EMEA
Elliott proposes 'superior' plan for Portuguese utility EDP.
Activist investor Elliott said it had proposed a “superior” alternative to shareholders in utility EDP-Energias de Portugal than a bid from China Three Gorges, including raising €7.6bn from asset sales.
State-owned CTG, which is already EDP’s largest shareholder with a 23% stake, launched a €9bn ($10bn) bid for Portugal’s biggest company in May last year.
“Over the course of several months, we have devoted considerable time and resources to better understanding the challenges and opportunities facing EDP. Our extensive research convinced us that EDP is an attractive company with substantial unrealized potential.” Elliott said.
Danish hearing aid maker Widex expects its merger with Germany’s Sivantos to complete next month after getting European approval, creating the third-largest player in the industry.
The companies plan to invest more in digital devices as a combined group and to step up their challenge on market leaders Sonova and William Demant.
Sivantos, formerly known as Siemens Audiology, and Denmark’s Widex said in May that they had agreed to form a company worth more than €7bn ($8.3bn), including €3bn in debt.
Sivantos is advised by Aon Securities, Freshfields, PricewaterhouseCoopers, and Plesner. Widex is advised by Deloitte, Boston Consulting Group, JP Morgan, Latham & Watkins, Allen & Overy, and Kromann Reumert. EQT Debt providers are Deutsche Bank, Goldman Sachs, and JP Morgan.
QuattroR finalized the acquisition of a majority stake in Trussardi.
QuattroR, an independent asset management company targeting Italian companies undergoing a period of temporary financial stress, has finalized the purchase of the majority (with a stake of about 60%) of Trussardi.
QuattroR will provide Trussardi with the economic and financial support needed to implement a new five-year international development plan agreed with Tomaso Trussardi, who will take on the role of Chairman of the Company’s Board of Directors.
Companies activities will focus on strengthening Trussardi’s brand positioning and visibility, relaunching it in the product categories that have made Trussardi recognizable and known globally. The company’s relaunch will also leverage upon "brand extensions", more specifically in the business segment of fragrances successfully developed in partnership with the Angelini Group.
"I am very pleased that, following the reorganization of the shareholding structure within my family, an agreement has been finalized today with QuattroR to further enhance the company’s capital structure and business outlook. I am convinced that we have created the best conditions to continue to carry out the project originally developed by my father Nicola". Tomaso Trussardi, Trussardi Chairman of the Board of Directors.
QuattroR was advised by Studio Legale Chiomenti, Fingiaco, Spada & Partners and Leoni Corporate Advisor. Finos was advised by Studio Bonelli Erede.
mTAB, a global leader in research data analysis and visualization technology, has acquired software innovator Slideworx. Financial terms were not disclosed.
Slideworx specializes in best-practice digital storytelling and integrated customer insight. Recognized for visual excellence, the Slideworx software platform helps Global 2k companies unleash the full power of their customer and market intelligence.
“We are thrilled to welcome Slideworx to the mTAB family. Slideworx’s industry-leading technology is simply stunning. We believe the combination of mTAB’s 30 years of expertise and Slideworx’s cutting-edge software will be a game changer in market research and enable us to better serve existing clients and rapidly expand into untapped markets.” Alex Gelman, mTAB CEO.
Germany's JAB considers the listing of a unit owning Keurig, Dr. Pepper.
JAB Holding is considering IPO of the business that owns Keurig, Dr. Pepper, Peet’s Coffee, and JDE coffee brands.
“JAB has a very successful global Coffee and Beverages platform in Acorn, and we are envisioning taking it public in the next two-three years. A public listing would be in line with JAB’s long-term philosophy to bring leading global consumer businesses to the public markets. However, we have not made any decision to trigger an IPO process now,” JAB said in an emailed statement.
The business also includes brands such as Jacobs, Douwe Egberts, Tassimo, Gevalia, L’Or, Pilao and Kenco.
True Capital rescues portfolio company TyresOnTheDrive.
True Capital has acquired former portfolio company and UK-headquartered automotive tire e-commerce business TyresOnTheDrive in an administration process led by Grant Thornton.
Idinvest closes second growth fund at €340m.
Idinvest Partners, an investor in SMEs across Europe, has held the final closing of its second capital growth fund (Idinvest Growth Fund II) at €340m ($386m), surpassing its initial target of €300m ($340m).
Idinvest Growth Fund II brings together a panel of renowned investors, of whom more than 75% are based outside France.
"Idinvest is proud to support European SMEs at every stage of their life-cycle, from early-stage venture to later-stage funding across the capital structure. We are delighted with the success of the Fund among both French and international institutional investors, and believe Idinvest Growth Fund II will support these successful and ambitious SMEs to transform into world leaders.” Benoist Grossmann, Idinvest Managing Partner.
AMERICAS
Astorg Partners invested in Anaqua.
Astorg made a significant investment in Anaqua, a provider of intellectual property management solutions. Financial terms were not disclosed. As a result of the transaction, Astorg will become the controlling shareholder of Anaqua, replacing Insight Venture Partners and Bessemer Venture Partners.
The transaction will accelerate Anaqua’s global organic growth and acquisition strategy. This announcement follows the recent launch of AQX, Anaqua’s leading-edge software platform. With the integrated AQX platform, Anaqua’s customers can seamlessly access analytics and tech-enabled services to transform their IP assets into business success.
“Astorg will be a great partner going forward and this strengthens Anaqua’s capacity to pursue strategic growth initiatives. This is a clear vote of confidence in Anaqua’s direction, products, services, people, and clients.” Bob Romeo, Anaqua CEO.
Anaqua is advised by William Blair & Co and Willkie Farr & Gallagher. Astorg is advised by Evercore and Latham & Watkins.
Millpond Equity Partners invested in Futuri Media, a leading provider of SaaS technology for audience engagement and sales intelligence to broadcasters and publishers. Financial terms of the deal were not disclosed.
Futuri, headquartered in suburban Cleveland, Ohio, offers its customers a comprehensive suite of products and services designed to drive audience and revenue growth and enhance sales team productivity. Founded in 2009 by Daniel Anstandig, the Company currently serves more than 1.5k broadcasters worldwide that reach more than 100m consumers daily.
“We put our skill and passion to work every day for the betterment of our clients and partners, and we saw the same integrity and spirit in Millpond’s approach. Millpond is the ideal partner to collaborate with us in continuing to deliver on our mission by broadening and enhancing our service offering and providing strategic guidance as we embark on our next phase of growth.” Daniel Anstandig, Futuri Media Founder and CEO.
JP Morgan, Aberdeen Standard Investments, Oxer Capital, First Merchants Bank, management, and original angel investors, Zapis Capital Group provided financing for the deal.
CenterGate Capital, an Austin-based private equity investment firm, invested in Mid-State Industrial Maintenance, a leading provider of on-site and off-site industrial maintenance and service solutions.
Mid-State serves a wide customer base across the southeastern United States, spanning the chemical processing, phosphate mining, power generation, and building products industries. CEO Jeff Clyne will continue to lead Mid-State and serve on its Board of Directors.
“We are excited about our partnership with CenterGate and what it means for our employees and customers,” commented Clyne. “CenterGate’s investment will provide us the capital and strategic resources to continue to grow our capability set and geographic reach.”
Levi’s founder family set to raise up to $2.5bn from a potential IPO.
Levi's is going to filed for an initial public offering. The firm is said to be valued at $5bn, according to CNBC, giving the Haas family, which traces its lineage to company founder Levi Strauss and owns almost 59% of the San Francisco-based apparel maker, a combined net worth of at least $2.5bn.
APAC
Sequoia-backed Circles.Life plan to invest over $250m in Asian regional expansion.
Sequoia-backed Singaporean mobile services provider Circles.Life said it plans to invest more than $250m to roll out services in over five countries, including Taiwan and Australia, in the next 18 months.
Singapore’s telecom market is set for a shakeup this year as a new player TPG Telecom is preparing to launch services. Last year, conglomerate Keppel and Singapore Press Holdings offered to buy majority control of mobile operator M1.
The Circles.Life also said that it closed a series-C funding round that was led by Sequoia but declined to say how much it raised or its valuation.
Khazahan Nasional to unveil new plan to deliver more cash to the Malaysian government.
Malaysian sovereign wealth fund Khazanah Nasional will unveil a plan this month to deliver more cash to the government by pruning its stakes in non-strategic assets and dialing back its offshore presence in spots such as London.
This underlines the urgent need for Prime Minister Mahathir Mohamad to raise money for government coffers, depleted by a fiscal deficit and a massive debt from a multi-billion dollar scandal at state fund 1Malaysia Development Berhad (1MDB).
Under the new strategy, set to be announced at Khazanah’s annual review on Feb. 28, the $39bn fund will look to trim stakes in some companies identified as non-strategic to 15-25% - near the typical holding levels of the pension fund.
Khazanah is also looking to reduce its physical presence in overseas locations such as London, Mumbai and Silicon Valley. It is considering offloading some of its foreign properties and tech investments too.
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