Daily Review

ARA Asset Management to acquire 38 hotels under the Hyatt brand from Lone Star Funds.

TPG Growth acquired Q-Centrix from Sterling Partners.

Apollo emerges as the leading bidder for Arconic.

 

Ace Hardware and Centerbridge are eyeing an offer for bankrupt Sears Holdings' home services division.

 

 

Cleversoft, a Munich-based RegTech software specialist enables financial institutions to comply various regulations. Financial terms were undisclosed. 

"We see strong organic growth opportunities for cleversoft in this market. Moreover, through an active buy-and-build strategy, we see ample opportunities for cleversoft to expands its product offering and to enter adjacent market segments, both in Germany and abroad. " said Charly Zwemstra, Managing Partner at Main Capital.

 

 

Nestor Primecare Services' is a homecare services business in England, Scotland and Wales from Aurelius. CRG is one of the biggest British staffing services providers in the healthcare and nursing sector. Both entities will be merged after transaction completes.  

 

The homecare services business in Northern Ireland and Ireland is not affected by this sale and will remain with Aurelius. Financial terms were undisclosed.

 

 

TIBCO Software, a software provider, is acquiring French data management company Orchestra Networks.

Palo Alto, California-based TIBCO was taken private by Vista Equity Partners in 2014 for $4.3bn.

IPE Real Assets estimated that the portfolio was sold for over $700m. In September 2014, Hyatt's affiliates agreed to sell 38 hotels to a company organised by Lone Star Funds for approximately $590m. 

"Expanding into the US hospitality sector adds on to ARA's diversified suite of products and services in the public and private markets," said John Lim, Group CEO, ARA.

TPG Growth closed its acquisition of Q-Centrix, a leading provider of outsourced quality data management solutions for hospital and healthcare providers. TPG Growth acquired the company from Sterling Partners. Terms of the transaction were not disclosed.

"Q-Centrix is providing a comprehensive, best-in-class solution for managing and optimizing the vast amount of complex data available to health systems today. We look forward to working closely with Milton and the rest of the team to enhance operations, drive additional revenue streams, and improve clinical quality and patient safety." said Matthew Hobart, Partner at TPG Growth.

Q-Centrix and Sterling Partners were advised by Houlihan Lokey and McDermott Will & Emery. TPG Growth was advised by Gibson, Dunn & Crutcher. Varagon Capital Partners provided debt financing for the transaction.

Apollo Global Management is the leading bidder to take aerospace manufacturer Arconic as rumoured by people close to the transaction. Another bidding group comprises buyout firms Blackstone Group, Carlyle Group, Onex Corp and Canada Pension Plan Investment Board. 

 

Retailer Ace Hardware and Centerbridge Partners are jointly eyeing an offer for bankrupt Sears Holdings Corp's home services division. Bid would compete with an expected bid from Chairman Eddie Lamper.

KKR & Co invested up to S$500m ($366.3m) for a "significant stake" in the Singapore-based specialty retailer and massage chairs manufacturer, V3 Group. The investment values V3 at S$1.7bn ($970.7m). 

V3, the owner of the TWG Tea brand, said the investment would start the expansion of the brand in Japan and the United States. Besides, it would expand its massage chair brand in China.

Evercore was the financial adviser to V3.

L Catterton Asia invested in Will's Group.

L Catterton Asia invested in Will's Group, one of China's biggest private gym operators. L Catterton is backed by luxury giant LVMH. Will's, founded in 1996, operates more than 130 fitness clubs serving almost 400,000 members in 12 Chinese cities. Financial terms were not disclosed.

 

Varde Partners closes first dedicated Asia credit fund.

 

Varde Partners, alternative investment firm, has held the final close of the Varde Asia Credit Fund with approximately $400m of committed capital. The fund exceeded its $250m target and closed after six months.

The fund has the flexibility to invest across corporate credit, special situations lending, and stressed and distressed real estate investments throughout Asia Pacific. "Asia presents a massive opportunity for Varde to provide flexible capital and restructuring expertise while delivering value to our investors around the world," said Ilfryn Carstairs, Partner and Global Co-Chief Investment Officer of Varde Partners.