working, to unlock the next-level of business reinvention,” Manish Sharma, Accenture North America CEO.
Hampton Lumber Mills, a wood products manufacturer, agreed to acquire RedBuilt, a building materials company, from Atlas, a private equity firm. Financial terms were not disclosed.
"The decision to conclude our extraordinary partnership with the team at RedBuilt is bittersweet. The journey over more than 14 years to build the company in partnership with Atlas Operating Partners Tom Denig, Bill Corbin and Kurt Liebich and current CEO Don Schwabe has been long and rewarding, but the time is right to transition RedBuilt to great new partners in Hampton Lumber. We wish Hampton and our good friends at RedBuilt every success," Andrew Bursky, Atlas Co-Founder and Managing Partner.
Alger Group, an asset management group, agreed to acquire Redwood Investments, an equity investment boutique. Financial terms were not disclosed.
"We are thrilled to be acquiring Redwood, a boutique investment specialist that has an outstanding track record and team, shared alignment with clients, and global perspectives that will benefit our clients in the US, Europe and Asia. Redwood's cross-portfolio insights and qualitative and quantitative approach to analyzing growth equity companies will complement our investment process across our existing portfolios," Dan Chung, Alger CEO.
SandboxAQ, an enterprise SaaS company, completed the acquisition of Good Chemistry, a computational chemistry company, from Green Sands Equity, a private equity firm. Financial terms were not disclosed.
As part of the acquisition, SandboxAQ will integrate Good Chemistry's software – QEMIST Cloud and Tangelo – into its growing enterprise software portfolio.
JP Morgan-backed AppDirect gets $100m to fuel expansion.
AppDirect, an online marketplace for buying, selling and managing apps, obtained $100m in debt financing to propel its growth, Bloomberg reported.
Canadian pension fund Caisse de Depot et Placement du Quebec is providing the funding to help AppDirect expand the financing it offers to users, the San Francisco-based startup said January 9. It adds to the $80m received from CDPQ in 2021.
Skydance Media CEO exploring an all-cash bid to take control of Paramount.
Skydance Media CEO David Ellison is exploring an all-cash bid to acquire entertainment giant Paramount Global's parent National Amusements, Reuters reported.
Ellison could take control of National Amusements with financing from Skydance's existing investors, which include The Ellison family, RedBird Capital Partners and Tencent.
Ares closes in on record €20bn direct-lending fund.
Ares Management is nearing the close of what would be the biggest ever direct-lending fund, with more than €20bn ($21.9bn) of firepower, Bloomberg reported.
Los Angeles-based Ares is looking to raise at least €15bn ($16.4bn) from investors. Leverage is expected to be about €5bn ($5.5bn) on top of that. Co-heads of European credit Blair Jacobson and Michael Dennis jointly run the strategy.
Blackstone’s first private equity fund for rich individuals gets $1.3bn.
Blackstone raised $1.3bn for its first private equity fund for rich individuals, achieving one of the biggest initial hauls for a fund of its kind despite a delayed launch, Bloomberg reported.
The cash pile, disclosed in a filing on January 8, underscores the intensifying race among alternative investment firms to court private wealth as key sources of institutional money dry up.
Carlyle raises $600m equity fund to back CLO deals.
Carlyle Group has raised more than $600m in a new fund to support the issuance of collateralized loan obligations in the US and Europe, exceeding an initial target, Bloomberg reported.
It's the first fund from the asset manager to tap limited partners for so-called CLO equity, the riskiest portion of the securities. In the past, Carlyle has utilized third-party capital to complete deals. The fund exceeded a $500m target.
Blackstone taps two firm veterans to help oversee a trillion-dollar asset pile. (People)
Blackstone is promoting two senior executives to the newly created roles of co-chief investment officers as the firm adjusts to life as a trillion-dollar asset manager, WSJ reported.
In their new roles, Ken Caplan and Lionel Assant will coordinate investments across the entire firm, which now encompasses everything from private equity to real estate and hedge-fund investing.
EMEA
L'Occitane, a manufacturer and retailer of premium and sustainable beauty and wellness products, agreed to acquire Dr. Vranjes Firenze, a luxury home fragrance brand, from Bluegem Capital Partners, a private equity firm. Financial terms were not disclosed.
"Bluegem supported our strategic vision and enabled meaningful growth while honouring the rich heritage of Dr. Vranjes. With the support of Bluegem we have reached significant milestones, and it is with great pride that I hand over the legacy of Dr. Vranjes to the L'Occitane Group, a group known for its distinguished heritage and expansive global reach," Paolo Vranjes, Dr. Vranjes Firenze Founder and Chairman.
L'Occitane is advised by Lempriere Wells, Legance and Skadden Arps Slate Meagher & Flom. Bluegem is advised by ERM Group, BPER Banca, Deloitte, New Deal Advisors, Rothschild & Co, DLA Piper, Gattai Minoli Agostinelli & Partners and Latham & Watkins.
One Rock Capital Partners, a private equity firm, completed the acquisition of Constantia Flexibles, a manufacturer of consumer and pharmaceutical flexible packaging, from Wendel, a family-held investment company, for €1.1bn ($1.2bn).
"In recent years under Wendel's ownership, Constantia Flexibles transformed its business performance, developed an innovative pipeline of more sustainable products and completed multiple acquisitions. With diverse geographic and end market presence, the Company is well-positioned to continue expanding its suite of packaging solutions amidst regulatory developments and a changing climate, and we look forward to partnering with One Rock during this next chapter," Pim Vervaat, Constantia CEO.
Constantia Flexibles was advised by Ernst & Young, Evercore and Willkie Farr & Gallagher. One Rock Capital was advised by JP Morgan, Latham & Watkins and Prosek Partners. Wendel was advised by Kekst CNC.
An investor consortium includes Macquarie Capital, Stirling Square Capital and TA Associates, offered to acquire Byggfakta, a software and information company, for $986m.
"As long-standing shareholders of Byggfakta, Stirling Square and TA have strong belief in the company's future prospects and are dedicated to establishing Byggfakta as a leading information services and software provider to the global construction industry. Achieving such a position requires access to additional growth capital and operational resources to accelerate the long-term delivery of its stated strategy, including additional international M&A. Stirling Square and TA, together with Macquarie Capital, a leading global investor, are committed to supporting this transformation and believe it is best suited to a private markets environment. We believe that the Offer reflects an attractive premium and a good opportunity for Byggfakta and its shareholders. We are also pleased to have the unanimous support of the independent bid committee as well as the former CEO and current board member of Byggfakta, Stefan Lindqvist, who has undertaken to accept the Offer," Henrik Lif, Stirling Square Partner.
Byggfakta is advised by Carnegie Investment Bank and Vinge. The consortium is advised by Morgan Stanley, Gernandt & Danielsson, Goodwin Procter (led by Carl Bradshaw and Hugh O'Sullivan), Linklaters and Fogel & Partners.
EQT Partners, a private equity firm, agreed to acquire Mabtech, a specialist in immune monitoring, from IK Investment Partners, a pan-European private equity firm. Financial terms were not disclosed.
"This is a high-quality player with deep technical and scientific expertise in a growing niche market, that we have been following for many years. By offering 'must-haves' along the drug development value chain and building on its leading position in Europe, Mabtech is well-placed to expand its scale and reach, especially in the US. This is an ideal example of the kind of company that the EQT Healthcare Growth Strategy seeks to continue investing in: it's a fast-growing European champion with innovative, proven solutions that drive positive healthcare outcomes. We look forward to working with Jan Wahlström and team to help Mabtech reach its full growth potential," Isabel de Paoli, EQT Partners Partner.
IK Investment Partners is advised by H/Advisors Maitland (led by Vikki Kosmalska).
ICG, a private equity investment firm, and Teras Capital, an investment firm, completed the acquisition of data center business of Avatel, a telecommunication company. Financial terms were not disclosed.
Avatel concentrates its data center division through Beta Data Center, a vehicle established more than two years ago and which was based on the construction, leasing and transfer of these infrastructures that provide wholesale and retail telecommunications services.
ICG and Teras Capital were advised by AZ Capital.
Music streaming service SoundCloud tunes up for sale.
The owners of SoundCloud, one of the world's largest music streaming services, are preparing for a sale that could fetch in excess of $1bn, Sky News reported.
Raine Group and Temasek, the Singaporean state investment fund, have begun interviewing investment banks about a prospective auction of the company.
CVC nears €900m deal for vitamin maker Sunday Natural.
CVC Capital Partners is set to acquire Sunday Natural in a deal valuing the German vitamin and supplement maker at about €900m ($983m), Bloomberg reported.
Berlin-based Sunday Natural offers a range of plant-based foods and health products, ranging from protein shakes and natural sweeteners to teas and essential oils.
WPP is considering the sale of a stake in Bain's Kantar.
WPP is considering the sale of its 40% stake in Kantar, which could be valued at up to $8bn, including debt, Reuters reported.
The London-headquartered advertising company is working with an adviser and is considering selling the stake in the market research firm outright or selling it to co-shareholder Bain, the private equity fund. Shares in WPP turned higher after the report, rising 1.2%.
Abu Dhabi-backed bidder to control sale of Telegraph if takeover is blocked.
The Abu Dhabi-backed vehicle which has agreed to buy The Daily Telegraph believes it will control the newspaper's destiny even if its deal is blocked by regulators, Sky News reported.
RedBird IMI, a joint venture between RedBird of the US and Abu Dhabi-based IMI, informed the independent directors of the Telegraph's parent company this week that it will determine the title's future ownership even in the event that it is prevented from taking control.
Coatue shuts Europe venture office as startups struggle.
Investment firm Coatue Management is closing its European office in London two years after it opened, part of a strategy overhaul to adjust to a downturn in the technology market, Bloomberg reported.
The fund's leaders described the decision as an effort to "streamline" its investing approach, prioritizing domain expertise over regional coverage, "Our commitment to European ventures remains steadfast as you would expect from a firm with three European leaders."
Saudi hospital operator Almoosa Health plans local IPO.
Almoosa Health Group, a Saudi Arabian healthcare provider, is planning a local initial public offering this year, Bloomberg reported.
The firm, which operates a network of 750 patient beds across the eastern province of the kingdom, has picked Saudi Fransi Capital to advise on the potential share sale.
Cinven raises $14.5bn for UK buyout firm’s eighth fund.
Cinven has raised $14.5bn for its latest private equity fund in one of the larger European fundraisings in recent months, even as financial sponsors grapple with muted appetite for new investment vehicles, Bloomberg reported.
The eighth Cinven fund met the company’s so-called hard cap, or maximum target, and is also about 30% larger than its 2019 predecessor, according to a statement on January 9.
APAC
Brookfield Asset Management, a private equity firm, agreed to acquire the Indian operations of American Tower, an American real estate investment trust which owns and operates wireless and broadcast communications infrastructure, for $2.5bn.
"We look forward to expanding and enhancing our existing telecom tower portfolio in India, which enables a broader array of solutions for our customers and partners. Through strategic acquisitions like ATC India, we remain deeply committed to empowering digital connectivity and transforming the telecom infrastructure landscape across the region," Arpit Agrawal, Brookfield Managing Director, Head of Infrastructure.
Brookfield is advised by S&R Associates. American Tower is advised by CDX Advisors, Citigroup and Talwar Thakore & Associates.
Phoenix Tree Capital Partners, a private investment firm, led a $113m investment round in Zhejiang Zhongning Silicon Industry, a maker of silane gas and electronic-grade polysilicon, with participation from Capital Operation, Hengxu Capital and China Cinda Asset Management.
The proceeds will help the Quzhou-headquartered firm to expand its production capacity as well as accelerate its product iteration.
QIC mulls sale of stake in Powerco.
Australian investment firm QIC is exploring options including a sale of its stake in Powerco, one of New Zealand’s largest electricity and gas distributors, Bloomberg reported.
The review of QIC’s 58% stake in Powerco is at an early stage. A transaction may value Powerco at around NZ$3.5bn ($2.2bn).
Citadel Securities is the only global bidder for Credit Suisse China.
Citadel Securities has made a non-binding offer for Credit Suisse's securities venture in China, becoming the only global financial firm to submit a bid, Bloomberg reported.
The US firm, founded by billionaire Ken Griffin, late last month put in a bid in the range of CNY1.5bn ($209m) to CNY2bn ($280m). Credit Suisse, now owned by UBS Group, has been seeking around CNY2bn ($280m) for the entire China unit, including the stake held by its local partner.
3D Investment Partners raises stake in Japanese beverages maker Sapporo.
Singapore-based 3D Investment Partners has become the largest shareholder in Japanese beverages manufacturer Sapporo after increasing its stake several times in recent months, DealStreetAsia reported.
In October last year, Sapporo launched a strategic review of its business, having come under pressure from shareholders, including 3D, unhappy with stagnant growth. Since then, 3D has increased its shareholding multiple times. It held 5.09% until around the end of October but now holds 15.97%.
CVC considers selling minority stake in Vietnam's Asia Commercial Bank.
CVC Capital Partners is considering selling its minority stake in Vietnam's fourth biggest non-state-owned commercial lender, Asia Commercial Bank, DealStreetAsia reported.
The Europe-based alternative investment firm is in talks with an adviser to explore the sale of its stake of less than 5% in the Ho Chi Minh-listed bank following approaches from potential buyers, including from Japan.
Taiwan's Fubon Life commits $300m to buyout, infra funds.
Fubon Life Insurance, the insurance unit of Taiwanese financial conglomerate Fubon Financial, has committed to invest a total of $300m in two private equity funds and two infrastructure investment vehicles, DealStreetAsia reported.
Fubon Financial said its insurance unit is investing in PE funds New Mountain Partners VII and ICG SE V and infrastructure funds Stonepeak Infrastructure Fund V and Global Infrastructure Partners V-C.
China's Richen Capital hits first close of Fund V at $141m, targets $282m.
Richen Capital has held the first close of its fifth flagship fund at over CNY 1bn ($140.8m), as the Chinese investment firm targets to hit the final close of CNY 2bn ($281.6m) within the next 12 months, DealStreetAsia reported.
China-based Richen Capital, which has over CNY 10bn ($1.4bn) in accumulated assets under management, set up Fund V to continue its focus on investments in growth-stage startups in the fields of digital technology, smart manufacturing, and related applications.
PAG scores $100m for opportunistic real estate vehicle from the Texas fund.
Asia-focused private equity major PAG has racked up a fresh commitment of $100m for its latest opportunistic real estate fund, Secured Capital Real Estate Partners VIII, from the Teacher Retirement System of Texas, DealStreetAsia reported.
The commitment to the PAG fund was approved by TRS in December. Neither the limited partner nor a US Securities and Exchange Commission filing for the real estate fund in October 2023 specified a target corpus. SCREP VIII is the tenth in a series of vehicles that make property-related investments in select Asia-Pacific markets. Its predecessor closed at $2.75bn in 2020.
BlackRock appoints Hua Fan as China head, succeeding Tony Tang. (People)
BlackRock has appointed Hua Fan, formerly general manager of its majority-owned China asset management unit, as head of China, DealStreetAsia reported.
Fan, who joined the world's largest asset manager in 2022 to lead its 51%-owned China joint venture, has been promoted to oversee BlackRock's entire China onshore business, including the venture, a fully-owned fund management unit and a private fund platform.
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