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AMERICAS
T-Mobile, a mobile telecommunication company, and KKR, an investment firm, agreed to acquire Metronet, a customer-focused company providing cutting-edge fiber optic telecommunication services, from Oak Hill, a private equity firm. Financial terms were not disclosed.
“This is a unique opportunity and a smart, capital-efficient deal that enables T-Mobile to profitably build on our success in broadband and provide fast, affordable and reliable connectivity options to millions more customers nationwide as a complement to our wireless growth strategy. Metronet is the perfect partner for T-Mobile as a leader in fiber solutions with an incredibly fast build pace, and a top-notch management team. Together with KKR’s strong heritage of corporate partnership and global fiber franchise, we will further expand the Un-carrier’s fiber footprint and deliver real value and choice to customers while addressing a growing demand for fast and reliable broadband," Mike Sievert, T-Mobile CEO.
Metronet is advised by Bank Street Group, TD Securities, Paul Weiss Rifkind Wharton & Garrison (led by Brian C. Lavin) and Polsinelli PC. KKR is advised by Barclays, Goldman Sachs, MUFG Bank, Mizuho Securities, Morgan Stanley and Simpson Thacher & Bartlett. T-Mobile is advised by Citigroup, Cleary Gottlieb Steen & Hamilton, DLA Piper, Davis Wright Tremaine, Milbank and Wachtell Lipton Rosen & Katz (led by Adam O. Emmerich). Oak Hill is advised by Lazard.
Astorg, a private equity firm, agreed to acquire Hamilton Thorne, a provider of precision instruments, consumables, software, and services to the Assisted Reproductive Technologies sector, for $282m.
"Hamilton Thorne believes the proposed Transaction will provide compelling and certain value at an attractive premium to our shareholders. Astorg, with a proven track record of investing in MedTech companies with a focus on growth and innovation, will be a strong partner and trusted steward of Hamilton Thorne as the Company enters this next phase," David Wolf, Hamilton Thorne Executive Chair.
Hamilton Thorne is advised by Piper Sandler, Stifel, Dentons, Norton Rose Fulbright, Bristol Investor Relations (led by Glen Akselrod) and Prosek Partners (led by Aiden Woglom). Astorg is advised by Jefferies & Company, Stikeman Elliott and Weil Gotshal and Manges.
KKR, an American global investment company, and Dragoneer Investment Group, an investment firm, agreed to acquire Instructure, an educational technology company, for $4.8bn.
"Given its unique positioning at the center of academic life, Instructure has a distinct opportunity to be a true end-to-end partner to students, teachers and administrators. Instructure has evolved into an expansive platform focused on delivering strong student outcomes under Thoma Bravo's stewardship. We look forward to working with Steve and the Instructure management team to accelerate growth and continue scaling its global portfolio of products," Webster Chua, KKR Partner.
Instructure is advised by JP Morgan, Macquarie Group and Kirkland & Ellis. KKR is advised by Moelis & Co, Morgan Stanley, UBS and Simpson Thacher & Bartlett.
Avista Capital Partners, a private equity firm, and Hamilton Lane, a private markets investment management firm, completed the acquisition of a majority stake in Cosette Pharmaceuticals, a specialty pharmaceutical company. Financial terms were not disclosed.
"We value Avista's long-term relationship with Hamilton Lane and look forward to collaborating with them as a strategic partner to drive growth and value at Cosette. Our collective expertise will prove invaluable as Cosette evaluates larger M&A opportunities as part of the company's growth strategy," David Burgstahler, Avista Managing Partner and CEO.
Cosette Pharmaceuticals was advised by Capital One Financial, Hayfin Capital Management, Santander and UBS. Avista was advised by Kekst CNC. Hamilton Lane was advised by Debevoise & Plimpton and Ropes & Gray.
Genstar Capital, a private equity firm, completed the acquisition of a majority stake in Docupace, a provider of software to streamline back-office operations of wealth management enterprises and financial advisors. Financial terms were not disclosed.
"Genstar's investment is a testament to our belief that Docupace is transforming how critical work – new account opening, client onboarding, workflow, compliance, compensation, advisor transitions, data gathering and client engagement – gets done in wealth management enterprises," David Knoch, Docupace Chief Executive Officer.
Docupace was advised by Financial Technology Partners, Gibson Dunn & Crutcher and Haven Tower Group (led by Joseph Kuo). Genstar Capital was advised by RBC Capital Markets, Ropes & Gray and Chris Tofalli Public Relations (led by Chris Tofalli). FTV Capital was advised by Prosek Partners (led by Josh Hess).
Bending Spoons, a technology company, completed the acquisition of Issuu, a digital publishing platform, from Heartcore, a venture capital firm, and KDDI Open Innovation Fund, a corporate venture capital fund. Financial terms were not disclosed.
"We're impressed by what the Issuu team has achieved over the years, and we're enthusiastic about its future prospects. By leveraging the Bending Spoons expertise and platform technologies, we believe we can help Issuu progress further," Luca Ferrari, Bending Spoons CEO.
Issuu was advised by Lightning Partners and Goodwin Procter. Bending Spoons was advised by Ernst & Young, Kromann Reumert, Perez Llorca and Willkie Farr & Gallagher.
KKR, a global investment firm, completed the acquisition of Marmic Fire & Safety, a regulation-mandated fire equipment inspection, testing and maintenance services provider, from HGGC, an American middle-market private equity firm. Financial terms were not disclosed.
“Marmic’s growth is a testament to the talent and dedication of our team. We are thrilled to begin working with KKR, which shares our belief in the power of our employee-centric culture and supports our ambition for building a scaled fire safety services platform that strives to provide reliable, expert service to our customers. I see tremendous potential for Marmic in this next phase of its journey,” Greg Bochicchio, Marmic Fire & Safety CEO.
Marmic Fire & Safety was advised by Lincoln International, Robert W Baird, and Kirkland & Ellis. KKR was advised by Houlihan Lokey, Latham & Watkins and Paul Weiss Rifkind Wharton & Garrison (led by Eric Wedel, Matthew Leist and Caroline Epstein).
Shamrock Capital, an investment firm specializing in media, entertainment, communications, and related sectors, completed the acquisition of the diverse film, television, and music portfolio from Vine Alternative Investments, a specialized asset manager. Financial terms were not disclosed.
"Jim, Bill and Stephen were early movers in the entertainment royalty sector and, over time, curated an impressive portfolio of film and television libraries and music catalogues that are timeless and hold deep cultural significance. As Shamrock's Content Strategy continues to expand, we are thrilled to add this remarkable portfolio to our existing platform of premium content," Patrick Russo, Shamrock Capital Partner and Executive Committee Member.
Shamrock Capital was advised by Latham & Watkins and Prosek Partners (led by Mickey Mandelbaum). Vine Alternative Investments was advised by Salem Partners, Kirkland & Ellis and Paul Hastings.
Private equity firms Genstar Capital and TA Associates, agreed to acquire a minority stake in AffiniPay, a provider of practice management software, integrated payments and embedded fintech for professionals across the legal, accounting, and professional services end markets. Financial terms were not disclosed.
"We are thrilled for this next chapter with TA and Genstar. Since I joined AffiniPay in 2021, we've had incredible momentum and it's been so rewarding to influence how core system of record software combined with financial technology can benefit our customers and push the operations of the legal and accounting industries forward. The support of Genstar and TA will allow us to continue investing in our practice management software and embedded financial services platform for professionals," Dru Armstrong, AffiniPay CEO.
AffiniPay is advised by Lazard and Raymond James. Genstar Capital is advised by Ropes & Gray and Chris Tofalli Public Relations. TA Associates is advised by Goodwin Procter.
Archrock, an energy infrastructure company, agreed to acquire Total Operations and Production Services, a contract gas compression services provider, from Apollo, a global alternative asset manager, for $983m.
“We are excited to join together with Archrock during an important time for our company and our industry. TOPS’ horsepower is contracted with blue-chip customers in the Permian Basin, making the addition of our electric motor business highly strategic and complementary for Archrock. We look forward to joining the Archrock team and working together to serve more customers across the country while driving continued growth and value creation,” Brian Green, TOPS CEO.
KKR, a global investment firm, agreed to acquire Janney Montgomery Scott, a full-service wealth management, capital markets, and asset management firm, from Penn Mutual, a life insurance company. Financial terms were not disclosed.
“We are excited to enter this next chapter in our nearly 200-year history with a new value-added strategic partner. KKR has demonstrated they value our client- and advisor-centric culture and share our deep conviction in the tremendous opportunities ahead for our business. We look forward to working with KKR to invest further in our growth and enable our talented team to further improve the advice and services we offer our clients,” Tony Miller, Janney President.
KKR is advised by Ardea Partners, Kirkland & Ellis, and Simpson Thacher & Bartlett. Penn Mutual is advised by WilmerHale.
Astira Capital Partners, a private equity firm focused on investing in leading technology and data-driven services companies, completed the acquisition of ConData Global, a freight post audit and transportation spend analysis provider, from NextGen, a private equity firm. Financial terms were not disclosed.
“ConData has transformed the freight post-audit industry. Unlike competitors who rely on spreadsheets and manual processes, ConData has developed proprietary technology to ingest and transform large volumes of data across a wide range of formats, and they leverage machine learning technology and proprietary algorithms to automate the process of identifying complex billing errors. Their hybrid model, combining technology and expert audit staff with decades of experience, is highly differentiated and delivers best-in-class client outcomes," Chris Ritchie, Astira Partner.
ConData Global was advised by Harris Williams & Co and Baker Hostetler (led by Raam Jani). Astira Capital was advised by Wofford Advisors and Kirkland & Ellis.
Verlinvest, an investment holding company, and Mistral Equity Partners, a New York City-based private equity firm, completed the acquisition of a majority stake in Insomnia Cookies, a bakery chain delivering warm cookies, baked goods, and ice cream, from Krispy Kreme, an American multinational doughnut company and coffeehouse chain, for $172m.
“As we build a bigger and better Krispy Kreme, this transaction allows us to focus on our core strategy of producing, selling, and distributing fresh doughnuts daily while also further strengthening our balance sheet. Following a thorough review, we are confident that Verlinvest and Mistral are the right partners to share in the success of Insomnia Cookies given their food industry experience and long-standing track record of value creation,” Josh Charlesworth, Krispy Kreme President and CEO.
Krispy Kreme was advised by Evercore, Morgan Stanley and Edelman (led by Ashley Firlan).
Avance Investment Management, an investment firm, completed the investment in Alchemy Technology Group, an IT advisory, consulting, and reseller firm. Financial terms were not disclosed.
"This marks an exciting milestone for Alchemy. Our high-quality, differentiated offerings and exceptional delivery and sales teams have enabled us to establish a track record of growth and success while building a strong reputation with our customers and vendors. Avance's partnership positions Alchemy to further capture a number of exciting growth opportunities ahead," Mike Quirin, Alchemy Co-Founder and Chief Revenue Officer.
Avance Investment Management was advised by Guggenheim Partners and Joele Frank (led by Woomi Yun and Jonathan Keehner). Alchemy Technology Group was advised by Houlihan Lokey.
Mill Point Capital, a private equity firm, agreed to acquire the refrigeration and foodservice equipment operations of FEMSA, a Mexican multinational beverage and retail company, for $443m.
This transaction represents an additional step in the continued execution of the FEMSA Forward plan that was communicated in February of 2023. The transaction is subject to regulatory approvals and other customary conditions, and is expected to close in the following months.
FEMSA is advised by Citigroup and Freshfields Bruckhaus Deringer.
Private equity firms NGP and Sandbrook Capital led a $300m fundraising in Cloverleaf Infrastructure, a energy solutions company.
"The rapid growth in demand for electricity to power cloud computing and artificial intelligence poses a major climate risk if fueled by high-emission fossil fuels. However, it's also a major opportunity to catalyze the modernization of the US grid and the transition to a smarter and more sustainable electricity system through a novel approach to development. Cloverleaf is committed to making this vision a reality with the support of leading climate investors like Sandbrook and NGP," David Berry, Cloverleaf CEO.
NGP was advised by Willkie Farr & Gallagher. Sandbrook was advised by Kekst CNC.
Platinum Equity, a private equity firm, agreed to acquire GSM Outdoors, a branded outdoor enthusiast company, from Gridiron Capital, a private equity firm. Financial terms were not disclosed.
"The sector is characterized by an attractive combination of resilience, growth potential and M&A opportunities, which suits our firm well. We believe GSM’s distribution network, experience bringing new products to market, rigorous quality control and care for its customers position it well to capitalize on those dynamics and diversify its portfolio to meet the growing demand," Louis Samson, Platinum Equity Co-President.
GSM Outdoors is advised by Robert W Baird (led by Andrew Martin). Debt financing is provided by Bank of America.
LS Power, an energy company, completed the acquisition of the Hunterstown power generation facility, a combined-cycle gas turbine generating power plant, from Platinum Equity, a global investment firm. Financial terms were not disclosed.
"Hunterstown performed well and benefited from meaningful investment and operational oversite during our ownership. We then found a new home for the facility with a buyer who is a natural fit for the long term. We are proud of the outcome and will continue seeking opportunities to put our M&A capabilities to work in creative ways," David Glatt, Platinum Equity Managing Director.
Atlas Venture, a biotech venture capital firm, and Access Biotechnology, a biopharma investor, led a $60m Series B round in GRO Biosciences, a biotechnology company leveraging synthetic biology, with participation from Leaps by Bayer, Redmile Group, Digitalis Ventures and Innovation Endeavors.
"GRObio has built the industry-leading platform for discovery and production of therapeutics with non-standard amino acids. The company has a clear and differentiated path to multiple commercial opportunities, starting with the pressing unmet need in severe, refractory gout. Atlas Venture is excited to partner with this outstanding team and to bring this revolutionary technology to the clinic," Kevin Bitterman, Atlas Venture Partner.
GRO Biosciences was advised by LaVoieHealthScience.
Xora Innovation, an Early-Stage deep tech investing platform of Temasek, led a $55m Series A round in Peak Energy, a company developing low-cost, giga-scale energy storage technology for the grid, with participation from Eclipse, strategic partner TDK Ventures, Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures and DETV-Scania Invest.
"AI should represent a step forward, not a step backward. As energy demand grows, we must capitalize on the potential of renewables to provide dependable, inexpensive energy to fuel a new era of technological advancement. Utility-scale storage powered by sodium-ion is the answer to securing this future on a resilient, decarbonized grid," Landon Mossburg, Peak Energy Co-Founder and CEO.
Peak Energy was advised by InkHouse.
Sequoia Capital, an American venture capital firm, led a $150m Series C round in Vanta, a trust management platform, with participation from Goldman Sachs Alternatives, JP Morgan, Atlassian Ventures, Craft Ventures, CrowdStrike Ventures, HubSpot Ventures, Workday Ventures and Y Combinator.
“Under Christina’s leadership, Vanta has grown into a special and enduring company. Now the clear market leader in trust management, Vanta has accelerated upmarket, launched innovative AI features, and delighted many thousands of customers along the way. Sequoia led Vanta’s Series A more than three years ago, and we are equally excited to lead Vanta’s Series C today. We look forward to helping them build a legendary security and compliance company for many years ahead,” Andrew Reed, Sequoia Capital Partner.
The Vistria Group, a private investment firm, completed the investment in Ora, an ophthalmic contract research organization. Financial terms were not disclosed.
"Ora is a leader in ophthalmic clinical research, and we are delighted to partner with the Ora team in the next chapter of its growth. We invested in Ora because of its strong globally recognized brand, demonstrated innovation, service excellence, and tenured team of ophthalmology veterans, many who have worked together for decades, leading to an unparalleled record bringing over 85 drugs and devices to market. We are excited to build on Ora's track record of success of partnering with customers and bringing new life-enhancing treatments to patients around the world," Natasha Latif, The Vistria Group Partner for Healthcare.
Unilever said to start sale talks for £15bn ice cream unit.
Unilever has kicked off initial discussions with buyout firms about a possible sale of its ice cream business, which could be worth as much as £15bn ($19.4bn).
The consumer goods company has started holding management presentations with potential bidders about the business, which is home to brands like Ben & Jerry's and Magnum. Private equity firms Advent International, Blackstone, Cinven and CVC are among those that have shown preliminary interest. Other buyout firms such as Clayton Dubilier & Rice and KKR have also been studying the asset.
A formal sale process is likely to start in the second half of the year. Deliberations are in the early stages and no final agreements have been reached with any of the parties, Bloomberg reported.
NYCB to sell more loans to JP Morgan after $5.9bn deal.
New York Community Bancorp, disposing of assets and freeing up cash after its rescue by investors, said it completed selling $5.9bn of loans to JPMorgan Chase and plans to sell $200m more in the near future — going further than previously announced, Bloomberg reported.
The disposals of so-called mortgage warehouse loans will boost NYCB’s common equity Tier 1 capital ratio by about 70 basis points.
Bain-backed Surgery Partners is exploring a $3.7bn sale.
Surgery Partners, which is backed by private equity firm Bain Capital, is exploring options including a potential sale. The Brentwood, Tennessee-based operator of surgical facilities is working with a financial adviser to gauge buyer interest.
Buyout firm Bain Capital is the company's largest shareholder with a 39% stake. Surgery Partners could appeal to strategic buyers or private equity firms. Shares of Surgery Partners jumped as much as 17% after the close of regular trading Thursday in New York. The stock had lost about a third of its value over the past 12 months, giving the company a market value of $3.7bn, Bloomberg reported.
New York life buys muni-bond funds with $1.2bn from Aquila.
New York Life Investment Management said it acquired six municipal-bond funds from Aquila Investment Management, a four-decade-old firm that carved out a focus on vehicles for investing in debt from specific states.
The funds, which had about $1.2bn of assets, had delivered a lackluster run in recent years as US markets were battered by the Federal Reserve’s interest-rate increases, Bloomberg reported.
Golub leads $1bn private credit deal for TA carveout.
The deal, which some market participants viewed as aggressively structured, included a roughly $700m term loan that equates to about a 70% loan-to-value, a risk assessment measure that examines the ratio of the loan to the value of the underlying asset. The deal included a delayed draw term loan and revolver.
TowerBrook and CD&R are in advanced talks to make an offer for R1 RCM.
TowerBrook Capital Partners has teamed up with Clayton, Dubilier & Rice to make a joint offer for R1 RCM. that could kick off a bidding war for the health-care IT company.
The buyout firms are in advanced talks about finalizing their proposal to take the company private. They've pledged to make an offer that tops a $13.25-a-share bid made by New Mountain Capital, Bloomberg reported.
Startup Pearl raises VC funding to bring AI to dentists’ offices.
Pearl, a Los Angeles-based dental startup, has raised new financing valuing the company at $400m, Bloomberg reported.
The startup raised $58m in a round led by Left Lane Capital, with participation from Smash Capital, Craft Ventures and others.
Anglo American agrees sale of two royalty assets for up to $195m.
Anglo American entered into definitive agreements to sell two royalties to Taurus Funds Management for a total of up to $195m in cash, comprising an upfront cash payment of $150m and up to $45m of deferred cash consideration that is subject to certain conditions.
The sale is expected to close in Q4 2024, pending customary closing conditions.
Anglo American is advised by RBC Capital Markets.
Blackstone bets on growth in private credit business outside US.
Blackstone is “doubling down” on opportunities in its international credit business, as it targets growth in a broader array of debt including local-currency investments, Bloomberg reported.
“There’s a lot more to do for us in Europe and in Asia. We want to ensure that we’re of the same scale and breadth everywhere around the world,” Gilles Dellaert, Blackstone Global Head of Credit & Insurance.
D2 Asset Management announces launch of investment firm with more than $1bn in AUM.
D2 Asset Management announced its launch as a global investment firm specializing in credit, hybrid, and special situation investments across real assets, specialty finance, and structured credit.
The firm, founded by industry veterans Ben and Luke Doramus, commences operations with more than $1bn in assets under management and is evaluating a host of compelling investment opportunities and strategies.
NGP launches NGP Sustainable Real Assets to invest in clean energy project development platforms.
NGP announced the closing of NGP Sustainable Real Assets, with approximately $500m of capital commitments from NGP’s dedicated energy transition fund, NGP Energy Transition IV, and co-investors. NGP was formed to invest in real asset development platforms across the energy transition – including clean power, clean fuels, carbon, transportation and critical minerals. NGP invests by partnering with exceptional management teams, often at the earliest stages of company formation, and provides capital and support to help build leading energy transition platforms.
“Our strategy with NGP SRA combines NGP’s 35-year track record of partnership-oriented investing, having backed more than 300 development platforms across the energy sector, with our firm’s significant capital, expertise and resources dedicated to the energy transition. We see a big opportunity to deploy an investment model NGP has honed over the last three decades into these attractive clean energy subsectors,” Chris Carter, NGP Managing Partner.
Bregal Sagemount announces the successful close of Its inaugural small-cap fund, Basecamp, with $500m of commitments.
Bregal Sagemount, a growth-focused private equity firm, announced the successful close of its inaugural small-cap fund, Bregal Sagemount Basecamp I, at $500m. The Fund closed at its target and hard cap, inclusive of strong support from existing Limited Partners, a handful of new institutional investors, and a significant GP commitment.
The close of Basecamp marks a milestone for Sagemount, reflecting the firm's ongoing commitment to provide capital solutions to attractive growth businesses identified through its thematic sector-driven origination efforts, regardless of potential investment size.
Agellus Capital closes inaugural fund at $400m.
Agellus Capital, a lower middle-market private equity firm, announced the final close of its debut fund, Agellus Capital Private Equity Fund I, with total limited partner capital commitments of $400m.
The Fund received commitments from a diverse global investor base including endowments and foundations, global financial institutions, insurance companies, family offices, sovereign wealth funds, and several founders, executives, and other professionals.
Adams Street Partners names Global Head of Wealth. (People)
Adams Street Partners, a private markets investment firm with more than $59bn in AUM, has appointed Chief Operating Officer Jim Walker as its Global Head of Wealth.
Walker served as COO of Adams Street for nearly seven years, prior to which he worked at Morgan Stanley, Credit Suisse and Merrill Lynch. In his new role, Walker will lead the firm’s growth in the wealth management space, with an emphasis on developing and scaling products and services for financial advisors and their clients.
EMEA
ION, a permanent capital investment holding company, completed the acquisition of Prelios, a one-stop shop for investors and banks in alternative asset management and high value-added services across the real estate and credit value chains, from Davidson Kempner, a global investment management firm. Financial terms were not disclosed.
"The successful conclusion of this long journey is a great satisfaction and fills us with enthusiasm and responsibility. The acquisition by ION will allow Prelios to further consolidate its leadership role within the servicing and asset management sector. The company manages a significant portfolio of non-performing loans and real estate assets, which are key to maintaining financial stability and enhancing asset quality in the Italian financial and real estate market. The deal is part of a broader strategy to improve asset management and efficient decision-making processes through the use of data. The credit servicing industry in Italy is going through a significant consolidation phase, driven by the need to improve operational efficiency, exploit economies of scale and expand service capabilities in a maturing market that requires new, more sophisticated and evolved service propositions. Thanks to ION all this will be possible," Fabrizio Palenzona, Prelios President .
Prelios was advised by Lazard and Russo De Rosa Associati. ION was advised by BNP Paribas, Mediobanca, UBS, Chiomenti (led by Edoardo Canetta Rossi Palermo), Gattai Minoli Agostinelli & Partners, Barabino & Partners (led by Federico Steiner), Community Group (led by Marco Rubino) and Facchini Rossi Michelutti. Debt financing was provided by BNP Paribas, Banco BPM, Intesa SanPaolo, Mediobanca, Standard Chartered Bank and UniCredit. Debt providers were advised by Latham & Watkins and Milbank. Davidson Kempner was provided by Goldman Sachs, Linklaters (led by Pietro Belloni and Ben Rodham) and Community Group (led by Auro Palomba and Roberto Patriarca).
Ardian, a private investment house, agreed to acquire a majority stake in Masco Group, a provider of engineered solutions for the pharmaceutical and biotech industries, from RSBG, the holding subsidiary of RAG-Stiftung. Financial terms were not disclosed.
"We are extremely happy to partner up with Luca Borella and his family to lead the next phase of growth of Masco. Together with RSBG, Luca and the management have created a global player in advanced engineering solutions for the life sciences industry. We are convinced that Masco is ideally poised to benefit from long-term tailwinds in the biotech industry, due to its deep engineering and process knowledge. We look forward to accelerating the Company's international development organically and through an ambitious M&A strategy. This transaction is testament to Ardian's expertise in investing in the most attractive niches within healthcare and partnering with leading entrepreneurial families," Marco Bellino, Ardian Deputy Head of Buyout Italy & Managing Director.
Ardian is advised by PricewaterhouseCoopers, Howden, McKinsey & Company, JP Morgan, Clifford Chance, PedersoliGattai, Weil Gotshal and Manges and Gatti and Partners. RSBG is advised by Grant Thornton, McKinsey & Company, Jefferies & Company, CMS and Chiomenti.
Deutsche Private Equity, a capital management company, completed the investment in IMPAG Group, a chemical distribution company. Financial terms were not disclosed.
"A change of investor should always be driven by strength and not by necessity. IMPAG has developed across national borders, has established a strong market position in Europe and, with its ambitious plans for the future, is now ready for a new, strong investor and partner. We are convinced that in DPE we have found a strong partner with a comparable understanding of values, who will support the successful development of the IMPAG Group further and in the long term," Remo Bernardi, IMPAG CEO.
IMPAG Group was advised by Enqcor, PricewaterhouseCoopers and Lenz & Staehelin (led by Matthias Wolf) and Swisslegal. Deutsche Private was advised by Boston Consulting Group, Ernst & Young, Howden, UBS, Bar & Karrer, Gleiss Lutz and PricewaterhouseCoopers.
Private equity firms Cobepa and Inflexion completed the investment in Easyfairs, a pan-European event company. Easyfairs founder Eric Everard is reinvesting alongside Cobepa and Inflexion. Financial terms were not disclosed.
“We are very pleased to accompany Easyfairs in its next phase of growth. The company has established itself as a clear leader in its industry and is ideally positioned to continue and accelerate its growth through organic and inorganic initiatives,” Aurélien Delavallée, Cobepa Managing Director.
Hines, a real estate investment, development, and management firm, and Clessidra, an Italian private equity firm, led a €120m ($131m) investment in Human Company, an Italian outdoor tourism group.
"Through this partnership with Hines and Clessidra, two partners with whom we immediately shared values and strategic vision, we aim not only to continue growing and strengthening our leadership position but also to build a new identity value for open-air hospitality, offering a more distinctive and high-quality product," Claudio Cardini, Human Company Founder & Honorary Chairman.
Human Company is advised by KPMG, Labs Corporate Finance and Chiomenti. Hines and Clessidra are advised by Ernst & Young, Yard Reaas, PedersoliGattai, White & Case, Alonzo Committeri and Dentons.
Bunge Global’s planned $8.2bn buyout of Viterra is set to be approved by the European Union after concessions offered by the firms look to have appeased regulator concerns.
The tie-up, announced in June last year, will see Bunge buy Glencore-backed Viterra in stock and cash, with the US crop trader owning about 70% of the combined entity. It would become the world’s second-biggest agricultural trading company by revenue, dominating the soybean and wheat markets, Bloomberg reported.
Mubadala, a sovereign investor managing a diverse portfolio of assets in the UAE and abroad, agreed to acquire a majority stake in Bugaboo, a provider of strollers and premium children's consumer products, from Bain Capital, a private equity firm. Financial terms were not disclosed.
"Over the last five years, we have almost doubled revenues due to both organic growth and the successful acquisition and integration of complementary brands in the worldwide juvenile products market. With Mubadala Capital's support, our brand and product design, our teams, and our business partners are poised for the next phase of our growth and development into new markets. Most importantly, this partnership will bring great benefits for our customers – current and future generations of parents and children," Adriaan Thierry, Bugaboo CEO.
Mubadala is advised by Citigroup. Bugaboo is advised by Barclays, Robert W Baird and Confidant Partners (led by Jeroen van Seeters). Bain Capital is advised by Camarco. Debt financing is provided by Citigroup, First Abu Dhabi Bank and Natixis Partners.
MidEuropa, an independent private equity player in Central and Eastern Europe, agreed to acquire a majority stake in FAMAR, a well-established pharmaceutical contract development and manufacturing organisation, from private equity firms ECM Partners and Metric Capital Partners. Financial terms were not disclosed.
"Our investment in FAMAR demonstrates MidEuropa's continued commitment to identify and support growing platforms in the healthcare sector, and once completed, will bring our total equity investments in the sector to well over €1bn ($1.1bn). FAMAR is a growing European CDMO platform with a track record of strong execution, combined with a clear value creation potential and expansion ambitions. We are impressed with FAMAR's growth and success under Kostas Rengis' leadership over the past few years and are enthusiastic about the opportunity to support him and his team to further strengthen FAMAR's relevance to its clients in its current markets and beyond," Matthew Strassberg, MidEuropa Partner and Head of Healthcare Sector Practice.
FAMAR is advised by Jefferies & Company, Papapolitis & Papapolitis and Reed Smith. MidEuropa is advised by AXIA Ventures, Rothschild & Co and DLA Piper.
L Catterton, the private equity firm backed by French luxury fashion house LVMH, agreed to acquire a 42% stake in Value Retail, an outlet mall landlord, from Hammerson, a shopping centre owner, for £600m ($775m).
"This is a transformational deal for Hammerson, generating cash proceeds of c.£600m ($775m) whilst removing an overweight, low yielding and minority stake, and positioning us for accelerated growth and value creation," Rita-Rose Gagné, Hammerson CEO.
Middleground Capital, a Lexington-based private equity firm, offered to acquire STEMMER IMAGING, a provider of machine vision technology, for €312m ($339m).
"We believe our longstanding expertise in the value-add distribution space makes us a proven partner for growing STEMMER's leading position in the machine vision space. We look forward to working closely with the team as they expand the company's presence within the European market and broaden its reach to the US and globally," John Stewart, MiddleGround Managing Partner.
STEMMER IMAGING is advised by ParkView Partners and Hogan Lovells. MiddleGround is advised by Jefferies & Company, Clifford Chance and Dukas Linden Public Relations.
Asterion Industrial Partners, an investment management firm, agreed to acquire a 49% stake in 2I Aeroporti, an airport construction services provider, from Ardian and Credit Agricole Assurance. Financial terms were not disclosed.
"We are committed to advancing 2i Aeroporti's position as the first airport operator in Italy, with sustainable growth and enhancing Italy's connectivity. Our strategy includes strengthening partnerships with local stakeholders and actively supporting the aviation industry's efforts towards decarbonization," Guido Mitrani, Asterion Founding Partner.
Ardian is advised by Credit Agricole, Mediobanca and Headland Consultancy.
Jacobs, an investment firm, agreed to acquire IK Partners-backed ILERNA, a provider of vocational education. Financial terms were not disclosed.
"We would like to thank IK Partners for their continuous support over the past three years. It has been a tremendous journey with a tripling of the size of the group and new campuses in Barcelona, Cordoba, Jerez, Lleida, Madrid, Tarragona, Seville, and Valladolid. We would like to welcome Jacobs Holding on board. They have unmatched experience in the global education sector and will provide further support for our next phase of ambitious development," Jordi Giné Llorens, ILERNA CEO.
ILERNA is advised by AZ Capital. Jacobs is advised by Lemongrass Communication.
EMK Capital-backed Garda Group, an European perimeter and technical security company, agreed to acquire Heras, an end-to-end supplier of permanent and mobile perimeter protection solutions, from Equistone Partners, a private equity firm. Financial terms were not disclosed.
"It has been a pleasure for the Equistone Funds to have supported Heras with the strategic development of its business and its team over the past five years. In partnership with the Equistone Funds, the company has refined its strategic focus on high-security solutions and recurring services, while upgrading its production sites and delivering a comprehensive ESG strategy. Heras is a renowned and expert provider of security solutions, and I am confident that the company will continue to prosper as part of the Garda Group," Hubert van Wolfswinkel, Equistone Partner.
EMK Capital is advised by Nomura. Equistone is advised by IWK Communication Partner.
KKR, a global investment firm, agreed to acquire a majority stake in Accountor, a provider of mission critical business software in Finland and Sweden, from Vitruvian Partners, a global private equity firm. Financial terms were not disclosed.
"We are delighted to welcome KKR as our new strategic partner. KKR is one of oldest, largest and most successful global investment firms and its investment in Accountor is a testament to our track record of achieving profitable growth through delivering world class and mission critical solutions to our customers. We are grateful for the active and invaluable support we have received from Vitruvian over the last couple of years in accelerating our growth journey to become one of the leading financial and HR management software businesses in the Nordics. We look forward to continuing our journey with KKR's support," Mikko Soirola, Accountor Software CEO.
KKR is advised by FGS Global (led by Alastair Elwen). Vitruvian Partners is advised by JP Morgan.
KKR, an investment firm, agreed to acquire a 25% stake in Enilive, a biofuel unit, from Eni, an energy company, for $3.4bn.
"While a final transaction is subject to agreeing definitive documentation, both parties are committed to negotiating the terms of a potential transaction. This step represents another example of the development of Eni's satellite model strategy, attracting strategically aligned capital from valuable new partners at attractive multiples, funding our growth and confirming the value we are creating in these new businesses," Eni.
KKR is advised by UBS.
Apollo, an American asset management firm, agreed to acquire Evri, a parcel delivery company, from Advent International, an American global private equity firm. Financial terms were not disclosed.
“We are incredibly proud of the transformative changes that have enabled Evri to efficiently scale while maintaining our focus on on-time delivery and an environmentally responsible model. We want to thank the team at Advent for their partnership over the past five years and providing the business with a strong foundation for continued expansion. In this next chapter we are excited to partner with the Apollo team to execute on the compelling growth opportunities we see ahead,” Martijn de Lange, Evri CEO.
Apollo is advised by Sidley Austin.
KKR, a global investment firm, and GIP, an infrastructure investment fund, agreed to acquire a 10% stake in Vantage Towers, a towers infrastructure company, from Vodafone, a British multinational telecommunications conglomerate, for €1.3bn ($1.4bn).
Vodafone said that proceeds from the sale would be used for cutting its debt levels and bringing down its net debt-to-adjusted earnings before interest, taxes, depreciation and amortisation after leases to the lower half of its target range.
KKR in exclusive talks with Italy’s Eni to buy Enilive stake.
Italian energy major Eni signed a temporary exclusivity agreement with KKR to sell a stake in its Enilive unit, potentially worth more than €3bn ($3.3bn), Bloomberg reported.
Discussions on the sale of a 20% to 25% stake in Enilive are based on a valuation for the biorefining unit of €11.5bn ($12.5bn) to €12.5bn ($13.6bn). Both companies are committed to negotiating a deal.
Eni is advised by JP Morgan. KKR is advised by UniCredit.
Blackstone weighs a $3.2bn stake sale in HH Global.
Blackstone is considering selling its minority stake in British outsourced marketing provider HH Global.
The asset management giant is working with Moelis & Co. on the potential transaction. A stake sale could value HH Global at around £2bn ($2.6bn) to £2.5bn ($3.2bn). Deliberations are preliminary and Blackstone could decide against a stake sale, Bloomberg reported.
Cinven in talks to acquire a stake in Bridgepoint-backed Vitamin Well in a €2bn deal.
Cinven is in advanced talks to acquire a stake in Vitamin Well Group in a deal valuing the Swedish healthy beverage maker at more than €2bn ($2.2bn).
The private equity firm is negotiating the purchase of a significant minority stake in Vitamin Well, which is backed by Bridgepoint Group, Bloomberg reported.
David Allen’s AlbaCore targets €2bn in senior lending push.
AlbaCore Capital is looking to raise more than €2bn ($2.2bn) for a new senior direct-lending strategy, Bloomberg reported.
The fresh fund — which will likely close next year — seeks to compete with managers from the likes of Ares Management and Intermediate Capital Group to finance European leveraged buyouts by providing senior secured loans.
KKR mulls a stake sale in Biotage at a $1.4bn valuation.
KKR is considering selling its stake in Biotage, a Swedish life sciences firm that provides technologies and solutions in genetic analysis and medicinal chemistry.
The buyout firm is exploring options for its 17% holding in Biotage, including a potential selldown of part or all of its shares in the market. Shares of Biotage have gained 36% in Stockholm trading this year, giving the company a market value of about $1.4bn.
KKR owns its stake through Gamma Biosciences, a platform it set up in 2020 to make investments in life sciences tools. Biotage has separately been gauging interest from potential buyers in recent months, though far the deliberations haven't led to a deal, Bloomberg reported.
Homebase owner to launch sale amid interest from The Range.
The owner of Homebase is in talks about selling the DIY retailer to one of Britain’s biggest general merchandise chains, as it prepares to launch a wider auction of the business it rescued six years ago, Sky News reported.
Hilco Capital, which took control of an ailing Homebase in 2018, has had an approach from The Range, which has quietly become one of the country's biggest retail successes, about a deal.
Benetton scion considers sale of Italian eye care firm Sifi.
The private equity firm led by Benetton family scion Alessandro Benetton is considering a sale of Italian eye-care firm Sifi after backing the business for almost a decade, Bloomberg reported.
21 Invest is working with Mediobanca and Evercore as it prepares to gauge interest in the company, which was founded in 1935 by two pharmacists in Sicily. It is considering launching a sale process after the summer, targeting larger health-care companies as well as private equity firms.
Harland & Wolff rescue talks intensify as government rules out loan guarantee.
Harland & Wolff is in talks with its Wall Street lender about securing an emergency loan to shore up its financial position as the struggling Titanic shipbuilder fights for its survival, FT reported.
Crisis talks are taking place between the company and Riverstone Credit Partners over a potential £20m ($26m) extension of its existing $115m credit facility with the Wall Street lender. The potential financing is expected to trigger a shake-up of the board and herald the departure of H&W chief executive John Wood.
The government has confirmed that it will not provide a £200m ($258m) loan guarantee to Harland & Wolff, the owner of the stricken Belfast shipyard that built the Titanic, sparking intensified rescue talks between the company and its Wall Street lender. The shipbuilder had hoped to secure a guarantee of up to 80% to help it avoid collapsing into administration for the second time in five years.
Friedkin Group pulls out of talks to buy majority stake in Everton.
The Friedkin Group has abandoned its plans to buy a majority stake in Everton after being granted a period of exclusivity last month.
The Friedkin Group, who are also majority owners of Italian Serie A club AS Roma, were in exclusive talks to buy a stake after a takeover agreement with prospective owner 777 Partners fell through, Reuters reported.
"Following a period of exclusivity, discussions between Blue Heaven and The Friedkin Group over a potential sale of a majority stake in Everton have ended and The Friedkin Group will not be progressing with a purchase of the club. Both Blue Heaven Holdings and The Friedkin Group entered discussions in good faith to explore whether a sale could be agreed. Those discussions have concluded. The parties agree it is in both their interests for Everton to explore alternative options," Everton.
Ex-Bridgewater Partner to boost stake in Synergy Africa PE fund.
Former Bridgewater Associates partner Richard Okello's Sango Capital Management is taking a majority stake in an African private equity fund run by Synergy Capital Managers and plans to seek possible exits from assets that are mainly in Nigeria.
Instead of paying a negotiated price for the increased stake in the fund, the parties agreed to share future proceeds received from the successful sales of the remaining assets in the fund, which include companies such as Viathan Engineering, Sango Investment Director Christian Roelofse said in an interview. Synergy originally raised more than $100m for the fund to mostly invest in West Africa's biggest economy and Ghana, Bloomberg reported.
Mid Europa picks Citigroup, Jefferies for Diagnostyka IPO.
Private equity firm Mid Europa Partners has selected investment banks to help arrange a Warsaw initial public offering of medical diagnostic firm Diagnostyka.
Citigroup and Jefferies are working on preparations for the potential listing of Diagnostyka, which owns Poland's biggest medical laboratory network. A first-time share sale could happen as soon as later this year and Mid Europa could sell some of its stake, Bloomberg reported.
Middle East's Hades Financial raises $1.6bn for crossover fund.
Hades Financial Private Capital Group, a global asset manager headquartered in Riyadh, has closed a crossover fund at $1.6bn as it looks to invest in North America, Europe, and the APAC markets, DealStreetAsia reported.
"We are thrilled to announce the closing of the fund, and it is a significant milestone for HFPCG. We believe that our expertise in both private and public markets will ensure that HFPCG remains at the forefront of investment opportunities across multiple sectors," Feroz Al Fakeih, HFPCG Co-CEO.
Anirudh Singh’s Aptior Capital taps distressed and special situations specialist. (People)
Aptior Capital, a London-based alternative investment manager specialising in stressed credit, distressed debt and rescue finance investments in Europe, is adding Taos Huskey to its senior team in London, effective September 2024.
Huskey is joining from Glendon Capital Management, where he had a nearly 20-year tenure, as well as at its precursor, Barclays Asset Management Group, in Los Angeles. He most recently served as Principal and managed the firm’s $5bn distressed and special situations portfolio.
APAC
Stonepeak, an alternative investment firm specializing in infrastructure, agreed to acquire Arvida, a New Zealand-based aged care provider, for $1.25bn.
"As a private entity under Stonepeak's ownership, Arvida would be able to further strengthen the execution of the Company's multi-faceted strategy: to sustain and enhance Arvida's core business; to develop quality communities; to acquire complementary properties; and to deliver quality services to aging communities. We believe Stonepeak has a sound understanding of Arvida and the New Zealand retirement village market, and Stonepeak's strategy is aligned with Arvida's values and vision. Stonepeak intends to bring significant capital and operational expertise to support Arvida's senior management team and business plan," Anthony Beverley, Arvida Chair of the Board.
Arvida is advised by Cameron Partners, Forsyth Barr, Chapman Tripp and Senescall Akers (led by Geoff Senescall). Stonepeak is advised by Goldman Sachs, Bell Gully and Morrow Sodali Global (led by Jack Gordon).
Gauge Capital, a private equity firm, agreed to acquire a majority stake in Coco & Eve, a hair and skincare products manufacturer. Financial terms were not disclosed.
Coco & Eve sells directly to consumers and through retailers including Sephora, Boots, as well as at Myer, Adore Beauty and The Iconic.
Gauge Capital is advised by Ropes & Gray.
An investor consortium, including CMB International, Puhua Capital and Wuhan Optics Valley Industrial Investment, led a Series B round in ICleague. Financial terms were not disclosed.
The investment comes at a time when Chinese chipmaking firms ride on an investment tailwind amid the government's attempt to achieve self-sufficiency in chips. Chinese semiconductor startups completed 108 deals in Q1 2024, on par with Q4 2023, indicating their sustained appeal to investors.
Rigel Capital, a strategic manager for hyper-growth companies, completed the investment in Wisedrive, an Indian warranty tech company. Financial terms were not disclosed.
"We are thrilled to partner with Rigel Capital to expand our pre-owned car warranty business to Southeast Asia. This collaboration will enable the company to bring its solutions to additional markets, enhancing the customer experience and ensuring peace of mind for car owners across theregion," Kalyandhar Vinukonda, Wisedrive CEO.
StanChart-backed Bohai Bank to sell $3.5bn in loans.
China Bohai Bank, partly owned by Standard Chartered, proposed to sell $3.5bn worth of assets at a discount to bidders including the nation’s bad debt managers to shore up capital levels.
The assets, with a principal amount of CNY25.6bn ($3.5bn), will be disposed of in a public tender to potential bidders, including China’s big four bad banks led by China Cinda Asset Management, Bloomberg reported.
IFC proposes $60m investment for Mongolian conglomerate MCS.
International Finance Corporation (IFC), a member of the World Bank Group, is considering an investment of up to $60m in MCS, the largest private sector group in Mongolia, DealStreetAsia reported.
The proposed investment is a corporate loan whose proceeds will be specifically used for construction of a 24-storey commercial building in Ulaanbaatar and agricultural and meat production operations at Metagro, a fully owned subsidiary of MCS.
Indonesia Investment Authority to step up focus on green investments.
Indonesia Investment Authority, the country's sovereign wealth fund, is looking to tap overseas investors as it seeks to deepen its focus on green investments.
INA chief risk officer Thomas Sugiarto Oentoro said the wealth fund was reviewing several opportunities in green investments, Geothermal energy is one possibility. INA has previously invested in Indonesian geothermal firm Pertamina Geothermal. INA may either consider increasing its exposure in Pertamina Geothermal or look for other investments, DealStreetAsia reported.
Singapore's GIC posts weakest investment gains in four years.
Singapore’s sovereign wealth fund GIC posted an annualised real rate of return of 3.9% for the 20-year period ended March 31, 2024, compared with 4.6% in the previous year. The growth, its main performance indicator, was slowest since its 2.7% investment return in 2020, DealStreetAsia reported.
For the 20-year period from April 1, 2004, to March 31, 2024, the annualised nominal return of GIC’s portfolio was 5.8%. The report explained that if $1m were invested with GIC in 2004, it would have grown to approximately $3.1m in 2024. This is also reflective of how global inflation has had an impact on the returns.
Xiaomi-backed fund ropes in new LPs to hit $1.4bn target.
An investment fund backed by smartphone maker Xiaomi has hit its target of CNY10bn ($1.4bn) to back companies in the area of integrated circuits, DealStreetAsia reported.
The vehicle — Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership — has seen LP contribution increase by CNY970m ($133m) to reach the corpus of CNY10bn ($1.4bn).
Blackstone Japan fund exceeds $1bn as investors warm to PE.
Blackstone’s first-ever private equity fund for Japanese individual investors raised $1.2bn just four months after its launch, adding to signs that people in the Asian nation are warming to alternative assets, Bloomberg reported.
The dollar-denominated Blackstone Private Equity Strategies Investment Trust reached that amount at the end of June.
HK-listed Luye Pharma may secure up to $220m from China's state-owned fund manager.
State-owned Shenzhen Investment Holdings Capital has agreed to invest up to CNY1.6bn ($220m) into a wholly-owned subsidiary of Hong Kong-listed Luye Pharma Group as part of the latter’s plan to boost its oncology drug business, DealStreetAsia reported.
As part of the three-phased deal, Shenzhen Luye Private Equity Investment Fund will first acquire a 25% stake in Nanjing Luye Pharmaceutical, the oncology drugs maker under Luye Pharma Group, for CNY1bn ($137m).
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