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AMERICAS
Asset manager Energy Income Partners, one of the top shareholders in Magellan Midstream Partners said it intends to vote against pipeline operator ONEOK's deal to buy Magellan, Reuters reported.
Energy Income said that the taxes paid by its funds and investors will exceed the premium offered by ONEOK and any potential benefits from the merger.
Gurnet Point Capital, a private equity firm, and Novo Holdings, a pharmaceutical holding company, agreed to acquire Paratek Pharmaceuticals, a commercial-stage biopharmaceutical company, for $462m.
“This transaction will deliver immediate value to our shareholders at a substantial premium while allowing them to also benefit from the future value created by NUZYRA through the CVR. Today’s announcement is a testament to all we’ve accomplished at Paratek over the past several years. Both our Board of Directors and our management team are proud of Paratek’s accomplishments with NUZYRA and look forward to Gurnet Point and Novo Holdings continuing to deliver upon our goal of providing life-saving, transformative therapies to patients," Evan Loh, Paratek CEO.
Paratek Pharmaceuticals is advised by Moelis & Co and Ropes & Gray. Novo Holdings is advised by Goodwin Procter. Gurnet Point Capital is advised by Lazard, Latham & Watkins and H/Advisors Abernathy. Debt financiang is provided by Oaktree Capital Management. Oaktree is advised by Sullivan & Cromwell.
Ryman Hospitality Properties, a lodging and hospitality real estate investment trust, agreed to acquire JW Marriott San Antonio Hill Country Resort & Spa from Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, for $800m.
"We identified the JW Marriott Hill Country as an ideal acquisition target quite some time ago. Located in an attractive and growing market with no emerging competitive supply, this beautiful resort is a natural complement to our existing Gaylord Hotels portfolio and offers significant opportunities to serve the group and leisure sides of our business. The acquisition price represents a Trailing Twelve Months (through March 31, 2023) Adjusted EBITDAre multiple of approximately 12.6x," Mark Fioravanti, Ryman Hospitality Properties President and CEO.
Ryman Hospitality Properties is advised by Bank of America, Bass Berry & Sims, Greenberg Traurig and Alpha IR (led by Robert Winters). Blackstone is advised by Citigroup, Eastdil Secured, JP Morgan, Santander, Scotiabank, Sumitomo Mitsui, Wells Fargo Securities and Simpson Thacher & Bartlett (led by Danielle Jackson and Gregory Ressa).
Altas Partners, a North American private equity firm, agreed to invest in Mercer Advisors, a total wealth management and financial planning firm. Financial terms were not disclosed.
"We are excited to welcome Altas Partners as a strategic investor. We have had an outstanding partnership with Genstar and Oak Hill for many years and chose Altas as our newest strategic investor because they believe in our mission, purpose, and strategy and are committed to support continued investment in capabilities that will allow us to enhance the way we serve our clients," Dave Welling, Mercer Advisors CEO.
Mercer Advisors is advised by Jamieson, Raymond James, Katzke and Morgenbesser, Paul Weiss Rifkind Wharton & Garrison (led by Brian C. Lavin) and Chris Tofalli Public Relations (led by Chris Tofalli). Atlas is advised by Goldman Sachs, Kirkland & Ellis and FGS Global (led by Julie Rudnick). Oak Hill was advised by Kekst CNC (led by Jeremy Fielding).
Blackford Capital, a lower middle market private equity firm, agreed to acquire PACIV, an industrial process automation company. Financial terms were not disclosed.
“We’re thrilled to be working with Rick, Mácar and the rest of the PACIV team to launch this new platform in the fast-growing manufacturing automation sector. With the rising demand for industrial automation expertise across a variety of industries, we believe PACIV will provide a solid foundation for our new Industrial Automation platform, and that we will have many opportunities to expand within biotechnology, pharmaceutical, medical device, and other industries demanding process automation services,” Martin Stein, Blackford Capital Founder and Managing Director.
PACIV is advised by MFS Capital Advisors and Adsuar Muniz Goyco Seda & Perez-Ochoa. Blackford Capital is advised by Grant Thornton, Rush Street Capital, Varnum and Lambert & Co. Debt financing is provided by Associated Bank and HCAP Partners.
KKR, an alternative asset manager focusing on private equity, fixed income, and capital markets, agreed to acquire CIRCOR International, a manufacturer of highly engineered, complex and severe environment products that serve the long-term, for $1.6bn.
“CIRCOR stands out as an innovative and trusted solution provider, manufacturing mission-critical flow control products for industrials, aerospace and defense customers. We believe the Company is in a strong position to grow and benefit from the attractive tailwinds in those markets. We look forward to working closely with Tony and his talented team to drive further growth and value through new product development, aftermarket expansion, strategic acquisitions and allowing all CIRCOR employees to have the opportunity to participate in the benefits of ownership of the Company,” Josh Weisenbeck, KKR Partner.
CIRCOR International is advised by Evercore, JP Morgan, Ropes & Gray, and Sharon Merrill Associates. KKR is advised by Citigroup and Kirkland & Ellis.
Monomoy Capital Partners, a private equity firm, completed the acquisition of Japs-Olson, a printing services provider. Financial terms were not disclosed.
"We are fortunate to partner with Monomoy and leverage their ability to build upon the strength of our customer relationships, supporting our mission of providing exceptional customer service and on-time delivery. The Japs-Olson team is thrilled to find a well-aligned partner who epitomizes the principles that have brought the company decades of success and whom we trust to bring Japs-Olson into its next era," Japs-Olson, Mike Beddor CEO.
Japs-Olson Company is advised by Lazard and Stinson. Monomoy Capital Partners is advised by Mintz Levin and MiddleM Creative. Debt financing is provided by Prospect Capital and Wells Fargo Securities.
GrowthCurve Capital, a private equity firm, completed the acquisition of Netchex, a payroll software maker, from Primus Capital, a private equity firm. Financial terms were not disclosed.
“GrowthCurve is the ideal partner to support the next phase of Netchex’s growth, and their expertise in AI, human capital, and scaling data-centric companies will provide a strong foundation for our vision to make HCM easy, intuitive, and a core value driver for the SME market. We also thank Primus Capital for their partnership and support while they were investors in Netchex," Will Boudreaux, Netchex Founder and CEO.
Netchex was advised by Lincoln International and Goodwin Procter. GrowthCurve was advised by Jefferies & Company, Davis Polk & Wardwell and Gagnier Communications.
SPX Technologies, a supplier of highly engineered infrastructure equipment and technologies, completed the acquisition of ASPEQ Heating Group, an electrical heating solutions provider, from Industrial Growth Partners, a specialist private investment partnership, for $418m.
"We are delighted to be joining SPX Technologies' electrical heating team. Bringing together SPX Technologies' marketing and channel infrastructure and business system with ASPEQ's technology, and strong product development and application expertise creates numerous opportunities for employees, customers, and shareholders. I personally look forward to working with the SPX Technologies team to build an even stronger, more valuable platform," Dave Smith, ASPEQ President and CEO.
Iron Path Capital, a private equity firm focused on lower-middle market investments, agreed to acquire the Glycolic Acid business of The Chemours Company, a global chemistry company, for $137m.
"Creating a better world through the power of our chemistry requires a clear focus on where to play and how to win. While our goal is to position every one of our businesses for growth, over the past several months it became clear that PureTech Scientific and Iron Path Capital may be best positioned to take Glycolic Acid to the next level. We're incredibly proud and appreciative of our Glycolic Acid team and wish them all the best in this exciting next chapter," Mark Newman, Chemours President and CEO.
Iron Path Capital is advised by McDermott Will & Emery. Chemours is advised by Grace Matthews and Spilman Thomas & Battle.
PSG, a growth equity firm, completed the investment in Loopback Analytics, a provider of analytics and data-enabled services for health systems and life sciences organizations. Financial terms were not disclosed.
"We are thrilled to be partnering with Neil and the Loopback team to continue supporting their growth trajectory within the health system and life sciences markets. We believe Neil and his team have a differentiated set of solutions and capabilities that will be complemented by the expansion into payor access services and the further development of therapy-specific outcomes," Reid McCann, PSG Principal.
Loopback was advised by William Blair & Co. PSG was advised by Weil Gotshal and Manges and Prosek Partners.
Trinity Hunt Partners, a growth-oriented private equity firm, agreed to acquire a majority stake in Centricity Research, a clinical research services provider. Financial terms were not disclosed.
“We are confident that Trinity Hunt's expertise in partnering with growing healthcare services companies and its shared commitment to providing an empowering team environment will help us drive innovation and make significant strides as we continue to expand," Jeff Kingsley, Centricity President.
Trinity Hunt Partners is advised by McGuireWoods and MiddleM Creative (led by Allie Gamble).
Enavate Sciences, a platform dedicated to supporting therapeutic companies advancing medicines and enabling technologies, and Venrock Healthcare, a fund dedicated to investing in publicly-held and privately-held healthcare companies, led a $200m Series B funding round in Upstream Bio, an operator of a biotech company intended to address allergic and inflammatory diseases, with participation from Bain Capital Life Sciences, Wellington Management, OrbiMed, Access Biotechnology, Decheng Capital, Altshuler Shaham Provident Funds, TCG X, HBM Healthcare Investments, Omega Funds and Samsara BioCapital.
"Enavate is thrilled to be co-leading this important investment in Upstream Bio to advance the clinical development of UPB-101. We are excited to partner with Upstream to help improve the lives of patients with inflammatory diseases," Edd Fleming, Enavate Sciences Managing Director and Executive Vice President.
MidOcean Partners, a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments, completed the acquisition of QualiTech, a global manufacturer of plant nutrition, animal nutrition and food ingredient products and services. Financial terms were not disclosed.
"Joining forces with MidOcean marks a major milestone for QualiTech as we continue to strategically scale our products and services. The only thing more remarkable than the significant growth and success that QualiTech has experienced over the past several years is the opportunity that lies before us. We are confident that MidOcean's significant industry knowledge in the food value chain, deep operational expertise, and track record of successfully growing food and ingredients businesses will help QualiTech accelerate our growth and build on the strong foundation we have established over the last 57 years," Mike Hodgens, QualiTech CEO.
MidOcean Partners was advied by Gasthalter & Co (led by Amanda Shpiner).
Neuberger Berman, a private, independent, employee-owned investment manager, completed the investment in Mavis Tire Express Services, one of the largest independent tire and service providers in the United States. Financial terms were not disclosed.
"We are excited to partner with management, as well as existing investors BayPine, TSG, and Golden Gate Capital to support Mavis's continued growth. We have long admired the company and believe Mavis's demonstrated track record of high-quality service will continue to be valued by customers in the years to come," J.T. Munch, Neuberger Berman Managing Director.
Neuberger Berman was advised by Latham & Watkins.
Insight Partners, a global software investor, completed the investment in Bestpass, a comprehensive back-office automation software and toll management provider for commercial fleets. Financial terms were not disclosed.
"We couldn't be more excited to have Insight Partners, a premier software growth investor, join us as we continue to grow and expand our service offerings. Our mission is to provide solutions for our customers that simplify back-office management, saving time and money and enabling fleets and drivers to focus on their core business. This investment is an endorsement of the Bestpass vision and allows us to continue to innovate, expand our reach, and delight our customers," Tom Fogarty, Bestpass CEO.
Bestpass was advised by Raymond James (led by Jon Steele).
Inovia Capital, a venture capital firm, led a $270m Series C funding round in Cohere, an AI platform for enterprise, with participation from NVIDIA, Oracle, Salesforce Ventures, DTCP, Mirae Asset, Schroders Capital, SentinelOne, Thomvest Ventures and Index Ventures.
"AI will be the heart that powers the next decade of business success. As the early excitement about generative AI shifts toward ways to accelerate businesses, companies are looking to Cohere to position them for success in a new era of technology. The next phase of AI products and services will revolutionize business, and we are ready to lead the way," Aidan Gomez, Cohere CEO and Co-Founder.
Auxo Investment Partners, a private investment firm, completed the acquisition of Avon Machining, a Shelby Township, Michigan-based precision manufacturer of complex machining solutions, including high-precision gears, transmission parts, bearings, housings, and axle shafts for the construction, mining, agriculture, industrial, electrical vehicle, chemical, oil and gas, and defense industries. Financial terms were not disclosed.
"We are excited to join forces with Auxo Investment Partners. With their resources and commitment to growth, we will continue to build on Avon Machining's legacy of quality, innovation, and customer satisfaction, while expanding our capabilities and offerings," Chad Fietsam, Avon Machining CEO.
Subway auction end in sight with Roark, Advent circling.
The auction for Subway is expected to come to a head in about a month, with about a half-dozen parties still vying for the sandwich chain, including private equity firms Roark Capital Group and London-based TDR Capital, Bloomberg reported.
Advent International is working with Goldman Sachs Group's asset management arm on a bid while Sycamore Partners is also in the mix. Bain Capital and TPG have dropped out of the process.
Cathie Wood boosts Coinbase stake as SEC crypto crackdown widens.
Cathie Wood's funds boosted their holdings of Coinbase Global as shares slumped after the US Securities and Exchange Commission accused the company of operating an unlawful exchange, Financial Review reported.
The SEC alleged that Coinbase evaded the regulator's rules for years by letting users trade numerous crypto tokens that were actually unregistered securities. The exchange operator responded by saying it was willing to take the legal fight all the way to the Supreme Court.
BlackRock eyes $7bn for new Global Renewable Power Fund.
The world's biggest asset manager BlackRock said it hopes to raise up to $7bn for its fourth Global Renewable Power Fund as clients ramp up climate-friendly investments, Reuters reported.
The fund, focused on projects in Organisation for Economic Co-operation and Development countries, could invest across wind and solar as well as other clean technologies such as batteries and grid infrastructure.
Saverin’s B Capital in talks to raise $500m fund.
Eduardo Saverin’s B Capital Group is in talks to raise $500m for a new early stage venture fund. The new fund would be the firm’s third Ascent Fund.
The new fund will focus on investing in startups at the earliest stages — seed and Series A rounds. B Capital will be investing across several categories, including enterprise software, health care, financial technology and climate technology. It would roughly double its $254m predecessor fund from 2021, Bloomberg reported.
KKR raises $400m for new HNW PE fund.
KKR's new international private equity fund for high net-worth investors has so far attracted $400m from clients.
KKR is also planning to launch a private equity fund for US retail investors in the current quarter, along with an infrastructure fund for US retail clients.
Antler raises $285m to support growth-stage startups.
Antler Elevate will participate in Series A funding and beyond to provide scale-up capital for companies having a good product-market fit and demonstrating compounding growth. Some of these companies were supported in Antler’s early-stage funds, which cover 20+ ecosystems.
"Antler Elevate is a natural progression for Antler as our portfolio expands. It enables us to offer continued support throughout the growth journey of exciting companies globally, extending our support beyond the Seed stage up to Series C. Fast-growing businesses require significant capital, and having a committed partner like Antler is instrumental in financing their ongoing growth," Martell Hardenberg, Antler Partner.
Nexa Equity closes inaugural $180m private equity fund.
Nexa Equity, a San Francisco-based private equity firm focused on investing in lower-middle market application software and fintech businesses, announced the successful closing of its inaugural fund, Nexa Equity Fund I, with more than $180m in capital commitments.
The fund received substantial support from leading university endowments, foundations, investment advisers, fund-of-funds, family offices, entrepreneurs, private equity leaders and other financial institutions. Nexa Equity has raised an additional $150m through deal-specific co-investment vehicles, bringing the firm's total private equity capital under management to over $330m.
CDPQ appoints Yana Watson Kakar as Managing Director and Head of Americas. (People)
Yana Watson Kakar has been appointed managing director and head of Americas at Caisse de depot et placement du Quebec, Montreal.
As Managing Director and Head of Americas, Ms. Kakar will be an integral member of the CDPQ Global Management team, contributing to the global strategy of CDPQ and its implementation, the development of key relationships across the public, private and civil sectors, and the deployment of constructive capital throughout the world.
“As a Canadian educated in Québec – yet living in New York and working globally for over two decades – I am very happy to be joining CDPQ as Managing Director and Head of Americas, working on behalf of Quebecers alongside the highest caliber of investment professionals known for their commitment to creating better outcomes for people and the planet,” Yana Watson Kakar.
Centerview partner Emlen Fischer leaves for startup Factorial. (People)
Centerview Partners investment banker Emlen Fischer has departed the investment bank to join solid-state battery startup Factorial Energy. Fischer, who had been a partner at Centerview, will be Factorial's CEO and CBO.
Fischer joined Centerview in 2010 and was a founding member of the firm’s tech practice in Palo Alto, California. Earlier in his career, he worked at JP Morgan. Throughout his career, he’s been involved in more than $250bn worth of deals, including assignments advising companies such as Qualcomm, Seagate Technology and Cognizant Technology Solutions.
EMEA
Investment companies Advent and Centerbridge completed the acquisition of Aareal Bank, a German credit institution specializing in structured property financing, for $2.2bn.
“Aareal Bank Group has demonstrated that its strategy is viable even under very challenging conditions. We can achieve sustained profitable growth, even in a difficult environment. This is evident not least in our strong figures posted for 2022 and the first quarter of this year. We will continue to implement our strategy with the investors’ support, realising further potential across all segments of the Group over the next years, whilst maintaining our conservative risk policy," Jochen Klösges, Aareal Bank CEO.
Aareal Bank was advised by Deutsche Bank, Perella Weinberg Partners and Freshfields Bruckhaus Deringer (led by Christoph Heiner Werner Seibt). Centerbridge Partners were advised by Morgan Stanley and Linklaters. Advent was advised by Morgan Stanley, Gibson Dunn & Crutcher (led by Wilhelm Reinhardt), Sullivan & Cromwell (led by Carsten Berrar) and FGS Global.
Stellex Capital Management, a middle-market private equity firm, completed the acquisition of MSS Group, a critical electronic components manufacturer. Financial terms were not disclosed.
“Stellex has a strong track record in partnering with families and investing in industrial businesses to support them in their next phase of growth. MSS is a critical partner to its customers, thanks to its ability to be a one-stop shop providing the required services and solutions. We are excited to support MSS’ organic and international expansion plans. Our goal is to help MSS climb the value chain and capture new markets while continuing to be a trusted, world-class partner to its blue-chip customers in the global power market,” Mark Redman, Stellex Capital Management Managing Partner.
MSS Group was advised by LEK Consulting, HSBC, Jamieson, KPMG, Hill Dickinson and Marketcom PR. Stellex Capital Management was advised by PricewaterhouseCoopers, Deloitte and King & Spalding.
EQT, a private equity company, and ADIA, a sovereign wealth fund, agreed to acquire Dechra Pharmaceuticals, a pharmaceutical company, for £4.5bn ($5.5bn).
"We plan to support Dechra's talented management team accelerating their business strategy and long-term growth in an increasingly competitive environment by providing, where needed, additional investment in its innovative pipeline and further supporting global expansion. We believe that private ownership will enable Dechra's management team to take a longer-term view as it focuses on accelerating growth," Anthony Santospirito, EQT Partner.
Dechra is advised by Investec, DLA Piper and TooleyStreet. ADIA is advised by Freshfields Bruckhaus Deringer. EQT is advised by Bank of America, Morgan Stanley, Kirkland & Ellis and FGS Global.
Goldman Sachs Asset Management, a provider of institutional and individual investors with investment and advisory solutions, agreed to acquire Froy, a supplier of vessel services such as wellboat and sea freight, from Salmar for $600m.
“We are excited to invest in Frøy, as one of the leading companies providing mission-critical transportation and support infrastructure to the aquaculture industry. Wellboats and service vessels are vital to enabling best-in-class farming practices and Frøy is at the forefront of driving sustainability. We look forward to partnering with Frøy and its management team, employees and long-standing customers in supporting long-term growth and value creation,” Tavis Cannell, GSAM Global Co-Head of Infrastructure.
Goldman Sachs Asset Management is advised by Nordea Bank, RBC Capital Markets, Goldman Sachs, Linklaters, and Thommessen. Froy is advised by DNB Bank and Advokatfirmaet BA-HR.
The Carlyle Group, a global investment firm, agreed to acquire Meopta Optika, a manufacturer of optical, opto-mechanical, and opto-electronic solutions. Financial terms were not disclosed.
Carlyle will seek to support Meopta’s growth in partnership with its management team by capturing the opportunity in more advanced built-to-spec use cases through an increased focus on R&D, capitalizing on attractive opportunities in a diverse range of end markets, expanding its international presence through the creation of a direct sales network, and improving its operations.
Meopta Optika is advised by Deloitte, Goldman Sachs and Dentons.
BlackRock, a multi-national investment company, agreed to acquire Kreos Capital, a venture and growth debt provider. Financial terms were not disclosed.
Over the past 20 years, BlackRock has built leading private debt capabilities to help clients achieve a variety of investment goals by aligning proven investment excellence with long term market opportunities. The Kreos team has built a world class investment process and delivered for clients through multiple cycles. Coupled with our expectation that growth and venture lending will figure prominently in the expansion of the global direct lending opportunity set going forward, we believe this is an opportune time to welcome the Kreos team to BlackRock," James Keenan, BlackRock CIO and Global Head of Private Credit.
Kreos is advised by Moelis & Co and Goodwin Procter. BlackRock is advised by Skadden Arps Slate Meagher & Flom.
Blue Pool Capital, a Hong Kong-based investment advisory firm, and UniCredit, an international banking group, led a $194m round in GetYourGuide, a Berlin-based online travel agency, with participation from KKR, Temasek, BNP Paribas, Citi and KfW.
“In the current market, we view this as a vote of confidence from our investors who believe passionately in unlocking unforgettable experiences for travelers around the globe. We are still early in the transformation of our category and the larger $300bn category and the even larger $1.5tn experiences market. And our technology is poised to help drive innovation and growth for our partners and customers alike,” Johannes Reck, GetYourGuide CEO and Co-Founder.
GetYourGuide was advised by JP Morgan. Blue Pool Capital was advised by Sullivan & Cromwell.
Outpost24, a cybersecurity risk management company, agreed to acquire Sweepatic, an external attack surface management company, from eCapital, TIIN and PMV. Financial terms were not disclosed.
“We built Sweepatic to deliver proactive security that helps organizations simplify their complex attack surfaces and we have found strong market traction. This acquisition will allow us to accelerate our vision and complement Outpost24’s established offering on a global scale as we continue to make a difference by providing organizations with the necessary insight to meet their risk management and compliance needs,” Stijn Vande Casteele, Sweepatic Founder.
Outpost24 is advised by Eskenzi PR (led by Paula Brici).
Investec, an Anglo-South African international banking and wealth management group, agreed to acquire a majority stake in Capitalmind, a global corporate finance advisory firm. Financial terms were not disclosed.
"This acquisition is consistent with our European growth strategy, and in particular our commitment to growing our capital-light revenue base. In a single transaction, it provides us with a footprint across the major economies of Western Europe, significantly enhancing our ability to bring international solutions to our clients," Ruth Leas, Investec Bank CEO.
Investec is advised by Lansons.
Public Investment Fund, a private equity firm, agreed to acquire a 30% stake in Tamimi Markets, a grocery chain operator. Financial terms were not disclosed.
"PIF’s partnership is a significant vote of confidence in Tamimi Markets and a step forward for the Company, as we look to implement our ambitious growth plans. This partnership will enable us to accelerate and expand our store network across the region, optimizing the significant growth that is expected in this market over the next few years," Tariq AlTamimi, Tamimi Holding Chairman.
PIF is advised by Rothschild & Co.
Augment Investments, an investment company, failed to acquire Mondi Syktyvkar, a pulp, packaging paper and uncoated fine paper mill, from Mondi, a multinational packaging and paper comapny, for RUB95bn ($1.2bn).
The decision follows recent discussions with Augment on its lack of progress in gaining the necessary approvals to complete this transaction.
Temasek, a global investment company headquartered in Singapore, led a €255m ($273m) funding round in ITM Isotope Technologies Munich, a radiopharmaceutical biotech company, with participation from BlackRock, Qatar Investment Authority, Nextech, ATHOS and Carbyne.
"ITM is a leading radiopharmaceutical company with an advanced proprietary pipeline and has established itself as the major radioisotope supplier globally. This financing supports our objective to serve a broad patient population by ensuring a consistent supply of radionuclides and radiopharmaceuticals to meet the growing demand of medical professionals and our partners across the pharmaceutical, healthcare and research sectors globally," Udo J. Vetter, ITM Chairman of the Supervisory Board.
AXA IM, AXA's alternative investment subsidiary, agreed to acquire the Bry-sur-Marne film studio, one of the largest French filming complexes for cinema and television series, for $160m.
AXA IM Alts specifies that this is its first transaction in the booming sector of series and film production, but has the ambition to significantly develop its platform of studio real estate assets. The studio sector is characterized by a shortage of suitable space, accentuated by land constraints in and around major European cities and municipalities, as well as rising energy and construction costs.
Telecom Italia nearing crossroads decision on network sale.
Telecom Italia is nearing a crossroads for its future, at the same time it’s coming under intense pressure to cut €30bn ($32bn) in gross debt. The carrier will in the coming days need to decide whether to go ahead with the sale of its most valuable asset, the landline network, or halt the deal due to opposition from Vivendi, Bloomberg reported.
The company earlier this year rejected bids by both US-based KKR and Italy’s state lender Cassa Depositi e Prestiti with ally Macquarie Asset Management. Both offers were in the €19.3bn ($20.6bn) to €21bn ($22.5bn) range. Vivendi has repeatedly said it values the grid at around €30bn ($32.1bn).
Italy's Eni enters exclusive talks to acquire Neptune Energy.
Italian energy giant Eni has entered exclusive talks to acquire private-equity backed gas and oil producer Neptune Energy after sweetening its previous offer to below $6bn. The two firms entered a new phase of exclusive discussions in recent weeks following months of slow negotiations that started late last year. Eni agreed to slightly increase its offer for Neptune, which still remains in a range between $5 to $6bn.
Neptune produced around 142k barrels of oil equivalent per day (boed) in the first quarter of 2023, three-quarters of which is gas. It has operations in Norway - home to Eni's Var unit - Britain, Indonesia - where Neptune shares licences with Eni - Algeria, the Netherlands, and elsewhere. Neptune is owned by China Investment Corporation (CIC), the Carlyle Group, and CVC Capital Partners, Reuters reported.
CVC Capital Partners looking to acquire Center Parcs from Brookfield Property Partners for £4bn.
CVC Capital Partners, a private equity and investment advisory firm that invests in retail, construction, consumer, and others, is mulling a deal to acquire Center Parcs, a short-break holiday company which operates five holiday villages in the United Kingdom, from Brookfield Property Partners for up to £4bn ($5bn).
Center Parcs has seen a strong rebound in its performance since the disruption of the Covid-19 pandemic. It is one of the most famous brands in the British leisure industry, drawing millions of visitors annually to its five UK sites and the latest addition to its portfolio, at Longford Forest in Ireland. Run by Martin Dalby, its chief executive for more than 20 years, Center Parcs' shareholders have received hundreds of millions of pounds in dividends since Brookfield bought the business.
Brookfield Property Partners is advised by Bank of America, Barclays, and Eastdil Secured.
StanChart in talks to sell aviation finance unit to AviLease.
AviLease, a jet lessor owned by Saudi Arabia's Public Investment Fund, is said to be in advanced talks to buy Standard Chartered's aviation finance business in a deal which could be valued at €3.5bn ($3.75bn), Reuters reported.
The UK-headquartered bank in January had said it was considering a sale, among several options, of its Ireland-based aviation unit, which owns and manages more than 120 planes on lease to 30 airlines. The deal would help AviLease, launched last year, boost its presence in key leasing markets in the Middle East and other parts of the world.
Egypt’s asset-sale plan may get a $2bn boost as suitors eye power plant.
Actis and Edra Power revived their interests in buying a major Egyptian power plant, in a deal that may be worth about $2bn and would boost the North African nation’s troubled economy, Bloomberg reported.
Both companies intend to enter offers to purchase as much as full ownership and operate the facility that’s located in Beni Suef, south of Cairo, according to people familiar with the matter, who asked not to be identified as the deliberations are private. The firms expressed interest in 2019 for a mooted sale that didn’t materialize.
Goldman weighs sale of Ireland's largest shopping mall at a loss. (RE)
Goldman Sachs is weighing a sale of Ireland's largest shopping mall for less than the value they acquired it for just over two years ago, Bloomberg reported.
The US investment bank is seeking about €650m ($695m) for the Blanchardstown Shopping Centre in west Dublin. Goldman acquired the asset from Blackstone Group when it was valued at about €750m ($802m) in late 2020.
Brookfield eyes a stake in SBB.
Swedish landlord SBB has attracted interest from investors including Brookfield Asset Management, as the property tycoon at the center of the country’s real estate crisis. The Canadian investment group is among investors involved in early stage talks with Samhallsbyggnadsbolaget i Norden to evaluate the real estate firm’s portfolio.
Signs of interest come after Ilija Batljan, SBB’s founder and chief executive, travelled to the City of London this week and spoke to a number of investors about selling individual assets as well as the whole company, Bloomberg reported.
Alvarez & Marsal says dealmaking wave robust in Mideast despite global dip.
Alvarez & Marsal is expanding in the Middle East on bets that mergers, acquisitions and restructuring will drive business. The New York-based turnaround firm recently opened offices in Riyadh and Abu Dhabi and is on track to have more than 200 employees in the region this year. The company made its mark in the Middle East after being appointed as the administrator of scandal-hit NMC Health in 2020, Bloomberg reported.
Faisal Shaikh, managing director and regional head of corporate finance at A&M in Dubai, commented: "While the GCC is not totally unaffected by the global deal making environment, favorable regional dynamics and proven resilience continue to fuel M&A attractiveness in the region. Increased interest rates have not had a material impact on transactional activity in the region. The pipeline across the buyer universe — strategics, sovereign wealth fund, and financial sponsors — remains strong but with an enhanced focus on integration synergies and value creation. Inorganic growth via acquisitions is very much in vogue with strategic buyers as a means of fast-tracking market share growth, extracting synergies, and accessing talent."
Julius Baer seeks $250m from world's rich for buyout bets.
Julius Baer Group is ramping up a private equity bet for its rich clients, joining a growing number of firms boosting their focus on alternative investments to help navigate the shifting macroeconomic landscape. The Swiss bank plans to raise $250m from clients for the largest fund yet under its flagship private equity program. That would take the total collected since the program began four years ago to about $731m, Bloomberg reported.
Money managers are increasingly looking beyond public markets for returns amid volatility and accelerating inflation. Last year, investment firms for rich individuals and families increased allocations to private markets and are set to do so again in 2023 as part of the biggest shake-up of portfolios in years.
Just Climate raises $1.5bn with help from Microsoft fund.
Asset manager Just Climate said it had raised $1.5bn for its inaugural fund after strong demand from institutional clients including Microsoft’s Climate Innovation Fund helped it beat the original target of $1bn, Reuters reported.
Established by Generation Investment Management, Just Climate aims to focus investment on the sectors where cutting greenhouse gas emissions is hardest to do, such as cement, shipping, industrials and land use.
Kim Kardashian draws crowds with private equity pitch in Berlin.
Kim Kardashian presented her debut private equity fund to a sea of curious investors in Berlin at the SuperReturn conference, Bloomberg reported.
The reality TV star turned entrepreneur, who last year announced that she would partner with Carlyle Group veteran Jay Sammons to start Skky Partners, hosted the most popular panel at the three-day event, with an overflow room filled to capacity at the conference center.
Richard Buxton retires from Jupiter after a four-decade career. (People)
Richard Buxton, one of the City's best-known stock-pickers, is leaving Jupiter at the end of August — a move which will see him also retire from fund management.
Buxton, who joined Jupiter following the FTSE 250 asset manager's acquisition of Merian Global Investors in 2020, will hand over responsibility of his £585m ($728m) UK Alpha fund to Ed Meier and Errol Francis.
“While I am looking forward to pursuing other interests, not least my passion for the arts, I have always said that investing is ‘in my blood.’ I feel extraordinarily lucky to have been able to pursue a career in a field that has always held such a fascination for me, and to have done so surrounded by some exceptionally talented colleagues,” Richard Buxton.
APAC
Private equity firms KKR and Global Atlantic completed an investment in Japan Post Insurance, a Japanese life insurance services provider. Financial terms were not disclosed.
“We believe this partnership has great potential for Japan Post Insurance to pursue new growth opportunities and diversify revenue sources. It also enhances our reinsurance strategy and asset-liability management capabilities and we will proceed in a gradual and prudent manner as this is the first international partnership for Japan Post Insurance, which currently does not have any overseas offices. We are very excited to expand our business collaboration with KKR, a leading global investment firm, and Global Atlantic, a leading global life and annuity reinsurance firm, as they are both committed to the Japanese market and trusted partners with whom Japan Post Insurance can develop a mutually beneficial relationship," Tetsuya Senda, Japan Post Insurance President and CEO.
Japan Post Insurance was advised by Bank of America, Nishimura & Asahi and Willkie Farr & Gallagher (led by Alexander Dye and Sean Ewen). KKR was advised by SMBC Nikko Securities and Debevoise & Plimpton. Global Atlantic was advised by ICR.
Private equity firm Hillhouse Capital Group has offered to make concessions in its purchase of Australian medical researcher George Clinical to gain regulatory approval after an unusually long review, Reuters reported.
Hillhouse will retain Australian directors and keep data onshore to win over the Foreign Investment Review Board which is focusing on its Chinese links among other issues. Hillhouse has argued it is a global fund.
George Clinical is advised by Bank of America, Lazard and Herbert Smith Freehills (led by Raji Azzam). Hillhouse is advised by Morgan Stanley and Linklaters.
PAG, a global investment firm, completed a $200m investment in RK Pharma, a vertically integrated pharmaceutical company.
"We are pleased to be partnering with PAG, an established investment firm with a successful track record of supporting leading companies in the pharmaceutical space. This transformative investment by PAG would help ensure that RK Pharma can accelerate its growth plans, partnerships, and develop/ launch further innovative medicines for the benefit of patients; and strengthen RK Pharma's position as a leading fully vertically integrated specialty injectable and ophthalmic pharmaceutical company," Ravishanker Kovi, RK Pharm Founder and Executive Chairman.
RK Pharma was advised by Citadel Management Consulting, Sheppard Mullin Richter & Hampton and Adfactors PR.
Bain Capital, a private investment firm, offered to acquire Estia Health, an aged-care provider, for $552m.
"Following careful consideration, the board has determined that it is in the interests of shareholders to progress with the revised proposal and allow Bain Capital to undertake further due diligence to enable it to provide a binding proposal," Estia Health.
Estia Health is advised by John Connolly & Partners (led by Julie Connolly).
Digital Mobile Venture, an investment fund, led a $100m Series D round in Acepodia, a clinical-stage biotechnology company.
"This financing illustrates the confidence of Acepodia's current investors in our team, our mission, and our differentiated platform, and we are extremely grateful for their support. These funds will directly promote the progression of our clinical and pre-clinical candidates and also continue the validation of our ACC and allogeneic gamma delta 2 T-cell platforms to advance the development of innovative, effective, and importantly affordable off-the-shelf allogeneic cell therapies," Sonny Hsiao, Acepodia CEO.
Acepodia was advised by Ten Bridge Communications.
Bain Capital, a private investment firm, offered to acquire the remaining 57.8% stake in Chindata, a carrier-neutral hyperscale data center solution provider, for $1.7bn.
Chindata's shares, which have lost more than a fifth of their value this year, rose about 16% to $7.29 in trading before the bell.
Bain Capital is advised by Kirkland & Ellis.
Morrison-backed Infratil, an infrastructure investment company, agreed to acquire 49% stake in One New Zealand, a telecommunications company, from Brookfield Asset Management, an investment management company, for $1.1bn.
“Since acquiring One New Zealand with Brookfield in 2019, we have invested meaningful capital to support network expansion, including the roll-out of 5G, and are pleased to now assume full ownership of the business,” William Smales, Morrison CIO.
Brookfield India REIT appoints bankers, targets July for $400m raising.
Brookfield India Real Estate Investment Trust, the Indian REIT of one of the world's largest alternative asset groups Brookfield, has appointed eight investment banks for its planned equity raising of around $400m, and is targeting the deal's closure by July, Reuters reported.
The trust told India's stock exchanges last month that it planned to raise up to $425m for a recently announced $1.4bn acquisition of 6.5m square feet of Indian offices with Singapore's GIC. It gave no details of a timeline or how it would raise the funds.
HK insurer AlA commits $200m to Temasek-backed impact fund manager LeapFrog.
Hong Kong-based insurer AlA Group has committed $200m to
impact funds managed by Temasek-backed LeapFrog Investments, its first such allocation, amid rising awareness about ESG investments in Asia.
The development comes after DealStreetAsia reported in May that the
London-based specialist impact fund manager is raising $600-700m for its new fund focusing on climate companies.
Sequoia splits into three entities, makes China standalone firm.
Sequoia Capital, the venture capital powerhouse, is breaking up into three entities across the globe, splitting the Chinese and US operations as tensions grow between the world's two largest economies. Sequoia is splitting into three entities - Sequoia Capital in US and Europe, Peak XV Partners in India and Southeast Asia, and HongShan in China - as the storied venture firm scrambles to assess the increasing complexity of managing a decentralized operation, Bloomberg reported.
The firm, known for its early backing of Google, Instagram and some of China's biggest internet companies, will split up into independent partnerships and separate firms, operating under different brands, no later than at the end of March next year, the company said. The surprising announcement follows an increasingly challenging period for US venture capital funds that invest in China. The Biden administration has been working on programs to restrict the flow of US dollars into China, where Sequoia has played a big part in fueling the country's consumer internet sector for two decades.
Oceanpine Capital targets $600m for third USD Fund.
Chinese investment firm Oceanpine Capital plans to “kick off the marketing” for its third USD-denominated fund in September, aiming to raise $600m.
The firm plans to join the growing chorus of Chinese fund managers and entrepreneurs tapping into the Middle East’s deep capital pool to ringfence against geopolitical risks and macro uncertainty from the US, and Europe, DealStreetAsia reported.
GLP China's REIT raises $261m, expands war chest for acquiring logistics facilities.
GLP China, the China arm of Singapore-based real estate investment group GLP, announced on Monday that its real estate investment trust has raised about CNY1.85bn ($261m) in a rights offering to bankroll expansion plans.
China-focused CICC GLP Warehouse Logistics Close-End Infrastructure Fund issued as many as 438m shares at about CNY4.23 ($0.6) apiece. It will use the proceeds to acquire three logistics facilities across Shandong Province, Guangdong Province, and the municipality of Chongqing in eastern, southern, and southwestern China, respectively.
US pension fund Montana BOI commits $110m to two Asia funds.
Montana Board of Investments, a public pension fund based in Helena, Montana, made two commitments worth a total of $110m to two Asia funds, Axiom Asia and OCP Asia, Deal Street Asia reported.
The US pension fund has committed $60m to Axiom Asia Fund 7 and another $50m to OCP Asia Fund.
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