Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Magellan Midstream Partners Chief Executive Aaron Milford said he is confident the pipeline operator's planned sale to larger peer ONEOK for $18.8bn will gain approval from its investors despite some opposition, Reuters reported.
Energy Income Partners, the fourth-largest unitholder in Magellan with a 3.1% stake, has said it intends to vote against the proposed deal, concerned about the loss of tax benefits.
Banc of California, a provider of a full-service banking and home lending to individuals and their businesses and families, agreed to merge with PacWest, a bank holding company headquartered in Los Angeles, California, in a c. $1.15bn deal. Warburg Pincus and Centerbridge Partners will invest an aggregate of $400m for newly issued equity securities concurrently with, and subject to, closing of the merger.
“This transformational merger will create a robust, well-capitalized and highly liquid institution poised to deliver exceptional service to even more California businesses and communities. We believe both Banc of California and PacWest stockholders will benefit from the compelling economics of the combined company and its enhanced ability to deliver profitable and sustainable growth. Out of the gate, the combined company will have the strength and market position to support the banking needs of small and medium-size businesses in California and to capitalize on the opportunities created for stronger financial institutions in the wake of the recent banking industry turmoil,” Jared Wolff, Banc of California President and CEO.
The Committee on Foreign Investment in the US is reviewing Mubadala Investment's planned takeover of Fortress Investment Group amid concerns over the United Arab Emirates' ties to China, FT reported.
The review by the inter-governmental agency, which vets whether deals can harm national security, is in its early stages and a decision is not expected for several months.
Rithm Capital, an asset manager focused on the real estate and financial services industries, agreed to acquire Sculptor Capital Management, a global alternative asset manager with $34bn in assets under management, for $639m.
"We are extremely pleased about the opportunity to combine with Rithm to capitalize on the growing opportunity set we see in our business. We are excited to leverage this combination to continue to execute on our mission of providing our fund investors with attractive investment returns. We have long sought a partner with the stable capital structure, culture and vision to help unlock the potential for our platform to deliver more and greater value to our fund investors," Jimmy Levin, Sculptor CIO and CEO.
Sculptor is advised by JP Morgan, PJT Partners, Latham & Watkins, Weil Gotshal and Manges and Gasthalter & Co (led by Jonathan Gasthalter). Rithm Capital is advised by Citigroup, Debevoise & Plimpton and Skadden Arps Slate Meagher & Flom (led by Peter Serating, Blair Thetford and David Hepp).
Crosspoint Capital Partners, a venture capital firm, completed the acquisition of Absolute Software, a software company, for $870m.
“We are very excited about this acquisition and working with Crosspoint Capital to further strengthen our unique position in the market and in delivering the next generation of Resilience. This acquisition is only possible because of the outstanding contributions from our employees, the support of our customers, and the powerful ecosystem of OEM partners around Absolute. I look forward to partnering with Crosspoint and to our next chapter as a privately held company with the support and expertise of the Crosspoint Capital team,” Christy Wyatt, Absolute President and CEO.
H.I.G. Capital, a Miami, Florida–based private equity and alternative assets investment firm, agreed to acquire RBmedia, an audiobook publisher, from KKR, a global investment firm. Financial terms were not disclosed.
"This acquisition marks a milestone achievement for RBmedia and represents the next chapter in our ongoing business growth and expansion. Over the last five years, we have been privileged to work with the KKR team to create a leading company and to become a trusted partner for authors, publishers, distributors and voice actors, and we look forward to working with H.I.G. to build on that foundation," Tom MacIsaac, RBmedia CEO.
RBmedia is advised by Goldman Sachs, LionTree Advisors and Simpson Thacher & Bartlett. H.I.G. is advised by Morgan Stanley, RBC Capital Markets and Latham & Watkins (led by Tana Ryan and Matthew Goulding).
Centerbridge Partners, a global multi-strategy private equity firm, completed the investment in TA Associates-backed Netwrix, a private IT security software company that develops software to help companies identify and secure sensitive data and assist with compliance auditing. Financial terms were not disclosed.
"Netwrix solutions help organizations of any size strengthen their security posture across all the primary attack surfaces: data, identity and infrastructure, as well as ensure regulatory compliance. With Centerbridge and TA's backing and technology acumen, we're well positioned to address our customers' mission-critical needs," Steve Dickson, Netwrix CEO.
Netwrix was advised by Jefferies & Company and Avista PR (led by Erin Jones). Centerbridge Partners was advised by Moelis & Co and Kirkland & Ellis. TA Associates was advised by DLA Piper and Goodwin Procter.
KKR agreed to acquire Chase, a global manufacturer of protective materials for high-reliability applications across diverse market sectors, for $1.3bn.
"Over its nearly 80-year history, Chase has established itself as a leader in highly-engineered protective materials and built a portfolio of trusted brands, while delivering outstanding customer service. We look forward to supporting Chase on its next phase of growth through developing exciting new products, executing upon strategic acquisitions, and serving customers in growing end-markets, including critical applications in electronics, fiber optics and electric grid infrastructure," Josh Weisenbeck, KKR Partner.
Chase is advised by Perella Weinberg Partners, Davis Polk & Wardwell (led by Daniel Brass) and Alpha IR (led by Jackie Marcus). KKR is advised by Goldman Sachs and Kirkland & Ellis.
Haveli Investments to acquire Certinia from Advent International and Technology Crossover.
Haveli Investments, a technology-focused private equity firm, agreed to acquire Certinia, a software company, from Advent International and Technology Crossover, two investors, with participation from General Atlantic. Financial terms were not disclosed.
“Haveli has assembled a world-class team of investment professionals, and we are thrilled to partner with them as we enter this exciting next chapter for Certinia. We are very well positioned in a rapidly expanding market, and with Haveli as our new PE partner, we are confident we can take full advantage of growth opportunities and further enhance our ability to meet our customers’ ever evolving needs and help them achieve their full potential," Scott Brown, Certinia President and CEO.
Haveli is advised by Morgan Stanley, Ropes & Gray and Reevemark (led by Hugh Burns and Paul Caminiti). General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott and Brian C. Lavin). Certinia is advised by Weil Gotshal and Manges (led by Gareth Clark and Ramona Nee).
Apollo, an investor, agreed to invest in PetSmart, an omnichannel pet retailer. Financial terms were not disclosed.
"We are delighted to welcome Apollo as a strategic partner – affirming our growth and the strength of our associates' commitment to doing anything for pets. The combined expertise of BC Partners and Apollo enables even greater value creation opportunities as we embark on the next stage of growth for the business. We are grateful for the continued support of BC Partners, who have been our trusted partner for over eight years and look forward to working with the team at Apollo who bring the highest levels of expertise and whose vision for PetSmart aligns with our own," J.K. Symancyk, PetSmart President and CEO.
Apollo is advised by UBS and Simpson Thacher & Bartlett. BC Partners is advised by JP Morgan and Kirkland & Ellis.
Kingswood Capital, a private equity firm, completed the acquisition of Obsession, a fragrance retailer. Financial terms were not disclosed.
"We believe Obsession will continue to benefit from the positive tailwinds in the fragrance market and we are excited about partnering with the company to accelerate its growth. The management team has done an excellent job expanding the product offering and developing a best-in-class in-store experience and we look forward to helping deliver even more value to customers through further proprietary product development, new store openings, and e-commerce expansion, as well as continuing to execute upon the management team's ongoing operational initiatives," Michael Niegsch, Kingswood Partner.
Obsession was advised by Lincoln International and Honigman Miller Schwartz & Cohn. Kingswood was advised by Kirkland & Ellis. Debt financing was provided by CIBC World Markets.
Global Infrastructure Partners, an infrastructure investment fund making both equity and selected debt investments, agreed to acquire a 40% stake in Columbia gas business from TC Energy, an energy infrastructure company, for $3.9bn.
"Today’s announcement represents a major milestone in achieving our 2023 strategic priorities. To date, we have advanced our deleveraging goals by delivering on our $5bn+ asset divestiture program ahead of our year-end target, while maximizing the value of our assets and safely executing major projects, such as Coastal GasLink and Southeast Gateway. As part of our ongoing capital rotation program, we continue to evaluate opportunities to further our deleveraging objectives and optimally fund our secured capital program. Our commitment to strong balance sheet fundamentals and disciplined sanctioned net capital spending of $6 to $7bn annually post 2024 will continue to provide the foundation for a long-term sustainable annual dividend growth rate of three to five per cent,” François Poirier, TC Energy President and CEO.
TC Energy is advised by Citigroup, TD Securities, and Mayer Brown.
Thales, a company that designs, develops and manufactures electrical systems, agreed to acquire Imperva, a data and application cybersecurity company, from Thoma Bravo, a software investment firm, for $3.6bn.
"The acquisition of Imperva marks a major milestone in Thales' cybersecurity strategy. With this acquisition, we are seizing a unique opportunity to accelerate our cybersecurity capabilities and are taking an important step towards our ambition to build a world-class global cybersecurity integrated player, providing a comprehensive portfolio of products and services. We have tremendous respect for Imperva's innovative application and data security offerings. Imperva and Thales share the same vision and the same DNA. We are thrilled to enter the next phase of our growth together. We look forward to welcoming Imperva to Thales to further enhance our cybersecurity solutions, and help customers address their most important digital security challenges," Patrice Caine, Thales Chairman and Chief Executive Officer.
Thales is advised by Centerview Partners and Morgan Stanley. Thoma Bravo is advised by FGS Global (led by Liz Micci).
Ares Management, an investment firm, agreed to acquire Dynamic Renewables, a full-service developer, owner and operator of waste management and anaerobic digestion renewable fuel projects. In addition, NorthWestern Energy acquired a small minority stake in the company. Financial terms were not disclosed.
"We are thrilled to partner with Dynamic, and our investment is aligned with Ares' commitment to accelerate the transition to a lower-carbon economy through the company's innovative waste management and anaerobic digestion capabilities. Dynamic has a demonstrated track record of leadership in the rapidly growing renewable fuels sector, and we look forward to working together to build out its pipeline while supporting local communities in delivering more sustainable waste management practices," Andy Pike, Ares Infrastructure Opportunities Partner and Co-Head.
Ares Management is advised by Latham & Watkins. Dynamic is advised by Lazard and Husch Blackwell.
Industrial Growth Partners, a private investment partnership, completed the acquisition of Process Insights, an online process analytics and measurement instrumentation holding company, from Union Park Capital, a private equity investment firm. Financial terms were not disclosed.
"We are excited to partner with IGP and leverage their resources for strategic and operational support as we embark on our next phase of growth. IGP's decades of industrial sector expertise, and specifically its track record with test & measurement businesses, stood out to the full management team as a true differentiator. We are confident that with IGP's support, we will continue to grow Process Insights into a global leader of process instrumentation," Monte Hammouri, Process Insights CEO.
Oaktree Capital Management, an American global asset management firm, completed the acquisition of a majority stake in Magnolia Wash Holdings, a fast-growing organization of express car washes, from A&M Capital, a private equity firm. Financial terms were not disclosed.
"Magnolia and its management team have an impressive track record, and with our investment, we believe they are poised to grow into a preeminent operator in the industry. This is a special opportunity to partner with an experienced management team at a company that is well positioned to take advantage of the significant runway ahead," David Quick, Oaktree Managing Director.
Magnolia Wash Holdings was advised by JP Morgan. Oaktree Capital Management was advised by Harris Williams & Co.
Bain Capital Tech Opportunities, a growth investing firm that invests in software, fintech and payments, and Valeas Capital Partners, a venture capital firm based in San Francisco, completed investment in Ren, a trusted technology partner to top financial institutions and thousands of non-profit organizations. Financial terms were not disclosed.
“This is a significant inflection point in Ren’s growth, but more importantly, in the philanthropic economy. We see a clear opportunity to enhance our best-in-class platform so that we remain the trusted and most sought-after partner in facilitating philanthropic giving. Bain Capital Tech Opportunities and Valeas bring deep experience in vertical software and wealth-tech and the resources needed to propel our next phase of growth. We are thrilled to partner to continue to provide a best-in-class technology offering to our customers,” Joe Fisher, Ren President and CEO.
PSG, a growth equity firm, completed the $95m investment in Silversmith Capital-backed AppHub, an e-commerce enablement platform.
"The AppHub team has built what we believe is a differentiated and powerful software platform aiming to position merchants for success throughout different phases of their growth journey. We look forward to our partnership with AppHub, alongside the Silversmith team, and share in their enthusiasm for the company. We see a significant opportunity for AppHub to scale its portfolio of mission-critical software and deliver long-term growth," Matt Stone, PSG Managing Director.
PSG was advised by Prosek Partners.
Generation Investment, a financial services and investment management firm, led a $150m round in OneTrust, a trust intelligence provider, with participation from Sands Capital.
"Our solutions have never been more mission critical. In the face of changing regulations and new business initiatives like AI, organizations need the technology to drive trust to the center of their operations and manage the complex web of privacy, security, ethics, and ESG requirements. We are focused on delivering strong customer experiences and will continue to evolve our platform as our customers' needs grow. This funding is a testament to our sustained growth, market leadership, and customer-centric innovation. We are pleased to be working with Generation," Kabir Barday, OneTrust Founder, CEO, and Chairman.
Blackstone becomes the first $1tn private equity manager.
Private equity firms have sought to join a special club: managing $1tn in assets. Blackstone became the first in the private equity industry to hit that level, boasting in its latest quarterly earnings report that it managed just over $1tn in assets as of the end of June.
For firms like Blackstone, attaining that size cements their position as a major player in mainstream finance. On Main Street, the firm is perhaps best known for striking debt-fueled takeovers of companies, even if in reality it has long since branched out into an array of other businesses, from lending to real estate.
Private equity backers of Foundation Consumer Healthcare weigh $4bn sale of the company.
The private equity owners of Foundation Consumer Healthcare are exploring a potential sale of the company behind popular morning-after pill Plan B One-Step, Bloomberg reported.
Foundation’s backers, which include Kelso and Juggernaut Capital Partners, are working with financial advisers. The company may seek more than $4bn for the business.
Music rights giant BMI in renewed talks to sell itself.
Broadcast Music, the music rights company representing top songwriters such as Lady Gaga, Taylor Swift and Rihanna, is once again exploring options including a sale after it ditched its non-profit model, Reuters reported.
BMI has turned to Goldman Sachs Group, the investment bank that also advised it on deal discussions last year, for guidance as it fields interest from potential acquirers, including private equity firms.
Neuberger Berman closes second credit opportunities fund at $2.5bn.
Private, employee-owned investment firm Neuberger Berman has held the final close of the NB Credit Opportunities Fund II with approximately $2.5bn in limited partner capital commitments, exceeding the fund's initial target of $1.5bn.
The fund is managed by NB Capital Solutions, a group within Neuberger Berman that provides bespoke capital solutions to private equity-owned companies, enabling sponsors and management teams to achieve long-term strategic objectives.
"We are thankful for the confidence and support of our investors. The current market environment continues to create opportunities for firms like Neuberger Berman, with a global non-control private equity platform, that can invest in scale and provide strategic, flexible capital to our private equity partners," David Lyon, Capital Solutions Managing Director and Head of NB Capital Solutions.
Valesco Industries announces over subscription of Fund III at $434m.
Valesco Industries, a private equity firm in Dallas, Texas, announced that its Valesco Fund III has closed on $434m in capital commitments, exceeding the targeted capital commitment of $375m. VFIII received its SBIC license during Q4 2022.
VFIII was formed to continue Valesco's successful strategy of providing long-term equity (both control and minority) and subordinated debt capital to growth-oriented small and lower middle market businesses located throughout the US.
Proterra Investment Partners exceeds hard cap with final close of Proterra Credit Fund 2.
Proterra Investment Partners, a Minneapolis-based alternative asset manager focused on natural resources investing, announced the successful close of its second private credit fund, Proterra Credit Fund 2. Fund 2 exceeded its $400m target and closed above its initial $500m hard cap, attracting commitments from a diverse group of existing and new investors including state, local and corporate pension funds, insurers, family offices, RIA clients, and Proterra professionals.
At more than double the size of its predecessor fund, Fund 2 builds on Proterra's food and beverage credit platform established in 2019.
Liquid Stock announces successful close of fund II, surpassing $300m in assets under management.
Liquid Stock, a fully independent, institutionally backed firm providing liquidity to employees and stockholders of privately held companies, announced the successful close of Fund II, reaching a milestone of over $300m in assets under management. With a track record of more than 140 deals closed to date, Liquid Stock continues to demonstrate its expertise and leadership position as the go-to source for liquidity solutions.
Fund II witnessed significant participation from Fund I’s anchor investors, funds managed by Goldman Sachs Asset Management, Morgan Stanley AIP, and Coller Capital. The continued participation of our valued investors underscores their confidence in Liquid Stock's investment strategy and the team's ability to reliably identify and capitalize on opportunities.
Bracket Capital raises $150m for its third flagship fund.
Bracket Capital, a global multi-asset investment manager focused on growth and later-stage, technology-enabled companies, has closed its third flagship funds, Bracket Capital Fund III and Bracket Capital Fund III-A and related vehicles totaling $150m.
Bracket also raised an additional $300m in co-investment and evergreen funds to invest alongside Fund III for a total of $450m in equity to deploy. The fund will target later-stage, private, technology-enabled companies primarily through secondary market purchases from employees and early investors in these businesses, as well as through special-situation primary investment rounds.
"We are grateful for the support we received for Fund III from our new and existing investor partners. Bracket Capital has worked hard to distinguish itself as a premier provider of capital to businesses and a trusted liquidity partner to early employees and investors. Further, our flexible investment mandate enables us to creatively structure investments to create win-win solutions that benefit employees and management teams over the long-term, while providing our LPs with downside protection and high-quality risk adjusted returns," Jihan Bowes-Little, Bracket Capital Co-Founder and Managing Partner.
Goodyear launches review, names Elliott-backed directors. (People)
Goodyear said it will appoint new board members and launch a review of its business as part of a settlement with activist Elliott Investment Management, Bloomberg reported.
The Akron, Ohio-based manufacturer is setting up a board committee to oversee a review of strategic and operational alternatives to maximize shareholder value. Evercore, Lazard and Goldman Sachs are serving as financial advisers to Goodyear.
EMEA
DENTRESSANGLE, the investment holding company of Norbert Dentressangle, agreed to acquire Dietopack, an Italian manufacturer of nutraceutical and pet nutritional products, from Trilantic, a pan-European private equity firm. Financial terms were not disclosed.
"We are very pleased to make the simultaneous acquisitions of Naturacare and Dietopack. This move illustrates the agility and ability to execute of the DENTRESSANGLE teams. With Luc Basthiste at the helm and the integration of Cecilia Cavazzuti within the Executive Committee, we can rely on a team capable of structuring and growing Naturacare with the objective of making the Company a European leader in the food supplement CDMO sector, while maintaining the highest possible quality standards to provide safety, flexibility and innovation to demanding clients," Thierry Coloigner, DENTRESSANGLE Managing Partner.
DENTRESSANGLE is advised by Alvarez & Marsal, PricewaterhouseCoopers, Indefi, Equita Corporate Finance, De Pardieu Brocas Maffei, Pedersoli Studio Legale and Primatice (led by Thomas Roborel de Climens). Trilantic is advised by Ernst & Young, Nomura, La Torre Morgese Cesaro Rio and Citigate Dewe Rogerson.
The Carlyle Group, a global investment firm, agreed to acquire Evolution Funding, the UK's largest used auto finance platform, from LDC, a mid-market private equity house. Financial terms were not disclosed.
"We believe Evolution holds a unique position in the UK's motor finance market, built upon capturing the opportunity to provide a differentiated, technology-based platform which helps both lender and dealer partners navigate change from digitization and regulation. In Carlyle, we have found the ideal partner to continue our growth journey, given their experience growing and scaling entrepreneurial technology businesses like ours," Lee Streets, Evolution Funding Founder and CEO.
The Carlyle Group is advised by Alvarez & Marsal, LEK Consulting, Houlihan Lokey, DLA Piper and Seedcloud Advisory. Evolution Funding and LDC are advised by KPMG, OC&C Strategy Consultants, Arma Partners, Gowling WLG and Crosslake Technologies.
British asset manager Liontrust said that it had made its final offer for Swiss rival GAM Holding, after a backlash from some investors against the planned takeover.
Liontrust conditionally agreed to acquire GAM in May in a deal that valued the company at $124m. Liontrust said in a statement that it had engaged with shareholders of GAM but decided its offer was full and final and would not be increased, Reuters reported.
Egeria, an investment company, agreed to acquire Sonic Equipment, a specialist in professional hand tools, filled toolboxes and premium storage solutions, from Torqx Capital, a private equity firm. Financial terms were not disclosed.
"We are impressed by Sonic's entrepreneurship, growth track record and unique value proposition in the tools market. We strongly believe in the further international growth potential of the Sonic brand and product offering in the years to come and very much look forward to collaborate with Remko and the team to develop Sonic further," Sander Van Keken, Egeria Partner.
Egeria is advised by Boston Consulting Group, DC Advisory (led by Paul de Hek and Edward Godfrey), Ernst & Young and Allen & Overy. Torqx Capital is advised by Roland Berger, Deloitte, Lincoln International and Houthoff.
Inflexion Private Equity Partners, a mid-market private equity firm, agreed to acquire DWF Group, a global legal business, headquartered in Manchester, England, for £342m ($440m).
"We have followed DWF's progress since IPO with interest and have been very impressed with the development of the business and expansion of its offering to date. We are excited to partner with DWF as we look to support the business in delivering on its vision to become the leading provider of integrated legal and business professional services, through continued strong organic growth and targeted acquisitions in the UK and international markets," Flor Kassai, Inflexion Head of Buyout Fund.
DWF Group is advised by Fenchurch Advisory Partners (led by Kunal Gandhi), Stifel (led by Robin Mann), Dorsey & Whitney, Skadden Arps Slate Meagher & Flom and H/Advisors Maitland (led by Sam Turvey and Sam Cartwright). Inflexion is advised by Rothschild & Co (led by Ravi Gupta) and Travers Smith.
GTCR, a private equity firm, agreed to acquire Once For All, a compliance and supply chain management software provider, from Warburg Pincus, a global private equity firm, headquartered in New York City. Financial terms were not disclosed.
"We are excited to partner with the Once For All team to continue to build on the success of the business. Once For All has established itself as a leader in the supply chain and compliance software market, developing products that continue to be adopted across the industry as best-in-class solutions for navigating operational and regulatory complexities. We will look to accelerate the company's growth and scale through product innovation and the addition of capabilities through M&A. GTCR has a long investment history and experience in vertical software with compliance solutions which we will leverage in helping develop strategies that drive further growth for the business and value for our customers," Mark Anderson, GTCR Managing Director and Head of Technology, Media & Telecommunications.
Once For All is advised by Arma Partners, Jamieson, William Blair & Co, Kirkland & Ellis and Macfarlanes. GTCR is advised by Jefferies & Company and Latham & Watkins.
Rcapital, a private equity firm, completed the acquisition of Temple Lifts, a lift maintenance provider, from Hitachi, a Japanese multinational conglomerate corporation. Financial terms were not disclosed.
"Temple Lifts is a solid business that has built a strong reputation for technical expertise and exceptional client service. We are looking forward to supporting the management team as they take the business into a new era of growth and profitability," Sam Duberley, Rcapital Investment Manager.
Rcapital was advised by Bespoke M&A, PHD Property Advisory, Browne Jacobson (led by Paul Hill and Mark Hughes) and RJP.
SoftwareOne has launched a strategic review of its business after rejecting an improved takeover offer from private equity firm Bain Capital, Bloomberg reported.
This Swiss IT services provider said it will explore all options to create value for its investors, including by continuing to operate as a public company or via a sale or merger.
SoftwareOne is advised by JP Morgan and FGS Global.
Keensight Capital, a private equity manager, agreed to acquire a minority stake in e-Attestations, a third-party risk management SaaS platform. Financial terms were not disclosed.
“Keensight Capital’s team brings a wealth of experience in investing in European, founder-led, SaaS businesses, making them the ideal partner for e- Attestations’ next phase of growth. We are thrilled about this new partnership and look forward to writing the next chapter of e-Attestations’ success together," Emmanuel Poidevin, e-Attestations Founder and President.
Greencoat, a listed renewable infrastructure fund, agreed to acquire a 25% stake in London Array offshore wind farm from Orsted, a Danish multinational energy company, for £717m ($922m).
"We are delighted to invest in London Array. The transaction was originated and negotiated on a bilateral basis and reflects the company's ability to continue to generate significant shareholder value through selective off-market investments," Lucinda Riches, UKW Chairman.
Macquarie to acquire a 50% stake in Enel Green Power Hellas from Enel for $381m.
Macquarie, a financial services group, agreed to acquire a 50% stake in Enel Green Power Hellas, Enel's renewable subsidiary in Greece, from Enel, a manufacturer and distributor of electricity and gas, for $381m.
EGPH operates 59 plants totaling 482 MW of installed capacity powered by wind, solar and hydro as well as six solar projects under construction for an overall capacity of 84 MW. EGPH is also developing a portfolio of wind and solar projects, alongside expanding its activities in innovative solutions such as storage and hybrid projects.
Macquarie is advised by Jones Day (led by Vica Irani and Benjamin Michael Larkin).
Ardian, a France-based, independent private equity investment company, agreed to acquire Attero, one of the largest waste treatment and recycling companies in the Netherlands, from 3i, a British multinational private equity and venture capital company, and DWS, a German asset management company, for €215m ($239m).
"Attero has been a most successful investment for the company, experiencing substantial growth during our investment period. Whilst 3i Infrastructure aims to hold its investments over the longer term, we will sell investments where this generates significant additional value for our shareholders," Richard Laing, 3i Infrastructure Chair.
AGIC Capital, a private equity firm specializing in growth investment, business expansion and inorganic growth related investment, agreed to acquire a majority stake in Pure Trade, a firm that designs and manufactures packaging in beauty industry. Financial terms were not disclosed.
“We are glad to count on AGIC by our side to accelerate our future development strategy. Their support will be key to continue structuring the group and strengthen our international presence. We, as Pure Trade team, are highly motivated to start this new collaboration with AGIC and continue this successful adventure,” Stéfane Ladous, Pure Trade CEO.
International Airlines Group, an Anglo-Spanish multinational airline holding company with its registered office in Madrid, Spain, and its operational headquarters in London, agreed to invest in Nova Pangaea Technologies, a cleantech company that has created a revolutionary process, converting wood residues and agricultural waste into advanced biofuels and other bio products. Financial terms were not disclosed.
"This is a transformational milestone, and a real endorsement of the crucial work Nova Pangaea Technologies is doing. We are delighted to be adding IAG – one of the foremost names in the aviation industry - to our shareholder register. Our facility will be the UK's first commercial plant of its kind, but we also see enormous potential in the North American market. We have set our sights in delivering a sustainable source of SAF to decarbonise the aviation sector, not just in the UK, but globally too," Sarah Ellerby, Nova Pangaea Technologies CEO.
Wealth funds of Saudi and Oman explore cooperation.
Sovereign wealth funds of Saudi Arabia and Oman have agreed to boost cooperation and explore investment opportunities with up to $5bn earmarked for potential Saudi investments in Oman, DealStreetAsia reported.
Saudi Arabia has stepped up investments in Oman in a show of support for one of the Gulf's weaker economies as it recovers from the impact of the Covid-19 pandemic and seeks to grow non-oil sectors in a diversification push.
Lars Windhorst discloses multimillion loss on sale of Hertha Berlin football club.
US non-public fairness group 777 Partners has paid Lars Windhorst lower than €15m ($13m) up entrance to purchase his majority stake in Hertha Berlin soccer membership, a heavy loss on the financier’s authentic €374m ($324m) funding.
Windhorst confirmed undisclosed details of the sale throughout a London courtroom hearing last week when a barrister representing one of his creditors cross-examined him about his financial arrangements.
Windhorst stated he had offered Hertha Berlin a €65m ($56m) buy worth, offset towards a €50m ($43m) mortgage that 777 had beforehand offered.
Abrdn to merge with Global Absolute Return Strategies in a consolidation move.
Abrdn is to merge an investment fund that was once Britain’s biggest after years of mediocre performance, asset manager seeks to streamline underperforming operations, SkyNews reported.
Abrdn informed staff that Global Absolute Return Strategies, which once managed tens of billions of pounds of investors' money, is to cease operating as a standalone vehicle.
The fund was originally established to help plug the deficit in the Standard Life pension scheme, with its 'absolute return' objectives then rolled out to institutional and wholesale clients.
SBB, Brookfield end talks on EduCo stake sale.
SBB and Brookfield have ended talks on the sale of SBB's remaining 51% stake in its education subsidiary EduCo, the Swedish property group said.
The breakdown in the talks is a big blow to Stockholm-based SBB which has been fighting for survival since its shares plunged in May on concerns over its financial position and a refinancing of billions of crowns in debt. Its shares are down more than 90% from their peak in 2021, Reuters reported.
UAE funds cancel a deal to buy control of Israeli financial firms.
A consortium of Abu Dhabi funds led by ADQ has called off a planned deal to buy a controlling stake in Israeli financial services firm Phoenix.
The term sheet was terminated due to potential regulatory limitations on the deal that would have likely restricted several members in the consortium from making additional material investments in Israel, the controlling shareholders said in a letter to Phoenix, filed to the Tel Aviv Stock Exchange. Phoenix shares fell as much as 2.44%.
Astorg VIII reaches €4bn at interim close.
Astorg has held an interim closing of its its flagship fund, Astorg VIII, with total fund commitments of €4bn ($4.42bn), which represents about 90% of the target size and hard cap of €4.5bn ($4.98bn), and a nearly 10% increase on Astorg's predecessor fund.
Astorg VIII is an Article 8 Pan-European fund targeting B2B global niche investments in defined subsegments of its four targeted verticals: healthcare, technology, business services and industrials.
Terra Firma founder Guy Hands steps down. (People)
Guy Hands, one of Britain's highest-profile financiers, has stepped down as chairman of Terra Firma Capital Partners, the private equity firm he founded, after more than two decades in the role, Reuters reported.
Hands built up a reputation as a well-known and outspoken dealmaker in the private equity world, who was behind deals including takeovers of record label EMI and the Four Seasons care homes business.
APAC
Bain Capital, a private investment firm that specializes in private equity, venture capital, credit, public equity, impact investing, life sciences and real estate, agreed to acquire a 90% stake in Adani Capital and Adani Housing, subsidiaries of Adani Group firm founded by Gautam Adani in 1988. Financial terms were not disclosed.
“Gaurav and the team have built a scale lending business that supports entrepreneurialism and is trying to solve the $300bn+ unmet retail MSME credit demand in the country. The company has strong business fundamentals, an experienced team, with ability to serve and expand to core segments like agriculture, housing and to underbanked rural areas. We see compelling opportunities to partner with Gaurav and team to support and facilitate Adani Capital’s next phase of growth by providing access to significant capital, strategic and operating resources, and deep experience partnering with financial services businesses in India and across the globe,” Rishi Mandawat, Bain Capital Partner.
Adani Capital is advised by Avendus. Bain Capital is advised by Rothschild & Co.
Everstone Capital and Recognize completed the investment in MediaMint.
Everstone Capital, an investor, and Recognize, a venture capital firm, completed the investment in MediaMint, a digital advertising operations service provider. Financial terms were not disclosed.
"MediaMint has built a strong foundation focused on delivering high-value outcomes through process excellence and deep domain expertise for our global base of digital marketing clients. Working with Everstone and Recognize will enable us to enhance our global infrastructure to better service our clients with on-shore account management, incremental global delivery centers, and an expanded solution set," Aditya Vuchi, MediaMint CEO and Co-Founder.
MediaMint was advised by DC Advisory (led by Klaas Oskam).
SparkEdge Capital, an investment firm, led a $280m Series C round in Astronergy, a photovoltaic manufacturing company.
"SparkEdge Capital helps Astronergy further develop in multiple dimensions such as brand expansion, channel optimization, supply chain integration, technology R&D, and industrial landing, as well as the investment value of the head target is gradually emerging," Hui Hengyu, SparkEdge Capital Partner.
BlackRock, an American multinational investment company, and Jio Financial Services, a financial services provider, agreed to form Jio BlackRock, a joint venture, to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India. Financial terms were not disclosed.
“India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways. We are very excited to be partnering with JFS to revolutionise India’s asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India,” Rachel Lord, BlackRock Chair & Head of APAC.
GIC, a private equity firm, agreed to invest in Japanese real estate developer Daiwa House Industry-backed Aichi Logistics Facility, a logistics facility in Yatomi city. Financial terms were not disclosed.
The warehouse was developed and completed in 2022 by Daiwa House Industry. The asset is well‐located in a logistics hub near a major expressway and provides convenient access to the Nagoya central business district and other surrounding regions. As a young and modern asset, the facility is attractive to a wide range of tenants serving both the regional local and regional areas.
QIA considering $1bn stake in Ambani’s Reliance retail.
Qatar’s sovereign wealth fund is in early discussions to purchase a minority stake in Indian billionaire Mukesh Ambani’s rapidly expanding retail unit. The Qatar Investment Authority wants to increase its bets in India and is among parties that are in talks to buy into Reliance Retail Ventures, Bloomberg reported.
The stake may amount to $1bn. Other oil-rich Middle Eastern investors looking to diversify their portfolios are also keen to invest in Ambani’s retail arm. Back in 2020, Saudi Arabia’s Public Investment Fund had invested $1.3bn for a 2.04% stake in Reliance Retail. Other shareholders include KKR and two Abu Dhabi sovereign investment funds.
HK-based Value Partners to set foot in Indonesia in partnership with Aldiracita Group.
Hong Kong-based investment firm Value Partners Group has announced a partnership with Indonesian investment firm Aldiracita Group to mark its footprint in the archipelago, DealStreetAsia reported.
Value Partners Group is an investment holding company principally engaged in the asset management business. The company is engaged in the provision of investment management services to investment funds and managed accounts.
JERA to invest $300m in greentech-focused startups.
Japan's top liquefied natural gas buyer JERA will invest $300m in green technology-focused startups through a newly created in-house unit, as part of the country's efforts to reach carbon neutrality by 2050.
JERA, also Japan's biggest utility, would target startups which develop decarbonisation technologies including hydrogen, ammonia and other renewables, digital technologies as well as those focusing on women's health. Venture capital funds which are linked to such startups would also be investment targets for JERA Ventures, DealStreetAsia reported.
Reliance to invest $122m in Brookfield JV to build data centres in India.
India's Reliance Industries said it would invest up to $122m in building data centres in the country along with Canada-based Brookfield Infrastructure. Reliance will initially invest about $46m in units of Mercury, which is a joint venture between Brookfield Infrastructure and US-based real estate investment trust Digital Realty, DealStreetAsia reported.
The JV is currently building data centers in Chennai and Mumbai. The Mukesh Ambani-owned company has committed to invest the remaining $76m in equity and debt securities of the JV's units when needed. Reliance will hold a 33.33% stake in each of the Indian units of the JV and become an equal partner, adding that the venture will be branded as Digital Connexion.
India's Knight Fintech in talks with Accel, IvyCap Ventures, Lok Capital to raise funding.
Knight Fintech is in talks with a host of venture capitalists such as Accel, IvyCap Ventures, and Lok Capital, among others, to raise its next round of funding as it looks to ramp up operations over the next few months, DealStreetAsia reported.
The Mumbai- and Singapore-headquartered fintech firm has also tapped its existing backers—3one4Capital and Prime Venture Partners—to top up. While the exact amount that Knight Fintech is looking to raise could not be ascertained, an earlier report by Entrackr stated that the startup is eyeing a $10-12m corpus in the current round.
GIC shifts focus to private credit as rising interest rates boost returns.
Singapore sovereign wealth fund GIC is betting that tighter bank lending policies will see companies look to private credit to provide the capital they need and is shifting money to the sector as a result.
GIC CIO Jeffrey Jaensubhakij describes private credit an asset class that currently offers the “most attractive” risk-reward profile with rising interest rates pushing up returns.
Sequoia China said to be in the market for its new $2.8bn fund.
Sequoia Capital's Chinese affiliate is reportedly in the market to raise $2.8bn for a new Chinese currency fund and is banking on domestic investors as backers.
Sequoia Capital China, which is preparing to split from the main venture capital firm, is looking at approaching domestic backers for the new fund, including the government city of Hangzhou. The launch of the new China fund comes as Sequoia China was reported to have established a new branch in Singapore, with plans to use it as a primary investment platform in Southeast Asia.
The move will see Sequoia China competing with Peak XV Partners. Sequoia Southeast Asia already operates an office in Singapore. However, sources said Peak XV sees Sequoia China as a partner rather than a competitor, DealStreetAsia reported.
Hong Kong's Isola Capital to launch up to $400m fund.
Isola Capital, a Hong Kong-based asset management and family office platform, is launching a $300-400m multi-strategy fund, which will be sub-advised by Singapore’s Fullerton Fund Management, in the third quarter of this year, DealStreetAsia reported.
Isola Capital was established in Hong Kong in 2011 to be responsible for global direct investment and fund management, and subsequently spun-off independently to be owned by a completely new group of select Asian and European families.
Eversource-backed GreenCell Mobility secures $366m debt from India's REC.
Electric bus maker GreenCell Mobility said it has secured $366m in debt funding from Rural Electrification, to buy 3k buses and invest in other sustainable transportation services. As part of the agreement, GreenCell Mobility along with its subsidiaries, or ventures that work in the business of electric mass mobility as a service, will be eligible to avail of financial assistance from REC for their related activities during the next five years, up to March 2028, DealStreetAsia reported.
GreenCell, which is backed by Eversource, a joint venture between investment management firm Everstone Group and solar energy project developer Lightsource, had raised $55m last year from Asian Development Bank, Asian Infrastructure Investment Bank, and Clean Technology Fund to develop 255 electric battery-powered buses.
Temasek backs $305m first close of Australian deep tech VC Main Sequence’s third fund.
Australian venture capital firm Main Sequence announced that it raised about $305m in the first close of its third fund from a host of investors, DealStreetAsia reported.
The venture capital firm, founded by Australia’s national science agency CSIRO, has secured funding from new limited partners, including LGT Crestone, NGS Super, Daiwa Securities Group and the Grantham Foundation, as well as returning backers Hostplus, Temasek, Australian Ethical Investment and Morgan Stanley Wealth Management.
Prosus says its director resigned as BYJU's 'regularly disregarded' advice. (People)
Prosus said its representative resigned from BYJU's board as its "reporting and governance structures did not evolve sufficiently for a company of that scale" and it "regularly disregarded advice" from the Netherlands-based technology investor's director. Prosus's statement comes nearly a month after its representative Russel Deisenstock resigned from BYJU'S board, DealStreetAsia reported.
GV Ravishankar, a managing director at Peak XV Partners, and Vivian Wu of Chan Zuckerberg also resigned from the company's board at the time. BYJU's currently has only three members on its board, and all three are founder Byju Raveendran's family members.
"The need for reconstitution arose as few investors had to vacate the board seat due to their shareholding falling below a minimum required threshold as per our SHA," Prosus.
|
