AMERICAS
Zendesk's investor Light Street Capital Management reaffirmed its decision to vote against the software firm's $10.2bn go-private deal with investment firms Hellman & Friedman and Permira.
Light Street also asked it to postpone the voting on the deal, which is due September 19. Light Street in August had proposed a recapitalization of Zendesk, with a $2bn preferred equity investment arranged by the investment firm and a $2bn incremental debt facility.
Light Street also suggested that the software maker issue a $5bn tender offer at $82.5 per share for those who would like to sell their shares, and expand its board to 10 seats, including five directors from Light Street and other preferred equity shareholders, Reuters reported.
Zendesk is advised by Goldman Sachs, Qatalyst Partners, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. Financial advisors to Zendesk are advised by Morrison & Foerster and Sullivan & Cromwell. GIC is advised by Dechert. Hellman & Friedman is advised by Morgan Stanley, Fried Frank Harris Shriver & Jacobson, Kirkland & Ellis, Simpson Thacher & Bartlett and Finsbury Glover Hering. Permira is advised by Sard Verbinnen & Co. Debt provider is advised by Latham & Watkins.
GIC, an investment firm, and Oak Street, a real estate investment firm, agreed to acquire STORE Capital, an internally managed net-lease real estate investment trust, for $14bn.
"As one of the largest dedicated US net lease real estate companies in a nearly $4tn market, STORE Capital is a strong addition to GIC's diverse portfolio of US real estate investments. We are confident the company will continue its trajectory of accretive growth by meeting the demand for long-term financing solutions from middle-market US companies. We look forward to working closely with STORE Capital and our partners at Oak Street to grow this platform over the long term," Adam Gallistel, GIC Head of Americas Real Estate.
STORE is advised by Evercore, Goldman Sachs, DLA Piper and Joele Frank. GIC and Oak Street are advised by Citigroup and Eastdil Secured. GIC is advised by Skadden Arps Slate Meagher & Flom. Oak Street is advised by Kirkland & Ellis and Prosek Partners.
Merrion Investment Management, an investment advisor that is a long-term owner of Avalara announced its opposition to the $8.4bn purchase of Avalara by Vista Equity Partners.
"AVLR is perfectly capable of remaining independent and has many years of profitable growth ahead. The price agreed appears completely devoid of any control premium appropriate in this situation," Merrion.
Avalara is advised by Goldman Sachs, Perkins Coie and Simpson Thacher & Bartlett. Goldman Sachs is advised by Cravath Swaine & Moore. Vista is advised by Bank of America and Kirkland & Ellis. Debt financing is provided by Apollo Global Management, Blue Owl and HPS Investment Partners.
BitGo is suing Mike Novogratz’s Galaxy Digital for more than $100m in damages after Galaxy abandoned its planned $1.2bn acquisition of the crypto custodian.
The lawsuit, filed Monday in Delaware Chancery Court, cited Galaxy’s “wrongful repudiation and willful and intentional breach” of the merger agreement. The complaint was filed under seal and will be made public on Thursday in case Galaxy wishes to redact some of the allegations, Bloomberg reported.
Galaxy, which offers crypto financial services, posted a net comprehensive loss of $555m in the second quarter.
FTV Capital, a private equity firm, completed an $146m investment in Patra, a technology-enabled services company for the insurance industry.
"We are excited to partner with FTV Capital as we enter our next phase of growth. FTV's extensive knowledge of the insurance ecosystem and strong network of global relationships within the broader financial services space will complement our existing capabilities and help us drive additional value for our customers to further penetrate our target markets. FTV has proven itself to be a foremost leader in tech-enabled services with recent investments such as Lean Solutions Group, LogicSource and DataArt. Additionally, the FTV team's prior experience partnering with leading platforms like EXL, Globant and others provides a unique vantage from which to support our success going forward. We look forward to introducing new products and services for our customers, continuing our mission of bringing innovative and value-oriented services to the insurance marketplace," John Simpson, Patra Founder and CEO.
Patra was advised by Waller Helms Advisors and Locke Lord. FTV Capital was advised by Lincoln International, Oliver Wyman, Willkie Farr & Gallagher, Prosek Partners and RSM International.
Apollomics, a late-stage clinical biopharmaceutical company, agreed to go public via a merger with Maxpro Capital Acquisition, a blank check company, in an $899m deal.
"Our goal was to find an exciting company with a growing pipeline of innovative product candidates that could positively affect the lives of millions of people. Our team is excited to combine with Apollomics as it has met and exceeded all our key selection criteria. Together with Apollomics, Maxpro will do everything we can to support the Company's vision of treating patients with difficult-to-treat cancers," Moses Chen, Maxpro CEO.
Apollomics is advised by White & Case and Westwicke. Maxpro is advised by ARC Group, EF Hutton, Marshall & Stevens Transaction Advisory Services and Nelson Mullins Riley & Scarborough.
ARKO, a convenience store operator and fuel wholesaler, agreed to acquire Transit Energy Group, a fuel services provider, from Energy Capital Partners, a private equity firm, for $450m.
“We believe this significant, accretive acquisition will drive strategic growth with the addition of an exceptional team, well-known stores and other assets to our Family of Community Brands. A deal of this magnitude complements our core capabilities and will create long-term value for ARKO stockholders and valuable synergies given our existing footprint and proven strategy of adding value to strong local brands while keeping jobs in place," Arie Kotler, ARKO President, Chairman and CEO.
Transit Energy Group is advised by Bank of America, Latham & Watkins and Nelson Mullins Riley & Scarborough. ARKO is advised by Greenberg Traurig, Schwarz and L’Altrelli and Matter Communications.
Audax Private Equity, a private equity firm, agreed to acquire DISA Global Solutions, tech-enabled provider of employee screening, compliance, and workplace health & safety solutions from Court Square Capital, an investment company. Financial terms were not disclosed.
“We are thrilled to be partnering with Audax as we enter an exciting new chapter in our history. This investment will help DISA accelerate growth and expand its employee screening, compliance, and workplace health & safety solutions offerings to customers. Partnering with Audax will enhance our ability to continue doing what we do best – providing trusted solutions to our clients,” John Peterson, DISA CEO.
Disa Global is advised by Piper Sandler, Stifel and Dechert. Audax Private Equity is advised by Harris Williams & Co, Ropes & Gray and FGS Global.
American Securities, a private equity firm, agreed to acquire Meridian Adhesives Group, a manufacturer of adhesives and sealants, from Arsenal Capital Partners, a private equity firm. Financial terms were not disclosed.
"We are grateful for the support of Arsenal over the past four years as we established Meridian as the go-to solution provider in the industry. We are excited about Meridian's next phase of growth and our new partnership with American Securities," Dan Pelton, Meridian CEO.
Meridian Adhesives is advised by Citigroup, Moelis & Co and Benesch Friedlander Coplan & Aronoff. American Securities is advised by Morgan Stanley and Weil Gotshal and Manges.
Charlesbank Capital Partners, a private investment firm, and Motive Partners, a private equity firm, completed an investment in Accordion, a private equity-focused financial and technology consulting firm. Financial terms were not disclosed.
“We believe in the Accordion value proposition not only conceptually, but also in practice. We have known Nick and the Accordion team for years. We have entrusted them for numerous, critical CFO-related projects within our portfolio, and we know their expertise around the entire lifecycle of an investment is needed now more than ever. We are thrilled to partner with Nick and the broader management team to help support more PE-backed CFOs, while helping Accordion reach its full potential as an organization, growth company, and transformative industry innovator. This is also our first investment in partnership with Motive Partners and we are excited to work together to help Accordion reach the next level,” Michael Choe, Charlesbank Managing Director and CEO.
Accordion was advised by Guggenheim Partners, Willkie Farr & Gallagher and GK Communications. Charlesbank Capital Partners was advised by Ropes & Gray. Motive Partners was advised by Gibson Dunn & Crutcher.
Shamrock Capital, a Los Angeles-based investment firm specializing in media, entertainment, communications and related sectors, completed the investment in Highwire PR, a premier communications partner for technology and healthcare companies. Financial terms were not disclosed.
"A growth mindset defines Highwire and a values-driven culture ensures we maintain our focus on our team as we grow. In Shamrock, we found a like-minded partner with unmatched marketing, media and communications expertise to help us build for a new era," Kathleen Gratehouse, Highwire Principal and Co-Founder.
Highwire PR was advised by Canaccord Genuity and Davis & Gilbert. Shamrock Capital was advised by BrightTower and Willkie Farr & Gallagher.
Australian toll roads operator Atlas Arteria said it planned to raise $2.1bn as it seeks to buy a majority stake in the Chicago Skyway toll road, Bloomberg reported.
“We have maintained OMERS stake in SCC for over five years, during which time the company has proved to be a strong and resilient asset that plays a key role in keeping Chicago connected and mobile. We would like to thank all the stakeholders we have worked with and wish Skyway’s staff, management, and new investors well as the company enters its next phase,” Gisele Everett, OMERS Infrastructure Senior Managing Director and Head of Americas.
Atlas Arteria is advised by RBC Capital Markets, UBS and Nightingale Communications.
Atlas Arteria, a global owner, operator and developer of toll roads, agreed to acquire Chicago Skyway, a toll road, from Canada Pension Plan Investment Board, a private equity firm, and OMERS Infrastructure, an investment company, for $2bn.
“We have maintained OMERS stake in SCC for over five years, during which time the company has proved to be a strong and resilient asset that plays a key role in keeping Chicago connected and mobile. We would like to thank all the stakeholders we have worked with, and wish Skyway’s staff, management and new investors well as the company enters its next phase,” Gisele Everett, OMERS Infrastructure Senior Managing Director and Head of Americas.
Atlas Arteria is advised by UBS, Nightingale Communications and RBC Capital Markets.
Vision Ridge Partners, a private equity firm, led a $1bn funding round in TeraWatt, a company powering electrified fleets with the most reliable network of charging centers, with participation from Keyframe Capital and Cyrus Capital.
“Fleets are electrifying faster than ever, and we have been hard at work planning, building charging centers, and scaling up to make this transition easier for fleets. We are thrilled to receive this additional capital commitment from Keyframe Capital and Cyrus Capital, along with new support from Vision Ridge, which is well-recognized for its track record of investing in and growing EV charging platforms. We look forward to continuing to build on our market position, leveraging their collective investment to move even faster in providing solutions for the rapidly growing category of EV charging," Neha Palmer, TeraWatt Co-Founder and CEO.
TeraWatt was advised by Antenna Group. Keyframe was advised by Technica Communications. Vision Ridge was advised by Gasthalter & Co.
Nature's Miracle, a fast-growing agriculture technology company, agreed to go public via a SPAC merger with Lakeshore Acquisition II, a blank check company, in a $265m deal.
"In the face of global energy shortage, food security, drought and life-style change, Nature's Miracle is excited to offer an alternative farming mode which saves transportation cost, reduces irrigation water requirements by up to 90% and ensures fresh and local supply of produces for health-conscious consumers. We have developed a robust pipeline of greenhouse projects in the US and Canada for the next twenty-four months. By combining with Lakeshore, Nature's Miracle will be able to tap into the public equity and debt market to fund its aggressive growth plan going forward. We look forward to working with Lakeshore team to complete the transaction and to list on Nasdaq," Tie Li, Founder, Nature's Miracle Chairman and Chief Executive Officer.
Lakeshore Acquisition II is advised by Loeb & Loeb and Maxim Group. Nature's Miracle is advised by Hunter Taubman Fischer & Li.
Bridgepoint, a private equity group, agreed to acquire a majority stake in MiQ, one of the largest global programmatic media partners in the world, from ECI Partners, a growth-focused private equity firm. Financial terms were not disclosed.
"MiQ is a major global player partnering with some of the world's leading brands and agencies to deliver high-performing advertising campaigns and drive true business change through data analytics and insights. It offers leading analytics solutions and platforms to companies everywhere and has achieved significant growth over the last few years. Gurman, Lee and the entire MiQ family have cultivated best-in-class processes around innovation, technology and data partnerships, and we look forward to providing the necessary expertise to help maximize the company's market potential," Charles Welham, Bridgepoint Director.
MiQ is advised by Jefferies & Company. Bridgepoint is advised by JEGI Clarity and Latham & Watkins.
FTX Ventures, a venture capital firm, agreed to acquire a 30% stake in SkyBridge Capital, an investment company. Financial terms were not disclosed.
"Sam is a visionary who has built incredible businesses that are synergistic with the future of SkyBridge. Our business has continued to evolve since we founded the firm in 2005. We will remain a diversified asset management firm, while investing heavily in blockchain," Anthony Scaramucci, SkyBridge Founder and Managing Partner.
SkyBridge Capital is advised by Prosek Partners and Simpson Thacher & Bartlett. FTX Ventures is advised by M Group Strategic Communications.
A consortium of investors including WaveDivision Capital, Searchlight Capital Partners, PSP Investments, CPPIB and BCI, led a $450m investment round in Ziply Fiber, a fiber internet services provider.
“We originally partnered with the Ziply Fiber team to provide reliable, quality fiber internet access in the Northwest. Harold and the team at Ziply have exceeded our expectations, and they will continue to deliver high-performance, fiber-based connectivity to more markets at a time when the need for best-in-class symmetrical speeds has never been higher," Eric Zinterhofer, Searchlight Capital Founding Partner.
Ziply Fiber was advised by Curator PR. Searchlight was advised by Wachtell Lipton Rosen & Katz.
Atlas Merchant Capital, an investment firm, completed the investment in Cascadia Capital, a middle market investment bank. Financial terms were not disclosed.
"We have achieved record growth in recent years and are thrilled to have found the right partners in Atlas to continue on this exciting trajectory. Atlas brings the value-added resources we desired in a capital partner, allowing us to continue in lockstep with the middle-market founders, family owners, and executives we serve while accelerating our private equity coverage and product offering expansion," Michael Butler, Cascadia Capital Chairman and CEO.
Cascadia Capital was advised by Houlihan Lokey, Perkins Coie and MiddleM Creative.
A group of investors, including Bain Capital, SV Health Investors, Access Biotechnology, Atlas Venture, BVF Partners, Bill Gates, Lightstone Ventures, Pfizer Ventures, RA Capital Management and SR One, led a $125m funding round in Nimbus Therapeutics, a clinical-stage company that designs and develops breakthrough medicines through its powerful computational drug discovery engine.
"The strong support from investors in this financing validates the promise and differentiation of Nimbus' current portfolio of clinical and preclinical programs, and the success of our productive drug discovery engine. I'm pleased to welcome SV Health Investors and Bain Capital Life Sciences to Nimbus' investor syndicate at this very exciting time in our history, and look forward to generating and sharing critical data for our medicines in development in the near term," Jeb Keiper, Nimbus CEO.
Nimbus Therapeutics was advised by Ten Bridge Communications.
ARCH Venture Partners, a venture capital firm, and Mubadala Capital, a global ventures platform, led a $72m Series A funding round in Pretzel Therapeutics, a biotechnology company harnessing the intricacies of mitochondrial biology to develop groundbreaking therapies, with participation from HealthCap, Cambridge Innovation Capital, Cambridge Enterprise, Angelini Ventures, GV, Invus, Eir Ventures, GU Ventures, and Karolinska Institutet Holding.
“We are excited to pioneer a new era in the treatment of diseases related to mitochondrial dysfunction. The expertise we have assembled and the platform technologies we have created will allow new inroads into treating both rare genetic diseases as well as common diseases of aging. We’re proud to be backed by an outstanding investor syndicate, with a Series A financing that will allow us to prosecute preclinical development across our pipeline and continue to build out our talented team,” Jay Parrish, Pretzel Chairman of the Board and Chief Executive Officer.
Pretzel Therapeutics was advised by Ten Bridge Communications.
Vision Ridge-backed Earthrise Energy, an independent power producer, completed the acquisition of the natural gas plants Lincoln Generating Facility and Crete Energy Venture, from ArcLight Capital Partners, a private equity firm. Financial terms were not disclosed.
“We are excited to add these facilities to our growing energy portfolio and expand our presence into a new market. These plants complement our existing assets and allow us to advance a clean energy future where power is reliable, resilient, and renewable. Already, we have begun work developing renewable energy projects with the goal of building long-term businesses in the communities we serve," Carla Tully, Earthrise Energy Co-Founder and CEO.
ArcLight Capital Partners was advised by Jefferies & Company.
Bernhard Capital, a private equity firm, completed an investment in Grace Hebert Curtis Architecture, an architectural consultant. Financial terms were not disclosed.
"We continue to see a number of tailwinds within the broader AEC market as businesses, institutions, and local and federal governments dedicate more resources to the development of critical and civic infrastructure, particularly K-12 schools and healthcare. GHC has established a reputation for delivering the highest quality architecture and design services to bring new, sustainable properties to life and will be well positioned for long-term success. We look forward to building a platform that will serve as a one-stop offering for customers across the country," Jeff Koonce, Bernhard Capital Partner.
Bernhard Capital was advised by Joele Frank.
The Riverside Company, a private equity firm, completed the acquisition of Assisted Living Locators, a franchisor of senior living advisory and placement services. Financial terms were not disclosed.
“We are excited to add Assisted Living Locators to the Executive Home Care platform. This combination extends the business into senior living advisory and placement services, which are highly complementary to in-home care services. Assisted Living Locators has a fantastic reputation and is positioned for strong growth, led by an exceptional management team," Loren Schlachet, Riverside Managing Partner.
The Riverside Company was advised by Jones Day.
The Riverside Company, a private equity firm, completed the acquisition of a majority stake in Jupiter Life Science Consulting, a pharmaceutical manufacturing company. Financial terms were not disclosed.
“Jupiter provides Red Nucleus with immediate quality, scale and deep expertise in one of the fastest growing verticals in pharma services and materially strengthens the platform by adding market access and end-to-end commercialization solutions. During our partnership, we will continue to scale the combined company for growth and invest further in commercialization-focused service and product offerings," Peter Tsang, Riverside Co-CIO.
The Riverside Company was advised by Jones Day.
BMO, a Canadian multinational investment bank and financial services company, and Ares Management, an American global alternative investment manager, led a $310m Series E round in Gotham Greens, a New York-based indoor farming pioneer, with participation from Commonfund, RockCreek, Kimco Realty, Manna Tree Partners and The Silverman Group.
"Gotham Greens was founded with a vision to advance indoor farming and sustainably grow high-quality leafy greens in cities across America every day of the year. Today, our ambitions and footprint are outgrowing our roots in the best way, and we're humbled to receive this funding from new and existing investors to continue our national expansion in order to reach our goal of delivering Gotham Greens fresh produce within a day's drive from our greenhouses to 90% of consumers across the US," Viraj Puri, Gotham Greens Co-Founder and CEO.
Access Biotechnology, an investment arm of Access Industries that focuses on private and public biopharma companies, led a $300m Series C round in ACELYRIN, a late-stage clinical biopharma company focused on accelerating the delivery of transformative medicines in immunology, with participation from Matrix Capital Management, Westlake Village BioPartners, Cowen Healthcare Investments, Decheng Capital, Marshall Wace, OrbiMed, Samsara BioCapital, Surveyor Capital, Tybourne Capital Management, and venBio Partners.
"The team at ACELYRIN are world-leading drug developers, having previously brought to millions of patients several of the most successful and impactful immunology treatments available. We are pleased to lead this round of financing to enable their growth in continuing to explore the potential of izokibep in psoriatic arthritis, axial spondyloarthritis, hidradenitis suppurativa, uveitis, and beyond," Dan Becker, Access Biotechnology Managing Director.
Linse Capital, a US-based growth equity firm, led a $205m Series D round in Verkada, a provider of cloud-managed enterprise building security and management, with participation from MSD Partners, Felicis Ventures, Next47, Sequoia Capital, Meritech Capital and First Round Capital.
"We founded Verkada in 2016 with the vision to modernize the world of physical security - one of the last industries to experience a migration from on-premise solutions to cloud-based software. We started with security cameras and an intuitive cloud-based platform, and in just six years, we've expanded to include five additional product lines that help enterprises to protect and manage their people and assets. This latest commitment of capital is further validation from investors that we are well positioned to capture the opportunity that lies ahead," Filip Kaliszan, Verkada Co-Founder and CEO.
Antero Midstream, a gas gathering company, to acquire Marcellus Shale gas gathering and compression assets from Crestwood Equity Partners, a private equity firm, for $205m.
"Today's bolt-on acquisition provides significant synergies that drive attractive economics and immediate Free Cash Flow accretion to Antero Midstream. The acquisition is consistent with Antero Midstream's strategy of investing in infrastructure in the Marcellus, the lowest cost shale play, for high visibility customers, particularly Antero Resources. Importantly, the assets include underutilized gathering and compression capacity for capital efficient development from both Antero Resources and other third parties," Paul Rady, Antero Midstream Chairman and CEO.
Fidelity Management & Research Company, a privately-owned investment manager, led a $100m Series B round in Galvanize Therapeutics, a commercial-stage biomedical platform company operating at the convergence of engineering, biology and healthcare delivery, with participation from Intuitive Surgical, ATP, and Gilmartin Capital.
"We are energized by this vote of confidence from our investors in our technology platform and team as we seek to bring transformative electrosurgical therapies to patients worldwide," Jonathan Waldstreicher, Galvanize Therapeutics Founder and CEO.
North Haven Capital, a private investment group, BDC Capital, a venture capital firm, and BankProv, a future-ready commercial bank that offers adaptive and technology-first banking solutions to emerging markets, completed the acqusition of The Chamberlain Group, a company which designs, develops, and manufactures high fidelity mimetic anatomy for surgical and interventional training, research, device development, and sales and marketing. Financial terms were not disclosed.
“Lisa and Eric have built an extremely high-quality firm that takes great pride in its corporate culture and reputation with its client base. We’re excited to work with the employees of TCG to expand their presence geographically and into new products and service offerings,” Sam Sezak, North Haven Capital Partner.
KKR makes fund available to individual investors through blockchain.
KKR has made a major move in allowing individuals access to its private equity funds by making one of its vehicles available to backers through a public blockchain.
The buyout firm is partnering with digital-assets specialist Securitize, which will tokenize an interest in the second iteration of KKR’s Health Care Strategic Growth Fund and make it available on the Avalanche public blockchain.
A tokenized fund will allow individuals to invest smaller amounts than would be required of institutions and provide a smoother process for monitoring transactions and vetting investors through Securtize’s digitized onboarding process, as well as greater potential for liquidity.
Qualified purchasers - generally those with at least $5m in investible assets - who create a digital wallet and sign up with Securitize will be able to invest in the KKR fund via what will effectively be a tokenized feeder fund. After a year of holding the security, investors will be able to sell it to other qualified individuals on a secondary market managed by a unit of Securitize, WSJ reported.
KKR seeks advisers to sell its stake in Avendus Capital.
KKR is in talks with advisers to sell its stake in Avendus Capital, valuing the financial services provider at more than $500m, Bloomberg reported.
The private equity titan is close to appointing two banks to manage the formal process for the transaction. Other investors in the Mumbai-based firm might also join KKR in the deal, taking the stake for sale to about 80% of the company.
HarbourView acquires Big Loud Mountain Music's publisher share of songs from Florida Georgia Line's catalogue.
HarbourView Equity Partners, a global alternative asset management company founded by Sherrese Clarke Soares, has acquired Big Loud Mountain Music's publisher share of select songs from country music duo Florida Georgia Line's catalogue.
Big Loud Mountain Music, an independent publishing, management, and production company located in Nashville is credited as a key player in helping to successfully launch Florida Georgia Line's career.
Baxter weighs the sale of two kidney-care businesses.
Baxter International is considering divesting two units within its flagship renal-care business as it looks to refocus following its largest-ever acquisition last year.
The Deerfield, Illinois-based medical-device company is working with advisers on potential sales of its renal-care services and hemodialysis businesses, Bloomberg reported.
The units are expected to be valued at well under $1bn in total and could attract interest from private equity firms.
Texas Teachers allocates an additional $685m to private markets.
The Teachers’ Retirement System of Texas has made an additional private markets' allocation totaling $685m to range of funds including commitments to private equity, energy and natural resources, as well as a digital assets venture capital fund, AlternativesWatch reported.
The lion's share of the new commitments have been made to private equity and venture capital with $620m going to a variety of strategies including: Apollo Investment Fund X ($400m); Eighth Cinven Fund No. 1 ($200m); and CoinFund Ventures I Onshore ($20m), an early stage VC fund that closed last month at $300m with a focus on backing ambitious founders across blockchain sub-sectors.
Rockefeller Capital aims to double assets to $200bn in 3-5 years.
Rockefeller Capital Management, a private equity firm, is aiming to double its assets under management to about $200bn in three to five years as it expands into new US cities and hires more wealth managers, its chief executive officer said.
Rockefeller, which currently has about 250 private wealth advisers, aims to increase that to 400-500 in three to five years. It has already made some senior hires to fuel the expansion, Reuters reported.
"Rockefeller will concentrate its wealth-management efforts in the United States, where it already has a presence in major metropolitan areas. The company plans to open an office in Orlando, Florida and deepen its presence in Charlotte, North Carolina, Austin, Texas and Nashville, Tennessee," Gregory Fleming, Rockefeller Capita CEO.
Apollo co-founder launches new firm with $5bn.
26North Partners, an alternative asset manager that invests across asset classes, has been launched by Josh Harris, co-founder of private equity giant Apollo. With an initial $5bn to invest, 26North Partners will focus on private equity, credit and insurance solutions.
The new firm's team includes Mark Weinberg, who led US private equity at Brookfield Asset Management, and will join 26North next year to lead the private equity platform. Brendan McGovern, the former head of Goldman Sachs Asset Management’s will lead 26North’s direct platform.
Other team members include former Centerbridge and Goldman Sachs partner Lance West, former Apollo Global Management Managing Director Evan Zemsky, former Blackstone Managing Director Tina Raja, and former Security Benefit Life executive Cole Charnas.
Bessemer Venture Partners closes $4.6bn across two new funds, expands to growth-focused private equity.
Venture capital firm Bessemer Venture Partners has closed $4.6bn in new capital across two funds to back growth stage startups in India and globally, CNBC reported.
The new capital across two funds — $3.85bn for its 12th flagship fund, BVP XII, and $780m for its fresh BVP Forge Fund — will allow the VC firm to back entrepreneurs and management teams across all stages of growth, regardless of maturity or structure.
BayPine raises around $3bn for inaugural private equity fund.
BayPine, a private equity firm, has closed its inaugural private equity fund, BayPine Capital Partners Fund, at approximately $2.2bn, exceeding its $2bn target. Including the invested capital of co-investors participating directly and indirectly alongside the fund, the fund's capital totals approximately $3bn.
The fund's investor base is comprised of leading global institutions, including public and private pension plans, sovereign wealth funds, endowments and foundations, insurance companies, family offices and high net worth individuals.
Avance closes inaugural fund with more than $1bn in capital commitments.
Avance, a private equity firm that invests in founder-owned, middle market businesses in the Services, Technology and Consumer sectors, has held the final closing of its inaugural fund, Avance Investment Partners, and affiliated vehicles, with aggregate capital commitments of approximately $1.1bn, significantly above the original target of $500m.
The fund received strong support from a diverse range of high-quality institutional investors, including pension plans, insurance companies, foundations and fund of funds, as well as industry executives and the general partner.
Madrona raises a record $690m for two new VC funds.
Madrona has raised $690m across two oversubscribed venture capital funds for technology startups based in the Pacific Northwest and beyond, $430m for the Madrona Fund 9, and $260m for the Acceleration Fund 3.
These funds represent an almost 40% increase from the $500m Madrona raised in 2020, and the firm will continue to initially invest in technology startups at pre-seed through Series C stages.
Madrona Fund 9 will focus on its enduring strategy of supporting Pacific Northwest-based pre-seed, seed, and Series A founders to help them build and scale throughout their company journey. Historically, over 80% of Madrona’s core fund portfolio companies are based in the Pacific Northwest. This reflects the firm’s strong belief that, even in a hybrid world, early-stage companies benefit from easy access to experiential learning and trusted networks, such as those Madrona has built over many years.
Prime Movers Lab gathers $500m for its inaugural early-growth fund.
Jackson, Wyoming-based Prime Movers Lab, a venture capital firm focused on scientific startups, has raised $500m for its first early-growth fund. As a result of this fundraising, the firm now has more than $1bn in total assets under management.
Prime Movers Lab's early growth fund is investing in early growth-stage
companies that are "reinventing energy, transportation, infrastructure,
manufacturing, human augmentation, and agriculture." The fund's investments include Boom Supersonic and Upward Farms.
Two Sigma Ventures successfully raises $400m across two funds.
Two Sigma Ventures, an early-stage venture capital firm, announced the closing of two venture funds aiming to propel the next era of tech innovation forward. Totaling $400m across both funds, Two Sigma Ventures IV will invest in early-stage startups, and Two Sigma Ventures Opportunity Fund II will invest in growth-stage companies.
Approximately 85% of the new capital comes from external investors, primarily institutions such as college endowments, non-profit foundations, pension funds, and hospital systems, with the remainder of the capital coming from Two Sigma's partners and senior employees.
North Island Ventures closes second VC fund.
North Island Ventures, a crypto-focused investment firm, announced the closing of NIV Fund II with $125m in commitments. With this new fund, NIV will aim to make 30 to 40 early-stage investments in emerging crypto and Web3 companies and protocols, with initial investments ranging from $250k to $3m.
NIV Fund II is North Island Ventures’ second new investment vehicle within the past year, bringing the firm’s total assets under management to approximately $300m.
These funds will support investments in Web3 infrastructure and applications spanning multiple layers, verticals, and use cases across DeFi, NFTs, digital identity, blockchain cybersecurity, cross-chain interoperability, DeSci, and more.
Declan Flanagan launches global renewable energy platform Bluestar Energy Capital with $100m in initial capital.
Declan Flanagan, former CEO of Orsted's onshore business, announced the launch of Bluestar Energy Capital, a new global renewable energy investment platform with an initial $100m in capital for greenfield renewable energy development. Bluestar, founded by Flanagan, is also announcing several key management hires.
"A huge amount of capital is seeking a role in the energy transition, but a scarcity remains of the right kind of capital for new development platforms and new projects. Our vision is to be one of the largest global investors of early-stage development capital. We have structured Bluestar as a portfolio of distinct regional platforms based on the conviction that successful project development is a very local business. Success is about empowering regional leadership while bringing global scale and an owner's attention to detail in managing project and market risk," Declan Flanagan, Bluestar CEO.
EMEA
Shareholders of Euromoney Institutional Investor have voted in favour of a £1.6bn ($1.8bn) bid by Astorg Asset Management and London-based private equity firm Epiris to acquire the business.
The deal for the London-based global B2B information services business needed that backing of 75% of shareholders for it to go ahead. The scheme still remains to be sanctioned by the court at a hearing expected to take place in the Q4 202, with the deal executed to become effective by year end.
Euromoney is advised by Numis Securities, Goldman Sachs, UBS,
Freshfields Bruckhaus Deringer and FTI Consulting. Epiris Managers is advised by Bank of America, Raymond James, Latham & Watkins, Norton Rose Fulbright and Greenbrook.
Bain Capital, a private equity firm, completed the acquisition of ITP Aero, a Spanish aero engine and gas turbine manufacturer, from Rolls-Royce, a luxury automobile maker, for $2.3bn. SAPA, a provider of aluminium solutions, and JB Capital, a retirement planning firm, also participated in the acquisition.
"ITP Aero has a great track record in an industry which is vital to the global economy, with attractive long-term growth potential. We see significant potential in further accelerating ITP Aero's growth trajectory and investments in new technologies. Together with our partners SAPA and JB Capital we think we bring a unique understanding and ability to support ITP Aero. We look forward to working with ITP Aero's management, employees and other stakeholders including the Spanish and Basque governments to realise the significant growth potential that ITP Aero has as an independent company," Ivano Sessa, Bain Capital Managing Director.
ITP Aero was advised by Uria Menendez. SAPA was advised by Perez Llorca. Bain Capital was advised by Rothschild & Co, Cuatrecasas Goncalves Pereira and Kirkland & Ellis. Rolls-Royce was advised by Ernst & Young, Eversheds Sutherland and Brunswick Group.
MML Capital, a private equity firm, completed an investment in Global Packaging Solutions, a specialist in returnable packaging solutions. Financial terms were not disclosed.
“MML clearly appreciated the quality of our team, the high degree of efficiency and the growth potential of the GPS Group. As a result of this partnership, GPS now has the means to achieve its ambitions, in full," Benoit Arnaud, GPS Founder and Chairman.
GPS was advised by Advention, Mazars Corporate Finance, Edmond de Rothschild Corporate Finance and Altair Lawyers. MML Capital was advised by DC Advisory, PricewaterhouseCoopers, DLA Piper and Shearman & Sterling.
Abac, a private equity firm, completed the acquisition of the industrial business of Intermas Group, a company dedicated to the manufacture and distribution of extruded plastic mesh. Financial terms were not disclosed.
“Our ambition is to crystallize the opportunities that lie ahead of the company, such as fueling its growth in markets where it is less present and making sustainability a tool to create value. Similarly, we are looking forward to engaging other companies. Do not rule out the possibility of accelerating our consolidation in this sector”, Borja Martinez, Abac Founding Partner.
Abac Capital was advised by KPMG, Attalea Partners and Ernst & Young. Intermas Group was advised by DC Advisory, PricewaterhouseCoopers, Roland Berger and Broseta Abogados.
AmerisourceBergen, a provider of drug distribution and consulting services provider, agreed to acquire PharmaLex, a provider of specialized services for the pharma, biotech and medtech industries, from AUCTUS Capital Partners, a private equity firm, for €1.28bn ($1.29bn).
“The strategic acquisition of PharmaLex will expand our global platform of biopharma services, further advancing the strategy we detailed at our recent Investor Day. AmerisourceBergen is committed to building on our leadership in specialty services through a continued focus on innovation and partnerships, and by acquiring PharmaLex, we will be able to further enhance our value proposition to pharmaceutical manufacturers, from emerging biotechs to global biopharmaceutical leaders. We look forward to welcoming the PharmaLex team to create healthier futures with AmerisourceBergen," Steven H. Collis, AmerisourceBergen Chairman, President & CEO.
PharmaLex is advised by Harris Williams & Co, Noerr and emnay Rechtsanwaltskanzlei Florian Aigner. AmerisourceBergen is advised by Evercore, Freshfields Bruckhaus Deringer and Sidley Austin.
Wise Equity, a private equity firm, completed the acquisition of a majority stake in AlmaCrawler, a manufacturer for the innovative and unique range of tracked aerial platforms. Financial terms were not disclosed.
"Thanks to a deep knowledge of the market, a growth strategy focused on product quality and innovation, and a strong, young team with exceptional qualities, our group has achieved important results in just a few years. Now it is the time to consolidate what has been achieved so far, strengthen the management structure and accelerate growth also by evaluating opportunities for future acquisitions. For this reason, we have joined forces with Wise Equity, a partner that has already gone through many successful acquisition projects in adjactent sectors, enabling their portfolio companies to achieve important growth targets,” Andrea Artoni, Almac Founder and CEO.
AlmaCrawler was advised by Banca Akros and Banco BPM. Wise Equity was advised by Deloitte, Simmons & Simmons, Close to Media and Studio Spada Partners.
IDEX, a publicly traded company engaged in the development, design, and manufacture of fluidics systems and specialty engineered products, agreed to acquire Muon Group, a micro-precision technology manufacturing company, from Rivean Capital, a European mid-market private equity firm, for €700m ($708m).
"Together, the Muon Group will expand upon a growing platform of IDEX precision technology businesses, including those already part of IDEX Health & Science, with unique technology and product solutions for similar end-customers. The commercial synergy potential between our health and science businesses and Muon Group companies will yield expanded offerings to new and existing customers," Eric Ashleman, IDEX CEO and President.
Muon Group is advised by William Blair & Co. Rivean Capital is advised by De Brauw Blackstone Westbroek.
Britain's competition watchdog has provisionally cleared London Stock Exchange's takeover of Quantile Group, Reuters reported.
LSEG said in December it had acquired Quantile for up to $317m to expand its range of post-trade risk management solutions for banks, hedge funds and financial institutions trading derivatives. The Competition and Markets Authority referred the deal for an in-depth investigation in May, which has now provisionally concluded.
LSEG is advised by Evercore. Quantile is advised by Latham & Watkins.
Syntagma Capital, a private equity firm, agreed to acquire the paper business of Imerys, a business conglomerate, for €390m ($338m).
“In Syntagma, we have found a partner that shares Imerys’ values and passion for delivering mineral solutions in a responsible way. We are confident that our employees, customers, and the business overall will flourish and develop under the new ownership. I would like to thank the teams in management, operations and functions for their outstanding work in building this business over the years. I know they will continue delivering excellent results also in the future," Alessandro Dazza, Imerys CEO.
Imerys is advised by Morgan Stanley.
Energy Infrastructure Partners, a provider of renewable, sustainable energy infrastructure investment solutions, agreed to acquire a 49% stake in the Wikinger offshore wind farm from Iberdrola, a Spanish power company, for $700m.
"Opportunities to join global leaders like Iberdrola as investment partners in a wind farm of this caliber – and with access to one of the most attractive regulatory schemes in the world – do not come around that often. It's an especially proud day for our investors and another important moment in our growth story," Roland Dörig, EIP's Co-Founder and Managing Partner.
PIF to build a $412m stake in Almosafer Travel & Tourism.
Saudi Arabia’s sovereign wealth fund is seeking to build $412m stake in a local travel and tourism firm as part of efforts to diversify its investments, Bloomberg reported.
The Public Investment Fund signed a pact to acquire a 30% stake in Almosafer Travel & Tourism, a unit of Riyadh-listed Seera Group. The investment of $412m includes a $103m earn-out amount.
PIF leads bidding for Alshaya Group's Starbucks franchise.
Public Investment Fund, Saudi Arabia’s sovereign wealth fund has emerged as the frontrunner to buy a minority stake in Kuwaiti conglomerate Alshaya Group’s Starbucks franchise.
PIF is leading a consortium of investors vying for a stake in the business and could reach an agreement in the coming week. Private equity firms may invest in the company’s debt alongside the PIF. No final decisions have been made, and negotiations could still drag on longer or fall apart, Bloomberg reported.
Alshaya, which is working with JP Morgan, had indicated they valued the business at $15bn but prospective buyers expected bids to value it closer to around $11bn.
EQT’s Marc Brown is looking for ‘IPO stars’ after closing €2.4bn growth fund.
EQT announces the final close of EQT Growth above its €2bn ($2,02bn) target, raising €2.2bn ($2,26bn) in fee-generating assets under management and total commitments of €2.4bn ($2,48bn). As the largest first-time growth fund based in Europe, the raise underlines the strong investor demand for EQT Growth’s thematic investment strategy and active approach to unleashing sustainable growth in Europe and Israel’s leading technology companies.
The strategy seeks to invest around $50m to $202m, backing strong management teams of companies supported by secular macro trends primarily within four tech sub-sectors: enterprise, con/prosumer, health, and climate.
Mindful Capital leans towards IPO for Italcer over the sale.
Mindful Capital Partners is leaning towards an IPO over a sale of portfolio company Italcer as it progresses through a dual-track process. Mandates to guide on the potential IPO of the Italian ceramics group set to be awarded soon. Banks invited to pitch include BNP Paribas, Barclays, Credit Suisse.
Mindful Capital a fully independent firm operating as a unique cross border private equity house for mid-market companies located in Italy and in the DACH region that can benefit from enhanced growth strategies in international markets.
Porsche IPO draws commitment from the Norwegian wealth fund.
Volkswagen has lined up commitments from anchor investors, including the Norwegian sovereign wealth fund, as it pushes ahead with a listing of its Porsche unit.
Norges Bank Investment Management has agreed to buy stock in what’s set to be one of Europe’s largest initial public offerings. VW is discussing seeking a valuation of around $70bn to 85bn, Bloomberg reported.
At the top end of that range, Porsche would be valued at almost as much as VW. Preference shares in Europe’s biggest carmaker have fallen by roughly 23% over the last 12 months, giving it a market value of $90bn.
Northzone raises €1bn.
Nordic venture capital firm Northzone said it had raised more than €1bn ($1,01bn), one of the largest such funding rounds in Europe this year.
The firm, which has funded companies such as Spotify, Klarna and Personio, plans to use money from its 10th fundraising to back startups from seed stage through to initial public offering, Reuters reported.
VC Energy Impact Partners launches $393m European fund.
Energy Impact Partners, a global venture capital firm, has launched its European Fund, which has $393m to deploy in European investments to accelerate the growth of innovative technologies which have the potential to drive the transition toward net zero.
The fund will seek growth and venture investments across the continent, targeting mission-driven companies with established products, markets, and customers across the full spectrum of the energy transition. This includes high-impact European tech companies that contribute to safer, more flexible, and cleaner energy sources.
Mirroring the successful strategy of its North American funds, the new fund is structured to enable EIP to partner with European entrepreneurs, supporting their growth and success with a combination of capital and commercial support through EIP’s powerful coalition of industrial firms. EIP’s established presence in North America also offers European companies support to expand in the market and gives founders access to opportunities to exit in North America.
SWEN Capital Partners holds final close of Territoires Innovants 3 fund.
SWEN Capital Partners, a specialist in responsible private equity investments, has held the final close for the third vintage of its Innovative Territories fund range, dedicated to supporting growing French SME and mid-market firms.
Boasting $152m of investment capacity, this vehicle is consistent with prior vintages and will focus on financing in regional France, on innovation and on innovative management.
APAC
Sony Pictures Networks India and India's Zee Entertainment have proposed offering concessions such as pricing discounts to help ease concerns of the country's antitrust regulator over their merger, which will create a $10bn TV behemoth.
The concessions are a bid to iron out antitrust worries of the Competition Commission of India, which in an August 3 notice warned the companies of further scrutiny, saying their "humongous market position" would allow them to enjoy "un-paralleled bargaining power" with 92 channels in India's massive media and entertainment market. In particular, the CCI was concerned over how big an impact on competition the merged entity would have in terms of advertising and channel pricing, particularly in the popular Hindi language segment. Legal experts and former CCI officials said such scrutiny was set to delay the deal approval process.
Last week, Sony-Zee submitted "voluntary remedies" to the deal in writing to assuage the watchdog's concerns, though that did not include structural changes such as the sale of certain channels to reduce the threat of competition, Reuters reported.
Sony Pictures India is advised by KPMG, Morgan Stanley and Shardul Amarchand Mangaldas & Co. Invesco is advised by Jefferies & Company. Zee is advised by Boston Consulting Group, JP Morgan, KPMG, Trilegal and Brunswick Group.
KKR indicated that it won't be improving the terms of an alternative takeover proposal for the hospital chain operator Ramsay Health Care, Bloomberg reported.
KKR has been in talks with Ramsay, which operates a network of private hospitals across Australia and Europe, since April to come up with a binding agreement following the indicative $21bn offer for the company.
Last month, Ramsay confirmed that the KKR consortium had withdrawn its all-cash bid for the hospital networks, while the board deemed an alternative cash-and-share proposal by the group inferior, effectively killing any deal unless the group put forward a higher cash-and-share proposal.
PAG, an investment firm focused on the Asia-Pacific region, agreed to acquire Patties Foods, an Australian food manufacturing company, and Vesco Foods, a producer of frozen foods. Financial terms were not disclosed.
"This transaction enhances the strength of our business in Australia and New Zealand. We are excited about this unique opportunity to take some of Australia and New Zealand's best-loved brands to the next level. Over the past few years, PAG has had the privilege of working with several leading Australian companies, and we are looking forward to putting that expertise to work in support of Patties and Vesco, and helping them provide the highest quality products to consumers across Australia, New Zealand and beyond," Sid Khotkar, PAG Private Equity Managing Director and Head of in Australia and New Zealand.
PAG is advised by Arize Communications and Domestique.
BlackRock, an American multinational investment company based in New York City, agreed to acquire solarZero, a solar energy services company, for $60m.
"Kiwis want clean and resilient energy. BlackRock Climate Infrastructure team's investment and backing will enable us to rapidly scale, grow our energy services network, and accelerate the transition to a 100% clean energy future," Andrew Booth, solarZero Founder and CEO.
solarZero is advised by Eleven PR.
Everstone Capital, the private equity arm of the Everstone Group, completed the acquisition of a majority stake in Softgel Healthcare, a manufacturer of soft gelatin capsules for Rx OTC and nutraceuticals. Financial terms were not disclosed.
"We are delighted to partner with SHPL, Mr. Sulaiman and the management team led by Dr Vijay Alagappan. The company, with its strong R&D capabilities and ability to manufacture products in advanced dosage forms, is well positioned to be a global leader in the CDMO segment. We believe that Everstone's value creation playbook will help SHPL realize its global goals and propel the company into its next phase of growth," Sameer Sain, Everstone Co-founder and CEO.
Softgel Healthcare was advised by Veda Corporate Advisors.
Nissan Motor, an automobile manufacturer, agreed to acquire Vehicle Energy Japan, a lithium-ion battery maker, from Innovation Network Corporation of Japan, a private equity firm. Financial terms were not disclosed.
"The investment will allow Nissan to secure a stable battery supplier and contribute to the development of next-generation batteries with a competitive edge in terms of both performance and cost," Nissan.
Nissan Motor is advised by Morgan Stanley.
CVC Capital Partners, a Luxembourg-based investment firm, completed the investment in Phuong Chau Hospital, the operator of the Phuong Chau-branded maternal and infant care hospitals in southern Vietnam. Financial terms were not disclosed.
The investment firm has updated its portfolio with Phuong Chau as the second deal in Vietnam, following an investment in Asia Commercial Bank in 2017.
Yes Bank mulls approval of JC Flower as buyer for its $6bn stressed loan portfolio.
Indian lender Yes Bank is likely to approve the transfer of stressed assets worth $6bn to private equity firm JC Flowers at its next board meeting.
A rival consortium led by private equity firm Cerberus and Asset Reconstruction of India withdrew its bid after submitting an expression of interest earlier this year.
The transfer of stressed loans away from its book is a crucial step for Yes Bank and comes more than two years after the central bank had to step in to take control of the bank after a dramatic rise in toxic assets alarmed investors and depositors, posing a systemic risk to India's banking sector, Reuters reported.
Bain Capital said to prep sale of Japan’s Works Human Intelligence at up to $2bn valuation.
Bain Capital is reportedly prepping a sale of Japanese human resources software business Works Human Intelligence which could value it at up to $2bn, AltAssets reported.
The buyout house picked up Works three years ago, when it was known as Works Applications. Bain is working with an advisor and has reached out to prospective buyers. The firm is considering a full or partial stake sale.
GIC, ESR launch third Australian logistics fund with $408m commitment.
Singapore’s sovereign wealth fund GIC and Warburg Pincus-backed ESR have set up the third core-plus fund for Australian logistics properties, Australia Logistics Partnership III, with a committed equity of $408m.
GIC, which is the cornerstone investor, is contributing to 90% of the fund and 10% will be injected by ESR. GIC and ESR’s third vehicle is already conducting due diligence on a number of initial seed assets for the fund. The fund will target warehouses in first- and second-tier cities in Australia such as Sydney, Melbourne, and Brisbane.
“We are pleased to expand our long-term partnership with GIC on EALP III as it reflects our collective confidence in ESR’s ability to capitalise on the growing set of opportunities across APAC and especially in Australia. As the largest real asset manager in APAC, ESR’s integrated fund management platform has provided our capital partners with access to some of the world’s best secular growth opportunities propelled by the positive trends of e-commerce and digital transformation,” Stuart Gibson and Jeffrey Shen, ESR Co-Founders and Co-CEOs.
SoftBank’s Son discusses setting up third Vision Fund.
SoftBank founder Masayoshi Son has revived discussions of setting up a third Vision Fund, weeks after apologizing for the disappointing performance of his first two funds, Bloomberg reported.
The 65-year-old entrepreneur has raised billions of dollars in cash recently and sees another startup fund as one of several possible priorities for the money.
Australia’s Telstra Ventures raises $350m for third VC fund.
Telstra Ventures, the venture capital arm of Australian telecom company Telstra, has announced the final close of its third VC fund at $350m to invest in pre-growth and early growth companies, DealStreetAsia reported.
The Fund, Telstra Ventures Fund III, will seek opportunities in various sectors, including cloud, cyber, crypto, carbon and climate, coders, creators, and consumers, as well as other fast-growing software and digital sectors.
Indonesia's AC Ventures hits first close of $250m, fifth early-stage fund.
Indonesia-focused venture capital firm AC Ventures has secured the first close of its $250m, fifth earlystage fund. Roughly two-thirds of the target has been raised from institutional investors across markets including Europe, the US, China, South Korea, and Southeast Asia. The fund has already deployed into five seed deals, including in Indonesian credit scoring startup SkorLife, mortgage platform IDEAL, and social job platform Atma.
The latest close brings ACV’s assets under management to over $500m across five funds. Since 2012, the Indonesian venture firm has invested in more than 100 Southeast Asian tech startups, including prominent names like Xendit, Carsome, Stockbit, Ula, Shipper, and Aruna.
US pension commits $150m to funds managed by Gaw Capital, Angelo Gordon.
The State of Wisconsin Retirement Board has approved an aggregate of $150m in commitments to funds managed by Hong Kong-based private equity investor Gaw Capital and US alternative investment firm Angelo Gordon, DealStreetAsia reported.
During the regular meeting of its board of trustees, SWIB announced that it committed $50m each to Gateway Real Estate Fund VII and Gateway VII Co-Investment Account, both managed by Gaw Capital.
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