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AMERICAS
GTCR to acquire a 55% stake in Worldpay from FIS for $11.7bn.
GTCR, a private equity firm, agreed to acquire a 55% stake in Worldpay, an American payment processing company, from FIS, a financial services technology company, for $11.7bn.
"We are thrilled to partner with Worldpay and its talented team to drive forward this market leading business. Worldpay has established itself as a leader in the payments sector, and we see strong opportunity to enhance its existing physical, e-commerce and omni-channel presence through additional investment, allowing the business to capitalize on digital payment trends. We look forward to leveraging the strength of the entire organization to build an even better business, positioning Worldpay for sustainable, long-term growth," Collin Roche, GTCR Co-CEO and Managing Director.
GTCR is advised by Citigroup, Deutsche Bank, Piper Sandler, Raymond James, TD Cowen, UBS, Wells Fargo Securities, William Blair & Co, Kirkland & Ellis and Paul Hastings. Debt financing is provided by Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan, National Association of Realtors, UBS and Wells Fargo Securities. FIS is advised by Centerview Partners, Goldman Sachs, JP Morgan, Latham & Watkins and Wachtell Lipton Rosen & Katz (led by Andrew R. Brownstein, Igor Kirman, and Eric M. Feinstein). Financial advisors are advised by Sullivan & Cromwell (led by Stephen M. Kotran and Melissa Sawyer).
Illumina faces a record fine from the EU as early as next week after the world's biggest gene sequencing company bought Silicon Valley cancer screening start-up Grail for $8bn without Brussels' approval, FT reported.
The fine, which can be up to $453m or 10% of the group's turnover, would exceed the previous record of $136m imposed on telecoms group Altice in 2018, 1% of the company's turnover.
Circor International said that KKR & Co had raised its offer for the industrial machinery maker by $5 to $56 per share in cash, as the investment firm looks to fend off a rival bid from Arcline Investment Management, Reuters reported.
Arcline on June 28 proposed to buy Circor for $1.8bn including debt, topping KKR's rival bid of $1.7bn. KKR's initial offer was $1.6bn.
Sound Point Capital, a credit-oriented investment manager overseeing approximately $32bn in total assets, completed the acquisition of Assured Investment Management, a diversified alternative asset manager. Financial terms were not disclosed.
"This is a watershed event in Sound Point’s growth story, and it positions us for continued success in a business where scale has become increasingly important. It’s our largest transaction to date, and we’re extremely proud to be receiving a $1bn investment commitment over time from Assured Guaranty. We’re thrilled to be expanding our diversified platform through a powerful new partnership that will create immediate impact," Stephen Ketchum, Sound Point Founder and Managing Partner.
Assured Investment Management was advised by Goldman Sachs, Insurance Advisory Partners, and Mayer Brown (led by Eddie Best, Esther Chang, and Tram Nguyen). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran). Sound Point Capital was advised by Bank of America, DLA Piper, and Pryor Cashman.
Absolute Software is pleased to announce that its securityholders have approved the acquisition of all of the outstanding shares by Crosspoint Capital Partners for $870m.
The court hearing for the final order to approve the arrangement is expected to take place on July 4, 2023, and the completion of the arrangement is expected to occur during the second half of 2023. Until close, the parties remain separate independent companies.
Absolute Software is advised by Perella Weinberg Partners, Raymond James (led by Bob Flanagan and David Atkinson), Blake Cassels & Graydon and Cooley. Crosspoint Capital Partners is advised by Barclays, Ropes & Gray (led by Thomas Fraser and Thomas Holden) and Stikeman Elliott.
Golden Gate Capital, a private equity firm, agreed to acquire DMC Power, a designer and manufacturer of proprietary connector technology systems, from Bridgepoint, a private equity firm. Financial terms were not disclosed.
“Thanks to our dedicated team and productive partnership with Bridgepoint, DMC Power has grown rapidly over the past decade and established itself as an industry leader. Our success is reflected in the strong and longstanding relationships we have created with our customers, who have come to value the unmatched quality, service and lead times our platform provides. We are confident Golden Gate Capital is the ideal partner for the next leg of our journey, as their deep industrial expertise and additional development resources will fuel our continued market expansion and ability to serve new and existing customers," Tony Ward, DMC Power CEO.
DMC Power is advised by Harris Williams & Co and Davis Polk & Wardwell. Golden Gate Capital is advised by Robert W Baird, Paul Weiss Rifkind Wharton & Garrison and FGS Global. Bridgepoint is advised by Ernst & Young and KPMG.
A US bankruptcy judge allowed SVB Financial Group, owner of bankrupt Silicon Valley Bank, to sell its investment banking business to the division's founder.
Buyers include a group led by the unit's founder and former CEO, Jeff Leerink, and is backed by funds managed by the Baupost Group. The deal includes an equity financing of up to $100m from Baupost along with $30m financing commitment from the Leerink's team , Reuters reported.
Jeff Leerink is advised by Rothschild & Co and Skadden Arps Slate Meagher & Flom (led by Dohyun Kim, Howard Ellin and Sven Mickisch). Baupost is advised by Willkie Farr & Gallagher. SVB Financial is advised by Alvarez & Marsal, Centerview Partners, Sullivan & Cromwell (led by Jared M. Fishman) and Joele Frank (led by Jed Repko).
Brookfield, a global alternative asset manager, agreed to acquire the remaining stake in American Equity Investment Life, an issuer of fixed index annuities, for $4.3bn.
“This transaction represents an important step in the continued growth of our insurance business, further diversifying, and scaling, our insurance capabilities, and is a direct result of the partnership we have developed with AEL since our initial investment in 2020. With this transaction we have now deployed or committed over $10bn of capital since our inception, bringing our total insurance assets to over $100bn, and we remain on track with our growth targets for the business. Brookfield Reinsurance remains well capitalized and committed to meeting the needs of its policyholders and clients,” Sachin Shah, Brookfield Reinsurance CEO.
American Equity Investment Life is advised by Ardea Partners, JP Morgan, Sullivan & Cromwell, FGS Global (led by Jared Levy and Robin Weinberg). Brookfield is advised by Barclays and Debevoise & Plimpton (led by Edward Drew Dutton).
Man Group, an investment management business, agreed to acquire a majority stake in Varagon Capital Partners, a middle market private credit manager, from Aflac, an insurance company, Corebridge Financial, a financial services company, and American International Group, an insurance organization, for $183m.
"This acquisition reflects our long-term strategy to move into new market segments where we can differentiate ourselves with talented, specialised teams. Man Group has built a rich and diversified credit offering to date, and as client demand for credit strategies is increasing, we see a significant growth opportunity in direct lending, particularly against the backdrop of regional banking difficulties in the US. This transaction enhances our ability to provide deep, fundamental credit expertise through a cycle, underpinned by risk management of the highest quality," Eric Burl, Man Group Head of Discretionary.
Varagon is advised by Rothschild & Co, Davis Polk & Wardwell and Gasthalter & Co (led by Amanda Shpiner). Man Group is advised by Wells Fargo Securities, Willkie Farr & Gallagher (led by David Boston and Laura Acker) and FTI Consulting (led by Neil Doyle).
Monroe Capital, a private equity firm, completed the acquisition of Horizon Technology Finance Management, an investment advisor, from Horizon Technology Finance, a specialty finance company.
“As one of the largest US venture debt platforms, Horizon is a strong addition to Monroe’s diverse portfolio of other US direct lending products, including CLOs, lower middle market lending, opportunistic lending and real estate. We look forward to working closely with a best-in-class management team to grow our platform over the long term. The acquisition continues Monroe’s strategy of providing differentiated niche-focused investment solutions to institutional and high net worth clients around the world. We are excited by the prospects of leveraging our platform to offer our limited partners a differentiated lending product in one of the fastest growing segments of private credit,” Ted Koenig, Monroe Chairman and CEO.
Horizon Technology Finance Management was advised by Broadhaven Capital Partners and Dechert (led by Ken Young). Monroe Capital was advised by JMP Securities, Blank Rome and Nelson Mullins Riley & Scarborough. Horizon Technology Finance Corporation was advised by ICR (led by Garrett Edson).
HF Capital, a private equity firm, completed a $75m investment in Westrock Coffee, an integrated coffee, tea, flavors, extracts, and ingredients solutions provider.
“Our agreement to make this additional investment further validates our belief in Westrock Coffee’s strategy to capitalize on the strong demand for extracts and RTD as a growing consumer category, and on the ability of the Westrock Coffee team to deliver on that strategy," Andrew Seamons, HF Capital CIO.
Westrock Coffee was advised by Wells Fargo Securities, Wachtell Lipton Rosen & Katz and ICR. HF Capital was advised by Bass Berry & Sims.
Comvest Partners, a private equity firm, completed the acquisition of Your Behavioral Health, a behavioral health services platform. Financial terms were not disclosed.
“Comvest is excited to partner with Your Behavioral Health, an established and long-tenured provider in the rapidly growing behavioral health sector. Mike Joly and Martha Koo are driving forces in innovative treatment modalities, clinical excellence and a holistic continuum-of-care approach in mental health and addiction recovery services. With mental health treatment needs at epidemic levels in the United States, Comvest is pleased to support Your Behavioral Health during its next stage of growth through investments in key technologies and additional outpatient and telehealth services," Roger Marrero, Comvest Senior Partner.
Your Behavioral Health was advised by Intrepid Investment Bankers. Comvest was advised by Brentwood Capital Markets, Raymond James and McDermott Will & Emery.
Greenbriar Equity, a private equity firm, completed the acquisition of Towne Park, a tech-enabled, multi-service parking and hospitality solutions provider, from TA Associates, an early modern-era private equity firms. Financial terms were not disclosed.
"We are excited to partner with Greenbriar as we enter this next phase of Towne Park's growth and success. Our values and approach are very much aligned, and we have a collective commitment to enhancing the Company's capabilities and client solutions to accelerate our growth and provide greater opportunities for our team members. We look forward to working together and benefiting from Greenbriar's significant expertise and successful track-record in expanding and scaling tech-enabled service platforms like Towne Park," Andrew Kerin, Towne Park CEO.
Greenbriar Equity was advised by Kirkland & Ellis. Towne Park was advised by Goodwin Procter. TA Associates was advised by Moelis & Co.
Private equity firm South Street Securities Holdings and Atlas Merchant Capital led an investment round in MAXEX, a digital mortgage exchange, with participation from JP Morgan and Moore Asset Backed Fund. Financial terms were not disclosed.
“MAXEX’s mission is to serve as a market utility and liquidity provider for the US mortgage markets. As our exchange has grown, our value proposition and the significant operational efficiencies we provide have become increasingly clear to the industry. This partnership enables us to further accelerate our growth, expand our product suite and broaden our network," Tom Pearce, MAXEX Co-Founder, Chairman and CEO.
MAXEX was advised by Houlihan Lokey. South Street was advised by Katten Muchin Rosenman. Atlas Merchant was advised by Debevoise & Plimpton.
ADQ, an Abu Dhabi-based investment and holding company, and BMO, a Canadian multinational investment bank, agreed to acquire a minority stake in Sagard, a global multi-strategy alternative asset management firm. Financial terms were not disclosed.
"We are thrilled to welcome ADQ and BMO as strategic partners and to strengthen our relationship further with GWL. These strategic partnerships will significantly accelerate our vision of becoming one of the most respected alternative investment management firms globally," Paul Desmarais III, Sagard Chairman and CEO.
Thermo Fisher Scientific, a supplier of scientific instrumentation, agreed to acquire CorEvitas, a provider of regulatory-grade, real-world evidence for approved medical treatments and therapies, from Audax Private Equity, an investment firm, for $913m.
“The addition of CorEvitas will further advance our capabilities to better serve our pharma and biotech customers and strengthen our value proposition. CorEvitas is an excellent strategic fit for Thermo Fisher and highly complementary to PPD, our leading clinical research business,” Marc N. Casper, Thermo Fisher Chairman, President and CEO.
Altas Partners closes $4bn fund with patient deal approach.
Altas Partners closed its third PE fund, Altas Partners Holdings III, on $4bn, with backing from some of North America's largest institutional investors. The fund attracted commitments from LPs including Alaska Permanent Fund, which allocated $40m and $50m to its predecessor, and the San Mateo County Employees' Retirement Association, which committed $25m in 2022.
The new fund is a third larger than its $3bn predecessor and will continue Altas' strategy of targeting five to seven businesses to own and grow, as well as continuing its focus on the healthcare, business services and specialized industrial sectors. Altas executes one or two deals a year at anywhere from $400m to $1bn each, and while its holding periods tend to follow PE's typical five to seven years, its fund structure allows for an extension when necessary.
Varsity Healthcare Partners closes Fund IV at $700m.
Varsity Healthcare Partners, a lower middle-market private equity firm, announced the final closing of Varsity Healthcare Partners IV with total capital commitments of $700m, exceeding the Fund’s designated hard cap of $650m.
Consistent with previous fund vintages, VHP IV will continue to execute the Firm’s well-practiced, “buy and build” tactical value creation strategy, prioritizing platform investments in clinically differentiated healthcare providers as well as businesses offering critical outsourced services and/or technology to healthcare providers and payers.
VHP is advised by Evercore, Kirkland & Ellis and Prosek Partners.
GLP Capital Partners closes China Income Fund VIII at nearly $360m.
GLP Capital Partners has closed China Income Fund VIII, the latest fund in its flagship onshore income fund series, with equity commitments of about $359m. The capital was raised from a group of five domestic insurance companies, including existing investors in GCP's previous onshore RMB funds, DeelStreetAsia reported.
The CIF VIII portfolio comprises over $690m of core, income-generating modern logistics assets with a total gross floor of 870k m2 located across key logistics hubs, including Shanghai, Guangzhou, Zhongshan, Xiamen, Changsha, and Chengdu. The assets were seeded from GLP's balance sheet and are leased to companies in the manufacturing, logistics, e-commerce, and retail sectors.
Thayer Street raises $275m for the second fund.
Thayer Street Partners Management, a private investment firm that provides flexible growth capital to tech-enabled financial, real estate, and business services companies, has held the final closing of the Thayer Street Partners Opportunity Fund II with total capital commitments in excess of $275m.
Fund II exceeded its fundraising targets, benefitting from strong support from existing investors in the firm's debut fund, managed accounts, and various co-investment vehicles, as well as a broad base of new and highly regarded limited partners. Thayer Street will invest an initial targeted range of $5m to $50m per transaction with significant scalability.
Insight Partners raises $118m fund to back underrepresented VCs.
Global tech investor Insight Partners has raised $118m in its second 20/20 Vision Capital fund that aims to invest in venture capital funds led by diverse managers. This new fund expands a strategy Insights first started in 2020, after its own employees pledged $15m of their personal capital to diverse early-stage fund managers.
Like the first fund, which has deployed capital to 14 VC funds led by women, Black, Latinx or LGBTQ managers, Vision Capital II will continue to write single-digit million checks backing managers and provide follow-up capital for their second fund. External limited partners, which contributed the majority of the new 20/20 Vision, include Massachusetts Pensions Reserves Investment Management Board, Pennsylvania Public School Employees’ Retirement System, and New York State Common Retirement Fund , Reuters reported.
EMEA
RS Group, a global omni-channel provider of product and service solutions for designers, builders and maintainers of industrial equipment, completed the acquisition of Distrelec, an online & catalog distributor for electronics, automation, measurement technology as well as for IT and accessories, from Aurelius, an investment firm, for €365m ($398m).
"Strategic acquisitions that value creative are part of our strategy, and I'm pleased with what I've seen of our disciplined identification, assessment, valuation and integration processes. These have helped to drive good progress at Risoul since we acquired it in January 2023. Distrelec is a complementary business to RS with excellent value-creation potential under our ownership. It materially strengthens our presence in key European markets, there is a strong cultural and operational fit and there are significant potential soft and hard synergies from the combination. We look forward to welcoming Distrelec to RS and to realizing the significant potential growth and value creation opportunities it creates for all our stakeholders," Simon Pryce, RS Group CEO.
Distrelec was advised by Robert W Baird (led by Thomas Fetzer and Oliver Meyer). RS Group was advised by McKinsey & Company, Ernst & Young, Greenhill & Co, Rothschild & Co, Osborne Clarke (led by Philip Meichssner) and Teneo (led by Martin Robinson and Olivia Peters). Aurelius was advised by AT Kearney, PricewaterhouseCoopers, Haver Mailänder, Linklaters (led by Andreas Müller), Ernst & Young and OMMAX Digital Solutions.
US private equity firm Silver Lake said it has secured a majority of 63% in Software and intends to pursue a delisting of the business software developer.
Earlier this month, Bain Capital and Rocket Software sold all their shares in Software to Silver Lake, helping the company gain a 41% stake.
Software's management and supervisory boards supported Silver Lake despite Bain's higher offer of $39 per share, drawing criticism from minority shareholders at the company's annual general meeting last month, Reuters reported.
Syntagma Capital, a private equity firm, completed the acquisition of Erasteel, a conventional and powder metallurgy firm, from Eramet, a French multinational mining and metallurgy company. Financial terms were not disclosed.
"Despite a very challenging M&A market, we continue to find attractive carve-out opportunities to put capital at work and provide divestiture solutions that deliver speed and certainty. We are excited by Erasteel's potential and look forward to working with management on the global growth of the company," Sebastien Kiekert Le Moult, Syntagma Managing Partner.
Apollo, a US buyout firm, offered to acquire Applus Services, a Spanish industrial testing company, for $1.33bn.
The Applus board reacted positively to Apollo's bid for 100% of its shares, saying in a statement that it showed confidence in the company's performance and gave shareholders an option to monetize their investment at a premium.
Apollo is advised by BNP Paribas, Santander and Latham & Watkins.
OMERS, an investor and asset manager, and APG, a Dutch pension investment company, agreed to acquire Kenter, a Netherlands-based energy infrastructure solutions firm, for $764m.
"We're thrilled to announce OMERS second investment to enable the energy transition in the Netherlands. We look forward to growing a B2B energy solutions platform in the region, delivering energy infrastructure for businesses looking to meet their sustainability goals," Alastair Hall, OMERS Infrastructure Senior Managing Director and Head of Europe.
OMERS and APG are advised by DC Advisory, Emendo Capital and Allen & Overy.
Investcorp, a global alternative investment firm, agreed to invest $100m in SEC Newgate, a global strategic communications and advocacy group.
"We are thrilled to partner with Investcorp on this next chapter of growth given their significant expertise and track record of helping professional services businesses grow and expand internationally. Investcorp's investment will accelerate our transformation and fuel our development strategy to achieve global leadership in corporate communications and public affairs," Fiorenzo Tagliabue, SEC Newgate CEO.
SEC Newgate is advised by Advant NCTM. Investcorp is advised by Clearwater International and Gattai Minoli Agostinelli & Partners.
PGA Tour Chief Operating Officer Ron Price and board member Jimmy Dunne are set to testify on July 11 before a US Senate panel about the circuit's surprise merger with Saudi-owned LIV Golf.
Democrat Richard Blumenthal, chairman of the Senate Homeland Security and Governmental Affairs Subcommittee on Investigations, and the panel's top Republican, Ron Johnson of Wisconsin, announced the witnesses for the hearing — titled "The PGA-LIV Deal: Implications for the Future of Golf and Saudi Arabia's Influence in the United States" — on July 3rd.
Achernar Assets, a Swiss investment holding company, agreed to acquire ERG Power, an energy company. Financial terms were not disclosed.
"The divestment of ERG Power allows us to complete our transformation to a business model entirely focused on wind and solar power generation: a crucial step towards achieving the ‘net zero’ target that the Group has committed to and set as part of the ESG plan," Paolo Merli, ERG CEO.
ERG Power is advised by Ernst & Young, Rothschild & Co and DLA Piper.
Travel agency Booking to defend ETraveli deal at July 7 EU hearing.
Online travel agency Booking Holdings will try to convince European Union antitrust regulators to allow its €1.6bn ($1.8bn) acquisition of Sweden's Etraveli Group, despite concerns it could hurt competition. Booking announced its bid for peer Etraveli, owner of the brands Gotogate and Mytrip and operator of airline content distribution services provider TripStack, in November 2021. Etraveli is owned by private equity firm CVC Capital.
CVC Capital is advised by Freshfields Bruckhaus Deringer (led by Sundeep Kapila, Charles Hayes, and Simon Priddis). Booking Holdings is advised by Hengeler Mueller (led by Jens Wenzel).
Carlyle, an investment firm, agreed to acquire PR0PH3CY, a consulting firm that creates cybersecurity-related products and concepts, from IK Partners, a private equity firm. Financial terms were not disclosed.
"With Carlyle's experience of scaling and internationalising cyber security businesses like PR0PH3CY, we believe they are the perfect partner for our next stage of growth. We look forward to working with the Carlyle team as we enter the next phase of our growth journey," Arthur Bataille, PR0PH3CY CEO.
PR0PH3CY is advised by Yuma Paris.
Sambla, a loan broker, completed the acquisition of MyMoney, a loan broker for car purchases, from Nordic Capital, a private equity firms. Financial terms were not disclosed.
"We look forward to becoming part of Sambla Group's strong, customer-centric and value-driven business model. The combination with how we have successfully managed to create value for customers as well as retailers and bank partners makes this a perfect match. With Sambla Group's experience and with Nordic Capital as a strong owner, we will be able to reach our full potential and further accelerate our growth journey," Klas-Johan Claesson, MyMoney CEO.
MyMoney was advised by Carnegie Investment Bank.
The Olayan Group, a private equity firm and hotel owner, completed the acquisition of Mandarin Oriental in Barcelona, a 120-room hotel, from Reig Capital Group, a family office that engages in managing the investments, for €240m ($262m).
Mandarin Oriental is expected to continue operating the hotel, which is located on Barcelona’s famed street Passeig de Gràcia. The nine-floor hotel opened in November 2019.
Carlyle, a global Investment firm, agreed to acquire a majority stake in Anthesis, a sustainability advisory and solutions firm. Financial terms were not disclosed.
"In Anthesis, we identified an opportunity to partner with a mission-driven business that is uniquely positioned to deliver impact. As demand for sustainability solutions continues to accelerate, we believe Anthesis' long-standing reputation for leading technical expertise and track record of high-quality delivery, makes the company exceptionally well positioned to further scale to meet this growing opportunity. Leveraging Carlyle's global network and expertise in scaling similar businesses, we are delighted to support Stuart and the entire team in the next chapter of its growth journey," Mark Dale, Carlyle Managing Director of Europe investment advisory team.
Stirling Square Capital, a private equity firm, agreed to acquire a majority stake in Gestion Tributaria Territorial, a company that provides tax management services, from AnaCap, a private equity firm. Financial terms were not disclosed.
"We have been able to implement a vast range of technology sector expertise and operational value-add support to rapidly grow the business through a combination of organic and inorganic strategies across Spain and into Latin America," Nassim Cherchali, AnaCap Co-Managing Partner.
IK Partners, a European private equity firm, agreed to invest in Cinerius Financial Partners, an independent wealth management platform. Financial terms were not disclosed.
"We look forward to the next chapter in our journey, drawing on IK's extensive experience in the financial services sector. We believe that the IK team can help us realize our ambitions to further strengthen our position in the IWM marketplace through both organic and inorganic growth. We are grateful to have had the support of Summit Partners over the last two years and are pleased to see them reinvest in our dynamic company," Christoph Lieber, Cinerius Financial Partners CEO.
Enento explores a $564m sale amid takeover interest.
Enento Group, a Nordic credit information provider, is exploring options including a potential sale amid takeover interest, giving it a market value of about $564m.
The Finnish firm is working with an adviser to weigh options after interest from US credit reporting company TransUnion and private equity firms including Apax Partners. Deliberations are ongoing and there’s no certainty they’ll result in a transaction.
Enento said in a regulatory filing that it receives transaction proposals from time to time, and its board considers and evaluates different alternatives carefully, with a view to safeguarding the interests of Enento Group and its shareholders, Bloomberg reported.
Veoneer launching sale of a $500m passive safety unit.
The owner of automotive technology company Veoneer has kicked off a sale of its passive safety business.
US private equity firm SSW Partners is working with advisers to gauge interest in the unit. The asset, which could fetch as much as $500m, may draw interest from private equity firms and companies in the industry.
Notion Capital closes oversubscribed fifth fund at €300m hard cap.
Notion Capital, a European early-stage venture investor focused on the business software and fintech sectors, has held the final close of its new oversubscribed Notion Capital V fund at its €300m ($326m) hard cap.
The fund, which held its first close last year, has already made several investments including Bound, DataOps, M3ter and Resistant AI. Notion expects to make around 20 core Series A+ investments in total from the fund. Unlike Notion's predecessor vehicles, fund V is Euro denominated and Luxembourg-based, reflecting the firm's increasingly pan-European focus, although it will follow the same investment strategy.
L Catterton sells its stake in Pinarello.
L Catterton, a global consumer-focused investment firm, has sold Pinarello, an Italian cycling brand synonymous with world-class performance, luxury, elite racing, and speed, to a private family office. The terms of the transaction were not disclosed.
"With L Catterton's global platform and their expertise in fitness, outdoor, and luxury, Pinarello has grown its status as an elite performance brand at the apex of the cycling industry. Over the past seven years with L Catterton's partnership, we have built on our best-in-class R&D capabilities, bolstered by collaborations with the industry's top riders and organizations, creating a product set that remains consistently at the forefront of innovation. We have also achieved record revenues and are now poised for our next era of growth. I am very excited to continue the momentum that we have achieved, and this transaction will allow us to further elevate our company as the international leader in the high-end bike sector through ever-increasing investments in R&D focused on making industry-changing innovations around materials and products," Fausto Pinarello, Pinarello Chairman.
L Catterton and Pinarello were advised by Houlihan Lokey and Nctm. Buyer was advised by Electa Italia and GE Lux.
Top Mediobanca investor gets green light to increase Generali stake above 10%.
The holding company of late Italian billionaire Leonardo Del Vecchio, investment bank Mediobanca's single most prominent investor, has received regulatory approval to raise its stake in insurer Generali above 10%.
Shares in Generali rose more than 5% after the news in anticipation that an investor battle for control will resume.
Italy's insurance watchdog IVASS said it had authorized Delfin to own more than 10% of Generali after the company inadvertently crossed the threshold because of a share buyback at Italy's biggest insurer, Reuters reported.
Investcorp Capital starts gauging interest for $600m Abu Dhabi IPO.
Investcorp, the Middle East's biggest alternative asset manager, is planning to start meeting investors for the $600m initial public offering of an investment vehicle in Abu Dhabi.
The Bahrain-based investor is looking to start the meetings as soon as next week. The IPO of the vehicle — Investcorp Capital — could come as soon as September.
Templeton-led fund raises record $1.8bn in Hydropower IPO.
Franklin Templeton-managed Fondul Proprietatea raised RON8.1bn ($1.8bn) in Romania's largest-ever initial public offering and this year's biggest share sale in Europe.
About 78m shares, or 17.3%, in green energy producer Hidroelectrica will be sold at RON104 ($22.87) each in the IPO, close to the middle of the indicated range. Fondul has 30 days from when the shares start trading on the Bucharest Stock Exchange on July 12 to decide whether to sell more or even its entire stake of almost 20% in the firm.
Mideast's biggest tobacco firm AIR invites banks to pitch for roles in IPO.
Dubai-based Advanced Inhalation Rituals, the Middle East's biggest tobacco company, has invited banks to pitch for roles in its planned initial public offering next year. AIR, one of the world's biggest producers of shisha molasses, is planning a flotation in the first half of 2024.
Britain's Kingsway, the majority owner of AIR, is seeking a sale as part of a dual-track process, where a seller pursues a sale and an IPO at the same time. In March Kingsway had hired Rothschild to advise it on options for AIR, including a possible IPO, Reuters reported.
NEC holds first close of $1.5bn NextPower V ESG.
NextEnergy Capital, a global solar specialist in the renewables sector, has held the first close of its fifth investment vehicle NextPower V ESG, which is targeting capital commitments of $1.5bn with a $2bn hard cap, at $480m.
The fundraising to date comprises $330m in direct commitments and $150m in co-investment allocations. Investors in NPV ESG include KLP, a German occupational pension fund, and a large Nordic pension fund.
NPV ESG expects to secure commitments from additional investors in its second close later this year, with several investors currently active in due diligence.
Cathay Capital Private Equity announces the final close of the $261m Small Cap IV Fund.
Cathay Capital’s private equity arm, Cathay Capital Private Equity, has announced raising $261m in the final close of its fourth small cap fund, which invests in companies across Europe, North America, and Asia.
The buyout firm’s small cap fund strategy focuses on high-growth companies, supporting them with tailored scale-up strategies, internationalisation, and the integration of cutting-edge technology.
The fund aims to invest equity tickets of $16m to $33m mainly through minority investments alongside founders. Already, seven investments have been made through the fund, including higher education institution AD Education, pet brand Chowsing, basic apparel brand Snocks, and contract research firm Transcure.
Naturgy shareholders propose Citi banker as CEO. (People)
A group of shareholders at Spanish power utility Naturgy, a multinational natural gas, and electrical energy utility company, have proposed appointing a top Citigroup banker as CEO.
Investment funds CVC, Global Infrastructure Partners and IFM Global Infrastructure, which together control about 55% of Naturgy, proposed Ignacio Gutierrez-Orrantia for the job, Reuters reported.
APAC
Platinum Equity, a global investment firm, completed the acquisition of the Australia windows and doors business from Jeld-Wen, a manufacturer of doors and windows, for $461m.
"We are proud to have crafted a divestiture solution that delivers speed and certainty to JELD-WEN at a time when the M&A market remains challenging. We are excited about the prospects for the Australasia business. Platinum has decades of experience with corporate carve-outs, helping establish standalone companies that can maximize their potential," Louis Samson, Platinum Equity Co-President.
Platinum Equity was advised by Gresham and Allens. Jeld-Wen was advised by Ernst & Young, Macquarie Group and Herbert Smith Freehills (led by Jason Jordan).
Multiples Private Equity, a private equity firm, led a $146m round in Veritas Finance, a financial services firm, with participation from IFC, British International Investment, Lok Capital and Avendus.
“Veritas is on a secular compounding journey, and we are excited to partner with an investor like Multiples who has admirable understanding of the financial services space. In addition to Multiples, the current capital raise will also see Avendus FLF, known for backing future leaders, partnering with Veritas. The fresh capital raised will provide significant runway for growth, help deepen our existing offerings and expand into the affordable housing space. We strongly believe these partnerships will further catalyse our mission to serve the underserved," Arulmany Duraisamy, Veritas MD & CEO.
Veritas Finance was advised by Eminence Strategy Consulting and Avendus. Avendus was advised by J. Sagar Associates (led by Sidharrth Shankar).
Paine Schwartz Partners, a private equity firm, offered to acquire the remaining 86.22% stake in Costa Group, a grower, packer and marketer of fresh fruit and vegetables, for $935m.
Costa and PSP were hopeful of an agreed deal in coming days, further due diligence and negotiations on a potential scheme implementation agreement are expected to continue through July.
Costa is advised by UBS and King & Wood Mallesons.
First Pacific, an investment holding company, GT Capital, a Philippine conglomerate, and Mitsui, a global trading and investment company, increased bid price to acquire a 36.7% stake in Metro Pacific Investments, a unit investment holding company, for $986m.
"We regard this new offer as the best and final price the Bidders are able to deliver to MPIC's minority shareholders. Due to the transaction timetable, approvals, and regulatory requirements of the entire process across multiple jurisdictions, there will be no further opportunity to adjust the price," Christopher H. Young, First Pacific Executive Director.
Mitsui & Co is advised by UBS.
Beijing Financial Street Capital, a venture capital firm, and China Life Private Equity Investment, a professional alternative investment platform under China Life, led the $622m Series C funding round in Hithium, an energy storage firm, with participation from Boc Asset Management, Goldstone Investment, Dinghui Baifu, CMG-SDIC Capital, CICC, China-US Green Fund, Matrix Partners China, Hefei Industry Investment and CDI Energy.
Hithium has raised over $622m in its Series C funding round to finance the expansion of production facilities, acquisition of advanced equipment, technological R&D, and new market exploration.
Investcorp, a Bahrain-based asset manager, agreed to invest $61m in NDR Warehousing, a warehouse development and operations platform.
"We anticipate strong tailwinds and a long runway ahead for the sector and with an InvIT listing under evaluation, we expect NDR will be well positioned to capitalize on these market dynamics," Ritesh Vohra, Investcorp Partner.
Tata weighs buying Temasek's stake in pay TV platform.
Tata Group is considering an offer to buy back a stake in its entertainment content distribution platform from Temasek as the Indian conglomerate weighs postponing Tata Play initial public offering, Bloomberg reported.
Tata Group is contemplating whether to delay the planned Tata Play listing because of market conditions. Instead, Tata Group has started discussions with Temasek around a deal that would give the Singaporean state investor an opportunity for a long-awaited exit from its investment in the platform, formerly known as Tata Sky. Temasek owns about 20% of the content distribution platform. A joint venture between Tata Group and Walt Disney, Twenty-First Century Fox, Tata Play provides pay television via set-top boxes and over-the-top video streaming through its app.
AIP Capital plans to acquire a minority stake in Eastar Jet.
AIP Capital, the aviation asset management arm of 777 Partners, is pursuing a 10% stake in South Korean low-cost airline Eastar Jet.
AIP Capital confirmed to the outlet that discussions were underway and said it would lease five B737-8s to Eastar Jet. The interest marks an abrupt turnaround for the carrier, which only resumed flying in March after a three-year grounding.
Alt assets advisory firm MVision said to exit Hong Kong.
Alternative assets advisory firm MVision Private Equity Advisers is exiting Hong Kong and will instead serve Asia Pacific from its Sydney and San Francisco offices.
The firm’s strategic repositioning comes at a pivotal moment for Asia-Pacific fundraising, with some LPs rethinking their appetites amid rising geopolitical tensions and regulatory uncertainty in China – the region’s largest private equity market.
Allegro says an independent board to oversee PwC Australia's government business.
Australian investment firm Allegro Funds said it would set up an independent board to oversee PwC Australia's government practice business, which it bought last month, and committed A$100m ($67m) for transition costs.
The scandal, which broke in January, revolves around a former PwC tax partner who had been advising the federal government on laws to prevent corporate tax avoidance and shared confidential information with colleagues who then used it to pitch to multinational companies for work.
Rakuten applies to list brokerage arm as debt concerns mount.
Rakuten has taken a step to list its online brokerage arm, as Japan's e-commerce leader struggles to dispel concerns over its debt levels and ability to make mobile operations profitable.
Rakuten Securities has applied to go public on the Tokyo Stock Exchange. The move is part of a drive to speed up decision making at each of Rakuten's various businesses, which range from online shopping to finance and wireless services.
Billionaire Hiroshi Mikitani's online retailer has seen its shares tumble to a 14-year low as its loss-making mobile business drains cash ahead of a wall of maturing debt. Since April, the company has listed its banking unit and sold shares in an additional offering in a bid to ease its financing woes.
Gaw Capital to bet on private credit with $3bn real estate fund.
Gaw Capital Partners, a real estate private equity firm run by one of Hong Kong’s richest families, has achieved $3bn in the final close of its latest flagship real estate fund for Asia Pacific.
Gateway Real Estate Fund VII, the seventh installment of its opportunistic real estate fund, announced the first close at $1.2bn in November 2021. Similar to its predecessors in the same fund series, the vehicle will invest in office, retail, hospitality, industrial, Internet data centres, life science properties, as well as private credit and thematic platforms across the Asia-Pacific region, including Greater China, Japan, South Korea, Southeast Asia, and India, DealStreetAsia reported.
Muzinich closes first Asia private credit fund at $500m.
Muzinich & Co has closed its first private credit fund dedicated to the Asia Pacific region with $500m in capital commitments from institutional investors and family offices.
Munich & Co's regional chief executive officer Andrew Tan, who also leads the private credit business, confirmed that half of the commitments are from Asia-based investors, with Singapore's DBS Group serving as the fund's anchor investor with a $200m commitment.
Vertex Ventures China closes fifth flagship fund at $390m.
Vertex Ventures China, the China branch of Singapore's Temasek-backed Vertex Ventures, has reportedly closed its fifth flagship fund with $390m in commitments at a size slightly below its initial target of $400m, DeelStreetAsia reported.
Vertex China, which runs offices in Singapore and China, closed the new fund with commitments from a mix of new and existing partners including asset managers, sovereign wealth funds, endowments, insurance companies, funds-of-funds, and family offices. Tay Choon Chong, the founder and managing partner of Vertex China, put the fund's estimated final close size at over $400m, while shooting for nearly $500m, compared to the predecessor vehicle that raised $275m.
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