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AMERICAS
Makarora Management, an investment management firm, and Ares Alternative Credit Management, an asset-based finance and tactical asset investing strategy arm of Ares, agreed to acquire Plymouth, a real estate investment trust, for $2.1bn, according to press releases.
Plymouth is advised by JP Morgan, KeyBanc Capital Markets, Alston & Bird and Morrison Foerster (led by Lauren Bellerjeau and Joseph Sulzbach). Makarora is advised by Citigroup, Moelis & Co, Greenberg Traurig, Simpson Thacher & Bartlett and Kekst CNC (led by Todd Fogarty and Nathan Riggs). Financial advisors are advised by Dechert. Ares is advised by Kirkland & Ellis and Latham & Watkins (led by Julian Kleindorfer), according to MergerLinks data and press releases.
Remedy Medical Properties, a full-service healthcare real estate company, and Kayne Anderson, a real estate investment firm, agreed to acquire a portfolio of outpatient medical assets from Welltower, a company that provides capital to fund health care infrastructure and real estate, according to press releases. Financial terms were not disclosed.
Kayne Anderson and Remedy are advised by Citigroup, JP Morgan and Truist Securities. Debt financing is provided by Truist Securities, National Association, JP Morgan, Goldman Sachs, Citigroup, Capital One Financial Corporation, BMO Capital Markets and Ally Bank, according to press releases and MergerLinks data.
Centerbridge Partners, a global investment firm, completed the acquisition of MeridianLink, a provider of modern software platforms for financial institutions and consumer reporting agencies, for $2bn, according to press releases.
MeridianLink was advised by Centerview Partners, JP Morgan, Goodwin Procter, Skadden Arps Slate Meagher & Flom (led by Stephen Arcano) and Joele Frank (led by Joseph Sala and Jed Repko). Financial advisors were advised by Sullivan & Cromwell (led by Mitchell S. Eitel). Centerbridge Partners was advised by Goldman Sachs, Kirkland & Ellis, Paul Hastings (led by Jennifer Yount) and Kekst CNC (led by Jeremy Fielding), according to MergerLinks data and press releases.
Blackstone, an alternative asset manager, completed the acquisition of Shermco, a provider of full life-cycle electrical equipment services, from Gryphon Investors, a middle-market private investment firm, for $1.6bn, according to press releases.
Shermco was advised by Harris Williams & Co, Kirkland & Ellis, and Lambert & Co (led by Caroline Luz). Blackstone was advised by JP Morgan, Stifel (led by Michael Carr) and Vinson & Elkins (led by Jordan Fossee and Robert Hughes), according to press releases.
KPS Capital Partners, an American investment company, agreed to acquire a majority stake in Ketjen, a manufacturer of catalyst solutions used to process crude oil and renewable feedstocks into fuels and chemicals, from Albemarle, a diversified chemicals company engaged in producing lithium, bromine, and catalyst solutions for global industries, according to press releases. Financial terms are not disclosed.
KPS was advised by Paul Weiss Rifkind Wharton & Garrison, and Raymond James. Debt financing was provided by Barclays, Jefferies & Company, BNP Paribas, and Santander, according to press releases.
Kemmons Wilson Hospitality Partners, a hospitality-focused investment management firm, and Ascendant Capital Partners, a vertically integrated real estate investment, development and operating platform, agreed to acquire Sotherly Hotels, the owner of a portfolio of full-service hotels located in the high-growth markets of the Southern US, for $46.3m, according to press releases.
Sotherly Hotels is advised by Piper Sandler, and Frost Brown Todd (led by Jeffrey Hallos and James Giesel). KWHP is advised by Bass Berry & Sims (led by Richard Mattern), Milbank, and Berkadia Real Estate Advisors. Ascendant is advised by Gasthalter & Co (led by Nathaniel Garnick), according to press releases.
Protective Life, a financial services holding company and a US subsidiary of Dai-ichi Life, agreed to acquire Portfolio, a provider of reinsurance management services and finance and insurance products for car dealerships, from Abry Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Protective Life is advised by TD Securities and Maynard Nexsen. Abry Partners and Portfolio are advised by Jefferies & Company and Kirkland & Ellis. Abry Partners is advised by FGS Global, according to press releases.
Sunwave Health, a software company specializing in behavioral health software solutions, agreed to merge with Lightning Step, a technology company specializing in behavioral health and addiction treatment solutions, according to press releases. Financial terms are not disclosed.
BVP Forge, Level Equity, Blueprint Equity, and Gallant Capital Partners will invest in the combined company.
Sunwave Health was advised by Aeris Partners and Pillsbury Winthrop Shaw Pittman. Lightning Step was advised by Gibson Dunn & Crutcher. BVP Forge was advised by Gibson Dunn & Crutcher. Level Equity and Blueprint Equity were advised by Aeris Partners, according to press releases.
Federated Hermes, an investment manager, agreed to acquire an 80% stake in FCP Fund Manager, a real estate investment manager, for $331m, according to press releases.
FCP is advised by Berkshire Global Advisors and Goodwin Procter. Federated Hermes is advised by Hodes Weill Securities, KPMG and K&L Gates, according to MergerLinks data and press releases.
Branford Castle-backed GPT Industries, a company specializing in pipeline sealing, electrical isolation, and remote asset monitoring, completed the acquisition of Integrated Rectifier Technologies, a manufacturer of transformer rectifiers for the cathodic protection industry, according to press releases. Financial terms were not disclosed.
Branford Castle and GPT Industries were advised by Akerman, Stikeman Elliott and Lambert & Co (led by Caroline Luz and Jennifer Hurson). Debt financing was provided by Old Second National Bank, according to press releases.
VSE Corporation, a provider of aviation aftermarket distribution and repair services, agreed to acquire Aero 3, a diversified global Maintenance, Repair and Overhaul service provider, from GenNx360 Capital Partners, a private equity firm focused on acquiring middle market business-to-business services companies, according to press releases. Financial terms were not disclosed.
VSE Corporation is advised by Jones Day (led by Lorne Cantor). GenNx360 is advised by Harris Williams & Co and Winston & Strawn, according to press releases and MergerLinks data.
Onex, a private equity firm, and AIG, an insurance, life insurance, and financial services company, agreed to acquire Convex, an international specialty insurer and reinsurer, in a $7bn deal, according to press releases.
OMERS scales back Asia private equity operations. ( Bloomberg)
Ontario Municipal Employees Retirement System is winding down its Asia buyout team as part of a broader strategic reassessment within its private equity division.
The Singapore-based group, which comprises only a few members, will be disbanded by December 31.
Novo-backed MapLight raises $259m in US IPO placement. ( Bloomberg)
MapLight Therapeutics, backed by Novo Holdings, raised $258.9m through a US initial public offering and private placement, marking the first listing since the government shutdown.
The biotech company, which develops treatments for neurological disorders, sold 14.75m shares at $17 each. Affiliates of Goldman Sachs funds will also buy 476,707 shares at the IPO price in a separate placement.
Arlington Capital Partners closes fund VII at $6bn. ( Business Wire)
Arlington Capital Partners closed its seventh fund, ACP VII, at $6bn, exceeding its $4.75bn target and marking a 57% increase over its 2023 predecessor. The Washington-based private equity firm will continue investing in defense, government technology, and healthcare, with a focus on manufacturing onshoring and cybersecurity.
The oversubscribed fund drew strong support from existing investors, with re-up demand exceeding 115% from Fund VI, underscoring confidence in Arlington’s strategy of building US national security and industrial leaders.
EMEA
Nordic Capital, a private equity investor, agreed to acquire BMLL, an independent provider of harmonised historical order book data and analytics, according to press releases. Financial terms were not disclosed.
BMLL is advised by Royal Park Partners and Streets Consulting (led by Sybille Mueller). Nordic Capital is advised by Crisil Coalition Greenwich, OPCO Advisory, UBS, Oliver Wyman, Simpson Thacher & Bartlett (led by James Howe) and Equity Dynamics (led by Corinna Vere Nicoll), according to press releases and MergerLinks data.
Starr, a global investment and insurance organization, agreed to acquire IQUW Group, a specialty insurance and reinsurance company, according to press releases. Financial terms were not disclosed.
Starr is advised by Bank of America, Skadden Arps Slate Meagher & Flom (led by Todd Freed) and Prosek Partners (led by Doug Campbell and Kate Dillon). IQUW Group is advised by Evercore, JP Morgan, Norton Rose Fulbright and Rein4ce (led by Mairi Mallon), according to press releases.
Long Path, a venture capital firm, agreed to acquire Idox, a provider of engineering information management solutions, for £339.5m ($438m).
Long Path is advised by Canaccord Genuity (led by Max Hartley) and Kirkland & Ellis. Idox is advised by Peel Hunt (led by Alice Lane), Rothschild & Co (led by Warner Mandel), Pinsent Masons and MHP Group (led by Reg Hoare), according to press releases.
Cinven, a private equity firm, agreed to acquire Universidad Alfonso X el Sabio Group, a private higher education platform in Spain, from CVC, a private equity firm, according to press releases. Financial terms were not disclosed.
Cinven is advised by Brunswick Group (led by Max McGahan). CVC is advised by Grupo Albion, according to press releases.
Igneo Infrastructure, a global infrastructure manager, agreed to acquire City Green Light, an independent operator of public lighting in Italy, from Marguerite, a pan-European infrastructure fund manager, and and FIEE, a European fund manager, according to press releases. Financial terms were not disclosed.
City Green Light is advised by Morgan Stanley, according to press releases.
Vista Equity Partners, a private equity and venture capital firm, completed the acquisition of a majority stake in Nexthink, a digital employee experience management software provider, from Permira, a provider of investment and advisory services for $3bn, according to press releases.
Ares Management, a global alternative investment manager, agreed to acquire the remaining stake in BlueCove, a scientific asset management firm, according to press releases. Financial terms were not disclosed.
Bessemer Venture Partners, an American venture capital firm, led a $150m Series C round in Legora, a collaborative AI platform for lawyers, with participation from ICONIQ, General Catalyst, Redpoint Ventures, Benchmark, and Y Combinator, according to press releases.
KKR makes surprise move to brew up Costa Coffee bid. ( Sky News)
KKR has rejoined talks to acquire Costa Coffee from The Coca-Cola Company, in a surprise move after previously appearing to drop its interest in the auction.
Coca-Cola, advised by Lazard, is holding discussions with several bidders, including Bain Capital and TDR Capital. The sale could value Costa at around £1.5bn ($2bn), significantly below the £3.9bn ($5.2bn) Coca-Cola paid in 2021. Coca-Cola plans to retain Costa’s ready-to-drink business. Costa operates more than 2k UK stores and over 3k globally, with 2023 revenue of £1.2bn ($1.7bn).
EQT weighs bid for €10bn German car marketplace Mobile.de. ( FT)
EQT is exploring a €10bn ($11.6bn) takeover of German car marketplace Mobile.de, suggesting the business could be sold rather than listed publicly.
The firm has held preliminary talks with Permira and Blackstone, which acquired Mobile.de’s parent in 2023. Mobile.de is part of Adevinta, being broken up by its owners, while EQT recently bought Adevinta’s Spanish classifieds business.
Cinven considers €3bn sale of German software firm think-cell. (Bloomberg)
Cinven is exploring a sale of think-cell, the German presentation software maker, in a deal that could value the company at up to €3bn ($3.5bn).
The private equity firm has hired Arma Partners to assess exit options, including a potential sale early next year, and may reinvest alongside a new owner.
Warburg Pincus and Madison Team up to buy property secondaries. ( Bloomberg)
Warburg Pincus and Madison International Realty are teaming up to invest at least $300m in property assets, responding to other holders eager to unlock value.
The investment will focus on secondaries across data centers, industrial, cold storage, residential, and other sectors deemed attractively priced relative to underwritten real estate value. Funds will be deployed through Warburg Pincus’s $4bn Capital Solutions Founders Fund.
Hollyport raises $4.5bn for latest secondaries fund. ( Bloomberg)
Hollyport Capital, an investment firm specializing in secondary stakes in mature private equity assets, has raised $4.5bn for its flagship strategy amid a surge in secondaries activity.
The fund, Hollyport Secondary Opportunities IX, collected $4.3bn—well above its $3bn target and more than twice the size of its previous vehicle.
Blackstone appoints Michele Raba to lead European private equity. (Bloomberg)
Blackstone has named Michele Raba as head of European corporate private equity as it increases investment in the region. Raba, formerly with Apollo Global Management, will take up the role in April.
He succeeds Lionel Assant, now global co-chief investment officer. The appointment comes as Blackstone plans to deploy over $500bn in Europe during the next decade.
APAC
TPG-backed Altimetrik, an AI, data and digital engineering solutions company, completed the acquisition of SLK Software, a technology services firm focused on delivering AI, intelligence automation and analytics solutions, according to press releases. Financial terms were not disclosed.
SLK Software was advised by Avendus and Khaitan & Co (led by Aravind Venugopal and Hardik Bhatia). Altimetrik was advised by Ernst & Young, Paul Weiss Rifkind Wharton & Garrison (led by Annie Herdman) and Gregory FCA (led by Matt McLoughlin), according to MergerLinks data and press releases.
EQT, a global investment organization, agreed to acquire AUB Group, a provider of retail and wholesale insurance brokerage, for $3.41bn.
AUB Group is advised by Macquarie Group and Allens, according to press releases.
Boyu Capital emerges as frontrunner for Starbucks China stake. (Bloomberg)
Boyu Capital has become the leading contender to acquire a controlling stake in Starbucks’ China business, valued at over $4bn. The move comes as the coffee chain seeks a partner to reinvigorate growth in its second-largest market.
Boyu outbid several private equity rivals, including Carlyle Group, to advance in the process, which could result in a majority stake sale.
Domino’s Pizza denies Bain Capital takeover approach. (Reuters)
Domino’s Pizza Enterprises said it has not received a takeover proposal from Bain Capital, following reports the private equity firm was exploring the purchase of all or part of the Australian franchise operator.
The potential transaction was reported to be valued at up to AUD4bn ($2.6bn), though the company said no discussions are taking place.
India's Lenskart eyes up to $8bn IPO valuation. ( Reuters)
India’s largest eyewear retailer Lenskart plans to raise up to $828m in its November IPO, targeting a valuation of INR695bn ($7.9bn). The offering, backed by SoftBank, Kedaara Capital, and Temasek, will include INR21.5bn in new shares and the sale of 128m shares by existing investors.
Founded in 2010, the company operates over 2,7k stores globally. Lenskart is expanding across India, Southeast Asia, and the Middle East, while investing in AI-powered eye testing and smart eyewear through a partnership with Qualcomm. The IPO runs October 31–November 4.
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