AMERICAS
Drax Group, a British electrical power generation company, completed the acquisition of Pinnacle Renewable Energy, the second largest producer of industrial wood pellets in the world, for $580m.
“This is an exciting and important acquisition which positions Drax as the world’s leading sustainable biomass generation and supply business. Through this deal we are also advancing our plans to use BECCS to permanently remove millions of tonnes of carbon dioxide from the atmosphere each year and become a carbon negative company by 2030," Will Gardiner, Drax CEO.
Pinnacle was advised by CIBC World Markets, Scotiabank, Kirkland & Ellis and Stikeman Elliott. Drax was advised by RBC Capital Markets, Osler Hoskin & Harcourt and Slaughter & May.
Apollo Global Management agreed to acquire a 51% stake in ABC Technologies, a producer and distributor of automotive systems and components, from Cerberus Capital, a private equity firm, for $234m. Closing is subject to customary closing conditions, including the receipt of applicable regulatory approvals in Canada, United States, Mexico, Spain and Poland.
"ABC's strong operational and financial performance, combined with its near-term opportunities as a platform for industry consolidation in the automotive technical plastics space, led to an unsolicited offer from the Apollo Funds to acquire a majority stake in the company and join in the journey outlined during ABC's recent IPO process. We are excited to gain access to Apollo's expertise and resources and look forward to a highly collaborative relationship as we continue to grow our business and better serve global automotive customers with industry-leading products," Todd Sheppelman, ABC Technologies President and CEO.
ABC is advised by Evercore, Blake Cassels & Graydon, Creel Garcia-Cuellar Aiza y Enriquez, Lowenstein Sandler and Wildeboer Dellelce. Apollo is advised by Goodmans and Paul Weiss Rifkind Wharton & Garrison.
Cardlytics, a digital advertising platform, agreed to acquire Bridg, a customer data platform, from Morpheus Ventures and March Capital for $350m.
"The Cardlytics platform is a powerful and unique advertising platform that brands trust because we have a better approach to target and engage consumers, which is based on actual consumer purchases across all merchants in a privacy-first way. Bridg built a similar model, but instead focused on all of the products purchased at an individual retailer," Lynne Laube, Cardlytics CEO.
Bridg is advised by JP Morgan and Kirkland & Ellis. Cardlytics is advised by Bank of America, Cooley and ICR.
Nicolet Bankshares, a bank holding company, agreed to acquire Mackinac Financial, a bank holding company, for $248m. The transactions is expected to close in the third quarter of 2021.
"The acquisition of mBank is an important step in Nicolet's planned growth. This deal is not about expanded geographies but rather about the characteristics of the communities we will serve. Together, we will combine two organizations that understand the positive impact that a strong community bank can make. We look forward to becoming an integral part of the Upper Peninsula and Northern Michigan," Mike Daniels, Nicolet President and CEO.
Mackinac is advised by Piper Sandler and Honigman Miller Schwartz & Cohn. Nicolet is advised by Hovde Group and Bryan Cave Leighton Paisner.
The Carlyle Group completed the acquisition of a majority stake in Counter Brands, the parent company of Beautycounter, a clean beauty firm, valuing the company at $1bn. Financial terms were not disclosed.
"Today marks an exciting and important milestone for our company and I am so proud to partner with Carlyle as we continue to work toward achieving that mission. I have long admired Jay and the team at Carlyle for their experience working with brands at the intersection of cultural relevance and consumer demand and believe that our combined vision will be instrumental in accelerating Beautycounter as the leader in clean beauty, and in the beauty industry as a whole," Gregg Renfrew, Beautycounter Founder and CEO.
Counter Brands was advised by Evercore, Goldman Sachs and Latham & Watkins. Carlyle was advised by Kirkland & Ellis.
Bally's, a US omnichannel provider of land-based gaming and interactive entertainment, agreed to acquire Tropicana Las Vegas Hotel and Casino from Gaming and Leisure Properties, a publicly-traded gaming-focused real estate investment trust, for $308m.
"Landing a preeminent spot on the Las Vegas Strip is a key step for us. The Strip is visited by over 40m players and guests per year, which we believe will significantly enhance Bally's customer base and player database, as well as unlock marketing opportunities to leverage the iconic Bally's brand. This expansion will also support the growth and development of our online and interactive business. We look forward to exploring significant redevelopment of the property, which we believe will enhance its financial profile," George Papanier, Bally's President and Chief Executive Officer.
Bally's is advised by Jones Day and Kekst CNC. GLPI is advised by Goodwin Procter.
Eldridge, a holding company, led a $200m Series D funding round in Clearcover, a digital auto insurer. The round was joined by American Family Ventures, Cox Enterprises, OMERS, as well as several other new investors.
"The car insurance experience is becoming increasingly digital and customers want streamlined, customizable options when choosing a carrier. In an industry ripe for transformation, we see ourselves as innovators in digital car insurance experiences while providing our customers more value for less money. This new capital will allow us to continue our growth across the country, providing better insurance to more customers," Kyle Nakatsuji, Clearcover Co-Founder and CEO.
Clearcover was advised by Financial Technology Partners and Kickstand. Eldridge was advised by Prosek Partners.
Birch Hill Equity Partners, a private equity firm, completed the acquisition of the Specialty Chemicals business of Superior Plus, which distributes propane, supplies chemicals and technology, and produces potassium products, for $577m.
"The sale of the chemicals business was an important component of our strategic plan and provides us with additional capital to further accelerate our accretive growth strategy in the US and Canadian propane markets,” Luc Desjardins Superior’s President and CEO.
Birch Hill was advised by Barclays and Orrick Herrington & Sutcliffe.
Public Service Enterprise Group, a diversified energy company, completed the acquisition of a 25% stake in Ocean Wind, a wind farm project from Orsted, an energy company. Financial terms were not disclosed.
"From creating jobs and strengthening the economy to investing in infrastructure and bringing gigawatts of renewable energy to our coast, offshore wind is critical to New Jersey's future. PSEG is pleased to close on its investment in Ocean Wind and looks forward to working with Orsted to bring clean energy and new industry to the state," Ralph Izzo, PSEG Chairman, President and CEO.
Orsted was advised by Skadden Arps Slate Meagher & Flom. PSEG was advised by Wachtell Lipton Rosen & Katz.
Investcorp, a global provider and manager of alternative investment products, and Trilantic North America, a growth-focused middle-market private equity firm, agreed to acquire RoadSafe Traffic Systems, a provider of traffic control and pavement marking services, from ORIX Capital Partners, a private equity firm. Financial terms were not disclosed.
"Private capital will play a crucial role in rebuilding and modernizing US infrastructure and we are thrilled to partner with the RoadSafe and Investcorp teams to strengthen this entrepreneurial business' leadership position in a highly fragmented industry," Charles Fleischmann, Trilantic North America Partner.
Investcorp is advised by Prosek Partners.
Rainier Partners, a private equity firm, completed the acquisition of Calpine Containers, which distributes innovative and quality packaging. Financial terms were not disclosed.
“Calpine has a well-earned reputation as a dependable partner to its customers. We are thrilled Calpine has chosen to partner with us and look forward to supporting management as Calpine extends its 125-year history,” Jon Altman, Rainier Managing Partner.
Rainier Partners was advised by BackBay Communications.
Public Storage, an owner, acquirer, developer, and operator of self-storage properties, completed the acquisition of ezStorage, an operator of self-storage facilities, for $1.8bn.
"We are pleased to welcome the ezStorage customers to Public Storage's industry-leading brand and platform. The acquisition is a direct reflection of Public Storage's unique positioning for growth through acquisitions, development, redevelopment, and third-party management," Joe Russell, Public Storage CEO.
Apax-backed Lexitas, a provider of technology-enabled litigation services, agreed to acquire Alaris, a litigation support company. Financial terms were not disclosed.
"As a growing company, we are extremely pleased to have Debbie Weaver and her outstanding team join the Lexitas family. Alaris represents a key acquisition for us. Their strong presence in the highly attractive St. Louis, Kansas City, and Little Rock markets will accelerate our growth plans in the Midwest. Their culture, talent and passionate customer service fit perfectly with Lexitas' core values," Gary Buckland, Lexitas CEO.
Aries Building Systems, a modular space solution provider with full turnkey capabilities, agreed to acquire Precision Structures, a construction services provider. Financial terms were not disclosed.
“Precision Structures has a well-earned, loyal customer base that was built over the course of many decades. We are thrilled to be adding this leading force in the modular industry to our team and look forward to providing our top-level customer service and space solutions to their existing customer portfolio,” Katie Roman, Aries Senior Vice President.
Weatherford Capital, a family-owned private investment firm, and Accel, an early and growth-stage venture capital firm, led a $150m Series D round in The Zebra, an insurance comparison site.
"This investment is going to be used to grow our team and build our brand. We are accelerating our efforts to make The Zebra a household name and help educate, empower and advise consumers to find the best policies for their unique needs, no matter where they are in their lives," Keith Melnick, The Zebra CEO.
Addition Ventures, a venture capital firm, led a $125m Series C round in Tend, a provider of dental services, with participation from GV, Juxtapose, Redpoint and Zigg Capital.
"Tend's remarkable growth and high consumer demand — especially during this time, further validates the need for transformation of the $142bn dental market. We're excited to support Doug and the team at Tend as they continue to scale the business and make oral healthcare a seamless and approachable experience," Lee Fixel, Addition Founder.
UiPath aims $26bn valuation in US IPO. (FS)
UiPath, a software solutions provider, targets a valuation of nearly $26bn in US IPO. The demand soars for its robotic process automation services from companies shifting to remote working during the pandemic.
The company plans to sell 6.8m shares while existing shareholders will sell an additional 14.5m shares as part of the offering. The offering will be priced between $43 and $50 per share, raising about $1.06bn at the top end of the range.
UiPath is backed by private equity investors, including Accel, Coatue, Dragoneer, IVP, and Sequoia Capital.
UiPath is advised by Morgan Stanley and JP Morgan.
Blackstone-backed Blue Yonder files for IPO at $6.5bn valuation. (FS)
Blackstone-backed Blue Yonder, an artificial intelligence-based supply chain software provider, has secretly filed for a proposed IPO. The company can be valued at $6.5bn.
The Honest files for IPO seeking $2bn valuation.
The Honest, a company offering eco-friendly products for babies and homes, filed for IPO on Nasdaq, targeting a $2bn valuation. The company will seek a listing size of $100m, a placeholder amount that will likely change, Bloomberg reported.
Honest counts Scott Dahnke and Michael Chu, L Catterton Global Co-CEOs, among its largest shareholders. The filing also lists Lightspeed Venture Partners, Fidelity and General Catalyst as investors.
Honest is advised by Morgan Stanley, JP Morgan, and Jefferies.
CenterOak Partners closed $690m Fund II at hard cap. (FS)
CenterOak Partners, a private equity firm, announced the closing of CenterOak Equity Fund II with $690m commitments. Fund II exceeded its $575m target and closed at its hard cap.
Fund II will invest alongside managers of attractive middle market companies in the business services, industrial growth, and consumer sectors across the US.
CenterOak was advised by Credit Suisse and Gibson Dunn & Crutcher.
KKR hires two new managing directors from Capital Dynamics. (FS, People)
KKR has expanded its infrastructure team with two new managing directors. Tim Short and Benoit Allehaut join the firm from Capital Dynamics, a global asset manager, investing in private equity and clean energy infrastructure, where they were managing directors. Benjamin Droz, CapDyn Vice President, has also joined KKR as a principal.
“KKR is committed to investing in the energy transition, an initiative only made possible by increasing renewable energy sources. We are eager to continue investing behind this effort and thrilled to add three experienced and talented executives to our team," Raj Agrawal, KKR Partner and Global Infrastructure Head.
EMEA
The Competition and Markets Authority is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
Cellnex is advised by PricewaterhouseCoopers, Arthur D Little, AZ Capital, Goldman Sachs, HSBC, Clifford Chance, Kromann Reumert, McCann FitzGerald, Wolf Theiss, Brunswick Group and Roman y Asociados. CK Hutchison is advised by Deutsche Bank, Moelis & Co, Morgan Stanley, Freshfields Bruckhaus Deringer and Linklaters. Investor is advised by Roschier Attorneys and Weil Gotshal and Manges.
Allied Universal, a provider of security products and services, had received valid acceptances under the offer regarding a 90.25% stake in G4S, a British multinational security services company.
G4S is advised by Citigroup, Goldman Sachs, JP Morgan, Lazard, Herbert Smith Freehills, Linklaters and Brunswick Group. Allied Universal is advised by Credit Suisse, Moelis & Co, Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Freshfields Bruckhaus Deringer, Kirkland & Ellis, Sullivan & Cromwell and Teneo.
Consistent with UK regulatory requirements, Bally's arranged interim financing for the transaction from Deutsche Bank, Goldman Sachs and Barclays. Bally's intends to seek to refinance the bridge facility and Gamesys' debt through one or more capital market transactions, which could include public or private offerings of Bally's shares or other securities and a company-wide bank credit facility. There can be no assurance to the timing or terms of such capital markets transactions.
"We believe that this combination will mark a transformational step in our journey to become a leading integrated, omni-channel gaming company with a B2B2C business. We think that Gamesys' proven technology platform alongside its highly respected and experienced management team, combined with the US market access that Bally's provides, should allow the combined group to capitalize on the significant growth opportunities in the US sports betting and online markets," Soo Kim, Bally's Chairman.
Gamesys is advised by Berenberg, Numis Securities, Macquarie Group, Clifford Chance and Finsbury Glover Hering. Bally's is advised by Deutsche Bank, Jones Day and Kekst CNC. Debt financing is provided by Barclays, Deutsche Bank and Goldman Sachs.
Dustin Group, an online IT partner with operations in the Nordics and the Netherlands, agreed to acquire Centralpoint Holding, an IT value-added reseller in the Benelux region, from Rotla for €425m.
"With Centralpoint we become a leading IT-partner in the Benelux region, continuing to build on our strategy of combining hardware and software sales with an attractive service offering to offer complete IT solutions. We see great potential in building on Centralpoint's strong position within large corporate and public sales, combined with our current portfolio of offerings towards small and medium sized businesses and with that continuing to scale our online sales," Thomas Ekman, Dustin President and CEO.
Dustin is advised by Carnegie Investment Bank, Swedbank, DLA Piper and Cederquist. Debt financing is provided by Cederquist.
boohoo, an online fashion retailer, completed the acquisition of a new office in Soho for £72m.
The new office is intended to become home for all London-based product, marketing, technology and central support teams, offering flexible working for approximately 600 of our colleagues.
boohoo was advised by Jefferies & Company, Zeus Capital and Buchanan.
Orange Polska, a Polish telecommunications provider, and APG, a Dutch pension investment company, agreed to form a €605m joint venture. This joint venture aims to support the rollout of fiber in Poland, in areas where access to very high-speed broadband infrastructure is limited or inexistent. Orange and APG will own 50% stake each. The transaction is expected to close by the end of August 2021.
"This partnership with APG is excellent news for Orange Polska. APG is a global leader in infrastructure management and will provide us with the financial backing necessary to achieve our ambitious five-year fiber roll-out program in Poland. Together we will be able to bring fiber to an additional 1.7m homes, mainly in areas that still lack reliable internet access across the country. This ambition will be backed with a tried-and-tested business model that aims to maximize available revenues by opening-up wholesale access to third-party operators. This is a clear win-win for everybody that will also contribute to social and economic development in the country," Mari-Noëlle Jégo-Laveissière, Deputy CEO of Orange in charge of European Operations (outside France).
APG is advised by Barclays.
Credit Suisse Entrepreneur Capital, an investment company, and Endeavour Vision, a private equity firm, led a $115m Series C5 funding round in CeQur, a medical device company. The round was joined by Tandem Diabetes Care, Ypsomed Group, Federated Hermes Kaufmann Funds, Kingdon Capital and GMS Capital, as well as existing investors, Schroder & Co and VI Partners.
"We are grateful for the support from this group of world-class investors, who share our vision to transform the lives of people with diabetes who require daily insulin therapy. In the pilot launch of CeQur Simplicity, we've been very encouraged by the feedback from healthcare professionals, payers, and people with diabetes, which validates that this novel device offers meaningful benefits to a large segment of people who are insulin dependent. We look forward to advancing our commercial and manufacturing plans in preparation for our broadscale launch," Bradley Paddock, CeQur President and CEO.
CeQur was advised by Bioscribe.
International Holding Company, a conglomerate company, completed the acquisition of a 45% stake in Alpha Dhabi Holding, a construction company, earlier known as Trojan Holding. Financial terms were not disclosed.
"The move will increase and diversify our investment vertical, as we continually seek strategic partnerships with local and international players and further strengthen our leadership position in the marketplace," Syed Basar Shueb, IHC CEO.
SAP, a German multinational software corporation, and Dediq, an investment firm, agreed to form a joint venture, which will develop new digital solutions for banking and insurance. Dediq will invest more than $595m in the company. Pending antitrust approval, the new FSI Unit is expected to be in place in the second half of 2021.
"Through partnering with Dediq, we will significantly increase our support for the digital transformation of customers in the financial services industry and deliver innovative cloud solutions at an accelerated pace that help them transform their business holistically. Financial services is a key industry for SAP, and today we not only reiterate but also reinforce our commitment to this market," Christian Klein, SAP CEO.
Ingka Investments, an investment arm of Ingka Group, agreed to acquire a 49% stake in 8 solar PV parks from Solar Systems, a Russian solar power plants developer, for $137m.
"We are delighted to enter the renewable energy market in Russia with this investment and it represents an important step for Ingka Investments. We are looking forward to working with Solar Systems and enabling renewable electricity consumption for IKEA Retail, Ingka Centres operations, as well as the IKEA value chain to reduce our climate footprint in Russia," Krister Mattsson, Ingka Investments Managing Director.
Ÿnsect, a natural insect protein company, completed the acquisition of Protifarm, a provider of mealworm ingredients for human food applications. Financial terms were not disclosed.
"Protifarm is a compelling fit for Ÿnsect, perfectly matching our long-term goals and sustainability values. Acquiring Protifarm is a strategic next step for us, strengthening Ÿnsect's leading position in the global market and allowing us to properly address the human and pet food markets with complementary products," Antoine Hubert, Ÿnsect Co-Founder and CEO.
Valens in talks to go public via SPAC merger.
Valens Semiconductor, an Israeli chipmaker, is in talks to go public via a merger with PTK Acquisition, a SPAC, Bloomberg reported.
The SPAC is seeking to raise $100m or more in new equity to support a transaction that could value the combined entity at between $1bn and $1.2bn.
Valens Semiconductor is backed by Goldman Sachs, Linse Capital, Oppenheimer Asset Management and Catalyst Fund.
Cegid plans to acquire Goldman Sachs-backed Talentsoft.
Cegid, a specialist in business management solutions, plans to acquire Goldman Sachs-backed Talentsoft, a cloud-based talent management and learning software. The deal would strengthen Cegid's position in the payroll and human resources management market.
This major step will allow Cegid to claim a European leadership position in this fast-growing sector and will pave the way for its expansion in both Europe and global markets.
Goldman Sachs is advised by Sullivan & Cromwell.
Ardian brings in $8.9bn for the buyout fund. (FS)
Ardian has raised $7.7bn for Ardian Buyout Fund VII and an additional $1.2bn via co-investments. The investment strategy is focused on sectors, including healthcare, the food value chain, technology and services.
Ardian Buyout plans to invest in line with its growth-oriented established strategy of backing growing European businesses. The fund will also target North American businesses for up to 10% of its size. The fund is backed by 221 institutional and private investors from 27 countries.
“The success of our latest fundraise clearly demonstrates the continued trust in our approach by our investors. We are proud to have surpassed our target in such an extraordinary time. The sizable increase clearly shows the efficacy of our investment strategy, which is now truly hardship tested – and one which has a proven track record of six generations," Philippe Poletti, Ardian Buyout Member of the Executive Committee.
Phoenix Group launches first £100m VC fund of funds. (FS)
Phoenix Group, a UK-based savings and retirement company, launched its first venture capital fund of funds with more than £100m ($137m) of initial capital.
Aberdeen Standard Investments, a global asset manager, developed and administered the fund and will invest in disruptive and transformative early-stage UK-based start-ups and businesses.
“We are pleased to have made an initial allocation to venture capital for our policyholder funds, which we see as a key enabler to helping build Britain back better whilst providing our policyholders with a diversified source of sustainable returns. Subject to market conditions, we intend to increase this allocation in due course as we see this as an attractive asset class, consistent with our policyholder’s objectives and values," James Mitchell, Phoenix Group Head of Manager Oversight.
APAC
Grab Holdings, a Singaporean multinational ride-hailing company, agreed to go public via a SPAC merger with Altimeter Growth in a $39.6bn deal. The PIPE was led by funds managed by Altimeter Capital Management which committed $750m, with participation from funds and accounts managed or advised by BlackRock, Counterpoint Global - Morgan Stanley, and T. Rowe Price Group, as well as Fidelity International, Fidelity Management and Research, Janus Henderson Investors, Mubadala, Nuveen, Permodalan Nasional Berhad and Temasek. Leading family groups from Indonesia including Djarum, the Sariaatmadja family and Sinar Mas also participated in the PIPE.
“It gives us immense pride to represent Southeast Asia in the global public markets. This is a milestone in our journey to open up access for everyone to benefit from the digital economy. This is even more critical as our region recovers from Covid-19. It was very challenging for us too, but it taught us immensely about the resiliency of our business. Our diversified superapp strategy helped our driver-partners pivot to deliveries, and enabled us to deliver growth while improving profitability. As we become a publicly-traded company, we’ll work even harder to create economic empowerment for our communities, because when Southeast Asia succeeds, Grab succeeds,” Anthony Tan, Grab Group CEO and Co-Founder.
Grab is advised by Evercore, JP Morgan, Morgan Stanley, Hughes Hubbard & Reed, Skadden Arps Slate Meagher & Flom and Blueshirt Group. Altimeter is advised by Evercore, JP Morgan, Morgan Stanley, UBS, Ropes & Gray and WilmerHale. Financial advisors are advised by Cooley.
Oasis Management, a Hong Kong-based activist fund, states that CVC Capital's $20bn take-private offer for Toshiba, a producer of consumer and industrial electric and electronic products, is far below fair value and has recommended the Japanese conglomerate to seek other offers, Reuters reported.
Oasis suggested that a price of more than $56.54 per share for Toshiba would be appropriate, rather than the reported offer of $45.68 per share.
Farallon is advised by ASC Advisors and Propeller Project Labo.
RMZ, a privately owned real estate developer, and Canada Pension Plan Investment Board agreed to form a joint venture, which will develop and hold commercial office space in India. CPPIB will invest $210m in the joint venture.
"RMZ is widely recognized as one of the most innovative and prolific developers in India, dedicated to working to the highest standards across all aspects of the real estate equation. The partnership with CPP Investments, a globally respected institutional investor, will only strengthen our vision of achieving our hyper-growth strategy target of RMZ 2.0. The value of the partnership assets, once developed, is estimated to be over $1.5bn," Manoj Menda, RMZ Chairman.
Tiger Global, an American investment firm, led a $100m Series D funding round in DealShare, an e-commerce platform.
DealShare plans to use the proceeds from the round to expand its presence from 25 cities to 100 cities.
Geely explores SPAC deals.
Zhejiang Geely Holding, a multinational company, which owns Geely Automobile, a Chinese carmaker, and Volvo Car, a Swedish automobile company, is in talks to sponsor a SPAC that could raise $300m in a Nasdaq IPO, WSJ reported.
Besides, the group considers taking one of its European electric-vehicle subsidiaries public via a SPAC merger and raising its valuation to $40bn.
Top Glove Founder to acquire a minority stake in Minda Global.
Lim Wee Chai, Top Glove Founder and Executive Chairman, completed the acquisition of a minority stake in Minda Global, a Malaysian private education group, Bloomberg reported.
Lim Wee Chai bought the shares in a recent placement and holds less than 5% of the Cyberjaya-based company.
"This is a private investment, separate from the Top Glove Group. I have always been passionate about education as it is instrumental in enabling people, organizations and nations to advance," Lim Wee Chai.
Mitratel considers $1bn IPO.
PT Dayamitra Telekomunikasi, known as Mitratel, an infrastructure unit of state-owned PT Telkom Indonesia, considers an IPO in Jakarta that could raise about $1bn, Bloomberg reported.
The company asked for proposals on the potential offering and could pick advisers soon.
“There is an IPO plan for Mitratel around the end of the year; the preparation process is underway,” Ririek Adriansyah, Telkom Indonesia CEO.
TPG-backed Nykaa E-Retail taps banks for $500m IPO. (FS)
TPG-backed Nykaa E-Retail, an online cosmetics retailer, picked banks for its IPO in Mumbai that could raise at least $500m, which could value the company at $4bn, Bloomberg reported.
The company is working with Kotak Mahindra Capital and Morgan Stanley on the potential offering. Nykaa E-Retail plans to file an initial draft prospectus for the IPO as soon as June and aims for a listing before the end of this year.
Hyundai Engineering prepares for IPO.
Hyundai Engineering, a South Korean construction company, reached out to brokerage firms at home and abroad to make bids to carry out the IPO.
Hyundai Engineering is a Hyundai Motor Group subsidiary, which engages in the civil and infrastructure engineering and construction business, Reuters reported.
"We have submitted our proposals to brokerage firms, but details of the IPO timeline or plans have not been decided yet. The company is eyeing an IPO to improve its credibility in the global market and to secure financial flexibility," Hyundai Engineering spokesperson.
5Y Capital closes $2bn US-dollar and renminbi funds. (FS)
5Y Capital, a Chinese private equity firm, which rebranded from Morningside Venture Capital, closed dual-currency US-dollar and renminbi fundraise on more than $2bn. The funds hit their hard caps exceeding the $1.7bn target.
“5Y’s priority has always been exploring and fostering what can bring long-term impact to the society. Today, information technology is unprecedentedly penetrating into all walks of life. Cloud computing, big data and artificial intelligence have led to changes in the underlying technology architecture. 5Y’s mission is to keep looking for them and offer whatever we can to support along the way. That’s how 5Y came into being," Richard Liu, 5Y Founding Partner.
Temasek and BlackRock to form a $600m partnership. (FS)
Temasek, a Singapore state investor, and BlackRock, an asset manager, launched a partnership to invest in firms with products and technologies that will reduce carbon emissions, DealStreetAsia reported.
BlackRock and Temasek are committing $600m to invest in multiple funds launched by the partnership, called Decarbonization Partners, planning to launch a series of late-stage venture capital and early growth private equity investment funds.
Creador targets $600m in the first close of the fifth fund. (FS)
Creador, a Malaysian private equity firm, expects it to secure $600m in its first close. The firm focuses on growth capital investments in South and Southeast Asia, primarily Malaysia, India, Indonesia, Vietnam, Singapore, and also in the Philippines.
"We expect the first close in July. There is excellent demand. All existing investors from previous funds have re-upped in the latest vehicle,” Brahmal Vasudevan, Creador Founder and CEO.
Affirma Capital closes its Korean fund at $403m. (FS)
Affirma Capital, a mid-market private equity investor, announced the first closing of Ascenta V, a Korean fund, with $403m commitments. The fund will invest in buyout and growth capital opportunities in emerging markets, including Asia, Africa, and the Middle East.
Affirma Capital targets a final close for Ascenta V of $636m. The investors included 14 limited partners, including Korean sovereign wealth funds and major Korean banks.
“We continue to focus on mid-market growth and buyouts with an added focus on ESG and global expansion, a mandate which has differentiated Affirma Capital over decades. We also plan to introduce unique Asian investment opportunities to Korean and global LPs by originating with Affirma Capital’s global team,” Taeyub Kim, Affirma Capital Founding Partner.
TDK Ventures closes its second fund at $150m. (FS)
TDK Ventures, a Japanese venture capital arm of TDK, a Japanese electronics company, has announced the close of its second fund with $150m commitments, DealStreetAsia reported.
The fund will primarily target early-stage, global investments in clean technology, advanced materials, industrial, robotics, energy, autonomous vehicles, electric vehicles, and health tech sectors.
"This new fund renews our commitment to supporting hard-tech entrepreneurs creating innovations for the greater good. The materials science field has always been part of the technology sector's foundation, and as such, it can help the sector address some of the world's biggest challenges, including sustainability," Nicolas Sauvage, TDK Ventures Managing Director.
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