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AMERICAS
Broadcom, a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions, is set to gain conditional EU antitrust approval for its $69bn proposed acquisition of cloud computing firm VMware, Reuters reported.
The European Commission's clearance is tied to Broadcom's interoperability remedies to rivals to address competition concerns. The EU antitrust watchdog, which is scheduled to decide on the deal by July 17, and Broadcom did not comment.
VMware is advised by Goldman Sachs (led by Sam Britton and Stephan Feldgoise), JP Morgan (led by Madhu Namburi), Axinn Veltrop & Harkrider (led by John Harkrider), Gibson Dunn & Crutcher (led by Barbara Becker), Sullivan & Cromwell (led by Michael Rosenthal), and FGS Global (led by Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by Michael Diz) and Sullivan & Cromwell (led by Alison S. Ressler). Broadcom is advised by Bank of America (led by Ron Eliasek and Kevin Brunner), Barclays (led by Gary Posternack, Richard Hardegree, and Laurence Braham), Citigroup (led by Daniel Mallegni), Credit Suisse (led by David Wah), Morgan Stanley (led by Anthony Armstrong), Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by David Karp, Ronald Chen, and Viktor Sapezhnikov), Brunswick Group (led by Simon Sporborg), and Joele Frank (led by Joele Frank). Financial advisors are advised by Cooley (led by Ben Beerle). Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
Nasdaq, a technology company serving the global financial system, agreed to acquire Adenza, a provider of mission-critical risk management and regulatory software to the financial services industry, from Thoma Bravo, a software investment firm, for $10.5bn.
"This is an exceptional opportunity to acquire a leading software company that enhances Nasdaq's position at the heart of the global financial system. The acquisition of Adenza brings together two world-class franchises steeped in market infrastructure, regulatory, and risk management expertise at a time when financial institutions are navigating some of the most complex market dynamics in history. From fast-evolving global regulations to rapidly increasing pressures to modernize infrastructure, our clients are seeking trusted partners equipped to support them in this challenging environment. Nasdaq aspires to be that partner every day, and with Adenza we can offer an even broader range of mission-critical solutions that enhance the liquidity, transparency, and integrity of the world's financial system," Adena Friedman, Nasdaq Chair and CEO.
Nasdaq is advised by Goldman Sachs, JP Morgan and Wachtell Lipton Rosen & Katz (led by David K. Lam and Mark F. Veblen). Debt financing is provided by Goldman Sachs and JP Morgan. Thoma Bravo is advised by Barclays, Citigroup, HSBC, Jefferies & Company, Piper Sandler, Qatalyst Partners, Kirkland & Ellis (led by Peter Stach, Corey Fox, and Brett Nelson), and FGS Global (led by Liz Micci).
Blackstone Group completed the acquisition of Cvent from Vista Equity for $4.6bn.
The Blackstone Group, an American alternative investment management company, completed the acquisition of Cvent, a meetings, events and hospitality technology provider, from Vista Equity, a private equity firm, for $4.6bn.
"We are excited to share this announcement and look forward to our next chapter alongside the Blackstone team. As one of the world’s largest private equity firms, Blackstone brings deep expertise in the event and hospitality industry, and with their backing, we plan to continue to invest in our business and deliver the innovative solutions that meet our customers’ needs and power the meetings and events ecosystem," Reggie Aggarwal, Cvent Founder and CEO.
Cvent was advised by JP Morgan, Qatalyst Partners, Goodwin Procter, Kirkland & Ellis (led by David Klein, Daniel E. Wolf and Chelsea Darnell) and Sloane & Company (led by TJ White). Financial advisors were advised by Cooley and Sullivan & Cromwell (led by Melissa Sawyer and Stephen M. Kotran). Blackstone was advised by Evercore, Morgan Stanley, UBS and Simpson Thacher & Bartlett (led by Elizabeth Cooper and William Allen).
ACG, a company with a vision to consolidate the critical metals industry, agreed to acquire Atlantic Nickel and Mineração Vale Verde, two Brazilian battery metals-focused companies, from Appian Capital, the investment advisor to long-term value-focused private capital funds that invest in mining and mining-related companies, for $1bn.
"We are very proud to announce this transaction in strategic partnership with Glencore, Stellantis, La Mancha, PowerCo and Royal Gold, as well as senior debt providers Citigroup, ING and Societe Generale. It will establish ACG Electric Metals as a premier supplier of critical metals into the western EV value chain, with best-in-class ESG characteristics and minimal CO2 emissions," Artem Volynets, ACG CEO.
ACG is advised by Rothschild & Co, Cleary Gottlieb Steen & Hamilton, Harney Westwood & Riegels, Lefosse Advogados and Palatine Communications (led by Conal Walsh). Appian is advised by Citigroup, Standard Chartered Bank, Cescon Barrieu Flesch & Barreto, Norton Rose Fulbright and FGS Global (led by Charles O'Brien).
TPG, a global alternative asset management firm, and AmerisourceBergen, an American drug wholesale company, completed the acquisition of 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.
TPG was advised by Guggenheim Partners, Debevoise & Plimpton (led by Paul Bird and Spencer Gilbert) and Mintz Levin. AmerisourceBergen was advised by JP Morgan, Morgan Lewis & Bockius (led by Aaron D. Suh), Sidley Austin and Joele Frank (led by Scott Bisang). General Atlantic was advised by Centerview Partners and Paul Weiss Rifkind Wharton & Garrison (led by Ellen Ching and Matthew Abbott).
Kohlberg, a middle market private equity firm, agreed to acquire a majority stake in Riveron, a national business advisory firm, from HIG, a global alternative assets investment firm. Financial terms were not disclosed.
"We are honored to partner with the Riveron management team and HIG in supporting the next phase of the company's growth. Over the last two years, we have conducted extensive diligence on the CFO services sector, which fits squarely within the long-term secular themes we have successfully invested behind in our broader Business Services core practice area. We look forward to contributing our team's insights and our capital base to help extend Riveron's innovative suite of capabilities while maintaining its focus on providing world-class business advisory services to its clients and firmly establishing the company as the employer of choice in the industry," Ahmed Wahla, Kohlberg Partner and Head of Business Services.
Riveron is advised by Jefferies & Company, Moelis & Co and Communications Strategy Group. Kohlberg is advised by Citizens M&A, Guggenheim Partners, Greenberg Traurig, Ropes & Gray and FGS Global. HIG is advised by McDermott Will & Emery.
Earthstone Energy to acquire EnCap-backed Novo Oil & Gas for $1.5bn.
Earthstone Energy, a growth-oriented, independent energy company, agreed to acquire EnCap-backed Novo Oil & Gas, an oil and gas company, for $1.5bn.
“Over the past few years, we strategically positioned the Company as a significant operator in the Permian Basin. In 2022, we materially advanced our consolidation strategy, closing three accretive acquisitions totaling ~$2bn, including two significant northern Delaware Basin asset acquisitions. I am pleased that we are continuing to further our consolidation strategy with today’s announcement of the Novo Acquisition as we further build our northern Delaware Basin asset base. With significant production volumes from the Novo Acquisition, we expect Earthstone’s near-term production levels to surpass 135k barrels of oil equivalent per day," Robert J. Anderson, Earthstone President and CEO.
Novo Oil & Gas is advised by RBC Capital Markets and Vinson & Elkins. Earthstone Energy is advised by Raymond James, Truist Securities, Kirkland & Ellis and Richards Layton and Finger. EnCap is advised by Vinson & Elkins.
Transom Capital, an operations-focused middle market private equity firm, completed the acquisition of aden + anais, a global designer and manufacturer of infant products. Financial terms were not disclosed.
"We are thrilled to welcome the HALO and aden + anais brands into the Transom Capital family. We believe the juvenile products space has significant opportunity for innovation and HALO/aden + anais are two of the strongest brands to foster creative product development, marketing, and consumer loyalty. We recognize the tremendous potential that the company holds, and we are committed to supporting its growth as a market leader in the premium baby and parenting industry," Russ Roenick, Transom Managing Partner.
aden + anais was advised by Robert W Baird and Gibson Dunn & Crutcher. Transom was advised by Kirkland & Ellis and 35th Avenue Partners (led by Sam Butler). Debt financing was provided by MidCap Financial Services.
New Mountain Capital, an investment firm, completed the acquisition of Apixio, an artificial intelligence platform, from Centene, a healthcare enterprise. Financial terms were not disclosed.
“We view the merger of Apixio and ClaimLogiq as creating a truly differentiated player in the healthcare technology industry. We intend to continue investing in the combined company’s existing artificial intelligence capabilities while also launching new products with the aim of building the leading ‘connected care’ platform in the marketplace, enabling health plans’ and provider groups’ transition to value-based care," Matt Holt, New Mountain Capital Managing Director and President.
New Mountain Capital was advised by JP Morgan and Ropes & Gray (led by Todd Kornreich and Garrett Charon). Centene was advised by William Blair & Co and Bass Berry & Sims.
The Blackstone Group completed the investment in New Tradition Media, an out-of-home media operator with assets across the nation's largest markets. Financial terms were not disclosed.
"We're thrilled to partner with Blackstone, whose track record of scaling founder-led businesses and significant real estate expertise, will enable New Tradition to accelerate the expansion of our footprint and continue to provide cutting-edge out-of-home advertising solutions to new and existing clients," Evan Richheimer, New Tradition CEO.
New Tradition Media is advised by Solomon Partners and Lowenstein Sandler. Blackstone is advised by Moelis & Co and Weil Gotshal and Manges.
Brookfield Renewable, one of the world's largest owners and operators of renewable power and climate transition assets, agreed to acquire the utility-scale Commercial Renewables business of Duke Energy, an American electric power and natural gas holding company, for $2.8bn.
"As one of the country's largest renewable energy operators, Brookfield has the resources to support the continued growth and success of the Commercial Renewables' portfolio. This sale is an important step in our transition into a purely regulated company with significant grid and clean energy investment plans that will deliver benefits to our customers and stakeholders," Lynn Good, Duke Energy Chair, President and CEO.
Duke Energy is advised by Morgan Stanley, Wells Fargo Securities and Skadden Arps Slate Meagher & Flom (led by Pankaj Sinha and Katherine Ashley).
Goldman Sachs Asset Management, a capital market company, agreed to invest $300m in Madhive, an advertising software platform engineered for modern TV advertising.
"Since inception, Madhive has been on a mission to modernize and simplify the ad-tech ecosystem. We purpose-built the Madhive platform in anticipation of the growth of streaming TV — investing in engineering, technology, and infrastructure. Our growth stems from collaborating with partners to solve a host of their unique requirements. Through our fully end-to-end tech stack for TV advertising, media sellers and advertisers have the flexibility and tools to reach streaming audiences efficiently at scale," Adam Helfgott, Madhive Founder and CEO.
Madhive is advised by Latham & Watkins and Fabric Media (led by Mike Gasbara). Goldman Sachs is advised by Weil Gotshal and Manges.
Lone Star, a private equity firm, agreed to acquire Carlisle Fluid Technologies, a manufacturer of finishing equipments, from Carlisle Companies, an industrial group. Financial terms were not disclosed.
The sale of CFT aligns with our Vision 2025 strategy and advances our drive to construct a concentrated portfolio of construction materials businesses emphasizing a superior capital allocation approach to investments. We believe the sale to an affiliate of Lone Star Funds is an excellent opportunity for CFT to optimize its long-term growth and profitability. I want to thank CFT’s approximately 825 global employees for contributing to CFT’s success and I thank the customers and suppliers of CFT for their continued loyalty," Chris Koch, Carlisle Chairman, President and CEO.
Lone Star is advised by Citigroup and Guggenheim Partners. Carlisle is advised by Goldman Sachs.
Apollo, an American global private equity firm, agreed to invest in Intermodal Tank Transport, a global provider of ISO tank transportation logistics and depot services for bulk-liquid chemical and food-grade products. Financial terms were not disclosed.
"We are thrilled to partner with Apollo to help accelerate our next phase of growth. We have a number of compelling opportunities to strengthen our global platform, and we believe Apollo's deep understanding of our business, scale and extensive value-creation expertise will help us unlock the significant growth potential of our business. I look forward to continuing to lead the dedicated, hardworking team at ITT as we continue driving value and enhancing customer experience," Jon Hulsey, ITT President and CEO.
ITT is advised by Raymond James and McGinnis Lochridge. Apollo is advised by Paul Weiss Rifkind Wharton & Garrison (led by Brian P. Finnegan and Brian Kim).
Ardian, a private investment house, agreed to invest in Tom Barrow Company, a provider of commercial HVAC solutions in the US Southeast. Financial terms were not disclosed.
"The commercial HVAC industry benefits from particularly strong secular tailwinds. Building owners and tenants are increasingly focused on both indoor air quality and energy-efficient buildings. Healthcare facilities, Life sciences labs, EV and battery plants, solar panel plants, and data centers are also all HVAC-intensive, increasing the need for clean room levels of purity, specialized cooling, or both. We believe Tom Barrow is well positioned to capture significant share in this attractive market," Kevin Kruse, Ardian Managing Director.
Tom Barrow Company is advised by Truist Securities. Ardian is advised by Configure Partners and The Neibart Group (led by Rachelle Gaynor).
Braemont Capital, a private equity firm, completed a $125m investment in Incline P&C Group, an insurance brokerage firm.
“Incline is a leading program carrier, and we are pleased to partner with Chris McClellan and the leadership team to help expand the platform and continue to be an innovator in the insurance industry. The company has experienced incredible growth in premium volume and program acquisition and through this investment, we are excited to join Incline on their mission to continue to be the premier insurance program market services firm," Robert Covington, Braemont Managing Partner.
Incline P&C was advised by Barclays. Braemont Capital was advised by Gagnier Communications.
Redwood Trust, a specialty finance company focused on making credit-sensitive investments in residential mortgages and related assets, and Oaktree Capital Management, an asset management company, agreed to form a joint venture to invest in business purpose bridge loans. Financial terms were not disclosed.
"We are pleased to be partnering with Oaktree, a premier global investment manager, in a joint venture that will enhance our ability to provide solutions to a broad spectrum of real estate investors at an important point in the housing cycle," Dash Robinson, Redwood Trust President.
F2 Strategy, a wealthtech management consulting firm helping complex RIA, wealth, bank/trust and family office firms, agreed to acquire Oakbrook Solutions, a consulting and services firm for the Wealth Management industry serving banks and trust companies, RIAs, single and multi-family offices, private banks, retirement plan providers, custodians and other industry service providers, from Renovus Capital, a lower middle market private equity firm specializing in the Knowledge and Talent industries. Financial terms were not disclosed.
"This strategic deal marks a pivotal moment in our journey, as we combine our strengths with Oakbrook and add the support of Renovus Capital. Together, we will leverage our collective capabilities to uncover new opportunities, expand market reach, and deliver unparalleled results for our clients. I am honored to lead this unified team and couldn’t be more excited for the transformative impact we will have on the industry,” Doug Fritz, F2 Strategy Co-Founder and CEO.
F2 Strategy is advised by Broadhaven Capital Partners and StreetCred PR (led by Jimmy Moock).
Paine Schwartz, a private equity firm, completed an investment in Elemental Enzymes, a biotechnology research company. Financial terms were not disclosed.
"We are excited about this investment from Paine Schwartz, which marks the next phase in our effort to build the world's leading supplier of sustainable agricultural inputs. The Paine Schwartz team brings significant expertise and resources that will help us across our business including launching new products, expanding our technical and R&D capabilities, and entering new markets and segments. We look forward to working closely with them to build on our strong foundation and capture new growth opportunities by addressing some of the most complex issues in agriculture head-on," Brian Thompson, Elemental Enzymes Co-Founder and CEO.
Paine Schwartz was advised by Akin Gump Strauss Hauer & Feld and Joele Frank.
Sumitomo, a trading and business investment company, completed the acquisition of Saconix, a company engaged in the procurement, sale, storage and distribution of sulfuric acid, from Tailwater Capital, an energy and growth infrastructure private equity firm. Financial terms were not disclosed.
"We identified Saconix as a strategic investment because its business model is extremely compatible with our current investments, and brings a high potential of growth synergy for our Sulfuric Acid business in the US, increasing our global competitiveness. We expect to provide additional value and high service to our customers through the strong synergies of our global Sulfuric Acid business," Masaya Sato, General Manager SCOA Basic Chemical Group.
Tailwater Capital was advised by RBC Capital Markets and Sidley Austin.
Arcline Investment Management, a private equity firm, completed the acquisition of International Water-Guard, a provider and servicer of proprietary potable water systems and components for use in business and commercial jet applications. Financial terms were not disclosed.
"IWG has established an exceptional reputation over its 35-year history as a technology and performance leader in the aircraft water systems space. The Company's steadfast commitment to its customers through design innovation, customer service, and aftermarket support underpin this reputation and provide a strong base for future growth. We look forward to partnering with the IWG management team to support the exciting opportunities that lie ahead," Arcline.
Arcline Investment was advised by Janes Capital Partners and Joele Frank (led by Tim Ragones).
LongueVue Capital completed the investment in Global Gourmet Food Solutions.
LongueVue Capital, a New Orleans-based growth equity firm, completed the investment in Global Gourmet Food Solutions, a specialty ready-to-cook and ready-to-eat food products manufacturer. Financial terms were not disclosed.
"This partnership with LVC marks an exciting chapter for Global Gourmet. Our company has grown dramatically over the past few years alongside our best-in-class customer base, and this relationship enables us to further expand our product offerings, support services, and production capacity as we usher in this bright new era of heightened growth," Danny Luong, Global Gourmet President & CEO.
LongueVue Capital was advised by Vedder Price. Debt financing was provided by Origin Bank.
A consortium of investors including Hanwha Corporate Venture Capital, OIC, Catalus Capital and Ascent Funds completed a $50m investment in Forge Nano, a biotechnology company.
“This funding milestone allows us to fulfill the customer demand that already exists for our advanced batteries and equipment. As we move to grow our Atomic Armor technology in the Lithium-ion market, we are excited to finally be able to internally provide a finished battery solution at scale. In the past 4 years, we have seen dramatic revenue growth every year. With this new funding, we now aim to significantly accelerate this growth," Paul Lichty, Forge Nano CEO.
Forge Nano was advised by Winston & Strawn.
Canada Life, an insurance and financial services company, agreed to acquire Value Partners, a Winnipeg-based investment firm. Financial terms were not disclosed.
"We started Value Partners to improve the lives of families across Canada by partnering with the best advisors and investing in the best businesses. Today, our clients have $1.45bn more than they initially invested. Together with Canada Life's world-class insurance and investment products and exceptional advisors, we're going to help far more Canadians build their wealth," Gregg Filmon, Value Partners President.
Value Partners is advised by BMO Capital Markets.
The Riverside Company, a global private investor focused on the smaller end of the middle market, completed the acquisition of LightHouse Business Information Solutions, a provider of comprehensive outsourced IT services primarily to businesses across professional services, industrials, healthcare and non-profit verticals. Financial terms were not disclosed.
"LightHouse aligns well with ProVelocity and IronEdge, offering similar one-stop-shop IT outsourcing services with excellent customer service. LightHouse is a natural fit across all aspects of the business. As a result of this investment, there is substantial opportunity for continued growth in New Mexico," Loren Schlachet, Riverside Managing Partner.
The Riverside Company was advised by Jones Day (led by Chuck Hardin).
The Riverside Company, a private equity firm, completed the acquisition of Bishops Cuts/Color, a haircare services provider. Financial terms were not disclosed.
“Bishops’ strong reputation and quality haircare service offerings are a true differentiator in the haircare industry. We are excited to build upon Bishops’ strong history and further expand the company’s presence across the US as we look to add additional personal care services brands to the platform," Loren Schlachet, Riverside Managing Partner.
The Riverside Company was advised by Jones Day (led by Cameron Reese).
Arlington Capital Partners completed the acquisition of Pegasus Steel.
Arlington Capital Partners, a private equity firm, completed the acquisition of Pegasus Steel, a complex fabricated steel company. Financial terms were not disclosed.
“Pegasus has earned a tremendous reputation in the nuclear submarine and aircraft carrier market for delivering high quality fabrications on time and on schedule. With parts weighing in excess of 800,000 pounds and among the largest structures in the industry, Pegasus enables its customers to utilize its own shipyards more efficiently to meet the required increase in output that the national security community demands. We are excited to partner with Tony to build upon Pegasus’ impressive achievements,” Peter Manos, Arlington Managing Partner.
Pegasus Steel was advised by KippsDeSanto & Co.
Resilience Capital, a private equity firm, and DealerShop, a distributor and paint application company to auto body shops and dealerships, completed the acquisition of Jobbers Automotive, a full-service supplier of automotive paint, janitorial supplies, body shop equipment, bulk oil, and WeatherTech products serving automotive dealerships and collision centers. Financial terms were not disclosed.
"Jobbers Automotive has a long-standing reputation for providing exceptional service and high-quality products to the Ohio market for over 70 years. We are delighted to have the talented and experienced Jobbers Automotive team join the DealerShop family of companies. The acquisition will enable us to provide our customers with a broader range of products and services and leverage the synergies from the consolidated footprint to drive growth and enhance value," Bill Gryzenia, DealerShop President and CEO.
CubicPV receives first stage of $103m in equity financing to support US factory plans and tandem development.
Solar manufacturing innovator, CubicPV secured new firm equity commitments in excess of $100m in support of its US factory plans and tandem product roadmap. The investment will be split into two tranches, with the first $33m released immediately. The second tranche investment is tied to specific project milestones. Cubic’s strong shareholder base, led by SCG Cleanergy, a wholly owned subsidiary of SCG, with contributions from Hunt Energy and Breakthrough Energy Ventures, committed the capital to further accelerate the company’s growth strategy. Guggenheim Securities is acting as a financial advisor to Cubic.
“Today’s announcement underscores the considerable progress we’ve made, the depth of our engineering competence and the strength of our technologies to deliver a more powerful solar future. We thank SCG Cleanergy for their confidence in our manufacturing goals and product roadmap,” Frank van Mierlo, CubicPV CEO.
Cathie Wood funds buy shares of Meta for first time since 2021.
Cathie Wood is warming up to Meta Platforms. Two exchange-traded funds managed by Wood's ARK Investment Management — her flagship ARK Innovation ETF and the Ark Next Generation Internet ETF — scooped up shares of Meta, the company behind Facebook.
A website that tracks ARK trades shows that a number of the firm's ETFs last held shares of Facebook at the end of 2021, when the company still traded under the ticker FB, Bloomberg reported.
Arex Capital pushes Enhabit to consider company sale.
Hedge fund Arex Capital Management is urging Enhabit to put itself up for sale and wants the home health and hospice provider to begin a strategic review to help reverse a 50% slide in its share price. Enhabit is already interviewing two board directors proposed by Arex, which owns a 4.5% stake in the company, but the hedge fund wants more drastic action as the share price has been cut nearly in half since it went public a year ago, Reuters reported.
Enhabit was spun off from post-acute healthcare services provider Encompass Health on July 1, 2022 and since then its shares have dropped 47%, compared with a 16% gain in the S&P 500 index and an 11% increase in the Russell 2000 index. Since January the share price has fallen 7% to close at $12.11 on Monday, valuing the company at $607m. Arex wants the company to commit immediately to start a review before the end of the year and close any potential transaction after the two-year anniversary of the spinoff to avoid tax complications.
Towerbrook Capital-backed Kevin's Natural Foods explores sale.
Kevin's Natural Foods, which sells refrigerated entrées like pastas and curries, is exploring a sale. The company, backed by investment firm Towerbrook Capital Partners, is seeking to be valued at about $700m to $800m. Kevin's Natural Foods, which is working with an adviser, has attracted interest from financial sponsors on the potential transaction, Bloomberg reported.
Co-founded by Kevin McCray, the company raised capital from Towerbrook and NewRoad Capital Partners in 2021 to expand its production capacity and fuel marketing, according to a statement at the time.
TA Associates closes flagship fund fifteenth at $16.5bn.
TA Associates, a global private equity firm, announced the completion of fundraising for its latest flagship fund, TA XV, with total limited partner commitments at its hard cap of $16.5bn.
"We are deeply grateful for the strong support of our limited partners during the TA XV fundraise. Amid a period of macroeconomic uncertainty, our investors' continued trust and confidence in our investment strategy is particularly energizing. We embrace the opportunity to further our strategy, partnering with forward-thinking founders and management teams to build lasting value in exceptional businesses," Ajit Nedungadi, TA CEO.
TA was advised by Goodwin Procter.
HPS Investment Partners raises $10bn.
HPS Investment Partners, a private equity firm, has closed its second Core Senior Lending Fund and parallel investment funds and accounts, with approximately $10bn in investable capital. This includes $7.3bn in equity commitments.
CSL II will focus on pursuing attractive, risk-adjusted returns for investors by investing in privately originated, floating rate, senior secured loans to businesses primarily across North America, Western Europe and Australia/New Zealand including sponsored, non-sponsored and public borrowers. To date, the fund has committed approximately 57 percent of its capital across 54 investments.
"We were extremely pleased with the robust reception CSL II received from a wide range of the world's most sophisticated institutions who see the incredible opportunity presented by today's private credit markets. We appreciate our clients' support and look forward to helping them achieve their investment goals while working with leading private and public companies on bespoke financial solutions to enable them to achieve their business objectives," Scott Kapnick, HPS CEO.
GrowthCurve Capital closes inaugural fund at $1.4bn.
Private equity firm GrowthCurve Capital held the final close of its inaugural private equity fund, GrowthCurve Capital Partners I, with total capital commitments of $1.4bn for the fund and related co-investment vehicles.
To date, the fund has invested approximately 50% of its capital commitments across four investments: Mistplay, a game discovery and loyalty platform for mobile games; Brightway Insurance, a personal lines focused insurance franchisor; Revecore, a provider of revenue integrity and complex claims solutions for health systems; and Netchex, a provider of cloud-based human capital management software solutions.
Hidden River raises $245m for its new fund.
Hidden River Strategic Capital, a Philadelphia-based investment firm, announced that its inaugural fund, Hidden River Strategic Capital I, closed on $245m of committed capital, significantly above its initial target.
Founding Partners Steve Gord, Todd Morrissey and Kevin Condon are lower middle market veterans who were most recently founders and leaders at two well-regarded private equity firms. Hidden River was formed to focus exclusively on flexible junior capital for small business owner-operators, an area underserved by the well-worn investment approaches of growth equity, buyout, and mezzanine/credit funds.
EMEA
Silver Lake Partners will no longer make its $2.4bn offer to invest in Germany's Software conditional on the private equity firm acquiring more than 50% of the shares, Reuters reported.
By midday on Tuesday, the investor had only secured 30.5% of shares, despite support from Software's management. By waiving the 50% threshold condition, the offer is automatically extended by two weeks until June 28.
Vivendi, the French media conglomerate controlled by billionaire Vincent Bollore, won conditional EU antitrust approval for its acquisition of France's largest publisher Lagardere, Reuters reported.
The European Commission, which acts as the competition enforcer in the 27-country European Union, said Vivendi agreed to sell its publishing unit Editis and celebrity magazine Gala to address regulatory concerns about the deal.
Lagardere is advised by Image Sept (led by Anne Meaux) and Datasite. Vivendi is advised by BNP Paribas, Societe Generale (led by Stephane Krief) and Cleary Gottlieb Steen & Hamilton. Amber Capital is advised by White & Case (led by Saam Golshani).
NIBE Industrier, a global group that develops and manufactures intelligent, energy-efficient indoor comfort solutions for all types of properties, agreed to acquire Climate for life, a developer, producer and seller of energy-efficient solutions in the areas of heating and cooling, hot water, ventilation and control technology, from Parcom Capital, a private equity firm, for €640m ($688m).
"CFL and NIBE are both household names in climate solutions with a strong heritage, similar business values and culture, as well as a long-term commitment to the industry. The two businesses have an overarching geographical footprint and will together be one of the larger climate solutions providers in Europe. This allows the combined companies to better serve a larger customer base with innovative, sustainable and affordable quality products," Gerteric Lindquist, NIBE Industrier CEO.
Climate for life is advised by Morgan Stanley. NIBE is advised by ABN Amro, Mazars Corporate Finance, Delphi and Lexence.
PAI Partners, a French private equity firm, agreed to acquire a majority stake in ECF Group, a hospitality equipment company, from Naxicap Partners, a private equity firm. Financial terms were not disclosed.
“ECF is an exceptional business with a strong portfolio of partner- and private-label brands serving a high-quality, diversified customer base. We see enormous potential to scale the business even further, strengthening the group’s offer and extending its global reach. We look forward to working with Christophe and the management team in this next chapter of growth,” Mathieu Paillat, PAI Partners Partner.
PAI Partners is advised by Credit Agricole, Latham & Watkins (led by Denis Criton) and Rothschild & Co. Naxicap Partners is advised by Lazard.
Bain Capital, a private investment firm, offered to acquire SoftwareOne, a global software and cloud solutions provider, for $3.2bn.
The board, excluding founder Daniel von Stockar who recused himself, voted unanimously that the offer was not sufficiently substantiated, Bloomberg reported.
SoftwareOne is advised by FGS Global and JP Morgan.
Zensho, the premier food service company in Japan, agreed to acquire The Snowfox Group, a multi-channel and international Japanese food business, from Mayfair Equity Partners, a private equity firm, for $621m.
"This is an exciting moment for the Snowfox Group, and, having had seven successful years owned by Mayfair Equity Partners, this proposed transaction represents the next natural step for us as a business," Richard Hodgson, Snowfox CEO.
Snowfox is advised by Headland Consultancy. Mayfair Equity is advised by The One Nine Three Group.
Frasers Group, a retail company that serves consumers with sports, premium, and luxury brands, completed the acquisition of a 18.9% stake in AO World, a online retailer company, from Odey Asset Management for £75m ($94m).
"Frasers has long admired what John and the AO team have built, and we are delighted to have the opportunity to form a supportive, strategic partnership. AO is a fantastic business with a clear strategy which is leading the market in online-only electricals. Through this investment, Frasers will benefit from AO's valuable know-how in electricals and two-man delivery, helping us to drive growth in our bulk equipment and homeware ranges. In turn, AO will have the opportunity to benefit from Frasers' expertise and ecosystem," Michael Murray, Frasers Group CEO.
Frasers Group was advised by Brunswick Group. AO World was advised by Powerscourt (led by Rob Greening).
Apollo Global Management, a private equity firm, agreed to invest in Yondr, a developer, owner-operator and service provider of hyperscale data centres. Financial terms were not disclosed.
“Apollo’s support of our global growth ambitions is truly exciting for us at Yondr. This allows us to create long-term sustainable value for clients, and to rapidly deploy cloud solutions, in line with the growing demands of our select, blue-chip client base," Paul Cossell, Yondr CEO.
Yondr is advised by White & Case. Apollo Global is advised by Simpson Thacher & Bartlett (led by Shamus Crosby).
US fund KKR strengthened its lead in the race to secure the landline grid of Telecom Italia when it offered to raise its bid by up to or over $2.2bn, Reuters reported.
The value of KKR's offer could top $24.7bn overall, widening the gap with a rival proposal by a consortium comprising Italian state lender CDP and Australian fund Macquarie.
EQT, a global investment organization, offered to acquire Alfa Financial Software, a business providing software for customers working in the asset finance industry, for $773m.
EQT's latest proposal gave shareholders the option to elect for a partial unlisted share alternative offer.
Morgan Stanley Infrastructure Partners, an infrastructure investment platform focused on the acquisition of private infrastructure assets, agreed to acquire Valoriza Servicios Medioambientales, a waste management firm, from Sacyr, a Spanish infrastructure operator and developer company based in Madrid, for €734m ($789m).
This divestment process is framed in Sacyr's strategy to drastically reduce its net recourse debt and focus on infrastructure P3 projects as its core business.
Antin Infrastructure Partners, a private equity firm focused on infrastructure, agreed to acquire Opdenergy, a vertically-integrated independent renewable energy developer and producer, for €866m ($931m).
"We are very excited to have the opportunity to support Opdenergy in the next stage of its already successful growth story and help accelerate its important contribution to Spain's energy transition and the decarbonisation of its economy. Antin has a strong track record in driving growth at energy companies, with support from our team of energy specialists and their extensive in-depth experience in the sector. Opdenergy is very complementary with our other platforms and further demonstrates our commitment to energy transition in Europe and North America," Stéphane Ifker, Antin Senior Partner.
Antin Infrastructure Partners is advised by Llorente Y Cuenca (LLYC).
Dürr Group, a global mechanical and plant engineering firm, agreed to acquire BBS Automation, a premier global supplier of automated assembly and test services, from EQT Partners, a global private equity firm, for €480m ($516m).
"With BBS Automation, we are establishing ourselves as one of the most powerful centers of competence for automation solutions in mass and high-speed production. We are investing in a strongly growing sector with above-average earnings prospects," Jochen Weyrauch, Dürr CEO.
EQT is advised by UBS.
General Atlantic, a private equity firm, completed a 20% stake in ATOSS Software, a software services provider. Financial terms were not disclosed.
“This investment by one of the world’s most successful growth equity investors offers ATOSS an opportunity to capture the enormous growth potential in our market even more fully. With General Atlantic as investor, we plan to continue our success story and take ATOSS even further internationally," Andreas Obereder, ATOSS CEO.
ATOSS Software is advised by Hengeler Mueller.
Levine Leichtman Capital Partners, a global private equity firm, agreed to invest in cleversoft, a pan-European provider of mission-critical regulatory software solutions to the financial services industry. Financial terms were not disclosed.
"We are thrilled to partner with Florian and his leadership team to support cleversoft as the Company continues to aggressively scale worldwide, both organically and through select acquisitions. As LLCP's first platform investment in the DACH region since opening our Frankfurt office last year, this is a crucial moment in the continued development of our business in Europe," Matthias Tabbert, LLCP Head of DACH.
Levine Leichtman Capital Partners is advised by Gasthalter & Co (led by Mark Semer).
One Equity Partners, a middle market private equity firm, completed the acquisition of MSQ Partners, a next-generation creative and technology agency group. Financial terms were not disclosed.
"We are pleased to partner with MSQ to support the Group in its goal of becoming an international digital transformation champion and a leading technology-based creative services and marketing solutions provider. MSQ is well-positioned to benefit from strong industry dynamics as customers engage more with businesses via digital channels and market dynamics reshape the advertising and marketing industry," Joerg Zirener, One Equity Partners Senior Managing Director.
One Equity was advised by Stanton PRM.
49ers, a corporate venture capital, agreed to acquire a majority stake in Leeds United, a professional football club, from Aser Ventures, an investment platform. Financial terms were not disclosed.
The deal still needs to pass the English Football League's owners' and directors' test, a process expected to take a number of weeks, the requirement is regarded as a formality.
Nordic Capital pursues a $6.7bn deal for Temenos as other suitors drop.
Nordic Capital is one of the last suitors for Temenos after rival buyout firms dropped from the latest attempt to sell the Swiss banking software maker.
The Swedish private equity firm is holding talks with Temenos and lining up financing as it pursues a potential deal as early as this month. Nordic Capital could seek co-investors for the deal, given Temenos’s market value of $6.7bn.
Previous suitors including EQT, Thoma Bravo and Permira are no longer in the race. Other private equity firms including Blackstone are still studying the asset, though not actively in takeover talks, Bloomberg reported.
Permira weighs a €2.5bn sale of Golden Goose.
Permira is exploring options for Golden Goose, including a potential sale that could value the luxury sneaker maker at more than €2.5bn ($2.7bn).
The private equity firm is also weighing a possible initial public offering of the brand behind shoes favored by singers Selena Gomez and Taylor Swift. The business has sales of about $537m and earnings before interest, taxes, depreciation, and amortization of roughly $161m.
Any sale of the business could come in the second half of the year. Deliberations are ongoing as there’s no certainty Permira will decide to exit its investment in the business, Bloomberg reported.
EQT weighs sale of $2bn Danish software maker.
EQT is considering options for Sitecore, including a potential sale that could value the digital marketing software provider at as much as $2bn, Bloomberg reported.
The Stockholm-based investment firm is working with Goldman Sachs Group to gauge interest from potential buyers of the Danish business.
Next and Warburg Pincus in talks about £500m Reiss sale.
The high street clothing giant Next is in talks about a sale of Reiss, the fashion chain it controls, as part of a deal that could value it at more than £500m ($627m). Raymond James, the investment bank, is overseeing the sale process. The auction is in its second round, with a number of buyers circling, Sky News reported.
The process being run by Raymond James is understood to be soliciting offers for the entirety of Reiss's share capital, although Next could also opt to retain its 51% stake alongside a new equity investor.
Andreessen to open London office for crypto startups smid scrutiny in US.
Less than a week after US regulators made the most aggressive moves yet taken against the digital assets industry, the crypto investment arm of venture capital firm Andreessen Horowitz, a16z crypto, announced it is opening its first overseas office in London. The company said that crypto "can only succeed with a clear regulatory regime that provides an open pathway for startups while also protecting consumers from fraud and manipulation" and that such regime exists in the United Kingdom.
"We need regulatory frameworks that facilitate decentralization, not impede it. UK policymakers and regulators are taking an approach that is uniquely tailored to blockchain and digital asset regulation," a16z.
Its UK expansion will bring the company's first office outside of the US, to be located in London and led by Sriram Krishnan, a general partner of the investment arm, who will lead a team "to grow the crypto and startup ecosystem in the UK and Europe."
Optasia hires Moelis for potential sale or IPO.
United Arab Emirates-based Optasia is weighing strategic options, including a sale or initial public offering in the Middle East. The company has been backed by investors Ethos Capital Partners, Development Partners International and Waha Capital.
The financial technology startup has appointed Moelis & Co. as an adviser. Deliberations are ongoing and no final decisions have been taken. Optasia could also decide to pursue a pre-IPO fundraising ahead of a future listing.
CAB Payments presses on with UK IPO after WE Soda pulls deal.
Transaction processor CAB Payments confirmed it plans to pursue an initial public offering in London, giving a much-needed boost to a flagging market that's been beset by defections and canceled listings, Bloomberg reported.
The IPO on the London Stock Exchange will consist of a stake sale by backer Helios Investment Partners and other shareholders. The company won't raise any money in the sale, and the size of the offering is yet to be determined.
Permira Credit raises €4.2bn for direct lending strategy.
Permira Credit, a debt management and advisory business, announced the successful completion of fundraising for its fifth direct lending fund, Permira Credit Solutions Fund V. Including associated vehicles and leverage, total investable capital for the strategy is €4.2bn ($4.5bn).
"The Permira Credit platform has experienced tremendous growth in recent years, with our Direct Lending, CLO Management and Structured Credit strategies seeing continued demand from investors. Last year's appointment of Ian Jackson to launch Permira Credit's Strategic Opportunities strategy was another significant step forward, and today, with a large and growing team, we look forward to continuing to serve our investors and act as a trusted partner to companies and sponsors across Europe," James Greenwood, Permira Credit CEO.
SUSI Partners closes Asia Energy Transition Fund at $120m.
Swiss fund manager SUSI Partners held a final closing for the SUSI Asia Energy Transition Fund, bringing total fund commitments to $120m.
To date the fund has made investments in utility-scale renewable energy generation, energy efficiency, and distributed solar PV solutions for commercial and industrial end clients.
Odey Asset Management freezes funds as clients pull money, prime brokers flee.
Odey Asset Management is closing one fund and restricting money clients can pull from another just as the hedge fund was scrambling to keep its prime brokers from ending vital relationships with the firm. These developments follow allegations of sexual misconduct by its founder, Crispin Odey, reported by the Financial Times and Tortoise Media last week. Odey denies the allegations. Odey Asset Management has closed its Odey Swan Fund and is restricting the money clients can pull from its Brook Developed Markets Fund, Reuters reported.
JP Morgan, one of three prime brokerages that offer vital leverage for the hedge fund, had served notice on its service agreements, cutting ties with OAM. Goldman Sachs had also served notice on its service agreements with OAM funds. OAM board said it took the decision to close the Odey Swan Fund and gate the Brook Developed Markets Fund after it faced "redemption requests in excess of ten per cent of the net asset value," prompting the company to restrict more withdrawals. The board of Odey Asset Management also decided to suspend the issue, conversion and redemption of Swan Fund shares in order to "efficiently manage the redemptions and in the best interests of Shareholders."
APAC
BlackRock, a private equity firm, agreed to acquire a 30% stake in AirFirst, an industrial gasses company, from IMM Private Equity, a private equity firm, for $860m.
BlackRock competed with three other shortlisted bidders — KKR, Canada-based Brookfield and CVC Capital — to buy the AirFirst shares up for grabs.
BlackRock is advised by JP Morgan.
Bain Capital, a private equity firm, completed the acquisition of Porus Labs, a manufacturer of agricultural and speciality chemicals. Financial terms were not disclosed.
"We are very excited to build a platform in the specialty chemicals contract development and manufacturing space, leveraging Porus Labs' expertise and strong market position. We have high conviction in the industry's growth prospects and see immense potential for expanding the company's market by building or acquiring differentiated chemical capabilities in key sectors,” Rishi Mandawat, Bain Capital Partner.
Porus Labs is advised by JP Morgan.
Hahn & Co, a private equity firm, agreed to acquire Lutronic, an aesthetic and medical laser and related technology, in a $736m deal.
“Partnering with Hahn & Co paves the way for Lutronic’s brighter future. I am confident that this partnership will accelerate Lutronic’s ascension as the leading and dominant player in the medical aesthetics space,” Hwang Hae-lyung, Lutronic Founder and CEO.
Temasek, a Singaporean state-owned conglomerate, and HighLight Capital, a Chinese investment firm, agreed to acquire a 24% stake in a Shanghai unit of VIVA Biotech, a highly specialized contract research organization, for $149m.
VIVA Biotech said it will use the proceeds to redeem convertible bonds, which will help it to "settle its outstanding liabilities without occupying its internal resources."
Hong Kong's HKBN ends buyout talks with HGC Global's parent.
Hong Kong's HKBN said it had ended buyout talks with I Squared Asia Advisors, the parent company of internet service provider HGC Global Communications. The telecom company had in March confirmed that it had received a non-binding letter of interest from I Squared, but did not disclose an offer price or any other details, Reuters reported.
HKBN, which offers broadband network and Wi-Fi services, has also attracted interest from other firms. Reuters in April reported that telecom giant China Mobile was looking at buying the company. HKBN currently has a market capitalisation of $854m. Its stock is down nearly 9% since the talks were revealed on March 2. I Squared's HGC was spun off from conglomerate CK Hutchison Holdings in 2017.
SoftBank prepares new round of layoffs at Vision Fund.
SoftBank Group is planning a fresh round of layoffs at its Vision Fund investment arm, the latest cost-cutting move at the Japanese conglomerate. The layoffs, which could be announced in the next two weeks, may impact up to 30% of its staff at the unit, including employees in the US. SoftBank's Vision Fund unit, which has booked heavy investment losses, had a headcount of 349 at the end of March, according to a company report. If finalized, this would follow the elimination of about 150 jobs globally at the investing arm and SoftBank Group International in September, Reuters reported.
SoftBank, an aggressive investor in tech companies such as fintech giant Klarna and TikTok owner ByteDance, has seen the valuation of its portfolio drop amid sharp interest rate hikes and rising US-China tensions. The group reported an annual net loss of $7.2bn for the year ended March 31. It cushioned the investment loss at the Vision Fund unit by selling down its stake in Alibaba Group. Vision Fund 2's portfolio was worth $31bn at end-March compared with an acquisition cost of $50bn.
SoftBank has radically scaled back its investing activity and Son has withdrawn from public presentations to focus on the listing of chip designer Arm.
Shenzhen Capital closes new RMB fund at $950m
Shenzhen Capital Group, the venture investment vehicle of the Shenzhen government, has closed its flagship fund at $950m to deepen its bets in the hard tech industry.
The state-affiliated investment powerhouse will leverage the war chest to invest in strategic and emerging industries to accelerate self-sufficiency in technology, DealStreetAsia reported.
CMC Capital targets to raise $700m across three new RMB funds.
China-focused CMC Capital Partners, founded by the country's media mogul Li Ruigang, is in the process of closing three Chinese yuan funds targeting a total of $700m, DealStreetAsia reported.
As the latest RMB fund series set up by CMC Capital, the trio have joined a fast-expanding list of RMB funds in the country as the ongoing China-US geopolitical tensions and tightened international listing rules weigh on global investors' appetite for China strategy.
VMS Group eyes up to $400m for flagship PE fund.
Hong Kong alternative asset management firm VMS Group is targeting $300m for its flagship private equity fund, with a hard cap of $400m, DealStreetAsia reported.
The fund is aiming to secure a first close before the end of the year, and a final close roughly 6-12 months after securing its first round of commitments.
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