Hellman & Friedman outbids Apax with a NZ$2.6bn offer for Trade Me.

EMEA

OpenGate Capital completed the acquisition of non-core businesses of Gunnebo.

Adelis Equity acquired DataCenter Finland.

HIG-backed Ecore completed a €255m senior secured notes offering.

Yorkshire Water secures £100m in private placement from Prudential Financial.

European governments responsible for half of the continent’s venture capital investments.

AMERICAS

MJ Hudson acquired asset manager Amaces.

Chrys Capital acquired GeBBS Healthcare Services.

WestView Capital acquired Bell & Howell from Versa Capital Management.

Frazier Healthcare Partners acquired Parata Systems.

Amulet Capital acquired OPEN Health.

TPG’s David Bonderman lands Seattle NHL team.

Audax is closing in on 3 Rivers’ Phoenix Rehab deal.

J.H. Whitney looks to sell C.J. Foods.

APAC

Hellman & Friedman outbids Apax with a NZ$2.6bn offer for Trade Me.

CITIC Capital acquired Nippon Oil Pump.

Taiwanese PSPF looking for bids for NT$30bn equity mandate.

Unison Capital looks to sell Ayumi Pharma for $1bn.

Salesforce launched a $100m fund in Japan.

Latest Deals

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EMEA

OpenGate Capital completed the acquisition of non-core businesses of Gunnebo.

Gunneb is a multinational security corporation headquartered in Gothenburg. The newly acquired business will be named Fichet Security Solutions. The French, Belgium and Luxembourg divisions of Gunnebo, which were acquired, offer products and services across five lines; electronic security, security doors and partitions, safes and vaults, cash management and entrance control. Financial terms were not disclosed.

OpenGate Partner Sebastien Kiekert Le Moult, who led the transaction, said: “As an underperforming corporate carve-out with a well-established, customer based, solid management team, and a highly regarded brand, Fichet has the fundamentals to build upon and we’re excited to begin our work immediately.”

Rothschild advised Gunnebo on the transaction.

Adelis Equity acquired DataCenter Finland.

DataCenter Finland is a web hosting company in Espoo. Adelis becomes the majority owner of DCF through the transaction. The company’s current owners, including management, will remain as significant owners. Financial terms were not disclosed.

”After building a strong foundation within IT infrastructure and private cloud services, we want to evolve into a holistic IT services provider. Our plan is to expand our offering especially within information security, holistic IT architecture and modern end-user solutions coupled with excellent service desk and onsite support services. The Adelis team’s previous experience from the Danish and Swedish IT services markets brings very valuable know-how to us”, says Atte Kekkonen, CEO of DataCenter Finland.

HIG-backed Ecore completed a €255m senior secured notes offering.

The Ecore Group issued €255m ($289m) in senior secured floating rate notes. Established in 1993, Ecore is a leading player in the French metal recycling market. It employs over 1,400 people and recycles and sells 3.7m tons of materials each year, including more than 3.0m tons of ferrous metals. Ecore manages all stages of the recycling chain, from waste collection to processing, transport, and sale of recycled products. In 2017, Ecore generated revenue of €1.3bn ($1.4bn).

HIG acquired a significant stake in Ecore in 2017.

Barclays acted as a sole bookrunner.

Yorkshire Water secures £100m in private placement from Prudential Financial.

UK-based Yorkshire Water is a provider of essential water and wastewater services. The investor was Pricoa Capital Group, the private capital arm of PGIM, the global investment management business of Prudential Financial Inc. Yorkshire Water sought to bring a new lender into its capital structure through a bilateral process and was introduced to Pricoa Capital Group by the debt finance specialist firm IDCM Limited.

“Investing in the UK water sector is an important component of our infrastructure financing business. We are pleased to provide Yorkshire Water with this private placement as they continue to supply efficient and sustainable water services to their millions of customers,” said Christina Kim, vice president, infrastructure investing, Pricoa Capital Group.

European governments responsible for half of the continent’s venture capital investments.

European governments are involved in almost half of all venture capital investments for entrepreneurs, according to new research from EMlyon business school. Using four separate investment databases, the researchers reviewed 55k individual venture capital investments, spanning across 25 separate European countries between the years 1997-2015.

The researchers found that in an average year European government bodies were involved in 42.2% of all venture capital investments – with GVCs making up 12.5% and GLPs making up 29.7% of these.

“Government intervention in this market being actually higher than previously documented implies that we need to re-evaluate the government’s role and implications in terms of the broader economic consequences for ventures. For the future, however, the research shows that governments seem to learn or at least evolve in their approaches to how they structure their VC initiatives,” said Yan Alperovych who lead the study.

AMERICAS

MJ Hudson acquired asset manager Amaces.

Amaces is a data analytics and asset management firm, which provides tools and consulting services to help institutional investors benchmark and monitor the cost and quality of the investor services they receive from their custodian banks. Financial terms were not disclosed.

The acquisition expands MJ Hudson’s existing asset management client base from 600+ managers, pension funds and other asset owners to more than 700, collectively managing in excess of $10tn. It provides MJ Hudson with an established operational and commercial presence in the US and Canadian markets, while simultaneously offering new and existing clients an extended and enhanced suite of services.

Amaces name will continue as ‘MJ Hudson Amaces’ and all of the services provided by the company will be accessible under the MJ Hudson brand.

Chrys Capital acquired GeBBS Healthcare Services.

Chrys Capital acquired GeBBS Healthcare Services, a leading national provider of revenue cycle management. Financial terms were not disclosed.

“We are excited to partner with ChrysCapital as we enter our next phase of growth,” said Nitin Thakor, President and CEO of GeBBS Healthcare Solutions. “We chose to partner with ChrysCapital because they bring with them a strong track record of building best-in-class businesses. Their deep domain expertise and strong network of relationships will complement our capabilities and drive additional value to our customers. We now have the resources to accelerate our growth and strategic objectives.”

Houlihan Lokey acted as financial advisor to GeBBS Healthcare Solutions. Mundkur Law Partners and Clark Hill acted as legal advisors to GeBBS Healthcare Solutions. Shardul Amarchand Mangaldas & Co and Wilson Sonsini Goodrich & Rosati acted as legal advisors to ChrysCapital.

WestView Capital acquired Bell & Howell from Versa Capital Management.

WestView Capital acquired Bell & Howell, a provider of technology-enabled solutions focused on enhancing communications and e-commerce experiences, from Versa Capital Management. Financial terms were not disclosed.

“Technology and automation are significant strategic priorities for enterprises across all industries and the corresponding service, support, and ongoing monitoring of such equipment is becoming even more mission-critical to the operations of these enterprises,” said Carlo von Schroeter, Managing Partner at WestView, who will join Bell and Howell’s Board of Directors along with WestView colleague Kevin Twomey.

Frazier Healthcare Partners acquired Parata Systems.

TCGRx, a portfolio company of Frazier Healthcare Partners acquired Parata Systems, a provider of pharmacy technology solutions. No financial terms were disclosed.

Duane Chudy, founder of TCGRx, commented: “TCGRx’s merger with Parata provides a major growth opportunity for both our businesses through extended solution and service offerings for our customers. As pharmacies elevate their role in the healthcare ecosystem, we will be best positioned to support them on their journey.”

Amulet Capital acquired OPEN Health.

OPEN Health is a multi-disciplinary health communications and market access group. Amulet plans to merge OPEN Health with its existing portfolio company, Peloton Advantage, a leading provider of medical communications services to Medical Affairs departments at pharmaceutical, biotechnology, and medical device companies. Terms of the transaction were not disclosed.

Ramsey Frank, Partner and Co-Founder of Amulet said, “This is a transformational merger creating attractive pathways for growth for both Peloton and OPEN Health. We are excited about the Company’s future prospects and are committed to supporting the Company’s continued development and expansion both organically and through thoughtful mergers and acquisitions.”

TPG’s David Bonderman lands Seattle NHL team.

TPG Capital co-founder David Bonderman joined the small group of private equity titans who own NHL teams. The NHL Board of Governors voted unanimously in favour of awarding the league's 32nd franchise to Seattle, with investment group Seattle Hockey Partners, majority of which is owned by David Bonderman, serving as owners.

The yet-to-be-named team will begin to play in the 2021-22 season, allowing time for Seattle's KeyArena to complete a renovation set to cost roughly $800m. The group will pay an expansion fee of $650m.

Audax is closing in on 3 Rivers’ Phoenix Rehab deal.

Audax Group is nearing a deal to acquire Phoenix Rehabilitation and Health Services, a physical therapy clinic in Blairsville, Pennsylvania from 3 Rivers Capital. 3 Rivers acquired the company in August 2016. Phoenix Rehabilitation and Health Services offers comprehensive physical rehabilitation services including physical therapy, occupational health and massage therapy.

Cain Brothers is advising Phoenix Rehabilitation and Health Services.

J.H. Whitney looks to sell C.J. Foods.

C.J. Foods is the leading custom manufacturer of super-premium dry pet foods for dogs, cats, and other household pets. The Company offers services throughout the value chain, including product consulting and development, materials management, customized production and packaging, quality control, and managed inventory, allowing customers to focus on branding and marketing their pet food diets. It was acquired by J.H. Whitney in June 2014.

Lazard is advising J.H. Whitney on the sale.

APAC

Hellman & Friedman outbids Apax with a NZ$2.56bn offer for Trade Me.

New Zealand’s top online marketplace Trade Me Group said it had received a NZ$2.56bn ($1.8bn) offer from California-based Hellman & Friedman. The company offered NZ$6.45 ($4.47) per share of Trade Me, or NZ$0.05 ($0.03) higher than an offer Apax Partners made last month. Shares of Trade Me rose 3% on the news to a record of NZ$6.25 ($4.34) on Wednesday, just short of the indicative offer price, as investors allowed for the uncertainty that a sale would go through.

Trade Me said it would open its books for Hellman & Friedman to conduct due diligence, as it has done for the Apax. Apax was not immediately available for comment.

Apax is being advised by UBS.

CITIC Capital acquired Nippon Oil Pump.

CITIC Capital acquired Nippon Oil Pump, one of the leading manufacturers for internal gear pumps, which provides high-quality and high-performance products and solutions across a wide range of end-markets including machine tools, construction vehicles, general machinery, food & beverage dispensing, power infrastructures, and marine & ship equipment. Financial terms were not disclosed.

CITIC Capital will leverage its extensive network and track records throughout China and Asia, its resources, knowledge and business management know-how to support Nippon Oil Pump’s further growth. Especially for the China market, CITIC expects growing demand for NOP’s products driven by the “Made in China 2025”strategic plan.

Taiwanese PSPF looking for bids for NT$30bn equity mandate.

The five-year domestic equity mandate, which is worth around NT$30bn ($979m) will be split among six managers and issued early next year now that valuations are below their historical averages.

Timings will be dictated by global conditions.

Unison Capital looks to sell Ayumi Pharma for $1bn.

Ayumi Pharmaceutical Corp. makes drugs for rheumatic and orthopaedic disorders. The business could attract suitors including buyout funds and health-care companies. Ayumi was formed after Unison-controlled Hyperion Pharma Co. acquired Santen Pharmaceutical Co.’s anti-rheumatism operations in 2015 and combined it with the drugs business of another Unison portfolio company.

JP Morgan is advising Unison Capital on the sale.

Salesforce launched a $100m fund in Japan.

Salesforce Ventures, the corporate venture investment arm of US-based technology company Salesforce Inc., has launched a $100m fund that seeks to invest in Japanese startups within the Salesforce ecosystem.

“There is incredible innovation happening in Japan today, and the Japan Trailblazer Fund represents our continued commitment to Japanese startup growth and customer success,” said John Somorjai, EVP of Corporate Development and Salesforce Ventures at Salesforce.

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