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AMERICAS
Guardian, a life insurer and a provider of employee benefits, agreed to acquire an additional stake in HPS Investment Partners, a global credit investment firm. Financial terms were not disclosed.
"Since the inception of our partnership over two years ago, HPS has been an exemplary provider of investment solutions. Today's announcement is a natural evolution of our deep strategic relationship and an exciting development for our policyholders who will further benefit from HPS's differentiated investment capabilities at greater scale and with additional depth across credit asset classes. This reflects Guardian's commitment to continually strive for superior risk adjusted returns so we can deliver on our promises and best support the well-being of our customers, colleagues, and communities," Andrew McMahon, Guardian Chief Executive Officer and President.
HPS Investment is advised by Ardea Partners, Bank of America, Goldman Sachs, JP Morgan, Morgan Stanley, Fried Frank Harris Shriver & Jacobson and Prosek Partners (led by Mike Geller). Guardian is advised by Berkshire Global Advisors and Debevoise & Plimpton (led by William Regner).
Carlyle, a private equity firm, and Atmas Health, a healthcare investment platform, agreed to acquire the Vantive kidney care segment of Baxter, a global medtech company, for $3.8bn.
"Today's announcement represents another critical step forward in the strategic transformation process we announced in early 2023. As a result of this proposed transaction, Baxter will emerge a more focused and more efficient company, better positioned to redefine healthcare delivery and advance innovation that benefits patients, customers and shareholders. I am confident that, under Carlyle's stewardship and Chris Toth’s leadership, the Vantive team will continue to build on the business's 70-year legacy as a pioneer in kidney disease and vital organ therapies," José (Joe) E. Almeida, Baxter Chair, President and CEO.
Blackstone, an alternative investment management company, agreed to acquire a majority stake in Chartis, a healthcare advisory firm. Financial terms were not disclosed.
“Chartis was founded with the mission to help clients fundamentally improve healthcare delivery across the United States. Over the past 23 years, since our inception, great strides have been made. Looking to the future, we are excited to do even more. Blackstone shares our commitment to supporting industry leaders across the healthcare landscape as they strive to make care in the US more accessible, more affordable, more reliable, more equitable, and more human for patients and caregivers,” Ken Graboys and Ethan Arnold, Chartis CEO and Managing Partner.
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, agreed to invest in CD&R-backed Epicor, an industry-specific enterprise software provider. Financial terms were not disclosed.
"Our customers and their ambitions are the focus of what we do as we work to provide the most innovative solution sets possible. CD&R's support and partnership has been invaluable as we have accelerated the growth of our business, invested significantly in our portfolio and released a number of next-generation, cloud-ready products. We look forward to working with CVC as we continue to grow our platform capabilities, with a keen focus on better serving our dynamic customer base," Steve Murphy, Epicor CEO.
CD&R and Epicor are advised by Barclays, Goldman Sachs and Debevoise & Plimpton (led by Uri Herzberg and Kevin M. Schmidt). CVC Capital Partners is advised by Evercore, Jefferies & Company and White & Case.
Terramont Infrastructure, a middle market-focused infrastructure investment firm, completed the investment in Long Island Waste Services, a waste management company. Financial terms were not disclosed.
"Terramont has been following the waste management industry very closely for the past few years and we admire the tremendous success LIWS has had in such a short period of time. Anthony and the LIWS team have done an incredible job in transforming LIWS into a state-of-the-art waste management company with the ability to collect and utilize real-time route data in order to efficiently manage all aspects of the business including pricing, transportation and disposal, and personnel safety," Chris Pih, Terramont Partner.
LIWS was advised by ESI Financial and Certilman Balin Adler & Hyman. Terramont was advised by K&L Gates. Debt financing was provided by Comerica Bank, Patriot Capital and Tecum Capital.
Performance Food Group, a food distributor and supplier, agreed to acquire Cheney Brothers, an independent broadline foodservice distributor, from Clayton Dubilier & Rice, a private equity company, for $2.1bn.
“Cheney Brothers will be an outstanding addition to our Foodservice segment, and we are excited to welcome their many talented associates to the PFG family of companies. This acquisition will expand and enhance our offerings to a high-quality and diverse customer base. We have long admired the success of Cheney Brothers in the Southeastern US and believe that the combination of our organizations will push the business to new heights. We are excited for what the future holds for the newest addition to PFG," George Holm, PFG Chairman & CEO.
Cheney Brothers is advised by Morgan Stanley and Davis Polk & Wardwell (led by Louis L. Goldberg). Performance Food is advised by JP Morgan and Skadden Arps Slate Meagher & Flom (led by Micah Kegley). Clayton Dubilier & Rice is advised by Debevoise &Plimpton (led by Kevin M. Schmidt and Spencer Gilbert).
Vista, a global investment firm, agreed to acquire JAGGAER, an enterprise procurement and supplier collaboration software, from Cinven, a private equity investment firm. Financial terms were not disclosed.
“This new partnership with Vista underscores JAGGAER’s strong momentum and the compelling value our intelligent software delivers by helping our customers manage and automate complex processes while enabling a highly resilient, responsible and integrated supplier base, Vista is a highly experienced software investor, and I’m confident they will be an exceptional partner to JAGGAER during this exciting next phase of growth and opportunity,” Andy Hovancik, JAGGAER CEO.
Cinven is advised by Goldman Sachs, Moelis & Co, Kirkland & Ellis, and Joele Frank (led by Woomi Yun and Erik Carlson). JAGGAER is advised by Corporate Ink (led by Abigail Holmes).
Lone Star, a private equity firm, agreed to acquire commercial and residential fire business from Carrier, an intelligent climate and energy solutions provider, for $3bn.
"The sale of our Commercial and Residential Fire business marks a defining step in our planned business exits critical to our transformational journey to becoming a focused, agile, higher-growth, pure-play company dedicated to creating a more sustainable world for generations to come. I am so proud of what our deal and business teams have accomplished. We now have executed deals on all our divestitures, all signed within about a year of announcement, with a combined value of over $10bn, representing a mid-teens EBITDA multiple in aggregate. This reflects tremendous dedication by so many, and I could not be more appreciative of our team's tireless efforts and great work," David Gitlin, Carrier Chairman & CEO.
Carrier is advised by Goldman Sachs, JP Morgan, Linklaters and Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano).
Lindsay Goldberg, a private equity firm, agreed to acquire a majority stake in Golden State Foods, a diversified supplier to the foodservice industry. Financial terms were not disclosed.
"From GSF's beginning, our focus has been the same – make the best products and provide the best service. We have operated true to our vision and strategic objectives over the past nearly eight decades by maintaining the highest standards, pursuing mutual success with our customers and investing in our most valuable asset, our people. Lindsay Goldberg shares our core values and is committed to helping us achieve our long-term objectives, while maintaining our customer-focused approach," Brian Dick, GSF President and CEO.
Golden State Foods is advised by Rothschild & Co and Collected Strategies. Lindsay Goldberg is advised by Harris Williams & Co and Stifel.
Hearst, a global, diversified information, services and media company, agreed to acquire QGenda, a healthcare workforce management solutions provider, from Francisco Partners, a private equity company, and ICONIQ Capital, an American investment management firm. Financial terms were not disclosed.
"The entire QGenda team is proud and excited for the opportunity to be part of Hearst Health, and we are forever grateful to our customers and partners for their ongoing dedication to our success as a company. Joining the Hearst Health group of companies is aligned with our mission to ensure that every patient has the right healthcare provider when and where care is needed," Greg Benoit, QGenda CEO.
Hearst is advised by Bank of America. QGenda is advised by Evercore and Kirkland & Ellis. Francisco Partners is advised by Sloane & Company (led by Whit Clay).
Viessmann, a German manufacturer of heating and refrigeration systems, agreed to acquire KPS Global, a manufacturer of insulated panel systems, from D Cubed, a private-market investment firm. Financial terms were not disclosed.
“From the beginning, we saw an opportunity to bring significant investment, engagement, and a long-term orientation to combine two market leaders and build a company with a singular focus, world-class innovation and execution capabilities, and resourcing it to grow further through proprietary offerings and diversifying the markets it served. Through our investment in talent, systems, business intelligence, and innovation, as well as our partnership with management, KPS Global has become the clear market leader and stands apart from competitors based on its end-to-end and fully custom capabilities, differentiated offerings, and proven ability to grow in multiple markets,” Glenn Kaufman, D Cubed Managing Director.
KPS Global is advised by Lincoln International, Robert W Baird, and DLA Piper. D Cubed is advised by Sloane & Company (led by Whit Clay).
TA Associates-backed DigiCert, a global provider of digital trust, agreed to acquire Vercara, a purpose-built, global, cloud-based security platform, from Golden Gate Capital, an American private equity firm, and GIC, a sovereign wealth fund established by the Government of Singapore. Financial terms were not disclosed.
“The addition of Vercara into our portfolio further advances DigiCert’s goal of delivering digital trust for the real world. We believe the combination of Vercara’s talent and suite of products with DigiCert’s technology, distribution and scale will help ensure customers will get a broader set of solutions that protect them at every stage and layer of online engagement, all from a single vendor. We look forward to working with the Vercara team to continue delivering digital trust to our customers,” Amit Sinha, DigiCert CEO.
DigiCert is advised by Sidley Austin (led by Mehdi Khodadad and Mark K. Castiglia). Vercara is advised by Barclays and Paul Weiss Rifkind Wharton & Garrison and PAN Communications.
EQT, a private equity firm investmenting in healthcare, consumer goods, industrial, energy, and environmental industries, agreed to acquire a majority stake in AMCS, a performance sustainability software company. Financial terms were not disclosed.
"We have followed the progress of AMCS closely for many years and have been hugely impressed by what it has achieved, establishing itself as a clear market leader and delivering continuous innovation on behalf of its customers. We strongly believe that AMCS has a fantastic opportunity to further support the circular economy and drive a greater share of recycling within the waste industry. We are very pleased to be partnering with AMCS' co-founder and CEO Jimmy Martin as well as his entire team, to deliver on an exciting shared vision for growth," Robert Maclean, EQT Partner.
AMCS is advised by William Blair & Company. Insight Partners is advised by Willkie Farr & Gallagher. EQT is advised by Arma Partners and Clifford Chance.
Warburg Pincus, a private equity firm, completed the acquisition of Service Express, a data center solutions provider specializing in multivendor maintenance, managed infrastructure and hardware services, from Harvest Partners, a private equity firm. Financial terms were not disclosed.
"We are incredibly proud of what we have been able to accomplish since partnering with Harvest in 2019. On behalf of the entire Service Express team, I would like to thank Harvest for its continued support and strategic direction over the last few years, and we are excited about our new collaboration with Warburg Pincus for the next chapter of the Company's growth," Ron Alvesteffer, Service Express CEO.
Service Express was advised by JP Morgan, William Blair & Co, Kirkland & Ellis, and Lambert & Co (led by Lisa Baker).
Roper Technologies, a diversified company that designs, manufactures, and distributes vertical software and technology enabled products, agreed to acquire Transact Campus, a provider of innovative payment, campus ID, and commerce solutions for a connected campus, from Reverence Capital Partners, a private investment firm, for $1.6bn.
"We are extremely excited for this next stage of our journey and look forward to continuing to provide best-in-class experience to our customer base, while also bringing to them the benefits of a more scaled platform. I also wanted to thank Reverence for their invaluable partnership over the past five years. Between standing up the business, building out the management team, and driving product investment that's led us to becoming a best-in-class institution, Reverence has been integral in getting us to where we are today," Nancy Langer, Transact CEO.
Transact Campus is advised by William Blair & Co, Cooley, and Gladstone Place Partners (led by Steven Lipin).
Insight Partners, a global venture capital and private equity firm, and Sixth Street, an investment firm, completed a $456m investment in Kiteworks, a technology company that secures sensitive content communications.
“This minority stake investment affirms Kiteworks’ role in providing a revolutionary solution to the world’s growing challenge of tracking and controlling sensitive data in motion and use. With recent groundbreaking innovations such as Next-Gen Digital Rights Management, combined with the growing industry and regulatory focus on tracking and controlling the data layer, the road to realizing our vision has never been clearer. We’re excited to accelerate our growth and continue innovating to meet the evolving needs of our customers with the support of Insight Partners and Sixth Street Growth," Jonathan Yaron, Kiteworks CEO and Chairman.
Kiteworks was advised by Moelis & Co and Pillsbury Winthrop Shaw Pittman (led by Justin Hovey). Insight Partners was advised by Willkie Farr & Gallagher (led by Matthew Guercio).
WCG, a clinical research solutions provider, completed the acquisition of Array, a content engagement partner for life sciences events, from Lightview Capital, a lower middle market private equity firm. Financial terms were not disclosed.
"The clinical research industry faces significant challenges in providing top-notch training for sites and investigators. The integration of Array into the WCG ClinSphere™ technology platform enables a more comprehensive training solution. The combined solution of Array and WCG's InvestigatorSpace uniquely caters to individual needs via synchronous and asynchronous training methods while utilizing real-time data and insights to optimize engagement and outcomes," Sam Srivastava, WCG CEO.
Lightview was advised by Madison Park Group, Union Square Advisors and DLA Piper.
Gallatin Point, a private investment firm, completed the acquisition of a 15% stake in Discount Bank, an Israeli-owned bank operating abroad, is a commercial bank providing a comprehensive range of banking services, for $150m.
"Gallatin Point is a private US institutional investment fund with a special focus in financial services, loans, insurance, asset management, financial technology, real estate financing, banking, and capital markets. Our new partnership opens new opportunities for IDB as we strive to expand our customer base and enhance the services we provide them," IDBNY.
Gallatin Point was advised by Barclays and Davis Polk & Wardwell (led by Harold Birnbaum). Discount Bank was advised by Simpson Thacher & Bartlett (led by Sven Mickisch).
Trading Technologies, a capital markets technology platform provider, completed the acquisition of Abel Noser, a provider of transaction cost analysis, from Estancia Capital, a private equity firm. Financial terms were not disclosed.
“This acquisition enhances our appeal to the buy side with an offering that spans multiple asset classes which we can fortify with the wealth of anonymized data harnessed through our platform. Abel Noser’s pioneering solutions have for decades been critical to the success of buy-side participants across the globe who recognize that the ability to reliably analyze transaction costs is essential. We intend to introduce the tools into the listed derivatives space through our vast client base, build on Abel Noser’s FX TCA capabilities as we roll out our new TT FX initiative and offer the firm’s clients the full breadth of TT services available," Keith Todd, TT CEO.
Trading Technologies was advised by Ardea Partners and Foley & Lardner (led by Patrick Daugherty). Abel Noser was advised by Seward & Kissel.
Gauge Capital, a private equity firm, completed the investment in AGT Robotics, a provider of robotic welding solutions for the structural steel and heavy metal fabrication industry. Financial terms were not disclosed.
“We are thrilled to welcome Gauge Capital to the AGT family. The team and I are confident that our partnership will help facilitate our company's growth, turning our long-term vision into reality while continuing to pursue our mission to deliver world-class products to our highly satisfied clients. As a renowned and globally respected investor, Gauge Capital will support us in reaching our full potential and growth objectives financially, as well as help position the company strategically on the global scale. We are all extremely excited to begin this collaboration with our new partner," Éric Bélanger, AGT Founder and President.
Gauge Capital was advised by Drake Star Partners (led by Steven Dana), Blake Cassels & Graydon and Ropes & Gray (led by Matt Richards).
Pelican Energy, a private equity firm, completed the acquisition of Electrical Builders Industries, a service provider specializing in solutions for system-critical electrical bus duct installation, replacement, and repair. Financial terms were not disclosed.
"We look forward to the partnership with EBI and its CEO Jessica Netter. This partnership reflects Pelican's commitment to investing in market-leading nuclear energy service providers and growing the capacity of the nuclear supply chain. We are especially excited about the role EBI will play in expanding baseload power generation to support the significant energy supply needs for data centre facilities," Paul Ernster, Pelican Vice President.
EBI was advised by Taft Stettinius & Hollister. Pelican Energy was advised by Locke Lord.
Abu Dhabi wealth fund ADQ and Sotheby's majority owner Patrick Drahi, agreed to invest $1bn in Sotheby's, an auction house.
"We are delighted to welcome ADQ as a shareholder to Sotheby's. We embrace their long-term vision of our business, and this investment is a testament to what we have achieved so far as well as our significant potential for future growth. The additional capital and investment expertise will enable us to accelerate our strategic initiatives, expand our commitment to excellence in the art and luxury markets, and continue to innovate to better serve our clients around the world," Charles F. Stewart, Sotheby's CEO.
CPP Investments, an investment management organization, agreed to acquire a minority stake in Tallgrass Energy, an energy infrastructure company, for $843m.
"With a business strategy that combines traditional energy and decarbonization solutions, Tallgrass is an attractive investment opportunity because of its dual role in delivering against growing energy needs and increasing decarbonization opportunities. We are excited to partner with Blackstone and combine our investment and energy expertise to help support the Tallgrass team," Bill Rogers, CPP Investments Managing Director.
CPP Investments is advised by Paul Weiss Rifkind Wharton & Garrison (led by Ravi Purohit).
Universities Superannuation Scheme, a pension company, agreed to acquire 3k shared ownership homes from Blackstone, an investment group, for £405m ($517m).
“By deploying capital to fund the development of new homes, we are proud to have created an institutional-grade portfolio, which, in turn, has attracted more long-term institutional capital into the sector. This transaction will allow us to continue to invest capital into Sage Homes to help to alleviate the structural undersupply of housing across the UK," James Seppala, Blackstone Head of European Real Estate.
Deep Track Capital, an investment firm focused on the life sciences industry, led a $126m Series B extension in Halda Therapeutics, a biotechnology company developing cancer therapies, with participation from Frazier Life Sciences, RA Capital Management, Vida Ventures, Boxer Capital, Taiho Ventures, Canaan Partners, Access Biotechnology, Elm Street Ventures and Connecticut Innovations.
“We are excited to have the support of this leading group of new healthcare investors who share our vision to be a cancer drug innovator. This financing will enable us to bring to patients our oral, selective, and widely applicable cancer cell-killing mechanism that is designed to overcome drug resistance, which is a major shortcoming of many current standard of care cancer treatments,” Kat Kayser-Bricker, Halda Therapeutics CSO.
Halda Therapeutics is advised by The Yates Network (led by Kathryn Morris).
Khosla Ventures, Mayfield Fund, two venture capital firms, and Param Hansa Values, Dheeraj Pandey's family office, led a $100m Series A round in DevRev, an AI-native platform that unifies customer support and product development.
"AI will transform enterprise customer support and product teams, changing the way companies do business globally. Having backed Dheeraj at Nutanix, and now at DevRev, he is one of the few people in the industry who can leverage foundation models and weave them together with enterprise architectures, customer collaboration, and monetization," Vinod Khosla, Khosla Ventures Founder.
DevRev was advised by VSC.
Consello Capital, a private equity firm, completed the acquisition of EHE Health, a provider of employee health and lifestyle management services. Financial terms were not disclosed.
"We are thrilled to partner with Consello Capital for the next phase of our company's journey. Consello brings a powerful mix of capital, an experienced investment team well-versed in scaling enterprises and a significant professional network that will unlock business development opportunities for us," Chris Bird, EHE Health CEO.
EHE Health was advised by Houlihan Lokey.
HIG Capital, a global alternative investment firm, completed the acquisition of Axis Europe, a UK provider of property maintenance services. Financial terms were not disclosed.
“We are delighted to join forces with CLC to create a national contractor of scale with great geographical and operational synergies. The investment in both companies by HIG will allow the group to benefit from the huge opportunities that exist across all sectors and regions,” John Hayes, Axis Founder and CEO.
Sapphire Ventures, an enterprise VC firm, led a $75m series D round in EliseAI, an AI company developing a conversational platform for business automation, with participation from Navitas Capital, Point72, DivcoWest Ventures, and Koch Real Estate Investments.
“Essential industries like housing and healthcare are facing serious operational challenges and financial strain. Our mission to tackle these problems authentically resonates with everyone at our company. We are committed to improving how these industries operate, making them more sustainable and accessible. We are excited to partner with the Sapphire Ventures team given their track record of working with B2B software companies to achieve extraordinary success," Minna Song, EliseAI Co-Founder and CEO.
Meritage Group explores a $7bn sale of Les Schwab Tire.
The investment firm that owns Les Schwab Tire Centers is exploring options including a sale of the tire retail chain that could value it at more than $7bn, including debt.
Meritage Group has tapped investment bankers at Goldman Sachs to launch a sale process for Les Schwab Tire that is expected to garner interest from private equity firms and other tire retailers. Les Schwab Tire could command a valuation equivalent to around 15 times its earnings before interest, taxes, depreciation and amortization of about $500m, Reuters reported.
Energy producer Maverick's owner explores sale valuing it at $3bn.
The private equity owner of Maverick Natural Resources is exploring a potential sale that could value the US oil and gas producer at nearly $3bn including debt, Reuters reported.
The Houston-based exploration and production company, which is owned by energy-focused investment firm EIG, is working with investment bankers at Jefferies on the sale process.
KKR is in talks for $500m private debt to fund FGS deal.
The New York-based investment firm is buying an approximately 50% stake in FGS Global from British advertising agency WPP for $775m, in a deal announced earlier this month. This increases KKR’s stake in the business to about 80% from 30%.
Activist Starboard Value takes stake in Starbucks.
Activist investor Starboard Value has a stake in Starbucks and wants the coffee giant to take steps to boost its stock price. The size of the hedge fund's stake and its exact demands couldn't be learned.
Starboard's arrival comes as Starbucks is in talks to strike a settlement agreement with another activist, Elliott Investment Management. If Elliott doesn't gain representation on Starbucks's board, it is possible the activist will pivot to launching a proxy battle for board seats. It's not clear whether or not Starboard could also eye a seat in the boardroom, WSJ reported.
Man Group nears deal to sell 1700 rental homes to AMH. (RE)
Man Group, the world's biggest publicly traded hedge fund firm, is in advanced talks to sell a portfolio of roughly 1.7k US rental houses to single-family landlord AMH, Bloomberg reported.
The homes are located in Florida, Texas and Nevada, with average market rents above $2k. Man Group, headquartered in London, is being advised by Roofstock.
Sixth Street consortium to be buyer of UBS mortgage unit.
A group of investors led by Sixth Street Partners has agreed to buy Credit Suisse's US mortgage servicing business from UBS, Bloomberg reported.
Sixth Street is working with co-investor Davidson Kempner Capital Management on the deal to acquire UBS's Select Portfolio Servicing. The sale is expected to close in the first quarter of 2025.
Valor closes oversubscribed Flagship Growth Fund VI at $2.35bn.
Valor Equity Partners, an operational growth-focused private equity investment firm with $17.5bn in assets under management, has held the final closing of its flagship fund, Valor Equity Partners VI at $2.35bn, surpassing its original $2bn target.
The fund received strong support from existing and new limited partners, including public pension plans, sovereign wealth funds, multinational corporations, family offices, endowments, foundations, and high net worth investors.
Resurgens Technology Partners announces closing of $800m third fund.
Resurgens Technology Partners, a private equity firm investing in North American and European lower middle-market software companies, today announced the completion of fundraising for its Fund III, securing $800m in commitments.
Similar to predecessor Resurgens vehicles, Fund III will target majority investments in founder-owned software businesses as well as special situations such as carve-out transactions or venture-backed recapitalizations.
NextGen Growth Partners closes oversubscribed Fund III at $165m.
NextGen Growth Partners, a Chicago-based private investment firm, has closed its third fund, NextGen Growth Partners Fund III, at its $165m hard cap. Fund III was oversubscribed at a first and final close, welcoming capital commitments from new institutional partners alongside continued support from its existing partners.
"We're incredibly grateful for the trust and support of our investors. With Fund III, we're well-positioned to continue our mission of partnering with exceptional entrepreneurs and driving growth in fundamentally-sound businesses," Brian O'Connor, NextGen Founder and Managing Partner.
Canada Pension taps Gubbels to run global private equity team. (People)
Canada Pension Plan Investment Board promoted Caitlin Gubbels to lead its global private equity group, replacing Suyi Kim, who's leaving the fund manager after 17 years, Bloomberg reported.
Gubbels, who has worked for CPPIB since 2010, is its head of private equity fund partnerships, a team that invests in large and middle-market buyout funds and also makes minority direct investments in companies. She's a former investment banker at Canadian Imperial Bank of Commerce.
Blackstone's Dwight Scott to retire after building credit colossus. (People)
Dwight Scott, chairman of Blackstone Credit and Insurance, who helped build Blackstone's credit operation into a $330bn behemoth, is retiring from the firm, Bloomberg reported.
Scott came to Blackstone in 2008 through its acquisition of GSO Capital Partners, an asset-management firm that jumpstarted its credit business. Before joining Blackstone in 2005, he was an executive vice president and CFO of El Paso Corporation.
Russell Investments taps GSAM executive as Global Head of Alternatives. (People)
Russell Investments has hired Ayesha Parra from Goldman Sachs Asset Management as Global Head of Alternatives in its New York office. She will lead the overall business strategy for the firm’s alternatives platform globally.
Parra, who joined in July, also serves as a member of the firm’s operating committee. Parra spent 19 years at Goldman Sachs Asset Management, where she held several leadership positions across various business units, most recently as part of the GP stakes team within the external investing group.
EMEA
Britain's largest investment platform Hargreaves Lansdown agreed to a $6.9bn takeover by an international consortium comprising of CVC Capital Partners, Abu Dhabi's sovereign wealth fund and Swedish private equity firm Nordic Capital.
"HL is on an important journey to transform the saving and investing experience for clients and make it easy to save and invest for a better future. While the Independent HL Board has been pleased with the progress made by the new management team, the Independent HL Board believes that the Cash Offer represents an attractive opportunity for HL Shareholders to realise an immediate and certain cash value for their investment at a level which may not be achievable until the execution of the strategy is delivered over the medium to longer term, and therefore intends to unanimously recommend HL Shareholders vote to approve it. We are pleased to see that the Consortium is aligned that HL has an important purpose making it easy for the UK consumer to save and invest for a better future," Alison Platt, Hargreaves Lansdown Chairman.
Hargreaves Lansdown is advised by Barclays (led by Alisdair Gayne and Adrian Beidas), Deutsche Numis (led by Charles Farquhar, Daniel Werchola and Derek Shakespeare), Fenchurch Advisory Partners (led by Kunal Gandhi, Rob Williams, Graham Marchant and Josh Needham), Morgan Stanley (led by Gillian Sheldon, Ben Grindley, Adrian Doyle and Nishil Bhagani), Freshfields Bruckhaus Deringer (led by Stephen Hewes and Claire Wills) and Brunswick Group (led by Nick Cosgrove and Joanna Donne). ADIA is advised by Goldman Sachs (led by Mark Sorrell, Nick Harper and James Lucas) and Linklaters. CVC Capital is advised by Latham & Watkins and FGS Global (led by Guy Lamming, Mike Turner and Anjali Unnikrishnan). Nordic Capital is advised by Kirkland & Ellis.
EQT, a private equity firm, agreed to acquire a 80% stake in the Ground Station Infrastructure business of Eutelsat Group, a satellite communications company, in a Є790m ($863m) deal.
"We are proud to become the first satellite operator to embark on this innovative transaction which would allow us to build on the model adopted in other industries, and to optimise the value of our extensive ground network. In EQT we have found a partner of the highest quality, who shares our vision. This transaction would represent a win-win situation for all parties, and would enable Eutelsat to strengthen its financial profile, whilst continuing to rely on the unparalleled quality and reliability of its ground infrastructure. Moreover, we are confident that with the backing of EQT, the business would be in a position to fully embrace the opportunities opening up to it as the new global leader in this dynamic sector," Eva Berneke, Eutelsat Group CEO.
EQT is advised by Boston Consulting Group, KPMG, Rothschild & Co, A&O Shearman, Paul Weiss Rifkind Wharton & Garrison and NovaSpace.
ArcelorMittal, a multinational steel manufacturing corporation, completed the acquisition of a 28.4% stake in Vallourec, a global company in premium tubular solutions primarily serving the energy markets, from Apollo Global Management, an alternative investment manager, for €955m ($1bn).
"Vallourec is well established as a producer of high-quality tubular products, holding a prime position in an attractive market segment that has potential for growth from new, clean energy markets. The strategic stake is a welcome addition to our investment portfolio, and we look forward to supporting Vallourec's management team in their efforts to drive further performance improvement. It also supports our ongoing efforts to grow our business. These initiatives will significantly strengthen our business, expanding our product capabilities and emerging markets exposure while enhancing our earnings capacity," Aditya Mittal, ArcelorMittal CEO.
EQT, a private equity firm, agreed to acquire a majority stake in Acronis, an IT solutions vendor for managed service providers. Financial terms were not disclosed.
"We are thrilled to have EQT as a major shareholder to support our strategic expansion and share our vision for growth. We would like to thank our existing investors for their support to date and are pleased that many will remain invested as we move forward. But most of all, I'd like to thank the Acronis team for their work in getting us to this stage," Ezequiel Steiner, Acronis CEO.
Acronis was advised by Deutsche Bank and Willkie Farr & Gallagher. EQT was advised by Bar & Karrer, Milbank and Kekst CNC.
Private equity firms Vauban Infrastructure Partners, EDF Invest and MEAG, agreed to acquire the Austrian business of Cellnex Telecom, a telecommunication services provider, for €803m ($876m).
"The sale of our business in Austria is one further step within the company's 'Next Chapter', in line with our strategy, to achieve the goal of consolidating, simplifying our corporate structure and focusing our efforts in the existing growth opportunities in the main markets in which we operate. It will also allow us to move forward on two other strategic objectives such as the focus on the balance sheet and shareholder remuneration, thus fulfilling our commitments to the market," Marco Patuano, Cellnex CEO.
Cellnex is advised by Deutsche Bank, Mediobanca, Clifford Chance and Wolf Theiss.
Interogo, an investment group, completed the acquisition of a 12.25% stake in Q-Park, a parking infrastructure owner and operator, from KKR, an investment firm. Financial terms were not disclosed.
“We are very excited to welcome Interogo as a new long-term investor. As Q-Park continues to benefit from structural mega-trends as an energy transition enabler for urban mobility, Interogo’s commitment to sustainability and long-term value creation provides us with the ideal partner to support our strategy going forward," Frank De Moor, Q-Park CEO.
Advent International, a private equity firm that invests in business, financial services, healthcare, industrial, retail, consumer, and leisure sectors, agreed to acquire a majority stake in Syspro, a global provider of manufacturing and distribution software to enhance innovation and growth. Financial terms were not disclosed.
“It is rare to find an established business like SYSPRO with such meaningful potential for further growth. We are excited to bring Advent’s expertise in enterprise application software to support Jaco and the SYSPRO team in building a long-term global category leader,” Christian Braunfisch, Advent International Assistant Director.
Swiss Life Asset Managers, an investment solutions provider, agreed to acquire Condecta, a modular construction firm, from Paragon Partners, a European private equity company. Financial terms were not disclosed.
“The management team of Condecta is excited. We look to the future with great entrepreneurial enthusiasm. With Swiss Life Asset Managers, we have found the perfect new owner to drive our growth and innovation plans even more decisively and to further expand our market leadership in modular space solutions in Switzerland. With our versatile solutions in industry, public sector, events, and construction, we are confident in continuing to provide exceptional customer value and growing together with our partners,” Oliver Annaheim, Condecta CEO.
Odevo, an international company challenging the property management industry, completed the acquisition of Retta Isännöinti, a service company in the management of residential and real estate companies, from Altor, a private equity firm. Financial terms were not disclosed.
“I am very happy to welcome Anders Gylling and his team to the Odevo family. We have an ambition to simplify living for people all over the world and drive innovation in technology and new services in a traditional industry. Retta Isännöinti shares the same drive and ambition, and joining forces allows us to invest in technology and deliver greater value to the Finnish customers," Daniel Larsson, Odevo CEO.
Retta was advised by Carnegie Investment Bank.
Avenue Sports Fund, a fund that provides capital solutions to a wide variety of established teams and leagues, completed the investment in Ipswich Town Football Club, a professional football club based in Ipswich, Suffolk, England. Financial terms were not disclosed.
"We are thrilled to partner with Bright Path, PSPRS and other investors to support the long-term growth of Ipswich Town. The Club has demonstrated remarkable focus and energy in its successive promotions and we welcome the opportunity to support the team and CEO Mark Ashton and the talented Ipswich Town organization to maintain the Club's momentum in the Premier League," Marc Lasry, Avenue Capital Chairman, CEO and Co-Founder.
Avenue Sports Fund was advised by Kekst CNC (led by Todd Fogarty).
Vista is weighing a $2bn sale of Finastra's capital markets division.
Billionaire Robert F. Smith's Vista Equity Partners is weighing a sale of one of the divisions inside the fintech behemoth Finastra.
The buyout fund has held early discussions about a potential sale of Finastra's TCM business with advisers and may kick off the process later this year. Vista is hoping to fetch a valuation of at least $2bn for the business.
The TCM unit could ultimately attract other financial software firms, stock exchanges and financial institutions. Considerations are at an early stage and Vista could still decide against doing a deal, Bloomberg reported.
Brookfield is considering a stake sale in Data4's mature assets.
Brookfield Asset Management is weighing a minority stake sale in some of the assets of French data center operator Data4 Group.
Brookfield is working with Citigroup on seeking investors for Data4's so-called stabilized assets, which refer to fully-constructed data centers with high and stable tenancy rates. The stabilized asset portfolio has a valuation of more than €3.5bn ($3.8bn). Initial bids are expected in September, Bloomberg reported.
InfraVia weighing sale of €1bn Swiss data center operator.
French private equity firm InfraVia Capital Partners is considering a sale of Swiss data center operator Green, Bloomberg reported.
The company bought Green for about CHF214m ($248m) from Altice in 2018. InfraVia is currently working with advisers on the potential divestment, which could value the company at about €1bn ($1.1bn).
RedBird IMI whittles down shortlist for Telegraph sale.
Mediahuis, the European media group, is expected to fall out of the auction to acquire the Telegraph newspaper as RedBird IMI whittles down a shortlist of potential buyers for the next round of bidding.
The bid from Mediahuis, the Belgium-based media organisation that owns the Irish Independent and De Telegraaf, is unlikely to proceed to the second round of the process. Other potential buyers, including ad executive Lord Maurice Saatchi, have also fallen short of the valuation put on the newspaper by RedBird IMI, which wants to at least recoup its money from its now blocked $765m takeover of the Telegraph and Spectator magazine.
Saatchi's bid of $446m plus performance-based payments was significantly below the over $638m target. Despite the exit of several prominent bidders, RedBird IMI remains confident in covering costs and potentially making a profit. National World and hedge fund boss Paul Marshall are still in the running, along with at least two other overseas investment groups, FT reported.
Goldman agrees to sell Ireland's largest shopping mall to SVP. (RE)
Opportunistic credit firm Strategic Value Partners struck a deal to buy Blanchardstown Centre, Ireland's largest shopping mall, from Goldman Sachs, Bloomberg reported.
The US investment bank offered the center for sale last year, seeking about €650m ($716m). The selling price is lower than that, because the value of the best malls in Europe has fallen more than 40%.
Blackstone sells 3k homes to UK pension fund for £405m. (RE)
Blackstone sold 3k homes to the UK’s largest private pension fund for £405m ($518m), making it one of the biggest housing deals this year, Bloomberg reported.
Universities Superannuation Scheme bought the portfolio of shared ownership units from Sage Homes, an affordable housing provider majority-owned by Blackstone. It is the second-largest residential deal in the UK this year after Blackstone earlier agreed to purchase a portfolio of 1.75k homes for £580m ($740m) from builder Vistry Group.
Telecom Italia to get €250m in Inwit stake sale to Ardian.
Telecom Italia sold its remaining stake in mobile tower operator Infrastrutture Wireless Italiane, picking up the pace in its drive to de-leverage and boosting cash flow beyond its full-year guidance levels, Bloomberg reported.
The carrier sold its indirect holding of about 3% in the tower company known as Inwit to a group led by French private equity firm Ardian. The one-time phone monopoly said it will cash in approximately €250m ($273m) from the deal.
Abu Dhabi wealth fund ADQ said to eye bank Audi’s Turkish unit.
An Abu Dhabi sovereign wealth fund is in talks to buy Turkish lender Odeabank, as United Arab Emirates-based entities hunt for growth opportunities overseas, Bloomberg reported.
The $249bn fund ADQ has been in discussions to acquire the lender owned by Lebanon’s Bank Audi over the past few months. Odeabank is a midsize lender in Turkey with assets of TRY87.3bn ($2.6bn). Bank Audi, which established the firm in 2012, is its largest shareholder with a 76.4% stake.
Bridgepoint said to explore takeover bid for Esker.
Bridgepoint is considering a bid to take over Paris-listed software provider Esker.
The UK private equity firm has been working with advisers on a potential offer. Deliberations are ongoing and may not result in a transaction, Bloomberg reported.
Zip World backer LDC plots sale of outdoor adventure parks stake.
The private equity backer of Zip World, the operator of the world's fastest zip line ride, is putting its stake in the business up for sale, Sky News reported.
LDC, which is part of Lloyds Banking Group, has appointed corporate financiers at KPMG to oversee an auction. Zip World operates seven sites in Wales, Cumbria and Manchester, offering activities such as indoor climbing, underground golf and treetop-trekking.
Thyssenkrupp in good talks with Carlyle, KfW over warship unit sale.
Thyssenkrupp continues to be in good discussions with private equity firm Carlyle and German state lender KfW over the sale of a majority stake in its warship division, Reuters reported.
Sources told Reuters in June that Carlyle and KfW are in discussions to jointly acquire a majority in Thyssenkrupp Marine Systems.
Partners Group weighs a $7.6bn IPO of Techem.
Partners Group is considering a launch of the initial public offering of German metering company Techem Energy Services as soon as September.
The Swiss buyout firm has been working with its advisers and has sounded out investors on the potential listing of Techem in Frankfurt. Partners could seek a valuation in excess of €7bn ($7.6bn) for the German firm in an IPO.
Partners has been weighing options for its majority stake in Techem after it received a binding offer from TPG, which became one of the main remaining bidders after KKR dropped out. The private equity firm hasn't completely scrapped its plans on an outright sale and could still identify a buyer for the business. The company plans to make a final decision in the coming weeks and details could still change, Bloomberg reported.
Infinitas-backed HausVorteil is said to weigh listing in Germany.
HausVorteil, backed by the family office of the Lauber family, is considering going public in Germany as soon as this year, Bloomberg reported.
The Infinitas Capital-backed company has held initial discussions with potential advisers on the listing plan, which is unlikely to involve selling any new or existing shares. HausVorteil, which buys stakes in residential properties and provides financing in return, is targeting a valuation of €35m ($38.6m) to €50m ($55m) in a listing.
Revolut backer Balderton Capital raises $1.3bn for European tech start-ups.
Revolut backer Balderton Capital has raised $1.3bn in Europe’s largest venture funding focused on start-ups in the region, as capital returns to private technology companies, FT reported.
London-based Balderton, which has backed artificial intelligence start-up Wayve and Royal Match developer Dream Games, closed a $615m early-stage fund and a $685m fund for growth investing in more mature start-ups, reflecting “growing interest in European tech”.
APAC
Australia's Orora shares spiked more than 15% after it said on August 13 it had rejected a AUD3.42bn ($2.25bn) takeover offer from US private equity firm Lone Star Fund, claiming the offer materially undervalues the packaging products maker, Reuters reported.
Under the offer, Orora shareholders would have received AUD2.55 ($1.32) per Orora share from Lone Star, a 33.9% premium to the stock's last close.
Patient Capital, an investment company, led a $174m Series G round in OYO, a budget hotel chain operator, with participation from J&A Partners, ASK Financial Holdings and InCred.
The new capital infusion will be pivotal for OYO as it gears up for significant global expansion and bolsters its growth strategy.
DigitalBridge, a global digital infrastructure investment firm, agreed to acquire a 26% stake in Jtower, a Japan-based company mainly engaged in the communications infrastructure sharing business, for $163m.
Since launching in 2012, Jtower has entered capital and business tie-ups with Japan’s major carriers, which are looking to consolidate their tower networks and cut costs amid a rapidly shrinking population. The company listed on the Tokyo Stock Exchange’s startups section in 2019.
KKR-led consortium starts sale process for around $3bn Philippines hospital business.
A KKR-led consortium has started the process of selling its entire stake in the largest private hospital in the Philippines in a deal that could value the business at around $3bn, WSJ reported.
The US private-equity firm is also in initial talks with minority shareholder Metro Pacific Investments, a Philippines conglomerate that was the original owner of Metro Pacific Hospital, to explore its interest in buying a stake of the healthcare provider.
Bain is said to be frontrunner for Indian hospital chain HCG.
Bain Capital has emerged as the frontrunner to acquire a controlling stake in Indian cancer hospital chain HealthCare Global. The US private equity firm is considering buying CVC Capital Partners’ 60.4% stake in the Mumbai-listed company, Bloomberg reported.
Bain may consider paying a premium to the market price for the stake. Shares of HCG have lost roughly 3% this year, giving the company a market value of $589m.
BHP, Rio Tinto, Qantas to invest $53m in Australian carbon credit fund.
BHP, Rio Tinto and Qantas will invest a total of A$80m ($53m) as early-stage investors in an Australian carbon credits fund that aims to invest in land reforestation projects, Reuters reported.
The fund, managed by Silva Capital - a joint venture between Roc Partners and C6 Investment Management, aims to raise A$250m ($164m) to generate and manage Australian Carbon Credit Units from reforestation initiatives.
Sunda International weighing $100m to $200m Hong Kong IPO.
Guangzhou Sunda International Trading, a supplier of personal care products mainly in Africa, is considering an initial public offering in Hong Kong that could raise $100m to $200m, Bloomberg reported.
The company is working with China International Capital and Citic Securities on a first-time share sale that may take place in early 2025.
Sweden's EQT seeks $12.5bn for new Asia fund.
EQT plans to raise $12.5bn for its new Asia-focused fund, which will be managed by EQT Private Capital Asia, a company that was formed in October 2022 when EQT acquired Baring Private Equity Asia for $6.7bn.
If successful, EQT Private Capital Asia's BPEA Private Equity Fund IX will be one of the biggest-ever pools of private equity in the region. However, the actual size of the fund will be based on the outcome of the fundraising process, DealStreetAsia reported.
Thailand to ramp up state equity fund by up to $4.3bn.
Thailand will increase the size of a government mutual fund by an amount of THB100-150bn ($2.8 - $4.3bn). The Vayupak Mutual Fund will offer new fund units to the public in the third quarter of this year, DealStreetAsia reported.
The fund mainly invests in Thai stocks. The Vayupak fund’s current top holdings include Thailand’s largest oil and gas firm, financial group SCBX, and Krung Thai Bank.
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