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AMERICAS
Private equity firms Apollo Global, JF Lehman and Hill City Capital completed the acquisition of Atlas Air Worldwide, a global provider of outsourced aircraft and aviation operating services, for $5.2bn.
"Today marks the start of an exciting new chapter for Atlas, and we are eager to begin our partnership with Apollo, J.F. Lehman and Hill City. With the support and resources of our investor partners, we are well-positioned to achieve our growth objectives while continuing to serve the increasingly complex global supply chain. I want to thank the entire Atlas team, whose customer focus and dedication made this milestone possible. I look forward to the opportunities this next phase provides for our Company and our employees," John Dietrich, Atlas Air President and CEO.
Atlas Air Worldwide was advised by Morgan Stanley, Cravath Swaine & Moore (led by Robert I. Townsend and Keith Hallam) and Abernathy MacGregor Group (led by Dan Scorpio). Morgan Stanley was advised by Latham & Watkins. JF Lehman was advised by Jones Day (led by Andrew M. Levine). Apollo Global was advised by Barclays, Evercore, Goldman Sachs, Mizuho Securities, Paul Weiss Rifkind Wharton & Garrison (led by Brian Finnegan and Gregory Ezring) and Joele Frank (led by Jonathan Keehner). Debt financing was advised by Apollo Global Management, Barclays, Credit Agricole, Goldman Sachs and Mizuho Securities.
A consortium of investors including Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital, led a $6.5bn Series I investment round in Stripe, a financial services and software as a service company, with participation from GIC, Goldman Sachs and Temasek.
"Over the last 12 years, current and former Stripes have helped build foundational economic infrastructure for millions of businesses around the world, and this transaction gives them the opportunity to access the value they've helped create. But the internet economy is still young, and the opportunities of the next 12 years will dwarf those of the recent past. There's so much to discover and to create. For us, it's now back to work," John Collison, Stripe Co-Founder and CEO.
Stripe was advised by Goldman Sachs, JP Morgan and Ropes & Gray.
GordonMD, an investment company, and Pfizer Ventures, a corporate venture capital firm, led a $123m Series B round in Flare Therapeutics, with participation from Boxer Capital, Casdin Capital, Eventide Asset Management, Invus Financial Advisors, Nextech Invest, Third Rock Ventures, Agent Capital, Eli Lilly, Memorial Sloan Kettering Cancer Center, Novartis, Pavilion Capital and ShangBay Capital.
"Flare has taken on one of the most formidable challenges in drug discovery – drugging transcription factors. The company is making impressive strides enabled by its platform, which to date has successfully identified more than 150 switch sites across the majority of transcription factor families, providing opportunities to treat a broad range of diseases," Craig D. Gordon, GordonMD CEO and CIO.
Flare Therapeutics was advised by Stern IR (led by Sarah McCabe) and Verge Scientific Communications (led by Peg Rusconi).
Argosy, a private equity firm, completed the acquisition of Vac2Go, a provider of mission-critical equipment to industrial, utility, and municipal customers. Financial terms were not disclosed.
"This is a phenomenal opportunity for Vac2Go as we leverage the best of our customer service and fleet with Argosy's financial backing and expertise. Argosy was selected as our partner in large part because of their experience in the equipment rental space as well as their Value Acceleration Methodology. We are excited to expand our reach geographically and increase our fleet size which will allow us to broaden our customer base in the years to come," Allison Jamison Woosley, Vac2Go CFO.
Vac2Go was advised by Slane Hill Capital. Argosy was advised by TM Capital (led by David Felts).
Lincoln Road, a private equity firm, completed the acquisition of Zodega, a provider of high-quality, full-service landscaping, and lawn care services. Financial terms were not disclosed.
“We are excited to partner with Zodega’s talented management team and provide it with the capital and resources to support its strong trajectory, while continuing to identify growth opportunities that bolster its ability to better serve customers throughout Texas. This transaction is another example of Lincoln Road’s ability to identify an attractive investment opportunity involving a business that provides local and regional communities with essential services that support overall quality of life and well-being,” Jeff Magny, Lincoln Road Founder and Managing Partner.
Lincoln Road was advised by Stanton PRM.
Ares Management, a global alternative investment manager, and Mubadala, a global sovereign investor, agreed to form a $1bn joint venture, to invest in global credit secondaries opportunities.
“We are pleased to announce this joint venture with Mubadala, which underscores our view that private credit secondaries offer a compelling opportunity for investors seeking diversified exposure to the attractive return profile of private credit assets. Building on our position as a leading global direct lender and a secondaries market pioneer, we believe the expansion of the Credit Secondaries strategy alongside Mubadala helps to further differentiate Ares in the market as a comprehensive solutions provider,” Michael Arougheti, Ares Management CEO and President.
Greenoaks Capital, a private equity firm, led a $500m Series E funding round in Rippling, a human resource management company that offers an all-in-one platform to help manage HR and IT operations.
The emergency round facilitated by Greenoaks Capital gives Rippling the same valuation it fetched in a fundraising last year, despite a market correction that’s prevented most startups from raising money at favorable terms.
General Atlantic, a global growth equity investor, led a $179m funding round in Gravie, one of the fastest-growing employer health benefits companies in the United States, with participation from FirstMark Capital and AXA Venture Partners.
"We are excited to partner with the seasoned management team at Gravie and focus on helping the company fulfill its vision to lower the cost of healthcare while simultaneously improving health outcomes for members and their loved ones across the US. We are firm believers in Gravie's value proposition to its members and clients, and we are thrilled to support the company during its next phase," Jon Michael Reese, General Atlantic Principal.
Andreessen Horowitz, a venture capital firm, led a $150m Series A round in Character.AI, a conversational artificial intelligence platform, with participation from Nat Friedman, Elad Gil, SV Angel and A Capital.
“Daniel and I are pleased that a world class group of investors, led by the amazing team at a16z, believes in the remarkable advancements we’re making in AI, the company we’re building, and the value we can deliver to society and investors. We are gratified they recognize our ability to revolutionize AI and improve the way people live. Character.AI’s power is our highly-sophisticated language model, which rapidly analyzes and contextualizes large volumes of information to produce useful intelligence tailored to each individual, making it a personalized superintelligence companion that enhances productivity, offers advice, educates, and entertains. The potential use cases are infinite," Noam Shazeer, Character.AI Founder.
Ethical Capital, a private equity firm, completed the acquisition of MindGeek, an internet publishing company. Financial terms were not disclosed.
“At ECP, we seek out innovative and ethically-driven companies that operate at the frontier of new, evolving industries. In MindGeek, we have identified a dynamic tech brand that is built upon a foundation of trust, safety and compliance, and with ECP’s resources and broad expertise spanning regulatory, law enforcement, public engagement and finance, we have a unique opportunity to strengthen what already exists,” Fady Mansour, ECP founding partner.
Graham Partners, a private equity firm, completed an investment in Rhythmlink, a medical device manufacturing company. Financial terms were not disclosed.
“We’re excited about this next phase of Rhythmlink. Graham is an excellent partner for us because of their experience in medical technology and healthcare, and we see this as a growth opportunity for us to continue to innovate beyond our current capabilities. I’m extremely proud of how far we’ve come, and this is a chance for Rhythmlink to expand our business without sacrificing what matters to us – improving patient care in our field of neurodiagnostics,” Shawn Regan, Graham CEO and Co-Founder.
Virgin Orbit nears deal to raise $200m from Matthew Brown.
Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings is nearing a deal for a $200m investment from Texas-based venture capital investor Matthew Brown via a private share placement, Reuters reported.
The space startup would resume operations on March 23 and prepare for its next mission by recalling some of its employees, sending its shares up 60% in premarket trading.
Motive Partners reportedly in discussions to buy ACI Worldwide.
Private equity firm Motive Partners is in negotiations to purchase American payments software company ACI Worldwide.
The fintech-focused firm has been looking for funding over the last few weeks to broker a deal for ACI Worldwide. However, the companies are yet to come to a conclusion and the talks could collapse in the wake of the current turmoil in the financial space, Bloomberg reported.
SoftBank siad Rappi IPO could happen as soon as year end.
SoftBank Group sees Colombian delivery app Rappi going public as soon as the end of this year or early next if global markets stabilize, Bloomberg reported.
"Companies in a mature stage like Rappi were on a path to becoming public," Juan Franck, SoftBank Latin America Fund Managing Partner.
Tiger Global cut VC fund valuations by a third last year.
Tiger Global Management slashed the value of its investments in venture funds by about 33% last year, which equates to around $23bn.
Around $9bn of that markdown by the firm's venture unit, which is led by Scott Shleifer, came in the second half of 2022.
STG closes the seventh fund at $4.2bn.
STG, a private equity firm focused on investing in software and software-enabled technology services businesses, announced the final closing of STG VII with total capital commitments of $4.2bn.
"We are incredibly grateful to our existing and new investors for their support, especially given the context of the challenging fundraising environment and uncertain macro backdrop. We have made meaningful investments in our people and platform in recent years, and we believe Fund VII is very well positioned to be a leading partner to growing software companies," William Chisholm, STG Managing Partner and CIO.
STG was advised by Evercore and Kirkland & Ellis.
JMI Equity closes eleventh growth equity fund with commitments of $2.4bn.
JMI Equity, a growth equity firm focused on investing in software companies, announced the closing of JMI Equity Fund XI and JMI XI Executive Fund, with total commitments of $2.4bn.
“We are grateful for the support of our long-standing investors and excited to welcome an array of new limited partners from around the globe,” said Mr. Arrowsmith. “We look forward to continuing to partner with the next generation of software company founders, entrepreneurs, and management teams to help them navigate this evolving landscape and create businesses of enduring value,” Harry Gruner and Peter Arrowsmith, JMI Co-led Managing General Partners.
TA Associates pauses fundraising on its Select Opportunities fund.
TA Associates, a private equity firm, has paused fundraising for one of its newer strategies, the firm's third Select Opportunities Fund, which came to market alongside the firm's 15th flagship pool and was targeting $1.5bn.
“We have decided to pause the fundraise for TA Select Opps III and focus on TA XV and our flagship fund series moving forward. We believe this will reduce organizational complexity and are excited to address these investment opportunities on a selective basis, as we have been, through our flagship fund series,” TA Associates.
Deerpath closes sixth credit fund.
Deerpath Capital Management attracted more than than $2.8bn in capital commitments for its sixth private credit fund. The fund will finance healthcare, IT and business services companies with enterprise values between $50m and $150m.
Fundraising for the fund began in September 2021 with final close being held on February 1. Backers include asset managers, private insurance companies and both public and private pension funds from around the world.
Sverica Capital Management closes a $750m private equity fund at hard cap.
Sverica Capital Management, a growth-oriented middle market private equity firm, announced the close of its sixth private equity fund, Sverica Capital Partners VI. Fund VI exceeded its target, was oversubscribed and closed at its hard cap of $750m of total limited partner commitments.
Sverica will use Fund VI to continue its strategy of investing in companies that are, or have the potential to be, category leaders within their respective industries. Sverica will also remain focused on businesses within the technology, business services, healthcare and advanced industrial sectors.
Ethos Capital appoints Jim Miller as executive partner. (People)
Ethos Capital has appointed Jim Miller, who previously served in senior executive roles at Amazon, Cisco, Google, and Wayfair, as the firm's newest Executive Partner.
Miller's appointment takes the number of executive partners who work exclusively with Ethos to provide portfolio companies with sector-specific expertise to enhance operations and accelerate growth, to 17.
EMEA
Cube Infrastructure Managers, an independent mid-market infrastructure investor, agreed to invest in GleSYS, a Nordic data centre operator providing digital infrastructure solutions. Financial terms were not disclosed.
"Cube invests in businesses providing sustainable infrastructure to growing needs in the market. Cube has partnered with several talented management teams to achieve strong and sustainable growth. GleSYS, thanks to the quality of its services and investments to date, is very well positioned to address the increasing needs of Nordic SMEs for digital infrastructure. We are looking forward to partnering with Glenn Johansson and his team to further grow GleSYS' business," Stéphane Calas, Cube Infrastructure Managers Partner.
GleSYS is advised by Deloitte, Arthur D Little, Censor, Torch Partners (led by Tom Roberts), Forssander Sonander Advokat and Vinge. Cube IM is advised by Fide Partners, Alvarez & Marsal, Intesa SanPaolo, DLA Piper and Peregrine Communications.
Chart Industries, a manufacturer of highly engineered equipment servicing multiple applications, completed the acquisition of Howden, a provider of air and gas handling solutions, from KPS Capital, a private equity firm, for $4.4bn.
"We are excited to welcome the Howden team to the Chart family and look forward to the combined business executing on record momentum and well-defined synergies. Since we announced the combination in November 2022, Chart has received numerous inbounds from customers that see the combined benefits we can offer," Jill Evanko, Chart CEO and President.
Infinity Group, an energy investor, and Africa Finance Corporation, an investment grade multilateral finance instiution, completed the acquisition of Lekela Poer, a renewable energy generation equipment company, from green energy companies Actis and Mainstream. Financial terms were not disclosed.
"It’s a testament to the work we have done in partnership with Lekela’s management team that Lekela was rated one of the highest performing companies globally by Sustainalytics, under its ESG Risk Rating assessment process in November 2021. In particular, Sustainalytics noted Lekela’s strong management of land use and biodiversity issues, business ethics, occupational health and safety and community relations," Shami Nissan, Actis Partner and Head of Sustainability.
Lekela was advised by Jones Day (led by Julian Runnicles). Masdar was advised by Edelman. Infinity Group was advised by Absa Bank, Afry, Cantor Fitzgerald, Ernst & Young, Al Kamel Law Office and Norton Rose Fulbright. Mainstream was advised by FTI Consulting. Actis was advised by Citigroup (led by Anthony Diamandakis) and Clifford Chance (led by Nicholas Hughes).
Bridgepoint Development Capital, a private e completed the acquisition of a minority stake in Monica Vinader, a British jewelry brand, from private equity firms Piper and Winona Capital. Financial terms were not disclosed.
"We look forward to the next chapter of our journey and working with the team at Bridgepoint to continue to grow and develop the brand. We would like to thank the excellent team at Piper and Winona Capital for all their support and expertise, especially during this extended period of unprecedented global challenges. We are grateful for all their hard work and guidance in helping us develop into a truly global brand legend," Monica Vinader, Monica Vinader Founder and CEO.
Monica Vinader was advised by Houlihan Lokey, PricewaterhouseCoopers and Pinsent Masons. Bridgepoint was advised by OC&C Strategy Consultants, Eight Advisory, Highstead, Ropes & Gray (led by Helen Croke) and Palladium Digital.
First Sentier Investors, a global investment management group, agreed to invest in AlbaCore Capital Group, a European credit specialist. Financial terms were not disclosed.
"We are focused on the continued buildout of our credit investment platform and providing investors with nimble solutions that generate alpha through market cycles. We are delighted to partner with FSI to capitalize on the scale of market opportunities ahead," David Allen, AlbaCore Managing Partner and CIO.
AlbaCore Capital Group is advised by Fenchurch Advisory Partners, Macfarlanes and Lansons Intermarket. FSI is advised by Ernst & Young, Berkshire Global Advisors, Simmons & Simmons and Newton Park PR (led by Rich Chimberg and Margaret Kirch Cohen).
JERA, a global energy firm, agreed to acquire Parkwind, a wind energy company, from Virya Energy, a renewable energy company, for €1.5bn ($1.6bn).
“I am very enthusiastic about our announcement today. As we communicated last summer, Virya had initiated an assessment of possible strategic development options for our offshore wind energy activities, operated through our subsidiary Parkwind, to ensure that it would have the best possible conditions to execute its ambitious growth plan in a rapidly changing industry," Paul Tummers, Virya Energy CEO.
JERA is advised by Morgan Stanley and Allen & Overy. Virya Energy is advised by UBS and Linklaters.
Regent, a private equity firm, agreed to acquire Pearson Online Learning Services from Pearson, a publishing and education company. Financial terms were not disclosed.
Regent is a global private equity firm focused on acquiring businesses and deploying its strategic and operational expertise to fuel growth and innovation.
Pearson is advised by Morgan Stanley and Freshfields Bruckhaus Deringer.
Brookfield Renewable, a publicly traded limited partnership that owns and operates renewable power assets, agreed to acquire the remaining 50% stake in X-ELIO, a global renewable developer, from KKR, a global investment firm. Financial terms were not disclosed.
"X-ELIO is a business we know well following our initial investment and we are thrilled to continue to support this leading global platform with significant growth ahead. This transaction is very aligned with Brookfield's strategy as a leading owner, operator and developer of renewables worldwide, driven by the incredible tailwinds for this sector," Ignacio Paz-Ares, Brookfield Renewable Head of European Renewable Power and Transition Investments.
EQT, a private equity company, completed a $108m investment in IntegrityNext, a software platform dedicated to enabling supply chain transparency and regulatory compliance.
"The critical importance of ESG is not a new concept to modern businesses. However, as a raft of regulatory frameworks – like Germany's LkSG or the EU's CSRD – begin to take effect, supply chain transparency and sustainability is evolving from a nice-to-have to a must-have. As more clients entrust us and we embark on our next stage of growth, we're excited to be partnering with an experienced and hands-on investor with European roots and global scale like EQT Growth," Martin Berr-Sorokin, IntegrityNext CEO and Co-Founder.
BlackRock says not participating in any Credit Suisse takeover plan.
BlackRock said it had no plans or interest in acquiring embattled Swiss lender Credit Suisse, Reuters reported.
The Financial Times reported BlackRock had been working on a rival bid for Credit Suisse aiming to counter a plan for UBS to acquire the struggling bank. It later updated that story to include BlackRock's denial of any interest or involvement in such a deal.
Ardian explores taking Italian tower operator INWIT private.
French investment firm Ardian is in the early stages of exploring a bid for Italy's INWIT, the country's top telecommunications tower operator with a market value of $12bn, Reuters reported.
Ardian, which is the second largest shareholder in INWIT behind European tower company Vantage Towers, wants to take INWIT private and is working with advisers at JP Morgan on a potential offer.
Neptune Energy pushes on with $5bn sale as Eni talks cool.
Neptune Energy Group is moving ahead with plans for a sale after talks about a takeover by Italian energy group Eni stalled, Bloomberg reported.
The oil and gas explorer, which is backed by private equity firms Carlyle and CVC Capital Partners, is working with advisers to gauge interest from other potential buyers. It's attracting interest from other firms in the energy industry.
Bain Capital and Aurelius Group eye a £400m stake in Mitsubishi-backed Princes Foods.
Bain Capital-backed Valeo Foods Group and Aurelius Group are among the parties looking to swallow Mitsubishi-backed Princes Foods, which produces well-known tinned fish and fruit staples. A number of other private equity firms, including Capvest, Valeo's former owner, have also been identified as possible bidders for Princes.
Houlihan Lokey, the investment bank, has been appointed to handle the sale, which industry sources said could be valued at £400m ($487m) or more, depending upon the competitiveness of the auction, Sky News reported.
BlackRock, KKR eye new backers for Adnoc oil pipeline investment.
BlackRock and KKR are exploring bringing in new backers for their investment in Abu Dhabi National Oil's oil pipeline network, Bloomberg reported.
The asset managers are considering moving their combined 40% holding in Adnoc Oil Pipelines into a new fund structure that would allow additional investors to gain exposure to the asset. The stake was worth about $4bn including debt at the time of their initial investment, and is likely to fetch a valuation well above that in any deal.
Liberty Global and CityFibre discussed UK fiber deals.
Liberty Global and CityFibre have held exploratory discussions about potential combinations of their UK broadband networks.
The talks have also involved Nexfibre, a network-building joint venture between Virgin Media O2 and InfraVia created last year. The talks are preliminary and may not result in an agreement, Bloomberg reported.
Abu Dhabi-backed Apex in talks about bid for stricken MJ Hudson.
A financial services giant backed by an Abu Dhabi sovereign fund is in advanced talks about a takeover of MJ Hudson Group, the struggling London-listed asset management services provider.
Apex Group is in detailed negotiations with MJ Hudson's board about a formal offer for the company, weeks after emerging as a suitor to buy a number of its divisions. Apex Group is part-owned by Mubadala, the Abu Dhabi sovereign wealth fund, and the private equity firms Carlyle and TA Associates.
Apex had expressed an interest in acquiring the bulk of MJ Hudson's operations - excluding its legal services arm - but recently switched its attention to an offer for the whole company, Sky News reported.
EQT in talks over data centre operator deal.
Private equity firm EQT has entered into talks over a deal to acquire UK-based data centre operator Global Switch, which is controlled by Chinese steelmaker Jiangsu Shagang Group.
The sales process for Global Switch first for underway in mid-2022, but a discrepancy over valuation between potential acquirers and the company's shareholders have prevented progress being made.
Kretinsky becomes Fnac Darty's largest shareholder.
Czech investor Daniel Kretinsky has further increased his stake in French retailer Fnac Darty and is now its largest shareholder with a 25.03% stake, the AMF stock market watchdog said.
Vesa Equity Investment, Kretinsky's investment vehicle, bought the shares on the market. It previously owned 20.03% of Fnac Darty, according to Eikon data, Reuters reported.
Blackstone to open new Frankfurt office.
Blackstone, the alternative asset manager, is to open a new office in Frankfurt, Germany. The new flagship location will occupy 1.3k square meters in the OMNITURM in Frankfurt’s financial district and serve as a hub for Blackstone in Germany.
The new office will host professionals across Blackstone’s private equity, real estate, and credit businesses, in addition to providing a hub for the firm's private wealth solutions business, which serves investment professionals and individual investors across Europe. Juergen Pinker, Senior Managing Director, will lead on private equity, with Jurij Puth, Senior Managing Director, leading on credit.
LTG plans M&A spree to ward off bargain-hunting buyout firms.
The AIM-listed corporate education group Learning Technologies is planning to buy a batch of technology-focused corporate training firms as part of a strategy to thwart unsolicited interest from private equity firms, Reuters reported.
The company has not engaged in "any meaningful conversations" about going private and preferred to remain a public company.
UK's Illuminate Financial on track to close $220m Fund 3, opens SG office.
London-headquartered B2B fintech venture capital firm Illuminate Financial is nearing the final close of its third $220m fund, which will see it increase its deployments into Asia, said a senior executive at the firm.
The investor has secured capital commitments of around $200m from limited partners including Jefferies, JP Morgan, Citi, S&P Global, Deutsche Borse, SGX and others. The firm is on track to hit a final close of the fund at around $220-250m by May, said its newly appointed Asia partner, Luca Zorzino, DealStreetAsia reported.
APAC
Japan Industrial Partners, a private equity firm, agreed to acquire Toshiba, a multinational conglomerate corporation, for $15.2bn.
JIP belives that by privatizing the Toshiba shares from the public market, JIP would be able to support the establishment and management of a stable management structure to create a stable shareholder base that supports the new growth of Toshiba and to execute a business strategy that realizes the growth potential of the Target, thereby greatly improving the enterprise value of Toshiba.
Toshiba is advised by JP Morgan, Mizuho Securities, Nomura, UBS, Morrison & Foerster, Nagashima Ohno & Tsunematsu and Nishimura & Asahi. Japan Industrial Partners is advised by Crosspoint Advisors and TMI Associates.
JX Nippon, an oil explorer, agreed to acquire Japan Drilling, an offshore drilling services provider, from Aspirant Group, a private equity firm. Financial terms were not disclosed.
"We have come to this agreement in recognition of the fact that JDC's technology for drilling wells to inject and store CO2 underground is expected to further strengthen the CCS/CCUS value chain provided by the ENEOS Group. We believe that after the transfer, JDC will be able to strengthen its CCS business, currently being worked on, through collaboration with JX, and aim for further growth and development," Aspirant Group.
Aspirant Group is advised by MUFG Bank.
L’Oreal, Permira said among bidders for the $2bn Aesop stake sale.
L’Oreal and Permira are among suitors competing for a stake in high-end cosmetics brand Aesop.
The French skincare group and private equity firm proceeded to a second round of bidding for the asset. The family behind French cosmetics company Clarins is also bidding through its Famille C Participations investment vehicle.
The stake is being sold by Brazilian cosmetics maker Natura and a deal could value Aesop at about $2bn. Binding offers are due in the coming weeks, Bloomberg reported.
Sembcorp Industries weighs waste management unit sale.
Sembcorp Industries, a Singaporean energy company backed by state-owned investor Temasek, is considering selling its waste management unit, Bloomberg reported.
The company is working with a financial adviser on the potential divestment of SembWaste and could seek as much as $700m for the unit. Other investment firms and companies in the industry have shown interest in the business.
China's DCP Capital eyes sale of Singapore tech firm.
DCP Capital, a China-based private equity firm, is looking to sell Singapore-based portfolio company MFS Technology, a manufacturer of flexible printed circuit boards, for at least $550m.
Marketing for the sale targeting both financial sponsors and strategic buyers began, and the firm, which was founded by former KKR & Co dealmakers David Liu and Julian Wolhardt, is planning to issue confidential information memoranda next month.
PAG raised at least $2.2bn for the Asia fund.
Hong Kong-based private equity firm PAG has raised at least $2.2bn for its latest Asia-focused buyout fund, DealStreetAsia reported.
The PE firm disclosed that PAG Asia IV LP has so far received commitments from 28 investors since its launch in March last year.
Dajia Insurance Group sets up $728m PE fund to invest in elderly care.
Dajia Insurance Group has launched its first private equity fund at 5bn yuan ($728m) to invest in the equities of healthcare and elderly care providers looking to serve an ageing population in the world’s second-biggest economy.
The move makes Beijing-based Dajia the latest Chinese insurance firm to deploy capital into PE after regulators in the country relaxed rules to encourage more insurance money to flow into this asset class. In recent years, China Life Insurance, China Pacific Insurance, and Taikang Life Insurance have either built their own PE funds under partnerships or committed to funds managed by existing PE companies, DealStreetAsia reported.
Triniti targets $290m fund.
Triniti Capital, a Chinese investment firm focused on hard technologies like semiconductors and energy storage, is in the market to raise a new fund targeting $290m, DealStreetAsia reported.
The fundraising plan comes approximately a year after Beijing-headquartered Triniti Capital held the first close of its third RMB-denominated fund at $145m.
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