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AMERICAS
GMT Capital, the second-largest shareholder in oil company Pipestone Energy said it intends to vote against an all-stock deal proposed by larger rival Strathcona Resources as it undervalues the company.
Investment firm GMT Capital, which holds a 13.47% stake in Pipestone, said the buyout deal undervalues Pipestone Energy's common shares. The acquisition requires approval from two-thirds of Pipestone shareholder votes cast at a meeting in September, Reuters reported.
Pipestone Energy is advised by BMO Capital Markets, Raymond James and McCarthy Tetrault. Strathcona is advised by ATB Capital, CIBC World Markets, Mizuho Securities, RBC Capital Markets, Scotiabank, TD Securities and Blake Cassels & Graydon. Waterous Energy Fund is advised by Stikeman Elliott.
Francisco Partners, an investment firm, and H.I.G. Capital, private equity and alternative assets investment firm, agreed to acquire RBmedia, an audiobook publisher, from KKR. Financial terms were not disclosed.
“We look forward to working with Francisco Partners and H.I.G. to capitalize on the numerous tailwinds present in the industry. We welcome Francisco’s media technology expertise and its global presence and are eager to partner with them and H.I.G. on the next chapter of our story,” Tom Maclsaac, RBmedia CEO.
RBmedia is advised by Goldman Sachs, LionTree Advisors, and Simpson Thacher & Bartlett (led by Marni Lerner and Naveed Anwar). Francisco Partners are advised by Kirkland & Ellis and Sloane & Company (led by Whit Clay). H.I.G. is advised by Barclays, Morgan Stanley, RBC Capital Markets, and Latham & Watkins (led by Tana Ryan and Matthew Goulding).
OMERS Private Equity, a private equity firm, agreed to acquire Knight Commercial, a provider of mitigation, reconstruction, and roofing services. Financial terms were not disclosed.
“Knight Commercial Services has a proud history of success in serving commercial real estate clients with restoration, construction and roofing needs across the country, oftentimes in emergency situation. We are incredibly excited to partner with OMERS Private Equity as we continue to elevate Knight as a global leader within the commercial services sector by honoring our relationships with a comprehensive commitment to excellence," Adam McKelvey, Knight Commercial CEO.
Knight Commercial is advised by Stephens and Akin Gump Strauss Hauer & Feld. OMERS Private Equity is advised by Harris Williams & Co, Cravath Swaine & Moore (led by Peter Feist and Maurio A. Fiore) and Weil Gotshal and Manges. Debt financing is provided by Citizens M&A, SMBC Nikko Securities and TD Securities.
Brookfield Infrastructure Partners, through its subsidiary Brookfield Infrastructure and its institutional partners and Triton International, announced today that, following clearance from the Committee on Foreign Investment in the United States on September 18, 2023, all regulatory approvals required to complete the previously announced acquisition of Triton by Brookfield Infrastructure have now been received. The parties currently anticipate the transaction will close on September 28, 2023.
Brookfield Infrastructure and Triton also announced today that the deadline for holders of Triton common shares to elect their preferred form of merger consideration on September 26, 2023.
Triton International is advised by Goldman Sachs, Appleby, Sullivan & Cromwell (led by Scott Miller). Brookfield Infrastructure is advised by Bank of America, MUFG Bank, Mizuho Securities, Torys, Brunswick Group, Skadden Arps Slate Meagher & Flom (led by Eric Otness and Thomas Greenberg), and Teneo (led by Lisa Friedman).
Leonard Green & Partners, a private equity firm, completed an investment in Hub International, a full-service global insurance broker and financial services firm. Financial terms were not disclosed.
"We have admired HUB for a long time and are excited to partner with the entire HUB management team, Hellman & Friedman, and Altas to support the next phase of the company's growth. HUB is the premier insurance broker and has all the attributes we look for in investments – a best-in-class management team, a differentiated culture, a long and consistent track record of success, and multiple ways to grow," Adam Levyn, LGP Partner.
Hub International was advised by MarshBerry, Morgan Stanley, Simpson Thacher & Bartlett (led by Naveed Anwar and Atif Azher). LGP was advised by Barclays and Latham & Watkins (led by Eyal N. Orgad and John Giouroukakis). Hellman & Friedman was advised by FGS Global.
Structured Alpha, a fund managed by Thomvest, agreed to acquire the remaining shares of Liminal BioSciences, a development-stage biopharmaceutical company focused on discovering and developing novel and distinctive small molecule therapeutics. Financial terms were not disclosed.
"After an extensive process led by a special committee comprised of disinterested and independent directors, we are pleased to have agreed terms on a transaction with SALP that has the full support of the Liminal BioSciences board. The transaction will deliver immediate value and liquidity to our minority shareholders at a substantial premium. Reaching this point is a testament to everything that the entire Liminal BioSciences team has accomplished. We look forward to partnering with SALP to continue to pursue our goal of developing and delivering cutting edge treatment to patients," Bruce Pritchard, Liminal BioSciences CEO.
Structured Alpha is advised by Langstaff & Co and Torys. Liminal BioSciences is advised by BMO Capital Markets, Cooley, and Stikeman Elliott. Financial advisors are advised by White & Case (led by Denise A. Cerasani).
GHK Capital Partners, a middle-market private equity firm, completed the acquisition of WSB & Associates, an infrastructure engineering consulting firm serving transportation, and EST, an engineering firm. Financial terms were not disclosed.
"We are thrilled to partner with the WSB team. We believe WSB, led by its entrepreneurial leadership team, is well-positioned for future growth and represents a fantastic entry point to play multiple compelling secular trends in the critical infrastructure space." Gil Klemann, GHK Managing Partner.
GHK Capital Partners was advised by Morrissey Goodale and Davis Polk & Wardwell. WSB & Associates was advised by AEC Advisors and Faegre Drinker Biddle & Reath. EST was advised by Hartzog Conger Cason.
Carlyle, a private equity firm, completed the investment in CAPTRUST, an advisory firm. Financial terms were not disclosed.
"CAPTRUST was founded on the belief that everyone is best served by working with financial advisors that serve as fiduciaries, providing objective, conflict-free advice. Fast-forward more than 25 years, and that core belief remains the foundation of our tremendous growth. We remain focused on our clients first and have built out the infrastructure and advisor force to deliver world class solutions," Fielding Miller, CAPTRUST Co-founder and CEO.
Carlyle was advised by JP Morgan and Simpson Thacher & Bartlett. CAPTRUST was advised by Ardea Partners and Alston & Bird. GTCR was advised by Kirkland & Ellis.
A&M Capital Partners, a private equity firm, completed the investment in VTG, a defence and space manufacturing company. Financial terms were not disclosed.
"I have never been more enthusiastic or optimistic about VTG's future. This partnership with AMCP will accelerate VTG's growth trajectory, allowing us to make investments in the emerging capabilities and technologies most needed by our customers, and providing our employees with tremendous new career opportunities," John Hassoun, VTG President and CEO.
A&M Capital Partners was advised by Kirkland & Ellis. VTG was advised by Citizens Financial Group, Robert W Baird and Mayer Brown.
Brightstar Capital, a private equity firm, completed the acquisition of Douglas Products and Packaging, a specialty products manufacturer and marketer of brands in the global agriculture production and structural pest control markets. Financial terms were not disclosed.
"Douglas' dedicated team and steadfast commitment to environmental and regulatory stewardship of their mission-critical products fit perfectly with Brightstar's core values. We are excited about the Company's next stage of growth that includes potential expansion of new use cases across both its core markets and new geographies," Bruce Roberson, Brightstar President and COO.
Douglas was advised by Evercore and Ropes & Gray. Brightstar was advised by BMO Capital Markets and Kirkland & Ellis.
Gemspring, a middle-market private equity firm, completed the acquisition of ClearCompany, a provider of human capital management software. Financial terms were not disclosed.
ClearCompany is at an exciting inflection point, and we are thrilled to partner with Gemspring to pursue a number of compelling growth opportunities. Gemspring's extensive strategic and operational experience in scaling software companies make them the ideal partner to support our business as we build out our customer base, expand product offerings, and strengthen our partnerships." Andre Lavoie, ClearCompany CEO and Co-Founder.
ClearCompany was advised by First Analysis Securities and Winston & Strawn. Gemspring was advised by McDermott Will & Emery.
Lovell Minnick Partners, a private equity firm, completed the investment in Net At Work, an IT services and solutions provider. Financial terms were not disclosed.
"This investment from Lovell Minnick Partners is a significant milestone for Net at Work. It will not only empower us to better help our customers and partners thrive in today's digital economy but also to expand the career options for our employees and talent in the market. Together, we will continue to redefine excellence in technology partnership to lead the industry," Alex Solomon, Net at Work Co-Founder and Co-CEO.
Net At Work was advised by Katten Muchin Rosenman. Lovell Minnick Partners was advised by Harris Williams & Co, Netrex Capital Markets and Goodwin Procter.
Lindsay Goldberg, a private equity firm, completed the acquisition of Kleinfelder, an engineering company, from Wind Point, a private equity firm. Financial terms were not disclosed.
"Our partnership with Louis and the management team underscores our confidence in Kleinfelder’s capabilities, operational acumen, and reputation as a trusted provider of high-quality solutions. Kleinfelder is a proven leader in the core engineering and professional services markets, and its business model and proven track record make it an exceptionally attractive partner that aligns well with our expertise in the infrastructure, power, and government services end markets. We are excited to welcome Kleinfelder to the Lindsay Goldberg portfolio and to partner with the team on its next stage of growth,” Krishna Agrawal, Lindsay Goldberg Partner.
Lindsay Goldberg was advised by AEC Advisors. Kleinfelder was advised by Houlihan Lokey. Wind Point was advised by KPMG and Winston & Strawn.
TPG Growth, a private equity investment firm that focuses on leveraged buyouts and growth capital, agreed to invest $336m in Denodo, a provider of performance and unified access to the range of enterprise, Big Data, cloud and unstructured sources.
“We are excited to welcome TPG as an investor in Denodo, as their deep experience investing in innovative, high-growth companies with disruptive technologies is a perfect fit for our company. This funding is a testament to Denodo’s leadership in the data management market and our further growth potential using the logical-first approach, powered by data virtualization. We look forward to leveraging TPG’s deep experience to continue the rapid expansion of our global market share. We are equally thrilled that HGGC will remain an important investor in Denodo and are thankful for their lasting partnership and ongoing commitment,” Angel Viña, Denodo CEO and Founder.
Quad-C Management, a middle market private equity firm, completed the acquisition of Vortex, a global provider of trenchless infrastructure rehabilitation products and services, from Platform Partners, a private investment firm. Financial terms were not disclosed.
"Quad-C is very excited to add Vortex to its portfolio. Mike and his management team have done an incredible job of building a profitable company in an extremely competitive environment, with a sustainable growth model. We believe Vortex will be a great fit for Quad-C, as we are very focused on the specialty products and services sectors and we have a long history of successfully partnering with privately held, entrepreneurial minded businesses," Tom Hickey, Quad-C Partner.
Vortex was advised by Houlihan Lokey.
T. Rowe Price, an American publicly owned global investment management firm, led a $500m Series I round in Databricks, a unified analytics platform that accelerates innovation by unifying data science, engineering, and business, with participation from Andreessen Horowitz, Baillie Gifford, ClearBridge Investments, Counterpoint Global, Fidelity Management & Research Company, Franklin Templeton, GIC, Octahedron Capital, Tiger Global, Capital One Ventures, Ghisallo Capital Management, Ontario Teachers’ Pension Plan, and NVIDIA.
“The commitment from long-term focused strategic and financial partners reflects Databricks’ continued momentum, the rapid customer adoption of the Databricks Lakehouse, and the success customers are seeing from moving to a unified data and AI platform. Databricks and NVIDIA are building transformative AI technology, and we’re excited about the business value and innovation we can bring to our customers,” Ali Ghodsi, Databricks Co-Founder and CEO.
SoftBank led a $280m Series E round in Mapbox, the location platform powering navigation for Toyota, General Motors, and BMW.
"It's this combination of data and AI processing that is unique to Mapbox. It's what allows us to satisfy our customers' needs across automotive, logistics, business intelligence, and mobile apps. This investment will allow Mapbox to bring its AI technology closer to the sophisticated camera and LiDAR sensors inside the vehicle, so split-second decisions can be made with the best data possible," Peter Sirota, Mapbox CEO.
US Innovative Technology Fund, an investment firm, led the $100m Series B round in Pryon, an enterprise AI and machine learning company, with participation from Aperture Venture Capital, BootstrapLabs, Breyer Capital, Duke Capital Partners, Good Growth Capital, Omnimed Capital and Revolution’s Rise of the Rest Seed Fund.
“My lifelong goal, and Pryon’s mission, is to reduce the distance between knowledge and people, especially for those who make up the backbone of critical infrastructure. Our platform brings organizations to a state of knowledge flow, empowering a decision advantage grounded in confidential, trusted, and verifiable information. This funding round ensures Pryon’s continued leadership in transforming previously static content into actionable intelligence within academic, commercial, government, and nonprofit environments. We are galvanized to usher in this next phase of our evolution and are intensely proud to partner with Thomas Tull and his USIT team, who also recognize the immense value this technology delivers to the world,” Igor Jablokov, Pryon Founder and CEO.
ICONIQ Growth led the $100m Series B round in Writer with participation from WndrCo, Balderton Capital, Insight Partners, Aspect Ventures, Accenture and Vanguard.
“Our foundation models are best-in-class, and they're auditable, inspectable, and hostable — but it’s not just about the models. Any CIO who's tried to build an internal generative AI application will tell you that the last mile of quality is the hardest. And we help them nail that, at scale, dozens and dozens of times as they build AI applications and assistants that enable their entire organization. And our customer’s desire to invest in the company is a true testament to the value we're providing,” May Habib, Writer CEO and Co-Founder.
Computershare, a global market in transfer agency and share registration, agreed to acquire Solium Capital, a provider of software-as-a-service for equity administration, from Morgan Stanley Capital Partners, an investment bank and financial services company. Financial terms were not disclosed.
“The clients and team from Solium Capital UK are a natural fit for Computershare and will help us further enhance our ability to provide market-leading share plans to clients in the UK and Europe." Francis Catterall, Computershare CEO.
Marathon is bidding on Signature's commercial real estate portfolio.
The biggest opportunity in the distressed debt space right now is in commercial real estate, according to Bruce Richards, CEO of Marathon Asset Management, Bloomberg reported.
The New York-based global credit manager with about $20bn in capital management will be bidding on Signature Bank's $33bn commercial real estate loan portfolio, which is comprised primarily of multifamily properties in New York City. The Federal Deposit Insurance launched the marketing process for the portfolio on September 5.
TPG explores sale of restaurant chain Mendocino Farms.
Private equity firm TPG is exploring options for Mendocino Farms, including a sale that could value the fast-casual restaurant chain at over $400m, Reuters reported.
Investment bank North Point is advising on a sale process for Mendocino Farms, which is not certain to lead to any deal.
Banks kick start $2.9bn bond sale for Worldpay buyout.
The sale is split across two tranches of $2bn and $866m and follows the launch last week of a $5.5bn package of leveraged loans in dollars and euros.
Klaviyo valued at $9.2bn after pricing IPO above range.
Marketing automation company Klaviyo secured a valuation of $9.2bn in its initial public offering, after pricing the share sale above its indicated range, Reuters reported.
Klaviyo priced 19.2m shares at $30 apiece. It had raised its indicated IPO price range from $25-$27 to $27-$29 per share. BlackRock and AllianceBernstein have already agreed to buy up to $100m worth of shares each, accounting for a big stake of the total proceeds.
Klaviyo is advised by Goldman Sachs, Morgan Stanley, Citigroup, Barclays, Mizuho and William Blair.
Goldman Sachs closes private equity secondary funds at $15.2bn.
Goldman Sachs Asset Management has closed its latest private market secondaries fund Vintage IX at $14.2bn, as a challenging exit landscape pushes more and more managers to tap alternative liquidity sources, DealStreetAsia reported.
The New York-headquartered firm also raised an additional $1bn for its Vintage Infrastructure Partners vehicle, which targets opportunities in infrastructure secondaries.
The Vintage Funds, which provide liquidity solutions to private market limited partner investors and general partner fund managers, represent a flagship of Goldman Sachs’ alternatives franchise, with leadership in the secondaries space since 1998 and over $45bn of assets under management as of June 30, 2023.
SkyKnight Capital closes Fund IV at $1bn hard cap.
Private equity firm SkyKnight Capital announced the final closing of SkyKnight Capital Fund IV, with $1bn in commitments from endowments, foundations, pensions, family offices, and institutional investors. Fund IV exceeded its target and was significantly oversubscribed, with strong support from a diversified base of returning and new limited partners.
"We are grateful for the support of our like-minded partners and pleased to announce the closing of Fund IV, which will allow us to continue to execute our investment strategy. Fund IV will aim to invest in approximately ten platform companies where SkyKnight can bring our collaborative, entrepreneurial approach to building industry-defining businesses alongside aligned management and owners," Matthew Ebbel, SkyKnight Managing Partner.
EMEA
Rathbones Group, a provider of personalised investment management and wealth management services, completed the acquisition of Investec Wealth & Investment, an investment management company, from Investec, a banking and wealth management group, for £839m ($1bn).
"Rathbones' combination with Investec W&I UK presents many exciting future opportunities and creates the UK's leading discretionary wealth manager with approximately £100bn ($124bn) of funds under management and administration. Completion represents the start of a journey to bring both businesses together, delivering a high-quality range of services to clients and offering employees the chance to grow and develop within the enlarged Rathbones group. The strategic and financial rationale behind the combination is compelling and I thank all teams at Rathbones, Investec W&I UK and Investec Group for their dedication to achieving this milestone. I look forward to achieving the benefits to be realised for our clients, colleagues and shareholders," Paul Stockton, Rathbones Group CEO.
Macquarie Group, a private equity firm, led a €2bn ($2.1bn) Series C funding round in Verkor, a manufacturer of low-carbon batteries, targeting the electric mobility markets, with participation from Renault Group, Meridiam, Government of France, EQT, EIT InnoEnergy, Credit Agricole, CMA CGM and Bpifrance.
"We are very proud to secure more than €2bn to concretise our ambition. Together we’ll bring to life a high performance gigafactory, accelerating a responsible energy transition and transport decarbonisation This global financing solidifies our long- term perspectives and with the renewed commitment of our existing partners, we are now on track to becoming one of the leading European battery manufacturers," Benoit Lemaignan, Verkor CEO.
Verkor was advised by Ceres Partners, Jefferies & Company, Santander and Hogan Lovells. Meridiam was advised by Societe Generale and Willkie Farr & Gallagher (led by Gregoire Finance and Amir Jahanguiri).
DBAY Advisors, a private equity firm, agreed to acquire Finsbury Food Group, a specialty bakery manufacturer, for £143m ($177m).
"I am confident that Finsbury will thrive under DBAY's stewardship in the private market, with access to DBAY's investment and operational support to pursue the current strategy of scaling Finsbury's buy-and-build M&A in the future. The Finsbury Board has carefully reviewed the terms of DBAY's Cash Offer, and believes it provides shareholders with an accelerated, de-risked opportunity to realise their investment in full and in cash at an attractive premium to both the current share price and the long term weighted average share price. As such, the Finsbury Board unanimously intends to recommend that Finsbury Shareholders also vote in favour of the Acquisition," Peter Baker, Finsbury Chairman.
Falfurrias Capital Partners, a private equity firm, agreed to invest in Brainlabs, an internationally acclaimed full-service media agency. Financial terms were not disclosed.
"With our extensive experience in the marketing and media space, Brainlabs is a perfect fit for Falfurrias. We look forward to meaningfully building on what is already a significant and influential player in this space," Geordie Pierson, Falfurrias Capital Partners Partner.
Villeroy & Boch, a manufacturer of ceramics, agreed to acquire Ideal Standard, a manufacturer of products and solutions for private and public bathrooms, from Anchorage Capital Group and CVC, two investors, for €600m ($640m).
"Villeroy & Boch and Ideal Standard complement each other, in terms of products but also in terms of brands, and will gain mutual benefit from their different sales channels. Both companies will play a key role in charting the future course of the industry. We look forward to this development!" Jan Peter Tewes, Ideal Standard CEO.
Infracapital, an investment firm, agreed to acquire three chemical terminals in Rotterdam from Vopak, a global independent infrastructure provider, for €407m.
“The divestment of the three chemical terminals in Rotterdam is in line with our strategic goals to improve the financial performance of the portfolio, grow Vopak’s footprint in gas and industrial terminals and accelerate towards new energies. We remain committed to actively manage our portfolio towards infrastructure investments that support the long term cash flow profile and return ambitions of the company," Michiel Gilsing, Vopak Member of the Executive Board and CFO.
McWin Capital Partners, a private equity firm, completed the acquisition of a majority stake in Big Mamma, a French-owned Italian restaurant group, in a €270m ($288m) deal.
Looking ahead, Big Mamma aims to make its debut in the United States, with potential locations in Chicago, Miami, and Atlanta. Victor Lugger even hinted at a possible move to the United States within the next two years to oversee the brand’s ambitious expansion.
Big Mamma is advised by Rothschild & Co.
Altor, a private equity firm, agreed to acquire a minority stake in Marshall Group, a manufacturer of music equipment and audio products, from Zenith, a venture capital firm, and Varenne, a private investment firm. Financial terms were not disclosed.
"We have formed a strong and positive agreement with Altor that will enable us to move forward in harmony and fully unlock Marshall Group's amazing potential with the management team. We're excited about building on the Marshall legacy together and creating value for all shareholders," Henri de Bodinat, Marshall Group Chairman.
Varenne is advised by Carnegie Investment Bank.
Ares Management, an American publicly traded, global alternative asset manager focused on alternative strategies, including credit, private equity, and real estate activities, completed the investment in Clearlake-backed Chelsea FC, an English professional football club, for $500m, FT reported.
"We have bought an asset that is very coveted by many other potential buyers. Ultimately, we are extremely aligned with that supporter and fan base because the best way to make our club more valuable is to win.” José Feliciano, Clearlake Co-Founder.
Playtika, a game developer that creates disruptive gaming experiences that reshape the gaming landscape, agreed to acquire Innplay Labs, an operator of a mobile game development studio, from vgames, a venture fund for game entrepreneurs, for $300m.
"The acquisition of Innplay Labs, our second transaction this quarter, represents another strategic expansion of our portfolio with a promising and innovative growth franchise in the Luck Battle genre, and presents another opportunity for us to further utilize our expertise in leveraging LiveOps and proprietary technology to drive sustained, long-term growth. As a fellow Israeli-based company recognized for innovation, Innplay's talented team shares our culture of focus, speed and agility. We are excited to embark on this journey together and to rebrand Animals & Coins alongside Innplay,” Robert Antokol, Playtika CEO.
United Printing & Publishing, a company that prints identification cards, to go public via a SPAC merger with ADC Acquisition, an Abu Dhabi-based blank cheque company, in a $300m deal.
“As the region’s first SPAC merger process, this transaction marks a notable achievement for ADC and reaffirms Abu Dhabi Securities Exchange (ADX) as the region’s most dynamic financial market.” Seif Fikry, ADC CEO.
Swiss Life and Greencoat, two investors, agreed to acquire UK heating and cooling network activities from Equans, a company in the energy and services sector, for £260m ($322m).
"We remain committed to Urban Energy's net zero ambitions and plan to make investments in the coming years to support the continued decarbonisation and growth of both existing and new heat networks. This will serve the UK's wider Net Zero objectives as well as the UK Government's Levelling Up agenda, by supporting local employment and investment in local critical infrastructure," Gabriele Damiani and Minal Patel, Swiss Life Head of Core Infrastructure and Greencoat Partner.
A group of investors, including Ally Bridge Group, Cambridge Innovation Capital, Escala Capital, LGT, Lightrock, RPMI Railpen, SoftBank Vision Fund 2, Tencent and Watrium, led a $165m funding round in CMR Surgical, the global surgical robotics business.
"I am incredibly proud of our teams and what CMR stands for as we pass this latest milestone and work towards our vision of making minimal access surgery available to everyone. The benefits of MAS for patients are enormous and I am excited to see the continued adoption of Versius around the world, and the positive impact it is having on hospitals, surgeons, and, ultimately, their patients," Supratim Bose, CMR Surgical CEO.
777 Partners, a controlling investment and private equity firm, agreed to acquire a 94.1% stake in Everton Football Club, a professional football club from Liverpool, from Farhad Moshiri. Financial terms were not disclosed.
"We are truly humbled by the opportunity to become part of the Everton family as custodians of the Club, and consider it a privilege to be able to build on its proud heritage and values. Our primary objective is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men's and women's teams that will deliver results for future generations of Everton supporters. As part of this, we are committed to partnering with the local community over the long-term, working on important projects such as the development of Bramley-Moore Dock as a world class stadium venue, allowing thousands more Evertonians to attend our home matches and contribute to the economic and cultural regeneration of Merseyside," Josh Wander, 777 Partners Founder and Managing Partner.
Octopus Energy, a British renewable energy group, completed the acquisition of a 10% stake in Borssele III & IV wind farm from Partners Group, a Swiss-based global private equity firm. Financial terms were not disclosed.
“Investing in one of Europe’s largest wind farms in the Netherlands is a really exciting milestone as we only entered the Dutch renewables market last year. We’ve got big ambitions to supercharge the green energy transition globally. Offshore wind farms like these are boosting energy security and creating a more sustainable energy system for everyone,” Alex Brierley, Octopus Energy Co-Head of Octopus Renewables.
Alpha Transform Holdings, a venture capital firm, completed an investment in Everscale Protocol, a blockchain design that is capable of processing millions of transactions per second. Financial terms were not disclosed.
“Everscale has demonstrated a remarkable network speed of over 64,000 transactions per second (TPS) through rigorous tests, showcasing its potential for handling an infinite number of transactions. This collaboration represents an exciting opportunity for Alpha Transform Holdings to support Everscale as it expands and scales,” Enzo Villani, Alpha Transform Founder and CEO.
IK Partners, a private equity firm, agreed to invest in Metrology & Monitoring Solutions Group, a French metrology expert specializing in wireless temperature monitoring solutions. Financial terms were not disclosed.
"We are very excited about the prospect of working with the Development Capital team at IK, which has already proven itself to be a leading partner for international small to medium-sized enterprises. We are confident that with their expertise, knowledge of the sector and financial firepower, we will be able to execute on our ambitious M&A plans and growth strategies, embarking on the next stage of international expansion," Pascal Vermeersch, MMS CEO.
Hg and Permira weigh options for stakes in Germany's P&I.
Private equity firms Hg and Permira are exploring strategic options for their stakes in German software firm Personal & Informatik, including a possible minority sale, Reuters reported.
A deal could value the provider of cloud-based HR software at more than €2bn ($2.13bn).
Pendragon rejects $486m buyout proposal from top shareholder.
Britain's Pendragon had rejected an unsolicited buyout proposal from its largest shareholder Hedin Mobility and US-based PAG International, which valued the car dealer at about £392m ($486m), Reuters reported.
The offer for 28 pence ($0.38) per share from Hedin, which holds a 27.6% stake in Pendragon, and PAG comes a year after Hedin made a cash offer of 29 pence ($0.39) per share for the company.
Actis kick offs sale of casual dining chain Java House.
Actis, the buyout firm pivoting toward energy and infrastructure investments, has kicked off the sale of East African casual dining business Java House, Bloomberg reported.
The London-based private capital investor has hired Africa-focused boutique advisory firm Flamingo Capital Partners to help gauge interest from potential buyers.
Ark Investment Management buys Rize ETF as it pushes into Europe.
Cathie Wood’s ARK Invest has acquired thematic ETF issuer Rize ETF from AssetCo for £5m, marking the firm’s first foray into the European ETF market, FT reported.
“We believe that the European ETF market presents a strong growth opportunity as new and younger investors continue to gain access to ETFs via the growth of digital platforms, and as active ETFs increase market share by meeting the demand for innovative investment exposures," Cathie Wood, ARK Invest Founder, CIO, and CEO.
Stada owners near hiring of banks for sale or IPO.
The private equity owners of Stada are close to mandating investment banks to sell the German generic drugmaker or list it on the stock exchange, Reuters reported.
The company, majority-owned by buyout firms Bain and Cinven since 2017, sells consumer healthcare products such as painkillers and sunscreen lotions, as well as biosimilar and generic drugs, which are cheaper copies of established pharmaceuticals that have lost patent protection.
Chimera launches alternative investment firm with over $50bn in assets.
Chimera Capital, an Abu Dhabi-based private organisation, has launched an independent alternative investment company, Lunate, with more than $50bn in assets under management, to tap into investment opportunities globally.
The new company, which will be based at the Abu Dhabi Global Market, will target global opportunities across private equity, venture capital, private credit, real assets, public equities, and public credit markets. Lunate will be owned by Chimera Investment and Lunate’s senior management.
With plans to start operations in the fourth quarter, Lunate said it would provide multi-asset class investment solutions for its clients, which include institutional investors, pension funds, family offices and other investment firms.
H.I.G. Capital raises $5.5bn for Middle Market LBO Fund IV.
H.I.G. Capital, a global alternative asset management firm with $58bn of capital under management, has closed the HIG Middle Market LBO Fund IV with aggregate capital commitments of $5.5bn. in addition to co-investment separately managed accounts of $450m, significantly exceeding its original target.
The fund will build on the team’s deep-rooted track record by primarily making control equity investments in complex situations in US middle market companies with asymmetric risk/reward profiles and a differentiated value proposition.
"We are delighted with the continued support from our investors, reflecting the strong performance of the H.I.G. Middle Market team and its differentiated investment approach. We are confident that our unique platform will continue to set us apart in this space,” Sami Mnaymneh and Tony Tamer, HIG Co-Founders and Co-CEOs.
VC firm Blockchain Capital raises $580m for crypto gaming, DeFi bets.
Crypto-focused Blockchain Capital has raised $580m across two new funds, one of the biggest raises for the asset class this year and the largest for the venture firm in its 10-year history, Bloomberg reported.
Blockchain Capital, which has an existing $2bn in assets under management, will use the fresh capital to back crypto startups in areas including decentralized finance and gaming as well as infrastructure, general partner Kinjal Shah said.
APAC
A $15.2bn tender offer to take Toshiba private is set to succeed, private equity firm Japan Industrial Partners, clearing the way for Japan's biggest deal this year.
JIP's tender offer, which closed, ends Toshiba's 74-year history as a listed firm and puts the electronics-to-power stations maker in domestic hands after years of battles with overseas activist shareholders. Now that JIP has gained a two-third majority, the remaining shareholders would be squeezed out upon a vote at a planned emergency shareholder meeting. Toshiba shares would then be delisted by as early as December.
Toshiba is advised by JP Morgan, Mizuho Securities, Nomura, Ubs, Morrison & Foerster, Nagashima Ohno & Tsunematsu, Nishimura & Asahi, White & Case and Kekst CNC (led by Jochen Legewie). JIP is advised by Crosspoint Advisors, Davis Polk & Wardwell (led by Ken Lebrun), De Brauw Blackstone Westbroek (led by Stephanie The and Pete Lawley), Hengeler Mueller (led by Thomas Meurer), Shearman & Sterling, Slaughter & May (led by Richard Hilton) and TMI Associates.
Toshiba's largest shareholder Effissimo Capital Management has decided to tender its 9.9% stake in the $15.2bn takeover offer by Japan Industrial Partners.
The offer, which will end on September 20, needs at least two-thirds of shareholders to tender their shares for it to succeed. Singapore-based Effissimo made the decision to tender its stake as a result of dialogue with Toshiba and related parties including the tender offerer. Other major shareholders, Elliott Management and Farallon Capital Management, both have their executives on Toshiba's board which has unanimously approved the JIP takeover, Reuters reported.
Toshiba is advised by JP Morgan, Mizuho Securities, Nomura, Ubs, Morrison & Foerster, Nagashima Ohno & Tsunematsu, Nishimura & Asahi, White & Case and Kekst CNC (led by Jochen Legewie). JIP is advised by Crosspoint Advisors, Davis Polk & Wardwell (led by Ken Lebrun), De Brauw Blackstone Westbroek (led by Stephanie The and Pete Lawley), Hengeler Mueller (led by Thomas Meurer), Shearman & Sterling, Slaughter & May (led by Richard Hilton) and TMI Associates.
The top shareholder of Australian takeover target Origin Energy increased its stake on Thursday, calling the shares undervalued, in a move that may complicate the $10bn buyout led by Canada's Brookfield, Reuters reported.
Pension fund giant AustralianSuper said it raised its holding in Origin, the country's No. 2 power producer, by one percentage point to just under 14%. That gives the pension fund even more sway over whether the deal goes ahead since it requires support of 75% of votes cast.
Ontario Teachers' Pension Plan, a single-profession pension plan, agreed to acquire a majority stake in GreenCollar, an environmental markets platform, from KKR, a global investment firm. Financial terms were not disclosed.
"We are pleased to increase our investment in GreenCollar and to continue supporting James and his team in their mission to restore and enhance natural capital in areas like biodiversity and water quality. GreenCollar is a proven leader in delivering positive environmental outcomes with market-based solutions and we are excited to continue supporting the company in its next chapter of growth in Australia and beyond. We'd like to thank the team at KKR for their support and partnership on this investment," Christopher Metrakos, OTPP Senior Managing Director, Natural Resources.
OTPP is advised by Ernst & Young and Baker McKenzie. KKR is advised by UBS, Gilbert + Tobin and Citadel Magnus (led by James Strong).
KKR, a global investment firm, agreed to acquire a 20% stake in the regional data centre business of Singtel, a communications technology group, for $800m.
"We are pleased to provide this tailored solution to support the regional data centre platform of Singtel, one of the most longstanding and distinguished corporations in Singapore and a leading digital infrastructure provider in Asia Pacific. Robust digital infrastructure, including high-quality data centres, will play a crucial role in enabling Southeast Asia's flourishing digital economy, and Singapore is well-placed to serve as a central hub for the region. We look forward to working closely with Bill, Arthur and Singtel's talented team to meet this tremendous demand, and sharing our global expertise and network to accelerate the platform's growth across the region," David Luboff, KKR Partner and Head of Asia Pacific Infrastructure.
IFC, an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries, completed the $91m investment in Aditya Birla Fashion and Retail, a branded apparel retailer.
The investment will be used to fund the company's acquisition of TCNS Clothing.
Reliance Retail in talks with Gulf, Singapore funds for $1.5bn investment.
Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5bn.
Reliance Retail is India's largest retailer and is led by Asia's richest person Mukesh Ambani. The talks with investors are part of an internal target to raise $3.5bn which the company wants to close by the end September. QIA announced a $1bn investment and KKR & Co's investment of $250m.
Singapore's GIC, the Abu Dhabi Investment Authority and Saudi Arabia's Public Investment Fund are looking to invest at least $500m each in Reliance Retail at a valuation of $100bn. The final investments or funding plans could still change, Reuters reported.
Torrent in talks with Apollo to borrow up to $1bn for Cipla bid.
India's Torrent Pharmaceutical is in preliminary talks with Apollo Global Management to secure a loan of up to $1bn to help fund a planned bid for pharmaceutical company Cipla, Reuters reported.
Torrent is hoping to secure roughly $3bn to $4bn in financing for the bid for its much bigger rival. A deal for about 60% of India's No. 3 drugmaker could be worth as much as $7bn - potentially India's largest pharma deal to date.
Costa falls most in 3-weeks as Pain Schwartz lowers buyout bid.
Australia's Costa Group said US private equity firm Paine Schwartz Partners had lowered its offer price to buy the company by over A$100m ($64m), sending shares of the country's largest fresh produce business down 4%, Reuters reported.
Costa, which in August reported a fall in its half-year earnings and forecast a grim outlook for its key citrus products, also told shareholders New York-based Paine Schwartz had indicated the revised offer was the "best and final" it could make but could go lower if the grocer declared a dividend.
ADES prices IPO at top end, implying over $4bn valuation.
Saudi PIF-backed ADES, an oil and gas driller, has set the final price for its initial public offering, implying a valuation of SAR15.242bn ($4.06bn) for the Saudi sovereign wealth fund-backed firm, DealStreetAsia reported.
Last week that the IPO was expected to be priced at SAR13.50 ($3.59) a share, the top-end of a previously announced range.
Hyundai Global Service seeks to raise $1b in 2024 IPO.
South Korea's Hyundai Global Service, backed by private equity giant KKR, aims to raise up to $1bn in a Seoul initial public offering in the first half of 2024, DealStreetAsia reported.
The marine services arm of shipbuilder Hyundai Heavy Industries has mandated JP Morgan, UBS and KB Securities to work on the offering.
India's booming payments industry lures Ebanx with IPO on the cards.
Brazilian payments company Ebanx, which operates in 18 countries in Latin America and Africa, will begin doing business in India by the end of the year as part of its global expansion to developing countries, Bloomberg reported.
Ebanx, which counts Advent International and FTV Capital among backers, will soon begin allowing global merchants to process payments through its platform including India's booming Unified Payments Interface in one of its biggest bets yet on large emerging markets.
India's Creaegis hits final close of maiden fund at $425m.
Indian homegrown private equity fund Creaegis has closed its maiden fund at about $425m, DealStreetAsia reported.
The sector-agnostic fund will focus on investing in growth-stage Indian startups. The private equity firm plans to build a portfolio of about 12-15 companies, making roughly four investments a year. The fund would spend $25-40m on average in a startup, and will double down on its portfolio winners.
Malaysian pension fund KWAP launches $107m vehicle to invest in startups, VCs.
Malaysia's public service retirement fund Kumpulan Wang Persaraan launched a $107m vehicle to invest in startups and venture capital funds over the next 18-24 months, DealStreetAsia reported.
The fund will allocate $213m, or 50% of the corpus, for direct investments into startups. The remaining part of the corpus will be put into a fund-of-funds to invest in venture capital funds. KWAP is seeking to select 10 VCs in total, from the 38 proposals received earlier this year.
Gores's Platinum hires Ontario Teachers' Sobti as Asia head. (People)
US private equity firm Platinum Equity hired Amit Sobti to head its Asia business as it pushes to expand dealmaking in the region.
Sobti, who currently co-leads direct investments for Asia-Pacific at Ontario Teachers' Pension Plan, is expected to join Platinum Equity by the end of this year or early next year, Bloomberg reported.
Sobti has been at the Toronto-based pension fund for more than seven years. Ontario Teachers' confirmed Sobti's departure.
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