AMERICAS
GHO Capital, a specialist healthcare investment advisor, agreed to acquire X-Chem, a biotechnology company, from Hellman & Friedman and The Carlyle Group. Financial terms were not disclosed.
“We are delighted to have the opportunity to work with the X-Chem team. With its proven DEX discovery platform, X-Chem is the go-to provider for small molecule drug discovery for all of biopharma and poised for future growth,” GHO Capital.
GHO Capital is advised by PwC, Atlantic Global Risk, Bridge House Advisors, Corporate Risk Solution, Health Advances, Ropes & Gray and Deloitte. X-Chem is advised by BlackArch Partners, Latham & Watkins and Instinctif Partners.
GTCR, a private equity firm, completed the acquisition of a 25% stake in CAPTRUST Financial Advisors, an asset manager and investment advisor, for $313m.
"We see great potential in the independent RIA space and believe that CAPTRUST is uniquely positioned to continue its extraordinary growth trajectory through the current market conditions and beyond. They have a history of being aggressive when markets are uncertain, so this is an ideal time to partner with Fielding and his deep bench of talented professionals," Collin Roche, GTCR Managing Director.
CAPTRUST was advised by Ardea Partners and Alston & Bird. GTCR was advised by SunTrust Robinson Humphrey and Kirkland & Ellis.
R1 RCM, a provider of technology-enabled revenue cycle management services to healthcare providers, agreed to acquire Cerner RevWorks, a reference management service company. The closing of the acquisition is expected to take place in the third quarter of 2020, subject to customary closing conditions. Financial terms were not disclosed.
“We look forward to working collaboratively with Cerner to deliver superior results for healthcare providers and the communities they serve. With our interoperable technology and end-to-end platform, we are well-positioned to serve Cerner’s customers, as well as other healthcare organizations across the country,” Gary Long, R1 Executive Vice President and Chief Commercial Officer.
R1 is advised by Greenhill & Co. Cerner is advised by Centerview Partners and Kirkland & Ellis.
Private equity companies Silver Lake, Riverwood Capital and Level Equity Management completed a $108m investment round in Vacasa, North America’s vacation rental management platform.
“Like many companies in the travel sector, Vacasa experienced challenges as the Covid-19 pandemic took hold. We are incredibly fortunate for the continued support of our investors. As we begin to emerge from this global crisis with an infusion of capital, we are in a very strong financial position to capture consumer demand. We believe there will be a preference shift from hotels to professionally managed vacation rentals as privacy and cleanliness rise to be top priorities for travelers,” Matt Roberts, Vacasa CEO.
Canadian Pacific, a railway service operator, completed the acquisition of the US operations of Central Maine & Quebec Railway, a railway operator, from Fortress Transportation and Infrastructure Investors, an infrastructure investment firm. Financial terms were not disclosed.
"This transaction is a generational business opportunity for CP. It enables us to serve customers through a larger coast-to-coast network across Canada and brings a direct Class 1 freight-rail service to the State of Maine for the first time in decades. It is with great pride that I formally welcome CMQ's US employees and customers to the CP family," Keith Creel, Canadian Pacific President and CEO.
HIG Capital completed the investment in USALCO, a provider of high-quality aluminium-based chemicals used primarily in water and wastewater treatment processes and for the manufacturing of catalysts used by refineries. Financial terms were not disclosed.
“We are very excited to partner with Peter and David and the USALCO management team, who have a proven track record of building a best-in-class business and providing the highest levels of quality for their customers. The Company’s steady and growing revenue profile, highly efficient operations and numerous growth opportunities make this an attractive investment,” Keval Patel, HIG Managing Director.
GVS, a provider of advanced filtration solutions for critical applications, agreed to acquire the Puerto Rico-based manufacturing operations of Haemonetics, a global medical technology company focused on delivering innovative hematology solutions. This transaction is expected to close in the second quarter of calendar 2020, subject to the satisfaction of customary closing conditions. Financial terms were not disclosed.
"We are honored that Haemonetics, an industry leader and one of our long-term clients, has chosen GVS for this strategic partnership, which is testament to our technological and process capabilities. This collaboration will provide us with a new channel for R&D, stimulating the introduction of new products, ideas and solutions for the blood filtration market," Massimo Scagliarini, GVS CEO.
Synergy Surgicalists, a provider of orthopedic and general surgicalist staffing for hospitals, agreed to merge with EA Health, provider of physician staffing services and specialty physician on-call compensation solutions. Financial terms were not disclosed.
“We have taken the deep experience of our team and applied best practices to empower physicians with data to elevate outcomes for the group as a whole. Hospitals thrive when their top service lines are staffed with an integrated team of physicians, who are focused on patient care and aligned with the goals of the hospital,” Sriram Iyer, EA Health CEO.
Global Commerce & Information, an IT solutions provider, is set to acquire MMY Consulting, a technology consulting firm. Financial terms were not disclosed.
"Global CI's acquisition of MMY provides a major growth opportunity for both businesses through an extended service offering for our clients. As healthcare organizations transition to meet newly released Federal Health Architecture rules, Cybersecurity, Cloud operational performance demand, and to take advantage of Value Based Care opportunities, we will be best positioned to support them on that journey," Bill Monachino, MMY Consulting Founder and CEO.
Francisco Partners raises $10bn for three funds. (FS)
Francisco Partners raised nearly $10bn across three funds to invest in technology companies, one of the largest pools of capital collected by a US private equity firm this year, Private Equity News reported.
The money Francisco gathered from investors includes $7.45bn for the firm’s sixth flagship vehicle, $1.5bn for a fund targeting smaller deals and $750m for its debut credit strategy.
Warner Music raises $1.9bn in US IPO.
Warner Music Group raised $1.93bn in the biggest US initial public offering so far in 2020, with the world’s third-largest recording label selling more shares than originally planned. The company increased the offering to 77m class A shares at $25 per share, valuing it at $12.75bn. It had initially proposed to sell 70m shares at a target range of $23-$26 per share.
“We concluded that there was sufficient market momentum. Without ever trying to time the market this looked like a good time to go,” Stephen Cooper, Warner CEO.
GIC in talks to buy StorageMart stake. (FS)
Singaporean sovereign-wealth fund GIC is in talks to acquire a stake in StorageMart, which describes itself as the largest privately owned storage company in the world, Bloomberg reported.
The potential transaction is slated to value StorageMart at more than $2.5bn, including debt. Rosewood Investment may participate in the deal.
ZoomInfo boosts IPO price range to seek $890m. (FS)
ZoomInfo Technologies increased the price range for its upcoming initial public offering, aiming to raise as much as $890m in the listing.
The business-intelligence platform, which is backed by private equity firms, upped the marketed price range for 44.5m of its shares to $19 to $20 apiece. It had previously set the range at $16 to $18 per share. BlackRock, Fidelity Investments and Dragoneer may may each buy $100m of shares, an earlier filing showed.
JP Morgan and Morgan Stanley are leading ZoomInfo’s share sale. The Vancouver, Washington-based company plans to list shares on Nasdaq Global Select Market under the symbol ZI.
TPG hired ex-Goldman Sachs managing director. (FS, People)
TPG Capital hired former Goldman Sachs managing director Joseph Konzelmann to head fundraising for the eastern US, Canada, Europe and Middle East.
Konzelmann joined TPG as a partner and will lead the firm’s fundraising activities in these regions, working closely with local teams. He will be based in New York.
EMEA
Cerea Partners, an independent fund management company, completed the acquisition of a majority stake in Pages Group, a provider of high-performance automation systems, from InnovaFonds, an independent private equity firm. Financial terms were not disclosed.
Pages Group now embarks on a new development phase, centred on three priorities: reinforcement on the food processing and medical segments, development of the robotic offering and further expansion in international markets.
Debt financing was provided by Banque Populaire Bourgogne Franche Comté, CIC Lyonnaise de Banque and Muzinich & Co.
Avedon Capital-backed Kinly, a global specialist in video collaboration services, agreed to acquire AVMI, a global AV-integrator and managed services provider. Financial terms were not disclosed.
“We are very excited to announce that AVMI, a leading UK based global AV integrator, will join and strengthen the Kinly team. The combination of our businesses will support our strategy to expand our international presence. Together, we offer our clients a truly global service and holistic portfolio of high quality and secure video collaboration solutions. Our businesses are highly complementary and we share a strong reputation with our clients as trusted adviser," Robbert Bakker, Kinly CEO.
Charlotte Tilbury nears sale for $1bn. (FS)
Celebrity makeup brand Charlotte Tilbury is nearing a sale to Puig, the Spanish company behind Paco Rabanne perfumes, in a deal valuing the business at more than $1bn, Bloomberg reported.
An agreement to buy UK-based Tilbury could be announced as early as this week. Puig, which also sells Jean Paul Gaultier and Nina Ricci fragrances, is in talks to team up with Byron Trott’s investment firm BDT Capital Partners on the purchase.
Charlotte Tilbury is a London-born makeup artist who founded her namesake brand in 2013. She plans to keep a minority stake in the business, which is famous for products such as Magic Cream moisturizer and Pillow Talk lipstic. If a deal is finalized, Puig will have beaten out competition from consumer giants including Unilever.
Acacia is close to deal to buy Neil Woodford’s portfolio of biotech company stakes. (FS)
A US-based company backed by a prominent hedge fund is close to snapping up stakes in some of Britain's most promising biotech companies as the remnants of the fund manager Neil Woodford's empire continue to unravel. Acacia Research is on the brink of a deal to acquire Woodford's biotech portfolio for just over $300m, Sky News reported.
The deal would transfer ownership of shareholdings in companies including Theravance Biopharma, Oxford Nanopore and Rutherford Cancer Centres to Acacia, which is part-owned by Starboard Value, a well-known activist fund.
Six contenders prequalify for the privatization of DEPA Infrastructure. (FS)
Greece's privatization fund announced that six interested parties prequalify to the next phase for the privatization of the country's Public Gas infrastructure entity, the DEPA Infrastructure.
During Tuesday's meeting, the Board of Directors of the Hellenic Republic Asset Development Fund decided, in agreement with Hellenic Petroleum, that six interested parties meet the criteria to participate in the binding offers phase of the tender process for the acquisition of 100% of the share capital of DEPA Infrastructure.
Eurazeo, CIC and BNP Paribas raised $446m for Franco-Chinese fund. (FS)
Eurazeo, CIC and BNP Paribas raised $446m in the first close for Franco-Chinese fund, which was launched in March last year to collect between $1.1bn and $1.7bn to back continental European companies that want to expand into China.
Target companies are expected to be in sectors with significant opportunity in China, and where Eurazeo has an established and strong track record, including advanced industrials, business services, consumer goods and services, healthcare, and digital technology.
The initial partners may commit up to an additional $279m to the fund within a limit of 25% of the fund for each of BNP Paribas and CIC.
OurCrowd targets $100m for Pandemic Innovation Fund. (FS)
Crowdfunded venture capital investment platform OurCrowd is aiming to raise $100m for a Pandemic Innovation Fund that will target startups focused on navigating the Covid-19 crisis and future pandemics.
Israel-based OurCrowd said the Pandemic Innovation Fund will finance about 15 to 20 companies in total, including those working on treatments, vaccinations and cures for Covid-19 as well as businesses that are addressing the economic and social effects of the pandemic.
"There is now an urgent need for innovation to help us overcome many of the problems resulting from the crisis. It is time for tech to move fast and fix things," OurCrowd.
APAC
UAC Energy, which is owned by UPC Renewables and Ayala, completed the acquisition of a 12.8% stake in Infigen Energy, an Australian renewable energy company, for $69m. UAC also intends to make an off-market takeover bid, implying a total equity value of $535m for 100% of Infigen.
“We have ready access to capital and significant renewable energy expertise that will position us well to support Infigen’s pipeline of projects and focus on much needed renewable energy investment and associated employment in Australia,” Anton Rohner, UAC Chairman.
UAC Energy is advised by Credit Suisse, Herbert Smith Freehills and
Newgate Communications. Infigen Energy is advised by Goldman Sachs, Lazard and Gilbert + Tobin.
Canadian pension fund manager OPTrust joined a consortium headed by buyout major Pacific Equity Partners in the $100m acquisition of Zenith Energy, an Australian energy distribution company.
In a disclosure to the Australian Securities Exchange, Zenith Energy, an operator of a range of thermal and sustainable fuel sources, said the consortium is now composed of PEP's Secure Assets Fund, Apex Opportunities Fund, and OPTrust. Apex is a shareholder of Zenith, with 17.61% interest.
Facebook and PayPal agreed to join the Series F financing round for Gojek, a ride-hailing startup. Financial terms were not disclosed.
The existing investors in the Series F financing round include Visa, MUFJ Financial Group, Mitsubishi Motors and Mitsubishi.
"This new relationship is another positive step in our journey towards becoming the worldwide payments partner of choice and helping to fuel global commerce by connecting the world's leading marketplaces and payment networks," PayPal.
Goldman Sachs led a $100m Series C funding round in Jushuitan Network Technology, an e-commerce SaaS ERP service provider. The other investors include CICC, an investment management company, and Blue Lake Capital, a real estate investment company.
"We are able to obtain investment from two major investment institutions, Goldman Sachs and CICC Capital, as well as the continued blessing of old shareholders Blue Lake Capital. This is a great affirmation of Jushuitan! The funds raised in this round will be used for The upgrading and optimization of product and service systems, the creation of a collaborative supply chain, the expansion of overseas markets, and the investment and mergers and acquisitions of the SaaS collaborative ecosystem," Luo Haidong, Jushuitan CEO.
Kedaara Capital, a private equity firm, completed an investment of $76m in Religare Health Insurance, a health insurance service provider.
“The capital infusion will help us to continue our investments in making Religare Health Insurance a future-enabled organisation, committed to ensure the best customer experience. It is a matter of pride that Religare has attracted a marquee investor even in such tough economic times," Rashmi Saluja, Religare Executive Chairman.
Shell weighs sale of $2bn-plus stake in Queensland's facilities. (FS)
Royal Dutch Shell is considering raising more than $2bn from the sale of a stake in the common facilities at its Queensland Curtis plant in Australia, Reuters reported.
“Royal Dutch Shell is considering a sale of a 26.25% interest in the Queensland Curtis Common Facilities - a multibillion dollar investment opportunity,” Shell.
The sale process is being run by Rothschild & Co and is due to be completed in 2020. The facilities in which it might sell a stake could fetch between $2bn and $3bn.
Ambani nears deal with top Middle Eastern sovereign funds. (FS)
Three of the largest Middle Eastern sovereign wealth funds are in advanced talks to invest in Reliance Industries’ digital arm, Bloomberg reported.
Abu Dhabi’s Mubadala Investment is nearing a deal to invest about $1bn into Jio Platforms and an announcement could come as soon as this week. Reliance, backed by Asia’s richest man Mukesh Ambani, is also in discussions with Abu Dhabi Investment Authority and Saudi Arabia’s The Public Investment Fund.
Hong Kong tycoon Li’s telecom firm weighs $1bn unit sale. (FS)
A Hong Kong telecommunications firm controlled by tycoon Richard Li is considering options including a sale of its international enterprise unit, PCCW Global, Bloomberg reported.
A subsidiary of HKT, the business could be valued at as much as $1bn in a sale. The asset could attract interest from other telecom companies as well as private-equity funds.
Future Group may divest in-house brands to repay lenders.
Kishore Biyani’s Future Group plans to sell some of its in-house brands as the retail-focused group faces pressure from lenders to reduce debt, DealStreetAsia reported.
Some of the prominent in-house brands of the cash-strapped group include Cover Story under its apparel retail business Future Lifestyle Fashion and Tasty Treat under its snacks unit Future Consumer. The group is planning to unlock value in some of these in-house brands.
Future Lifestyle Fashion is exploring various options to tide over debt issues, including selling some of its brands.
Adani Group goes slow on acquisitions as Covid changes outlook. (FS)
The Adani group led by billionaire Gautam Adani is taking a break on fresh acquisitions as it recalibrates its strategy in the rapidly changing global and domestic macroeconomic scenario. The group which is in the process of acquiring several large infrastructure assets, is having a rethink on some deals which include an potential investment in the Krishnapatnam and Dighi ports and a stake buy in cold chain logistics firm Snowman Logistics.
The group is also expected to delay the takeover of Guwahati and Jaipur airports which the group successfully bid for last year. Similarly, a long-awaited transfer of solar power assets from the Essel group to Adani’s renewable energy arm is also pending.
Playtika hires banks for $1bn US IPO. (FS)
Playtika, a mobile gaming company owned by a Chinese investor group, hired investment banks to prepare for a US initial public offering that could raise around $1bn, DealStreetAsia reported.
Playtika's preparations illustrate how some Chinese-owned companies continue to pursue US listings, despite heightened scrutiny of their auditing standards by US politicians and investors. Playtika's IPO would come amid a surge in demand for mobile gaming, as more consumers stay home during lockdowns aimed at curbing the Covid-19 pandemic.
Playtika hired Morgan Stanley and other banks to underwrite the IPO and is aiming to go public either later this year or early in 2021. The timing, valuation and deal size are subject to market conditions.
China Pacific Insurance to press on with London listing under connect scheme. (FS)
China Pacific Insurance is pressing ahead with a London listing under a stock link scheme between Britain and China, defying the market turmoil wrought by Covid-19, Reuters reported.
The Chinese insurer, which is seeking to raise cash to support its overseas expansion, said it would issue 126m units of global depositary receipts in London with Swiss as its cornerstone investor. Swiss will take a GDR allotment of up to 1.5% of China Pacific’s total number of ordinary shares, with a lock-up period of three years.
The Shanghai-London Stock Connect scheme, which allows Chinese companies to add a secondary GDR listing in Britain, was first announced in 2018. It was meant to herald a flurry of Chinese listings in London but so far only one has materialised, the Huatai Securities brokerage deal last year.
SoftBank launches a new $100m fund in an aim to improve diversity. (FS)
SoftBank Group is launching a $100m fund to invest in “companies led by founders and entrepreneurs of color”, in the latest corporate action as protests roil the United States.
Described as SoftBank’s bid to improve diversity, “we have to put money behind it, set plans, and hold ourselves accountable,” SoftBank’s Chief Operating Officer Marcelo Claure, who will head the fund, wrote in a letter to employees.
Named the “Opportunity Growth Fund”, its total initial size is less than a typical single investment by the $100bn Vision Fund, which is headed by Claure’s rival Rajeev Misra, and will focus on African Americans and Latinos in the US.
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