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AMERICAS
GHO Capital, a healthcare investment adviser, and The Vistria Group, a private equity firm, agreed to acquire a majority stake in Alcami, a pharmaceutical contract development, and manufacturing organization, from two private equity firms, Madison Dearborn and Ampersand Capital. Financial terms were not disclosed.
"This is an ideal partnership in furthering Alcami’s strategic transformation, unprecedented growth rate and comprehensive service offerings valued by over 1k clients around the globe. GHO and The Vistria Group have excellent reputations for partnering with high-growth companies that create value for all stakeholders. We want to thank the MDP and Ampersand teams for their strong leadership and support of Alcami over the last several years and we look forward to further scaling our offering, capacity and geographic reach with our new partners," Patrick Walsh, Alcami Chairman and CEO.
GHO Capital and The Vistria Group are advised by Lockton Companies, McKinsey & Company, Ernst & Young, Jefferies & Company, OES Capital Group, Ropes & Gray and Deloitte. Debt financing is provided by Ares Management. GHO Capital is advised by Consilium Strategic Communications (led by Amber Fennell and Matthew Cole). The Vistria Group is advised by Res Publica Group. Alcami is advised by Morgan Stanley and Kirkland & Ellis. Madison Dearborn is advised by Abernathy MacGregor Group (led by Chuck Dohrenwend).
GIC, a sovereign wealth fund to manage Singapore's foreign reserves, and Dream Industrial REIT, a real estate investment trust company, agreed to acquire Summit Industrial Income REIT, an open-ended mutual fund trust focused on growing and managing a portfolio of light industrial properties across Canada, for $4.4bn.
"We are pleased to provide an immediate and certain premium value to our unitholders through this all-cash transaction with GIC and Dream. The entire Board of Trustees and management team are proud to have executed on our strategy to develop and aggregate an attractive, diversified portfolio with a team that is dedicated to delivering best-in-class services to our tenants, and this value optimization transaction represents a successful culmination of these efforts. We are confident this transaction is in the best interest of the REIT and unitholders," Paul Dykeman, Summit CEO and Trustee.
Summit Industrial Income REIT is advised by Morrow Sodali Global, BMO Capital Markets, McCarthy Tetrault and Joele Frank (led by Matthew Sherman). GIC is advised by CBRE Group, TD Securities, Skadden Arps Slate Meagher & Flom and Stikeman Elliott. Dream Industrial REIT is advised by Scotiabank, Goodmans, King & Spalding and Osler Hoskin & Harcourt.
Werfen, a developer, manufacturer and distributor of Specialized Diagnostic instruments, related reagents, automation work cells, and data management solutions, agreed to acquire Immucor, a provider of transfusion and transplantation diagnostic products, from TPG, an alternative asset management firm, for $2bn.
"As a global leader in the research, development, manufacturing and distribution of innovative, Specialized Diagnostics solutions for hospitals and clinical laboratories, Immucor is a natural fit with our existing business model. We highly value Immucor's commitment to enhancing care for all patients in need of a transfusion or transplant. This fits squarely with our long-term vision and strategy, aligns with our focus, and complements Werfen's values," Marc Rubiralta, Werfen President.
Immucor is advised by Evercore and Ropes & Gray (led by Michael Roh and James Davis). Werfen is advised by Barclays and Milbank. Debt is provided by BBVA, BNP Paribas, Caixabank and HSBC.
The Jordan Company-backed Sunny Sky Products, a dispensed beverage manufacturer of cold dispensed, completed the acquisition of GoodWest Industries, a manufacturer and supplier of low-acid aseptic beverages solutions, from Palladium Equity. Financial terms were not disclosed.
"GoodWest has experienced tremendous growth over the past few years, and its products and customer base are a natural fit for Sunny Sky. We look forward to welcoming GoodWest and its employees to the Sunny Sky family and are confident this partnership will better position us to scale our business and capitalize on our strong momentum. Additionally, we thank Palladium, who has been an excellent partner to GoodWest and has been instrumental in transforming the business into a world-class enterprise," W. Ashley Edens, Sunny Sky Products President and CEO.
Sunny Sky Products was advised by Kirkland & Ellis. The Jordan Company was advised by Prosek Partners. GoodWest Industries was advised by Lincoln International, Greenberg Traurig and Kekst CNC (led by Todd Fogarty).
HIG Capital, a private equity firm, completed the acquisition of Celerion Holdings, a provider of outsourced clinical research services to the pharmaceutical industry. Financial terms were not disclosed.
“We are excited to enter into this new chapter of growth with HIG. Celerion is one of the most experienced and successful CROs globally, with expertise in early stage drug development solutions that has resulted in strong growth since the Company’s inception. We look forward to partnering with HIG, who brings significant experience and resources in the pharmaceutical sector, and continuing to provide industry leading customer service," Susan Thornton, Celerion CEO.
Celerion Holdings was advised by Harris Williams & Co, Lazard and Winston & Strawn. HIG Capital was advised by Rothschild & Co, Homburger (led by Andreas Müller) and McDermott Will & Emery.
Angeles Equity Partners, a private equity firm, completed the acquisition of Data Clean, a provider of specialized contamination control and removal services for critical environments. Financial terms were not disclosed.
"We believe Data Clean's services play a critical role in ensuring optimal performance of the digital infrastructure supporting rapid growth in data consumption," Frank Spelman, Angeles Managing Director.
Data Clean was advised by Cross Keys Capital and Huck Bouma. Angeles was advised by RSM International, Simpson Thacher & Bartlett (led by Gregory Klein) and Chameleon Collective (led by Michelle Barry).
Genstar Capital, a private equity firm, agreed to invest in Likewize, a provider of comprehensive protection against any technology disruption. Genstar Capital will invest along with existing investor Brightstar Capital Partners. Financial terms were not disclosed.
"Over the last two years, our singular focus has been to become the world's leading tech protection and support company and this investment is testimony to the transformation that has occurred. We are excited to have Genstar's experience and team alongside Brightstar's as we embark on the next chapter of the company's evolution. We have come a long way in resolving people's tech problems painlessly, but there is so much more to come," Rod Millar, Likewize CEO.
Likewize is advised by Citigroup and Jefferies & Company. Brightstar Capital is advised by Dukas Linden Public Relations. Genstar Capital is advised by Chris Tofalli Public Relations (led by Chris Tofalli).
Francisco Partners, an American private equity firm, agreed to invest in Glorious, a computer accessories manufacturer. Financial terms were not disclosed.
“We are excited to partner with Pat and Shazim on the next phase of Glorious’ growth journey. Shazim has done an exceptional job building Glorious’ brand and has shown an impressive dedication to understanding the needs of its enthusiast customers. We are thrilled to welcome Pat onboard at Glorious, and partner with the entire team to build and scale Glorious going into the future,” Alan Ni, Francisco Partners Partner.
Glorious is advised by Wedbush Securities and Brown Rudnick. Francisco Partners is advised by Kirkland & Ellis and Sloane & Company (led by Whit Clay).
Hyperion Capital, a private investment firm, completed the acquisition of A Plus Tree, a provider of tree care services for commercial and residential clients, from Paula Tibbets and family. Financial terms were not disclosed.
"We are thrilled to partner with Cyrus and his team to help catalyze growth at A Plus. The culture of love and respect that permeates A Plus is second to none, and we will work with the Company to continue the legacy of industry-leading service to its clients," Hyperion.
Hyperion was advised by D.A. Davidson & Co and McGuireWoods. Debt was provided by Plexus Capital and Source Capital.
CBRE Group, a commercial real estate service, and investment firm, completed the acquisition of Full Spectrum Group, a provider of expert technical support services for high-end laboratory systems, from Pfingsten Partners, a private equity firm, for $110m.
“We look forward to the combined expertise and opportunities that joining CBRE will bring to our respective clients and talented teams. The strength of CBRE’s global platform for integrated laboratory solutions and their commitment to technical excellence means our clients can continue to expect the highest level of advanced technical support, unmatched response times, and personal service delivered by our highly-trained team, allowing their lab managers to deliver reliable scientific results on time," Bob McLeese, Full Spectrum President and CEO.
Full Spectrum was advised by Lincoln International and Katten Muchin Rosenman. CBRE was advised by Simpson Thacher & Bartlett (led by Mark Pflug).
TSG Consumer Partners, an investment company, and Oak Hill Capital, a private equity firm, agreed to invest in The Wrench Group, a residential HVAC, plumbing, and electrical services provider. Leonard Green & Partners, along with management, will retain a majority interest in the company. Financial terms were not disclosed.
"As we look to enter this next phase of growth, we are excited by the opportunity to partner with TSG and Oak Hill to leverage their significant financial, digital, and operational capabilities and expertise. We are also thrilled that LGP is remaining a majority owner of our business, as the team has been instrumental to our success. We are committed to working with our investment partners to enhance our product and service offerings to meet the consumer's evolving needs while maintaining and enhancing long traditions of outstanding customer experience," Ken Haines, Wrench Group CEO.
TSG Consumer Partners is advised by Jefferies & Company and FGS Global. Oak Hill Capital is advised by Kekst CNC (led by Dawn Dover).
Revolution Capital Group, a middle market focused global private investment firm, agreed to acquire Contec, a electronic repair and cosmetic refurbishment services provider, from Garrison Investment Group, a middle market credit, distressed and asset based investor. Financial terms were not disclosed.
"We had a long and fruitful relationship with Garrison Investment Group and thank them for all the support over these past 10 years. We are very excited to have new ownership that shares our vision for the future of Contec and believe the Revolution Capital Group Team are a perfect fit for us," Joe Joy, Contec CEO.
Garrison Investment Group is advised by Republic Partners and Taylor English Duma. Revolution Capital Group is advised by Rimon Law.
Alberta Investment Management, an institutional investment manager, completed the acquisition of an additional 59% stake in Howard Energy Partners, a diversified energy platform, from Astatine Investment Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to make further investment in Howard Energy and to grow our global portfolio of high-quality energy infrastructure assets on behalf of our clients. AIMCo's significant ownership ensures continuity of a very successful, long-term partnership with Howard Energy," Ben Hawkins, Alberta Executive Managing Director and Head of Infrastructure, Renewables & Sustainable Investing.
Alberta was advised by Tudor Pickering Holt and Kirkland & Ellis. Astatine was advised by RBC Capital Markets.
Palistar Capital-backed Harmoni Towers, a provider of telecommunication services, completed the acquisition of Parallel Infrastructure, an operator of a telecommunications platform intended to provide critical telecommunications infrastructure, from Apollo Global, a private equity firm. Financial terms were not disclosed.
"We are excited to close on this transaction in partnership with the Parallel team as we seek to grow and enhance the solutions we provide to clients," Lawrence Gleason, Harmoni CEO.
Parallel Infrastructure was advised by Weil Gotshal and Manges (led by Gareth Clark). Harmoni was advised by Kirkland & Ellis (led by John D. Pitts and Roald Nashi) and ASC Advisors.
North Castle Partners, a private equity firm, agreed to acquire a majority stake in NEST New York, a manufacturer and retailer of luxury home fragrances, from Eurazeo, an investment company, at $200m valuation.
"Since I founded NEST in 2008, I have been fortunate to have exceptional partners that have helped the brand solidify its position as one of the world's most trusted and highly regarded fragrance brands. I am deeply grateful for Eurazeo's partnership and expertise, which have enabled the business to flourish and deliver impressive growth over the past five years. As the brand embarks on its next chapter of growth, I look forward to partnering with North Castle and reuniting with Rich Gersten, whom I have had the pleasure of working with in the past," Laura Slatkin, NEST New York Founder.
Eurazeo is advised by Abernathy MacGregor Group. NEST New York is advised by Perella Weinberg Partners.
Lee Equity and Twin Point-backed Alliance, a distributor of wireless telecommunications technology, agreed to merge with GetWireless, a distributor of cellular solutions. Financial terms were not disclosed
"We are excited to partner with GetWireless given its first-rate management team, technical competency, strong supplier relationships, and fantastic partnerships in the value-added reseller and integrator markets. We look forward to continuing to serve the growing and increasingly complex needs of the wireless telecommunications industry and providing our customers with a comprehensive portfolio of the highest quality products," Ron Moss, Alliance CEO.
GetWireless is advised by Winthrop & Weinstine. Alliance is advised by Harter Secrest & Emery.
Thoma Bravo, a private equity firm, Sanabil Investments, a financial investment company, and Costanoa Ventures, a venture capital firm, led a $123m Series E funding round in Alation, an enterprise data intelligence solutions provider, with participation from Databricks Ventures, Dell Technologies Capital, Hewlett Packard Enterprise, Icon Ventures, Queensland Investment Corporation, Riverwood Capital, Salesforce Ventures, Sapphire Ventures, and Union Grove.
"As companies continue their digital transformations, capturing and interpreting high-quality data is critical for decision-making and delivering stakeholder value Data intelligence is a high-growth market and Satyen and his talented team has built a leading platform trusted by enterprises worldwide. We're excited to lead Alation's Series E round and support the company as it continues its impressive business growth, product innovation, and market leadership," Robert Sayle, Thoma Bravo Partner.
Alation was advised by O'Melveny & Myers (led by Paul Sieben).
Incline Equity, a private equity firm, agreed to invest in Icreon, a digital transformation agency to enterprise and mid-market clients. Financial terms were not disclosed.
"We are proud of the long-term client relationships we have developed over the last 20 years. Incline is the ideal partner to help us further expand upon what we'vewe've built through enhancing capabilities and adding partnerships that will deepen our customer relationships and service offerings. We look forward to continuing to build out a wholistic digital transformation offering in our next chapter," Himanshu Sareen, Icreon Founder and CEO.
Icreon is advised by Robert W Baird.
Freeman Spogli-backed Kamps, a pallet organization, completed the acquisition of Realm Companies, a pallet, crate, and mulch manufacturer, pallet recycler, and warehousing logistics company, from Great Range Capital, a private equity firm. Financial terms were not disclosed.
"We are excited to bring both companies into the Kamps family. With a current location in Des Moines, IA, the addition of Realm and WestWind will significantly bolster our product and service capabilities in the Midwest. The additional products and services we have gained will also allow us to now support our valuable customer base with even more critical supply chain services – delivered the Kamps way," Mitchell Kamps, Kamps President.
Realm Companies was advised by BlackArch Partners.
Enavate Sciences, an operator of a biotech investment firm, led a $118m Series B funding round in Zenas BioPharma, a global biopharmaceutical company committed to becoming a leader in the development and commercialization of immune-based therapies, with participation from Longitude Capital, Vivo Capital, Rock Springs Capital, Perceptive Advisors, Agent Capital, Pivotal bioVenture Partners, Superstring Capital, Fairmount, Wellington Management, Tellus BioVentures, Quan Venture Fund, and Xencor.
“We are thrilled to support Zenas as an innovative leader in biotechnology as the team executes the clinical development plans for IgG4-RD and the robust pipeline of immune-based therapies so adeptly acquired through strategic business development. We believe Zenas will successfully commercialize innovative therapies to improve the lives of those facing autoimmune and rare diseases," James Boylan, Enavate Sciences CEO.
Georgian, a fintech company investing in high-growth technology companies, led a $100m Series C funding round in Xanadu, an operator of a quantum photonic platform, with participation from Porsche, Forward Ventures, Alumni Ventures, Pegasus Tech Ventures, Silicon Valley Bank, Bessemer Venture Partners, Capricorn, BDC Capital, and Tim Draper.
"The continued support from top-tier investors in this uncertain economic climate is a testament to the belief in our exceptional team, our photonic technology, and our ability to execute," Christian Weedbrook, Xanadu Founder and CEO.
One Rock Capital explores selling $3bn food additives maker Innophos.
One Rock Capital Partners, a mid-market private equity firm, is weighing options for portfolio company Innophos Holding, including a sale that could value the maker of food additives at more than $3bn, Bloomberg reported.
The private equity firm is working with advisers to explore strategic options for Cranbury, New Jersey-based Innophos. No decisions have been made and One Rock could elect to keep the business.
Blackstone to sell PRI Operating for $2bn.
Blackstone is looking to further its withdrawal from fossil fuel investments with a unit of the global alternative investment firm said to be exploring the sale of oil and gas producer PRI Operating for around $2bn including debt.
PRI Operating owns around 35k net acres in the southern Delaware basin, which forms part of the wider Permian basin which stretches across Texas and New Mexico, as well as pipeline infrastructure used to transport the water used to help extract shale oil and gas.
Brookfield has $125bn to invest as CEO sees recession.
Brookfield Asset Management’s earnings declined as volatile markets weighed on valuations of private assets, but the firm says it’s still on track for its biggest year of fundraising ever.
Brookfield has launched fundraising for an opportunistic credit fund that it expects to be more than $16bn, according to a letter to shareholders from Chief Executive Officer Bruce Flatt. Its fifth flagship infrastructure fund stands at $21bn and it has closed a real estate fund with $17bn, Bloomberg reported.
Sequoia marks down its investment in embattled crypto bourse FTX to zero.
Sequoia Capital has marked down its investment in the embattled crypto exchange FTX to zero, DealStreetAsia reported.
“Sequoia Capital’s exposure to FTX is limited. We own FTX.com and FTX US in one private fund, Global Growth Fund III. Our $150m cost basis accounts for less than 3% of the committed capital of the fund,” Sequoia Capital. The $150m loss is offset by the roughly $7.5bn realised and unrealised gains of the same fund, Sequoia added.
US accounting industry split on taking private equity cash.
Several of America’s largest accounting firms have explored the possibility of taking private equity cash in recent months, as money from buyout funds adds fuel to a mergers and acquisitions boom across the industry, FT reported.
BDO and Grant Thornton are among those to have considered a deal with private equity, and while neither immediately decided to pursue an investment, bankers and executives expect a number of smaller firms will do so, and use the cash to swoop on rivals.
Brighton Park Capital completes second fundraise with $1.8bn of commitments.
Brighton Park Capital Management, an investment firm that specializes in collaborating with software, healthcare, and tech-enabled services businesses, today announced that it has completed a $1.8bn fundraise for Brighton Park Capital Fund II and related vehicles, exceeding its target of $1.5bn.
“Amid today’s uncertainties, we continue to find highly disruptive, entrepreneur-inspired growth companies. The team at Brighton Park is committed to making a real difference in supporting the global aspirations of our portfolio companies. Our firm’s focus on helping to build great management teams, developing innovative products and services, and providing extraordinary customer success is at the core of everything we do as a business and capital partner,” Mark Dzialga, Brighton Park Capital Managing Partner.
Sumeru Equity Partners closes oversubscribed Fund IV at hard cap of $1.3bn.
Sumeru Equity Partners, a private equity firm, announced the closing of Sumeru Equity Partners Fund IV at the hard cap with $1.3bn in total capital commitments. The total amount raised significantly exceeded Sumeru’s $1bn target and is nearly double its predecessor fund.
"We are grateful to our existing and new investors for their commitments in closing our largest fund to date. Sumeru has a history of supporting innovation and we are proud to have the confidence of a terrific group of like-minded investors in our new fund,” Kyle Ryland, Sumeru Managing Partner.
Sumeru was advised by Lazard, Kirkland & Ellis and The Blueshirt Group.
Adams Street closes the fund with over $1.3bn of capital commitments.
Adams Street Partners, a private markets investment management firm with more than $52bn of assets under management, has completed fundraising for its Co-Investment Fund V, which was oversubscribed with more than $1.3bn of committed capital.
The fund saw high demand globally, exceeding original targets and showing a strong representation from existing and new investors. The successful close of Fund V raises total co-investment strategy assets to $4.2bn.
Domain Capital Group announces new $700m fund for entertainment acquisitions.
Domain Capital Group, a private equity firm, announced the closing of more than $700m of equity commitments for an entertainment fund and co-investment vehicle focused on film, television and music, with an allocation for other related investment opportunities. Thus far, the fund has deployed more than $170m across the three media.
“We believe in the long-term value of these assets and are purposeful about each investment and its connection to the creator as well as our broader portfolio. We consider this a structurally creative and flexible approach to achieve our investment goals while also meeting the needs of our transaction partners," Pete Chiappetta, Domain Capital Group Managing Director.
Domain Capital Group was advised by Keel Harbour Capital and Sheppard Mullin.
HighBrook investors closes fund IV oversubscribed at $632m.
HighBrook Investors, a deep value-oriented real estate firm investing in Europe and the US, announced the closing of its most recent fund, HighBrook Property Fund IV. The oversubscribed Fund closed significantly above its target at $632m.
“We are grateful to both our existing and new limited partners for their strong support and commitment to HighBrook, particularly in a challenging economic environment. Their support allows us to continue our nimble yet highly focused investment approach with an emphasis on preservation of capital while capitalizing on high-quality value opportunities,” Brian Carr, HighBrook Investors Managing Partner.
HighVista Strategies closes opportunistic private Credit Fund II.
HighVista Strategies, a boutique firm focusing on alternative investment strategies, announced the final close of its HighVista Opportunistic Private Credit Fund II. HighVista closed on $450m of capital for Fund II and related entities, exceeding the target for the fundraise. Fund II had strong support from existing clients including pension funds, endowments and foundations, and family offices.
Continuing with the strategy that HighVista pursued in its predecessor credit fund, Fund II will take a multi-strategy approach and invest in real estate-backed credits, corporate credits, and uncorrelated credit opportunities.
Invictus Growth Partners closes oversubscribed funds totaling $322m.
Invictus Growth Partners has closed its oversubscribed debut fund, Invictus Growth Fund I, with fund commitments totaling $322m to its core fund and related co-investment funds.
The funds include an oversubscribed Fund I at $216m, which closed above the fundraising target of $200m, as well as $106m in related co-invested capital subscribed by the institutional limited partners as part of Invictus’ programmatic co-investment program. The institutional LP base includes state pension funds, corporate pension funds, insurance companies, funds of funds, and family offices.
Mesa Minerals Partners III raises $150m of aggregate equity commitments from NGP.
Mesa Minerals Partners, a private mineral company, raised $150m of aggregate equity commitments from NGP through NGP Natural Resources XII, and NGP Royalty Partners II.
“We are excited to partner again with NGP to build a new premier mineral and royalty platform focused on acquisitions of royalty assets in the Haynesville and Permian basins. We believe our expertise and track record of acquiring royalty packages, as well as our ability to complement the position with our strong micro transaction ground game, allows us to build out a portfolio of assets that provides attractive returns to investors,” Darin Zanovich, Mesa III President & CEO.
BDC commits $73m to Kensington Venture Fund III.
The Government of Canada, through the Venture Capital Catalyst Initiative of the Business Development Bank of Canada, has committed $73m to Kensington Venture Fund III.
The new Fund III, a fund of funds that targets venture funds in Canada, has a target size of $210m with BDC investing 25% of that total. The vehicle’s predecessor, Kensington Venture Fund II, closed in 2019 on $108m.
L Catterton launches impact investing platform.
L Catterton, a private equity firm, announced the establishment of its impact investing platform. The Impact Fund will partner with the next generation of mission-driven consumer companies, harnessing the firm’s demonstrated ability to build leading and category-defining brands. It seeks to deliver both attractive risk-adjusted returns and significant progress against some of the world’s most pressing social and environmental challenges.
The Impact Fund platform will leverage L Catterton’s extensive resources and capabilities to invest and grow consumer companies whose missions include making the economy cleaner, healthier, and more equitable. The Fund will focus on businesses that mitigate climate change, reduce waste, and preserve nature; eliminate disparities in health, wellness, and nutrition; and create a more inclusive economy by expanding access to the financial system and improving education and workforce development.
“As consumer-focused investors above all else, we have seen a revolution in consumer demand based on sustainability and impact. This is hitting a tipping point as younger generations lead a structural, long-term shift towards brands anchored on these values. With our distinctive insights and operations-centric approach to value creation, we are poised to identify the most attractive investment opportunities amidst this shift and partner with strong companies in advantaged categories to accelerate growth," Scott Dahnke, L Catterton Global Co-CEO.
Jefferies poaches restructuring pair from Rothschild, Lazard. (People)
Jefferies Financial Group is expanding its restructuring practice into Europe by hiring two of the region’s most senior bankers in the space, Bloomberg reported.
The New York-based investment bank has recruited Glen Cronin from Rothschild and David Burlison from Lazard as co-heads for restructuring in Europe, the Middle East and Africa.
EMEA
Five Arrows Principal Investments, an investment manager, and Providence Equity, a global private equity investment firm, agreed to invest in A2MAC1, a provider of vehicle benchmarking insights and solutions across the mobility industry. Financial terms were not disclosed.
"This transaction is a testament to the hard work of our global team, the strength and successful execution of our transformation and global growth plan, and demonstrates the long and expansive runway ahead of A2MAC1. On behalf of the entire A2MAC1 team, I am thrilled and grateful to continue working with our partners at Five Arrows, and warmly welcome our new partner, Providence, as we seek to continue taking the business from strength to strength, motivated by continuously expanding the value of our platform and actionable insights for all customers and their employees worldwide," Frank Bunte, A2MAC1 CEO.
Five Arrows is advised by Boston Consulting Group, PricewaterhouseCoopers, Alantra, Alvarez & Marsal, Harris Williams & Co (led by Thierry Monjauze and Julien Oussadon), Jefferies & Company, Bredin Prat and Paul Hastings. Providence Equity is advised by Roland Berger, Arma Partners, Raphael Financial Advisory, Allen & Overy, Gide Loyrette Nouel, Kirkland & Ellis, FGS Global (led by Charlie Chichester), FTI Consulting, PricewaterhouseCoopers and West Monroe Partners. A2MAC1 is advised by Callisto, Jeausserand Audouard and Zeno Group.
Elliott Management, the biggest shareholder in Swedish Match, has decided to back Philip Morris's $17.4bn offer for the smokeless tobacco specialist, putting completion of the deal within reach, FT reported. PMI's offer had received more than 80% of shareholder acceptances, as of the latest count on Friday.
"We are pleased to announce this exciting next step in Philip Morris International's and Swedish Match's trajectory toward a smoke-free future. Underpinned by compelling strategic and financial rationale, this combination would create a global smoke-free champion—strengthened by complementary geographic footprints, commercial capabilities and product portfolios—and open up significant platforms for growth in the US and internationally. Swedish Match's dedicated employees and management have steadfastly pursued the company's vision of a world without cigarettes, while delivering very strong results. We look forward to building upon this success and joining forces to accelerate our shared smoke-free mission," Jacek Olczak, PMI CEO.
KKR and Global Infrastructure Partners agreed to acquire an 81.7% stake in Vantage Towers, a telecommunication infrastructure provider, from Vodafone, a telecommunications group, in a $16.3bn deal.
"We're delighted to join forces with Vodafone and KKR to invest in Vantage Towers, a high-quality European tower portfolio with strong upside potential. We are looking forward to capturing the exciting value-creating opportunities in the European telecoms infrastructure sector by advancing Vantage Towers' strategy and supporting its capacity to build new sites. As strategic partners with Vodafone and KKR, we will bring our deep infrastructure expertise and resources to help the company deliver the best data connectivity for individuals and businesses and contribute to enabling Europe's digital future in the interest of all stakeholders," Will Brilliant, GIP Partner and Head of Digital Infrastructure.
Chart Industries, a manufacturer of highly engineered equipment servicing multiple applications, agreed to acquire Howden, a provider of air and gas handling solutions, from KPS Capital, a private equity firm, for $4.4bn.
"The combination of Chart and Howden furthers our global leadership position in highly engineered process technologies and products serving the Nexus of Clean™ – clean power, clean water, clean food and clean industrials. The offerings of Chart and Howden are highly complementary, bringing multiple cost synergies, commercial synergies and efficiencies in the first year, along with significant aftermarket, service and repair exposure, which lifts the margin profile of the combined business, adds resiliency and broadens our end markets. The two companies have shared customer-centric values and are both very committed to innovation which will result in expanded reach into global markets and acceleration in product development," Jill Evanko, Chart CEO and President.
Howden and KPS are advised by Barclays, Evercore, JP Morgan, Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison. Chart is advised by Bank of America and Winston & Strawn.
Ambienta, an investment company, agreed to acquire a majority stake in LÄSSIG, a manufacturing company, from ARCUS Capital, a private equity company, and BE, a private equity investment firm. Financial terms were not disclosed.
“With its strong and engrained commitment to sustainability and its successful strategy of growth and international expansion, LÄSSIG is an ideal fit for Ambienta. The company is a pioneer, not only with innovations that meet the needs of families, but also with its focus on resource efficiency, use of recycled materials and the longevity of products. We want to pursue and build on this approach together with the company’s founders, using Ambienta’s unique know-how to shape and further accelerate LÄSSIG’s growth strategy,” Hans Haderer, Ambienta Partner.
Ambienta is advised by ERM Group, Houlihan Lokey, KPMG, OMMAX Digital Solutions, Noerr and Tancredi. LÄSSIG is advised by ox8 Corporate Finance.
A $4.2bn acquisition of student accommodation provider Student Roost by GIC, a sovereign wealth fund, and Greystar, a provider of real estate services, from Brookfield could lead to higher rent and lower-quality housing for students in Birmingham.
The Competition and Markets Authority'sAuthority's phase 1 assessment looked at how the proposed deal could impact students and universities across the UK, focusing on cities where GIC, Greystar, and Student Roost have a significant combined presence.
The CMA found that the acquisition would not lead to competition concerns in most cities because the combined businesses would continue to face sufficient competition from other accommodation providers. But in Birmingham, the CMA found that the combined businesses would not face enough competition across several university campuses, potentially resulting in higher prices and lower-quality student services.
GIC, Greystar, and Student Roost have accepted that the acquisition could raise competition concerns in Birmingham and intend to offer remedies to address them fully. The CMA expects to receive their formal proposal within the next five working days. Provided the proposed remedy addresses the CMA'sCMA's concerns, the merger will be cleared without the need for an in-depth phase 2 investigation.
Pantheon Infrastructure, an investment firm, agreed to invest €53m ($53m) in National Broadband Ireland, a firm engaged in the development of high-speed fibre broadband network for rural Ireland.
"We are delighted to announce this latest transaction in a high-quality fibre asset alongside our long-standing partner Asterion. NBI's commitment to providing high-speed broadband to underserved areas in Ireland makes it a compelling investment proposition which has a positive impact on local communities," Richard Sem, Pantheon Partner.
Pantheon Infrastructure is advised by Investec and TB Cardew (led by Ed Orlebar).
CPP Investments, an investment management organization, and Hamilton Pyramid Europe, a hotel management and co-investment platform, completed the acquisition of the W Rome, a luxury hotel, from King Street Capital Management, an alternative investment firm, and Omnam Investment, a real estate investor and developer. Financial terms were not disclosed.
"Rome has historically been a top destination globally for both leisure and business travel, and we believe this will continue to be the case for decades to come. The acquisition of the W Rome positions our joint venture with Hamilton – Pyramid Europe well to capitalize on the continued strength of Rome as a travel destination," Andrea Orlandi, CPP Investments Managing Director and Head of Real Estate Europe.
King Street Capital was advised by DLA Piper and Prosek Partners.
Infinite Electronics, a supplier of electronic components, agreed to acquire Cable Connectivity Group, a specialty cables and cable connectivity solutions producer, from Torqx Capital, an investment firm, and TKH Group, a technology company. Financial terms were not disclosed.
"CCG's product portfolio, culture and talented team are an excellent complement to Infinite Electronics. We are very excited to welcome CCG and the team to Infinite Electronics and our portfolio of high-performing brands. This acquisition will provide us the unique opportunity to expand our business in both the European and North American markets, and offer significant possibilities to grow together," Penny Cotner, Infinite Electronics President and CEO.
Infinite is advised by De Brauw Blackstone Westbroek (led by Pete Lawley). Cable Connectivity is advised by Loyens & Loeff.
General Atlantic, an investment company, completed the acquisition of a 15% stake in Kahoot, an edtech company, from Softbank, a private equity fund. Financial terms were not disclosed.
"We are very grateful to SoftBank for their partnership over the past two years. As Kahoot! continues to pursue its mission to improve lifelong learning by building a leading global learning and engagement platform, we are thrilled to add a partner of General Atlantic's caliber. The team at GA brings deep experience in scaling global education technology and software businesses and positioning market leaders for long-term success, and we look forward to our next phase of momentum in empowering the learning ecosystem around the world," Eilert Hanoa, Kahoot CEO.
General Atlantic was advised by JP Morgan and Wikborg Rein (led by Per Anders Saehle).
Nexans, a global company in the cable and optical fiber industry, agreed to acquire Reka Cables, a cable manufacturer, from Reka Industrial, a private equity firm, for $53m.
"With a deep commitment to energy transition and carbon neutrality, Reka Cables is fully aligned with the Group's strategic ambition to become a Pure Electrification Player committed to contribute to carbon neutrality by 2030. This premium Finnish operation will further contribute to Nexans' ability to serve our Nordic customers with high-quality and safe cables in the region. I am convinced that these operations will benefit the teams of both Reka Cables and Nexans, with synergies and development opportunities ahead of them," Christopher Guérin, Nexans CEO.
Reka Industrial is advised by Castren & Snellman.
KKR, a global investment firm, agreed to acquire Albioma, an independent renewable energy producer, for €485m.
Albioma operates over 1 GW of installed capacity around the world, through thermal, solar and geothermal power assets, mainly in French metropolitan and overseas territories. As part of its strategy to support the energy transition, the company aims to end coal use by 2025 by pursuing the conversion of its coal fired power plants into primarily residual biomass power plants and generate 100% of its electricity from renewable energy by 2030.
BOND, a venture capital firm, led a $150m Series B funding round in Yassir, a ride-hailing and food delivery application developer, with participation from DN Capital, Dorsal Capital, Quiet Capital, Spike Ventures, and Y Combinator.
"We believe technology will foundationally rearchitect consumers' relationship with daily needs – transportation, food, financial services – not just in developed countries, but in every corner of the world. This investment is an extension of that belief in an underserved but dynamic, rapidly growing region. Emerging out of North Africa, the app has already become indispensable to users for critical aspects of their lives," Daegwon Chae, BOND General Partner.
EMZ, a private equity firm, led a $110m funding round in Positive Group, a publisher of applications for corporate communications.
“Three years ago, we started a new phase of growth by not only continuing to develop our historical activities, but also by allowing ourselves to make targeted acquisitions to grow faster, enlarge our functional scope and expand abroad. To implement this strategy, we needed the right partners, aligned with our values, our vision and our ambition. An equation that has been solved through our discussions with the EMZ teams in addition to IDI, who joined us in 2020. We are very pleased to welcome them to the group’s capita," Mathieu Tarnus, Sarbacane Group Founder and CEO.
Public Investment Fund, the sovereign wealth fund of Saudi Arabia, agreed to invest an additional £70m ($81m) in Newcastle United, an English football club.
"We are at the beginning of a long-term plan that aims to build a club that can compete consistently at the highest levels of English and European football. This additional investment further enables us to continue implementing the business plan," Darren Eales, Newcastle CEO.
Latour, an investment company, agreed to acquire a 31.8% stake in Anolytech, a developer of a circular system for producing effective disinfection. Financial terms are not disclosed.
"One of our investment areas is solutions for sustainable water supply. Anolytech offers a bio-based circular system that effectively prevents unwanted bacteria and viruses from spreading via our water," Pelle Mattisson, Latour CEO.
KKR vies with Cellnex for $14bn Vodafone tower unit.
KKR is seen as the party to beat as it competes with Spanish wireless telecommunications infrastructure and services company Cellnex Telecom in the final race for a stake in Vodafone Group’s towers unit.
The private equity firm, which has teamed up with Global Infrastructure Partners, is in pole position as Vodafone evaluates the binding offers it received last week for a stake in Frankfurt-listed Vantage Towers.
Cellnex is bidding together with Singapore sovereign wealth fund GIC. Cellnex is seeking to buy a majority stake that would give it operational control.
Vodafone, which owns 82% of the tower business, could aim to reach an agreement by the time of its November 15 half-year results announcement. The company continues to study the bids and hasn’t yet picked a winner, Bloomberg reported.
CVC Capital makes $1.72bn approach for IWG's digital division.
Private equity firm CVC Capital Partners has approached office rental company IWG about a $1.72bn potential carve-out of its digital division, the Instant Group, Reuters reported.
Instant Group chief Tim Rodber had been marketing the business to a number of private equity firms in recent weeks following a string of unsolicited approaches.
Saudi Arabia’s PIF to consider bidding for Ooredoo’s tower unit.
Saudi Arabia’s Public Investment Fund is among suitors weighing a final bid for network towers being sold by Qatari telecom firm Ooredoo. Ooredoo shares jumped in Doha trading.
American Tower, IHS Holding and Helios Towers are also considering binding offers for all or part of the portfolio. Ooredoo’s tower assets, which span the Persian Gulf region, as well as countries including Algeria, could be valued at $3bn to $5bn in any deal, Bloomberg reported.
Saudi wealth fund plans to sell 10% stake in stock exchange.
Saudi Arabia’s sovereign wealth fund is selling an additional 10% stake in the kingdom’s stock exchange, pushing ahead with plans to reduce its holdings in some of the country’s biggest companies and raise funds for investments.
PIF is offering 12m shares in Saudi Tadawul Group.Based on the closing price of SAR209.60($55.81), the deal could raise about SAR2.52bn ($669m). The price will be determined through an accelerated book-building process, which started immediately and the results will be announced, Bloomberg reported.
Hg raises $11bn for largest European buyout fund.
European private equity major Hg has raised $11bn for its latest fund, Saturn 3, significantly ahead of its original $8.5bn and making it the largest European buyout fund to close so far this ear.
The fund which launched at the end of last year, reportedly closed in August. The $11bn raised makes it 22% larger than the year's next biggest European fund Nordic Capital‘s €9bn ($9bn) Nordic Capital XI, which closed in October, and around 59% larger than BC Partners‘ €6.9bn BC European Capital XI, which closed in January.
Ardian raises €5bn for fifth-generation private credit platform.
Ardian, a world-leading private investment house, has raised €5bn for its fifth generation private credit platform. It will seek to provide alternative, flexible financing to mid-market businesses across Europe.
The €5bn ($5.02bn) platform is well in excess of the initial €4bn($4bn) target size and represents a 70% increase from the previous generation, which raised €3bn($3.01bn) in 2020. This reflects the rapid growth of Ardian Private Credit and strong investor appetite for exposure to high quality private credit investment opportunities. It also demonstrates increased opportunities across Europe for private credit providers, as mid-market businesses seek alternative financing amid continued bank retrenchment.
EQT closes Europe's largest VC fund for early-stage tech startups at €1.1bn.
EQT has held the final close of EQT Ventures III at €1bn ($1bn) of fee-generating commitments, and €1.1bn ($1.1bn) of total commitments, making it the largest European fund to date focused on investments in European and North American early-stage tech startups.
The fund, which includes participation from a wide range of European, North American and Asian institutional investors, foundations, and endowments will make investments of $1m-50m in founder-led startups using technology to try and solve some of the biggest challenges facing society.
APAC
KKR, a global investment firm, agreed to invest $400m in Serentica Renewables, a renewable energy semiconductor manufacturing company.
“Our investment in Serentica reflects KKR’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India. Energy-intensive, heavy-industry companies play an important role in society but have traditionally faced more challenges in meeting energy needs sustainably. With Serentica, we look to support these companies in their decarbonization objectives. We are delighted to back Serentica through this latest strategic partnership and are excited to develop Serentica into a leading decabonization platform that can contribute meaningfully to the energy transition requirements that lie ahead of us,” Hardik Shah, KKR Partner.
Serentica Renewables is advised by Standard Chartered Bank and Simpson Thacher & Bartlett (led by Ian Ho).
Aniplus, an Asian multinational television channel and anime distributor, and Keistone Partners, a Korean private equity fund, agreed to acquire an 87.5% stake in Laftel, a developer of an online animation video streaming platform, from Ridi, a content platform, for $58m.
Laftel is the largest animation OTT platform in Korea, with about 5m members. Sales have more than doubled each year in the past three years. It is known to be the sole money-making OTT player in Korea as an exclusive rights holder for more than 90% of new animations released in Japan.
Ridi is advised by UBS.
WestBridge Capital, a private equity firm, led a $57m Series A funding round in Keka, an HR tech firm.
"I believe we raised funding at the right time. We have been the fastest-growing HR tech leader in our space. Although we got several offers for funding in the past, we never felt the timing was right. Finding the right investment partner was also very important for us. We wanted to partner with someone who had a long-term vision for the HR tech space. I am happy that we found the right investing partner in WestBridge Capital. This is not just about securing funding; it is also a validation of our ideas and approach in a world where many funded businesses are struggling to survive," Vijay Yalamanchili, Keka CEO.
Public Investment Fund, the sovereign wealth fund of Saudi Arabia, and Foxconn, an electronics contract manufacturer, agreed to form a joint venture. Financial terms were not disclosed.
"Ceer is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia, and will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the MENA (Middle East and North Africa) region, including sedans and sports utility vehicles," PIF.
Investcorp plans major ramp up of India assets to $5bn.
Investcorp plans a major ramp up of investments in India, according to Mohammed Alardhi, executive chairman, as the alternative asset manager joins global firms eyeing opportunities in the world’s second most-populous country.
The Middle East firm expects to reach $5bn of assets in India in the next five years, up from just over $600m currently, or 1.5% of the $42.7bn in assets managed by Investcorp, Bloomberg reported.
KKR, Temasek mulls a $1bn acquisition of TPG-backed Care Hospitals.
KKR, Singapore's Temasek Holdings, and India's hospital chain operator Max Healthcare Institute are vying to buy TPG-backed chain of Care Hospitals in a deal worth over $1bn.
Private equity investors Blackstone and CVC Capital Partners were also in the race to acquire the hospital chain.
Investor interest in Indian healthcare companies has been rising, with increasing non-Covid-19 patient admissions and a rebound in elective procedures that were kept on hold for the last two years amid the pandemic, Reuters reported.
API Holdings raises debt financing.
API Holdings, the parent company of PharmEasy, raised an undisclosed amount in debt from a Temasek-backed growth-stage financing platform EvolutionX Debt Capital.
The debt financing platform has also appointed Rahul Shah and Calvin Cheng to lead investments across India, China, and Southeast Asia. Shah is a former executive from Standard Chartered Bank, while Cheng is an ex-Citibank vice president.
Dubai's Palm Island developer bags $4.6bn funding for new waterfront projects.
Dubai state developer Nakheel has secured $4.6bn in financing as the group behind the palm-shaped islands accelerates plans for new waterfront projects including Dubai Islands amid a red hot property market, DealStreetAsia reported.
Nakheel said in a statement that the transaction comprised of $3bn in refinancing and additional funds of $1.6bn through a syndicate from Emirates NBD, Mashreqbank and Dubai Islamic Bank.
Global PE giant TPG hits $3.4bn first close for new Asia fund.
US-based alternative investment firm TPG has completed a $3.4bn first close of its latest Asia fund, which targets a $6bn corpus, the firm said during its Q3 2022 earnings call, DealStreetAsia reported.
TPG Capital Asia VIII was launched earlier this year, three years after the firm raised $4.6bn for its seventh Asia-focused buyout vehicle. TPG said it has raised more than $8bn in total during Q3 2022 and $29bn over the last 12 months, including the fundraises for its flagship TPG Capital Partners fund as well as the Healthcare Partners and Rise strategies.
Logistics giant GLP nets $1bn for sixth China income fund.
Global logistics giant GLP has clinched $1bn for the final close of its sixth China income fund, GLP China Income Fund VI, DealStreetAsia reported.
Under the portfolio of GLP CIF VI are 20 stabilised and income-producing logistics properties with 2.13m square metres in total leasable area, which are rented out to e-commerce, logistics, and retail companies across 19 cities in China. Investors in the fund include leading domestic insurance companies and other existing GLP institutional investment partners.
Singapore's CapitaLand builds $552m funds to invest in China's business parks.
Singapore-based CapitaLand Investment, a global real estate investment manager, has set up new RMB-denominated funds with about RMB4bn ($552m) in total managed capital to invest in business park opportunities in China.
CapitaLand, which started RMB fundraising and management in June 2021, established the RMB380m ($52m) China Business Park Core RMB Fund I and the RMB3.2bn ($441m) China Business Park Core RMB Fund II as its first series of business park private funds in China, DealStreetAsia reported.
FountainVest Partners plans to raise $414m RMB Fund II for growth-stage deals.
Chinese private equity firm FountainVest Partners is targeting to raise $414m for its second RMB-denominated fund, the firm disclosed in a statement, DealStreetAsia reported.
The new fund will add to FountainVest’s existing portfolio of four US dollar funds and one Chinese yuan fund. The fund will mainly invest in growth-stage opportunities in China across the industries of advanced manufacturing, healthcare, and consumption, among others.
CalPERS commits $282m to Sequoia China's four funds.
The California Public Employees’ Retirement System, the largest pension fund in the US, has committed $282m in total to Sequoia Capital China's four new China venture capital funds, DealStreetAsia reported.
Separately, the US pension fund also made an additional $1.26bn commitment to Golden Reef Infrastructure Trust, a fund managed by QIC, one of Australia’s largest investment managers.
Motilal Oswal Alternates in talks to top up in VVDN Technologies.
India-focused fund manager Motilal Oswal Alternates, which is already an investor in Gurugram-based product engineering firm VVDN Technologies, is in talks to pump additional capital into the company, DealStreetAsia reported.
Negotiations are gaining pace as the company looks to raise funding in the range of $125m-150m.
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