AMERICAS
SK Capital, a private investment firm with a disciplined focus on the specialty materials, specialty chemicals, and pharmaceuticals sectors, agreed to acquire Apotex, a Canadian, global pharmaceutical company. Financial terms were not disclosed.
“Apotex is a dynamic, entrepreneurial company with a strong track record of success, underpinned by its diversified product portfolio, robust pipeline of new launches and iconic brand. We feel incredibly privileged to have the opportunity to support Apotex with our deep experience in the pharmaceutical sector as it continues to research, develop and produce safe and affordable medicines for patients in Canada, the United States and around the world,” Aaron Davenport, SK Capital Managing Director.
SK Capital is advised by Deutsche Bank, Jefferies & Company, RBC Capital Markets, Scotiabank, Kirkland & Ellis and McMillan. Debt financing is provided by Bank of Nova Scotia, HSBC, RBC Capital Markets and Truist Securities. Apotex is advised by Rothschild & Co and Davies Ward Phillips & Vineberg.
Hammerhead Resources, a Calgary-based energy company, agreed to go public via merger with Decarbonization Plus Acquisition IV, a special purpose acquisition company, in a $1bn deal.
"We believe an energy transformation is underway where conventional energy and power sources will continue to play an important role in the world energy mix for some time to come. The current global profile of both energy security and resource intermittency are demonstrating the need for continued reliance on conventional sources. We believe the energy industry has an emissions challenge, and we aim to be a leader in redefining public expectations around how companies like ours can contribute to the advancement of global net zero goals," Scott Sobie, Hammerhead Resources CEO.
Hammerhead Resources is advised by ATB Financial, CIBC World Markets, National Bank Financial, Peters & Co, Blake Cassels & Graydon, Burnet Duckworth & Palmer and Paul Weiss Rifkind Wharton & Garrison (led by Ian Hazlett and Adam M. Givertz). Decarbonization Plus Acquisition IV is advised by Kroll, Bennett Jones, Maples Group, Vinson & Elkins (led by E. Ramey Layne), Walkers and Kekst CNC (led by Daniel Yunger).
Momentum Midstream, a Texan midstream energy company, completed the acquisition of the East Texas pipeline assets of ArcLight Capital-backed Midcoast Energy, a provider of midstream services, for $1.3bn.
"The East Texas Business plays an important role providing domestic and international markets access to clean, affordable, and reliable energy resources produced in the Haynesville. ArcLight is excited to see it continue to grow under the ownership of the experienced team at Momentum Midstream," Dan Revers, ArcLight Founder and Managing Partner.
Momentum Midstream was advised by Barclays and Vinson & Elkins (led by Danielle Mangrum Patterson and Douglas S. Bland). Midcoast Energy was advised by Jefferies & Company and Latham & Watkins. Debt financing was provided by Barclays, Blackstone, Jefferies & Company and Wells Fargo Securities.
Berkshire Partners, a multi-sector specialist investment firm, agreed to acquire a majority stake in AHEAD, a provider of enterprise cloud services, from Centerbridge, a private investment management firm. Financial terms were not disclosed.
"We're grateful for the support of both firms over the last two years, as we made material improvements to the business to not just deliver exceptional near-term results but set the stage for future scale and growth. The expanded investment by our colleagues at Berkshire, along with the continued support of Centerbridge, will help us further innovate and mature a services portfolio that helps our clients fundamentally transform how they run their businesses and serve their own customers," Daniel Adamany, AHEAD CEO.
AHEAD is advised by Barclays, SVB Securities, Kirkland & Ellis and Walker Sands Communications. Berkshire Partners is advised by Guggenheim Partners and Ropes & Gray (led by Christian Westra).
EQT, a private equity firm, agreed to acquire Billtrust, a B2B accounts receivable automation and integrated payments provider, for $1.7bn.
“This transaction marks the beginning of an exciting new chapter for Billtrust, our customers and employees while providing shareholders an immediate and substantial cash value with a compelling premium. We believe B2B payments and accounts receivable continue to be ripe for massive disruption and innovation, and our partnership with EQT will provide us with greater resources and flexibility to build on our leadership position," Flint Lane, Billtrust Founder and CEO.
EQT is advised by Evercore and Weil Gotshal and Manges (led by Robert Rizzo). Billtrust is advised by JP Morgan and Davis Polk & Wardwell. JP Morgan is advised by Sullivan & Cromwell (led by Melissa Sawyer).
Safe Harbor Financial went public via a SPAC merger with Northern Lights Acquisition in a $327m deal.
Safe Harbor Financial, a financial services provider, went public via a SPAC merger with Northern Lights Acquisition, a publicly-traded special purpose acquisition company, in a $327m deal.
"The acquisition by Northern Lights will allow Safe Harbor to advance its efforts to remain the premier cannabis financial services provider. Over the last seven years, our team has pioneered what many consider to be the industry standard cannabis banking platform by establishing strong internal processes and controls, and by complying with rigorous state and federal banking guidelines. Through the SPAC transaction, we believe Safe Harbor will be well-positioned to expand its suite of financial services for our existing and new clients and continue to support the growth of the cannabis industry at a very high level. Our goal is to become a 'one-stop-shop' for cannabis business financial needs," Sundie Seefried, Safe Harbor CEO.
Safe Harbor was advised by David Waller and Donald T. Emmi. Northern Lights Acquisition was advised by Benchmark Investments, Nelson Mullins Riley & Scarborough (led by Nina S. Gordon and Andy Tucker) and KCSA Strategic Communications.
EnCap Flatrock-backed M6 Midstream, a oil and gas company, completed the acquisition of Align Midstream Partners, a midstream company, from Tailwater Capital, a private equity firm. Financial terms were not disclosed.
"This transaction marks another successful milestone for our team and we believe our assets will continue to drive significant value for our stakeholder. Over the past five years, we have built an expansive system of gas gathering and processing assets in the core of the East Texas Haynesville, connecting regional supply from some of the most active producers in the basin to attractive downstream markets. We are thankful for Tailwater's support in navigating a dynamic market backdrop and are excited to watch Momentum own these assets through the next phase of growth," Fritz Brinkman, Align CEO.
Align Midstream was advised by Piper Sandler and Locke Lord. EnCap Flatrock was advised by Jefferies & Company and FGS Global (led by Kelly Kimberly). Tailwater Capital was advised by Joele Frank (led by Jonathan Keehner).
Brookfield Renewable completed the acquisition of Scout Clean Energy from Quinbrook for $1bn.
Brookfield Renewable, pure-play renewable power platforms, completed the acquisition of Scout Clean Energy, a renewable energy developer, from Quinbrook, a specialist investment manager, for $1bn.
“Building Scout from a start-up into the significant and successful business it is today has been a five-year long commitment by the Quinbrook team working in a close partnership with Michael and Scout management. We have endured and overcome many challenges together, which marks this venture a resounding success on many levels. Scout hosts a remarkable collective of professionals, and we are proud of all that we have accomplished together. We have exceeded our plans for investor value creation by sponsoring Scout from its infancy, and now is the right time for us to hand the business on for its next growth chapter. We fully expect Scout to feature prominently in the US renewables landscape in the coming years,” David Scaysbrook, Quinbrook Co-Founder and Managing Partner.
Quinbrook was advised by Bank of America, KeyBanc Capital Markets, Skadden Arps Slate Meagher & Flom (led by Lance T. Brasher) and Sloane & Company.
Shamrock Capital, a private equity firm, completed an investment in AnswerLab, an independent UX research firm. Financial terms were not disclosed.
"When considering the right strategic partner to help with our next phase of growth, industry experience and cultural alignment were at the top of our priority list. We believe the partnership with Shamrock will allow us to grow and expand to the next level while continuing to invest in the employee experiences that have made us a certified Great Place to Work," Amy Buckner Chowdhry, AnswerLab CEO.
AnswerLab was advised by BDO, Clearsight Advisors, Queen Saenz + Schutz and Prosek Partners. Shamrock was advised by Willkie Farr & Gallagher (led by Ramon LaSoya and Jenny Liu).
Thompson Street Capital Partners, a growth-focused private equity firm, and Endicott, an investment fund, completed the investment in MediaRadar, an adtech company. Financial terms were not disclosed.
“We are excited to bring TSCP and Endicott on as new partners in our next phase of growth. Their experience investing in information services companies and supporting growth acceleration, both organically and through acquisition, will be highly valuable as we continue to develop new ways to enhance our customers’ experience,” Todd Krizelman, MediaRadar Founder and CEO.
MediaRadar was advised by Crenshaw Communications (led by Chris Harihar) and IKONA Partners. Endicott was advised by Marketing Matters (led by Tara Slone). Thompson Street was advised by BackBay Communications.
Dunes Point Capital completed the acquisition of Kwalu.
Dunes Point Capital, a family office and private investment firm, completed the acquisition of Kwalu, a designer and manufacturer of premium furnishings. Financial terms were not disclosed.
Kwalu has a manufacturing facility in Matamoros, Mexico and showrooms in Atlanta, GA and Chicago, IL and employs approximately 800 people.
Kwalu was advised by Genesis Capital. Dunes Point Capital was advised by Alvarez & Marsal and Kirkland & Ellis. Debt financing was provided by Twin Brook Capital Partners.
Financial services firms Stifel and Korea Investment & Securities, agreed to form SF Credit Partners, a joint venture to build on the other’s broad capabilities and regional market expertise. Financial terms were not disclosed.
“We are excited to launch SF Credit Partners with Korea Investment & Securities. This joint venture is an innovative source of additional capital, enabling us to increase commitment capacity and provide enhanced leveraged finance product capabilities and lending solutions to our financial sponsor and corporate clients. This joint venture anchors a broader strategic collaboration with KIS, a unique relationship that will benefit each firm and our respective clients," Ronald J. Kruszewski, Stifel Chairman and CEO.
SF Credit Partners is advised by GreensLedge. KIS is advised by White & Case. Stifel is advised by Keefe Bruyette & Woods and Dechert (led by Kenneth Young).
JF Lehman-backed Entact, a provider of environmental remediation and geotechnical services, completed the acquisition of USA Environment, a provider of environmental remediation and industrial services. Financial terms were not disclosed.
"We are delighted to welcome USA Environment into the ENTACT family. We have known the USA team for many years and have tremendous respect for their high-level performance across the environmental industry. USA Environment enhances our robust suite of services, adds an exceptional team of people, and will further enable us to deliver best-in-class environmental remediation services to our customers," Dean Pisani, ENTACT Chief Executive Officer.
USA Environment was advised by D.A. Davidson & Co and Haynes Boone. Entact was advised by Jones Day.
PSG, an investment firm, completed the investment in Searchspring, a developer of AI-powered search software and navigation products. Financial terms were not disclosed.
“Our growth and momentum these past few years speak to the value of our solutions as we support ecommerce merchants to drive the ultimate shopper experience. We are grateful for our employees, customers, and partners who make it possible for us to support the market so well. Not only does PSG recognize what we have accomplished, but they also share our vision for the future of ecommerce," Peter Messana, Searchspring CEO.
PSG was advised by Weil Gotshal and Manges and Prosek Partners. Searchspring was advised by Canaccord Genuity (led by Sanjay Chadda).
One Equity Partners, a middle market private equity firm, completed the acquisition of Prime Time Healthcare, a healthcare staffing services provider. Financial terms were not disclosed.
“We are excited to partner with Prime Time’s founders and management who have built an impressive, nationwide platform for healthcare staffing, and a company viewed as a leader in the space. We look forward to helping Prime Time grow through complementary acquisitions that will broaden its service offerings and better position Prime Time to serve both its clinicians and customers," Charlie Cole, One Equity PartnersPrincipal.
One Equity was advised by Stanton PRM. Prime Time was advised by Coker Capital.
Thoma Bravo, a private equity firm, agreed to acquire a majority stake in SMA Technologies, a software developer. Financial terms were not disclosed.
"SMA has been a pioneer in the workload automation space for over four decades and we are thrilled to continue our journey with Thoma Bravo. With Thoma Bravo's operational expertise and financial resources, we will be better positioned to drive global growth while continuing to provide our clients and their employees with seamless solutions to automate processes, applications and workflows," Todd Dauchy, SMA Technologies CEO.
SMA Technologies is advised by Raymond James (led by Bob Flanagan) and Kirkland & Ellis.
Brookfield Renewable, a pure-play renewable power platforms, completed the acquisition of Standard Solar, an owner and operator of commercial and community distributed solar for $540m.
“Through this acquisition, which provides additional large-scale access to capital, Standard Solar is poised for massive growth, enabling us to contribute in an even more significant way to the clean energy transition. We’re looking forward to joining the Brookfield Renewable portfolio, one of the world’s largest renewable energy platforms. Our two companies share a mutual passion for renewables and company cultures that recognize and amplify excellence and equity - we are the ideal match,” Scott Wiater, Standard Solar President & CEO.
Brookfield was advised by Brunswick Group.
L2 Point, a San Francisco-based investment firm providing innovative capital solutions for growth companies, led a $125m Series D round in Wasabi Technologies, the hot cloud storage company, with participation from Cerberus Capital Management, Fidelity Management & Research Company and Forestay Capital.
"Closing a large up round in this environment speaks to the spectacular growth of Wasabi, the magnitude of the cloud storage opportunity, and our leadership as the industry's largest pure-play cloud storage vendor. At Wasabi, we focus on just one thing: cloud storage. We do it better than anyone else in the industry. Because of this singular focus, our team has achieved best-in-class performance and security at the lowest prices in the industry," David Friend, Wasabi Technologies CEO.
Wasabi Technologies was advised by InkHouse.
Tamarack Global, a venture capital firm, led a $100m Series B funding round in Moxion Power, a manufacturer of mobile energy storage products and technologies, with participation from Energy Impact Partners, Sunbelt Rentals, Amazon’s Climate Pledge Fund, Microsoft’s Climate Innovation Fund, Enterprise Holdings Ventures, Marubeni Ventures, Suffolk Technologies, and Rocketship.vc.
"We’re proud to continue our partnership with Moxion Power as they continue to revolutionize the temporary power sector. Their technology sits at the forefront of the growing market trend to carbon-free technology and a largely untapped market with exponential growth potential. This partnership demonstrates our commitment to exceptional founders and companies shaping the future through bold and exciting new business models,” Jamie Lee, Tamarack Global Managing Partner.
Moxion Power was advised by Antenna Group (led by Regan Keller).
Siguler Guff, a global multi-strategy private markets investment firm, completed the acquisition of a majority stake in Solvd, a global technology consultancy and software engineering company. Financial terms were not disclosed.
"Siguler Guff's investment is an important validator of the truly valuable experience our employees and management team have achieved for our clients. Siguler Guff's industry insights, strong relationships, and collaborative style make them an ideal partner. We are thrilled to be a core investment from their flagship growth fund and welcome Drew Guff and Shaun Khubchandani to our Board of Directors," Alex Khursevich, Solvd CEO.
The Riverside Company, a global private investor focused on the smaller end of the middle market, completed the investment in Commonwealth Heritage Group, a Michigan-based cultural resource management consulting firm. Financial terms were not disclosed.
"This is the first add-on for PaleoWest since our acquisition of the business at the end of 2021. We are excited by the additional scale CHG brings to the group. The two businesses' geographic footprints are highly complementary, giving the combined platform a nationwide footprint and making it better suited for projects that span multiple geographies," Loren Schlachet, Riverside Managing Partner.
MAI Capital Management, an investment adviser, completed the acquisition of Prime Investment Advisors, a financial planning company. Financial terms were not disclosed.
“The continued growth of MAI’s Mid-Atlantic region is a testament to the diligent work of the MAI teams throughout our various locations. The addition of the Prime team will expand MAI’s vast industry knowledge, benefitting both existing and future clients. Stephen Polan brings over 30 years of industry knowledge and experience that will be a great asset to MAI. Additionally, his extensive knowledge in tax-planning will strengthen our tax practice," Rick Buoncore, MAI Managing Partner.
MAI Capital was advised by Gregory FCA.
Quad-C Management, a private equity firm, completed the acquisition of a majority stake in Synoptek, a digital transformation advisory and consulting firm. Financial terms were not disclosed.
“As customers move to cloud platforms, Synoptek has grown its capabilities to deliver more value and Quad-C’s investment will be instrumental in our continued organizational expansion. This investment will enable us to grow and extend our service offerings for clients as well as create new and strategic career opportunities for our team. The partnership is a strong fit for us both," Tim Britt, Synoptek CEO.
Synoptek was advised by Beyond Fifteen Communications (led by Leslie Licano).
Enfinity Global, a renewable energy firm, agreed to acquire 400MW of operating solar projects in the United States from Capital Dynamics, an independent global asset management firm. Financial terms were not disclosed.
"Our long-term ownership business model allows us to partner with relevant investors, stakeholders and customers, aligning capabilities that create a zero-carbon future. Our ability to deploy operational expertise across the entire renewables value chain, coupled with our international presence, translates into value creation for our investors and customers," Carlos Domenech, Enfinity Global CEO.
Capital Dynamics is advised by Barclays.
General Mills, an American multinational manufacturer and marketer of branded consumer foods, led a $120m funding Series round in GrubMarket, a food technology company, with participation from Tiger Global, Squarepoint, Apeira Capital, Grosvenor, Liberty Street Funds, Walleye Capital, and Celtic House Asia.
“We’re a very profitable business and don’t need financing for working capital purposes - we’ll use proceeds for mergers and acquisitions. We want to digitally transform the American food supply chain industry," Mike Xu, GrubMarket CEO.
True North-backed Indium VI, a private equity fund, completed the acquisition of a minority stake in Accion Labs, a technology services firm, from TA Associates, a private equity company, for $93m.
"We are excited about Accion's deep digital expertise, customer centricity, and its approach to doing business. Most of all, we have strong confidence in the firm's management team to build Accion Labs into a respected global leader," Prasad Thrikutam, True North Partner.
Caymus Equity Partners, a private equity firm, completed the acquisition of Seneca Resources, an IT staffing company. Financial terms were not disclosed.
“With the digitization of the global economy and the remarkable growth that the IT staffing industry has experienced as a result, Seneca presented us with an opportunity to leverage our experience and existing relationships in the industry. We could not be more excited to partner with Rob and the Seneca team to continue building the business into the premier IT staffing company in the industry," Blake Cummings, Caymus Equity Principal.
BlackRock sees insurers with $28tn adding private assets.
Insurers are poised to pump hundreds of billions of dollars into private assets over the next two years as they seek to overcome the highest inflation in four decades and heightened recession risk.
Charles Hatami, head of the firm’s Financial Institutions, said that the additional money is expected to go into private equity and debt funds, hedge funds, real estate, and other assets. Hatami’s group helps manage money for insurers.
“Their resolve to continue investing and growing their allocations to private assets has not changed. It’s a very meaningful allocation, and some of the largest clients are actually the most aggressive about this," Charles Hatami, BlackRock Head of Financial Institutions.
Apollo’s $3.9bn Brightspeed LBO debt is finding few takers.
A group of banks led by Bank of America and Barclays are struggling to attract investors for a roughly $3.9bn debt financing package to help fund a buyout by Apollo Global Management, potentially forcing them to fork over the cash themselves.
In the latest blow for Wall Street lenders since the Citrix Systems debt debacle, neither the $2bn leveraged loan nor the roughly $1.9bn junk bond on this latest transaction are close to deal size as of Wednesday, Bloomberg reported.
Apollo Global is exploring a takeover of Ryder System.
Apollo Global Management is exploring a takeover of Ryder System, a transportation and logistics company. Terms of a transaction couldn’t immediately be learned, but any deal would value Ryder at a premium to the $3.4bn market value ascribed to the company, Bloomberg reported.
No deal has been reached, and it’s possible talks could collapse, in part due to challenges in the debt markets making it difficult to raise financing.
Mubadala is said to have best offer for BP Bunge Brazil Venture.
Mubadala Investment has offered better conditions to acquire Brazilian ethanol joint venture BP Bunge Bioenergia, the world’s third-largest sugarcane processor. BP Bunge Bioenergia could be worth between $1.7bn - $1.9bn, Bloomberg reported.
The fund’s acquisition proposal has a combination of best offer and terms than the one from energy company Raizen, which is also in the final round of the negotiation. Mubadala is well-positioned to make a winning offer. However a deal is unlikely to be done before the October presidential election in Brazil.
CD&R’s latest PE fund collects $10bn in initial closing.
Buyout shop Clayton Dubilier & Rice has collected around $10bn in an initial closing of its latest private equity fund, raising the money in around four months, as investors funnel more of their private equity commitments to experienced managers.
The amount raised so far puts the New York firm roughly halfway toward a $20bn goal for the Clayton Dubilier & Rice Fund XII and comes as the overall fundraising market for private equity firms has grown more challenging.
Goldman Sachs closes $9.7bn private equity fund largest since 2007.
Goldman Sachs Group has closed a $9.7bn private equity fund, its largest since 2007, that seeks to invest in companies with an enterprise value of about $750m to $2bn.
“This fundraise builds on our 30-year history in private equity as we continue to scale the business and make our alternatives offerings available to a wider range of investors,” Julian Salisbury, Goldman Sachs Asset Management global co-head.
GSAM, as the business is known, oversees $2.5tn in assets, with private equity accounting for $176bn.
Onex Partners aims for $8bn target with sixth flagship fund.
Canadian GP Onex Partners is looking to raise around $8bn for its sixth fund, with a first close expected before the end of 2023, London-based senior managing director Nigel Wright said, Unquote reported.
Onex Partners VI, which was registered in Luxembourg in February, is expected to continue its fundraising efforts next year. Around $1.5bn is expected to come from Onex’s balance sheet.
Blackstone reaps $7.8bn for third Asia real estate fund.
The world’s largest private equity investor, Blackstone, has scored over $7.8bn in the third installment of its opportunistic real estate fund series, per a filing on the SEC website.
The fund juggernaut has now achieved over 86% of its $9bn target for the Blackstone Partners Asia III fund despite the ‘periodic reassertion of Covid-19’ that Jonathan Gray, president and chief operating officer at Blackstone, acknowledged in its second-quarter earnings call as an obstacle for both growth and market stability in Asia.
"Combined with our BREP funds in Europe and Asia, we will have $50bn of opportunistic real estate capital to deploy globally, only 12% of which is invested today. This is a very advantageous position given the current environment,” Jonathan Gray, Blackstone President and COO.
Neuberger Berman eyes continuation funds with a $4.9bn cash.
Neuberger Berman, a private equity firm, is planning to deploy a chunk of the $4.9bn it has raised for second-hand private equity deals on so-called continuation funds, even as concerns over valuations cause other investors to cool on the sector.
The multi-billion dollar fundraising stands out at a time when institutional investors are souring on continuation funds, which private equity firms deploy when they want to keep managing assets in traditional buyout funds that are about to mature - often to avoid taking portfolio companies public prematurely or being forced to sell them at unfavorable prices, Bloomberg reported.
"The firm will invest in the private equity vehicles, which seek to raise additional cash to extend ownership of companies. In deals where the amount being sought is less than $1bn, there is still a robust pipeline of opportunities," Benjamin Perl, Neuberger Berman Managing Director.
GoldenTree announces oversubscribed distressed fund IV.
GoldenTree Asset Management, a global asset management firm with over $47bn in assets under management, today announced the closing of its Distressed Fund IV.
Distressed Fund IV reached its hard cap with commitments of $3bn and was oversubscribed. The Fund’s global investor base is complemented by GoldenTree partner, employee and firm commitments of over $100m alongside the Fund’s investors. Fund IV seeks superior risk-adjusted returns by investing in distressed, stressed and special situation assets. The Fund’s early investments are currently delivering a net Internal Rate of Return of over 30%.
Maryland pension scheme includes Thoma Bravo, Apollo, Silver Lake in $1.1bn of new commitments.
The Maryland State Retirement & Pension System has included private equity firms Thoma Bravo, Apollo, Silver Lake in its latest $1.1bn of investment commitments.
The $64.6bn pension fund has allocated $125m to Thoma Bravo’s new software-focused private equity fund, which secured a $600m commitment from CalPERS, while Apollo’s Fund X, which has a target size of $25bn, also secured a $125m commitment, as did Silver Lake Partners VII, which is aiming to surpass the $20bn raised for the firm's Fund VI.
ESR, LOGOS reach $250m first close of co-branded logistics vehicle.
ESR Group and its logistics subsidiary LOGOS have held an anchor close of the Hong Kong-based real asset manager’s new co-branded Pan Asia Core+ Venture, garnering $250m in equity commitments.
The initial close was raised from German pension fund Nordrheinische Ärzteversorgung and a large US State pension fund, ESR said in a statement.
PACV is the first open-ended pan-Asian strategy focused on stabilized assets, targeting to enhance returns for investors with some exposure to value-add/develop-to-core strategies across the Asia-Pacific.
Vertex Ventures US raises $200m third fund to double-down on high-conviction approach to venture capital.
Vertex Ventures US has raised its third and largest fund with $200m in capital to lead or co-lead Seed and Series A investments in SaaS and infrastructure software startups. Initial investments range from $500k to $10m. The firm invests in only a few new companies each year, allowing it to concentrate time and capital on a small portfolio.
“VVUS was founded as a stage and sector focused firm. We believe that our concentrated strategy - devoting time, energy and capital towards a few new investments each fund - is best aligned for founders and investors. With Funds 1 and 2, we have proven that this strategy is great for generating returns and supporting founders alike. With our slightly larger Fund 3, we are doubling down on our point of view for early-stage VC," Jonathan Heiliger, Vertex Ventures General Partner.
Andrew Bednar appointed CEO of Perella Weinberg Partners. (People)
Perella Weinberg Partners, a global independent advisory firm, announced that Peter Weinberg has informed the Board of Directors of his intention to step down from his role as CEO, effective January 1, 2023. Andrew Bednar, Co-President, has been unanimously approved by the Board as the CEO of the firm, effective January 1, 2023.
Mr. Weinberg will continue to serve as the Chairman of the Board of Directors and Chairman of the working partner committee that controls the company’s high-vote stock. He is also excited to return his focus primarily to working with clients and prospects of the firm around the world.
EMEA
Chequers Capital completed the acquisition of Somacis Graphic from Green Arrow Capital.
Chequers Capital, a private equity firm, completed the acquisition of Somacis Graphic, a PCB designer, from Green Arrow Capital, a private equity firm. Financial terms were not disclosed.
“We are proud to support the Group as an example of world leading technical excellence on its continued growth path. We believe that the Group, thanks to an exceptional management team and with our support, will be able to consolidate its international presence and continue to gain market share globally by leveraging its technological expertise and product development capabilities," Philippe Guérin, Chequers Capital Managing Director.
Chequers Capital is advised by ERM Group, KPMG, Mediobanca, Roland Berger and Simmons & Simmons. Debt financing is provided by BNL Italia, Banca IFIS and Credit Agricole. Green Arrow Capital is advised by Cassiopea Partners, Jefferies & Company, PricewaterhouseCoopers, goetzpartners, Chiomenti, ECOVIS STLex Studio Legale Tributario and Close to Media.
Allwyn Entertainment, an operator of lottery business, terminated a $9.3bn SPAC merger with Cohn Robbins Holdings, a blank cheque company.
“Allwyn was encouraged by the feedback from many leading investors, demonstrating the attractiveness of our business to the investment community. However, due to the prolonged and increasing market volatility, we and Cohn Robbins have decided not to proceed with the proposed business combination. We are grateful to the firm’s founders, Gary Cohn and Cliff Robbins, for their support over the past year and hope to work with them again in the future," Robert Chvátal, Allwyn CEO.
SATS, an Asia's provider of food solutions and gateway services, agreed to acquire Worldwide Flight Services, an air cargo logistics provider and providers of ground handling and technical services, from Cerberus Capital, a private equity firm, for for €2.25bn ($2.16bn).
“This is a transformational opportunity for SATS and our proposed acquisition of WFS will create a global leader that can become the go-to provider of mission critical aviation services. From our hub in Singapore, and in our newly combined markets, SATS and WFS will be at the heart of global trade flows, operating in the world’s busiest airports and supporting the biggest companies," Kerry Mok, SATS President and CEO.
Worldwide Flight Services is advised by Goldman Sachs, Linklaters and Deloitte. SATS is advised by Bank of America, DBS Bank, PwC, Accura (led by Kaare Stolt), Allen & Gledhill, Latham & Watkins (led by Sharon Lau) and FGS Global (led by Richard Barton and Ben Richardson).
Energy Capital Partners, a private equity firm, agreed to acquire Biffa, a waste management company, for £1.3bn ($1.39bn).
"Since IPO in October 2016, the successful pursuit of our growth strategy has seen Biffa expand its leadership position in its I&C collections business and oversee a significant investment programme across UK green economy infrastructure, strengthening its capabilities as one of the leading sustainable waste managers in the UK. ECP is an experienced investor in environmental infrastructure and sustainability assets and offers a supportive environment to accelerate the Group's further development and growth as a leading enabler of the circular economy," Ken Lever, Biffa Chair.
Biffa is advised by HSBC (led by Anthony Parsons), Numis Securities (led by Mark Lander and Stuart Ord), Rothschild & Co (led by Stuart Vincent and Robert Barnes), Linklaters and Houston PR (led by Kate Hoare). ECP is advised by Barclays (led by Omar Faruqui), Evercore, Latham & Watkins (led by David Walker and Douglas Abernethy) and Joele Frank (led by Jonathan Keehner)
Canada-based Mawer Investment management, a top investor in Aveva, plans to reject Schneider Electric's $4.73bn takeover offer.
Peter Lampert, a portfolio manager at Canada-based Mawer Investment management, said the offer price did not reflect the long-term potential of the company, FT reported.
Private equity firms CVC and Nordic Capital completed the acquisition of Cary Group, a vehicle glass repair and replacement provider, for $585m.
"We have followed the company and its progress in the industry for some time and have great respect for the management team and their strategy, including the geographical expansion that Cary Group has undertaken in recent years. Further, we see potential for the Company to accelerate its active role in the industry's consolidation. Together with Nordic Capital, we can provide the right funding conditions, business know-how, and geographical reach required for Cary Group to strengthen its role as a challenger on the European market. We are convinced that a private setting currently provides the most appropriate platform for this journey and are looking forward to cooperating closely with Cary Group and Nordic Capital to help the Company achieve its full potential," Gustaf Martin-Löf, CVC Partner.
Cary Group was advised by Jefferies & Company and White & Case. CVC and Nordic Capital were advised by Carnegie Investment Bank, Cederquist (led by Martin Ulfson and Pontus Röckert), Roschier Attorneys (led by Jens Bengtsson) and Fogel & Partners.
AURELIUS, an asset management group, agreed to acquire 3 European paper mills from Sappi, a global renewable resource company. Financial terms were not disclosed.
“Sappi has found a trustworthy and experienced partner in AURELIUS. These are strong assets with quality people and exciting prospects. Going forward Sappi’s focus in Europe as regards graphic paper will be on the commercial print, packaging, and speciality paper markets. Within this scope, Sappi will produce flexible packaging, functional paper, and speciality paper with self-adhesives and dye-sublimation”, Steve Binnie, Sappi CEO.
AURELIUS is advised by Jones Day (led by Floris Pierik and Maarten T. de Boorder), Ernst & Young, Lincoln International and Afry.
GoTo, business communication and IT support and management platform, completed the acquisition of Miradore, a cloud-based device management provider, from Standout Capital, a Nordic technology investor. Financial terms were not disclosed.
“Miradore’s scalable, SMB-focused solutions are a natural fit for GoTo and our customers, and we’re extremely excited to be working together. Not only does it provide a leading platform for mobile and MacOS device management, Miradore also brings a talented team of employees, more than 2.7k customers and MSP distributors, and over 89k user accounts across 180 countries. All of this will further bolster GoTo’s internal talent and market potential within the fast-growing MDM market, which is expected to surpass $28bn by 2027," Mike Kohlsdorf, GoTo CEO.
The UK Competition and Markets Authority cleared Booking Holdings' $1.84bn acquisition of Etraveli Group following a review of the deal.
The regulator said that, based on information currently available, it won't refer the deal for a further in-depth investigation.
Booking is advised by Hengeler Mueller (led by Jens Wenzel). CVC Capital is advised by Freshfields Bruckhaus Deringer (led by Charles Hayes).
Stirling Square Capital Partners, a London-based private equity firm, agreed to acquire Eurofins Digital Testing, an IT service management company, from Eurofins Scientific, a French group of laboratories, for $220m.
“Over the last 7 years, Eurofins Digital Testing has successfully grown to become a recognised leader in its space. In order to facilitate its further development, we have decided to pass the ownership of the business to Stirling Square. We wish the team at Eurofins Digital Testing further success on their onward journey,” Gilles Martin, Eurofins CEO.
Stirling Square Capital Partners is advised by Fergus Wheeler Consulting. Eurofins Scientific is advised by Robert W Baird.
Energy Infrastructure Partners, a Switzerland-based infrastructure investor, agreed to acquire a 20% stake in Fluxys, a Belgium-based company, mainly acting as a natural gas transmission system operator, from CDPQ, an institutional investor that manages several public and parapublic pension plans and insurance programs in Quebec. Financial terms were not disclosed.
"Together with CDPQ, Publigas has sailed a forward-looking course with Fluxys for more than ten years and we have built up a highly valued partnership. With our new partners we will vigorously pursue our strategy to help shape the green transition. While forcefully strengthening our existing partnership with Energy Infrastructure Partners, an energy specialist and leader in the global energy transition, we establish an even stronger Belgian anchoring of our activities with AG Insurance, Ethias and the Federal Holding and Investment Company," Daniël Termont, Fluxys President.
CDPQ is advised by Rothschild & Co.
One Equity Partners, a middle market private equity firm, agreed to acquire Muehlhan, a global provider of surface protection solutions catering to the marine, infrastructure and offshore wind energy industries. Financial terms were not disclosed.
"We believe that OEP will accelerate our growth strategy of providing industrial services to the three core industries: wind energy, marine and infrastructure, extending our geographic reach and broadening our service portfolio. OEP has a long track record of driving their investments forward, especially through strategic add-on acquisitions," Stefan Müller-Arends, Muehlhan CEO.
One Equity Partners is advised by Stanton PRM.
A group of investors, including Maximum Effort Holdings, Creator Partners, Banco BPM and Intesa Sanpaolo, led a $340m funding round in Bending Spoons, Italy's largest mobile app developer.
"Our mission at Bending Spoons is to make an enduring positive impact on our customers, on our teammates, and on society at large. And building tools to help creators develop wonderful content that reaches billions of people each month is an important step in this direction," Luca Ferrari, Bending Spoons CEO.
Klima Energy Transition, a late-stage venture fund, led a $210m funding round in Enmecc, an energy trading platform, with participation from Chevron Technology Ventures.
“The energy markets are currently characterised by extreme price levels, unprecedented volatility and very low liquidity. This poses huge challenges for market participants. What is needed now, above all, are digital trading options that help participants expand their network of trading partners — and ultimately improve their liquidity. The current energy crisis shows that energy trading must evolve. It must become more digital and promote diversity in market structures. The energy transition can only succeed on the basis of efficient markets that provide economic incentives for decarbonisation,” Jens Hartmann, Enmacc CEO.
Dubai school operator Eyes stake sale at $6bn value.
The owners of GEMS Education, one of the world’s largest private school operators, are exploring options including the sale of a controlling stake in the business, Bloomberg reported.
Buyout firm CVC Capital Partners and founder Sunny Varkey may sell their stakes in the Dubai-based school operator in a deal that could value the business at as much as $6bn.
Awaze put up for sale at $2bn by private equity owner Platinum.
The owner of European vacation-rentals business Awaze is looking for a sale.
US private equity firm Platinum Equity created Awaze after buying a selection of rental businesses from Wyndham Worldwide in 2018. The deal was worth $1.3bn, and its collection at the time included Novasol, Cottages.com, James Villa Holidays and Landal GreenParks.
Permira and TA Associates among bidders for Rothschild-backed A2Mac1 at $1bn-$1.5bn valuation.
Private equity firms Permira and TA Associates are among bidders for automotive software company A2Mac1, with an expected valuation at the higher end of a range of $1bn to $1.5bn, Bloomberg reported.
Fellow buyout firms Astorg, Eurazeo and HG are also reportedly interested in the company which is backed by the private equity arm of Rothschild & Co.
Funding Circle and Bayview Asset Management form new lending partnership.
Funding Circle, one of the UK’s largest small business lending platforms, and Bayview Asset Management, an investment management firm headquartered in Coral Gables, Florida, has formed a new lending partnership that is targeting the provision of $798m funding to small businesses over an 18 month period.
This partnership will see Bayview support thousands of UK SMEs by leveraging Funding Circle’s technology and distribution platform. Funding Circle’s powerful credit models — driven by a decade of technology and data investment — will provide Bayview with a highly efficient and cost-effective mechanism to deploy capital to the real economy.
Brookfield, TPG among potential bidders for Mashreq payments unit.
Brookfield Asset Management and Network International are among potential bidders for UAE lender Mashreqbank’s payments unit, Bloomberg reported.
Buyout firm TPG is also among suitors interested in the unit that could be valued at $500m to $700m.
Sika to launch sale of MBCC assets after regulator pushback.
The Swiss construction chemicals company has sent initial marketing documents to potential buyers and expects first-round bids in October. Private equity bidders as well as some rival strategic bidders are set to look at the assets.
PIF-backed Savvy Games Group to invest $37.8bn.
Saudi Arabia's Savvy Games Group, owned by sovereign wealth fund PIF, will invest $37.8bn in initiatives aimed at making the kingdom a global hub for gaming, Reuters reported.
The investments will include $18.6bn to take several minority stakes in companies that support Savvy's game development agenda and $13.3bn to acquire "a leading game publisher to become a strategic development partner".
Theta Capital raises $500m to invest in early stage blockchain ventures.
Theta Capital Management, an Amsterdam-based fund manager with a focus on blockchain venture capital, has raised a total of $500m in 2021 to invest in crypto-native venture capital funds. The investment is through its Theta Blockchain Ventures fund-of-funds programme.
Theta Blockchain Ventures seeks diverse exposure to the most promising Web 3.0 projects globally at their earliest private round valuations, with a focus on the core infrastructure of this new technological paradigm.
Glennmont Partners launches $241m green credit fund.
Clean energy fund manager Glennmont Partners has launched a $241m green credit fund to invest in clean energy and infrastructure assets, Reuters reported.
Glennmont Partners raises long-term capital to invest in low-carbon power generation projects, such as wind, biomass, solar and small-scale hydropower
ADQ backs a $200m fund for tech startups.
ADQ, an Abu Dhabi-based investment and holding company, is setting up a $200m fund to invest in early-stage startups. The funding comes in line with the Emirate's objective to boost its presence in the technology sector.
Backed by the UAE-based fund, Further Ventures will focus on investments in digital assets, fintech, and supply chain.
Horizon Capital attracts $125m at first closing of $250m target Ukraine-focused fund.
Horizon Capital has raised $250m at the first close of its Ukraine-focused Horizon Capital Growth Fund IV, 50% of its $250m target.
The fund's first closing, which is a record high for Horizon Capital, was held in person. President of Ukraine Volodymyr Zelenskyy virtually attended, and gave a welcome address, at the fund's signing ceremony, which took place in London.
Adams Street appoints head of new European private credit strategy. (People)
Adams Street Partners, a private markets investment firm with $50bn in assets under management, has launched its private credit platform in Europe with the appointment of James Charalambides as Partner & Head of the European Private Credit team.
Charalambides will be responsible for leading and managing the firm’s private credit-related efforts in Europe and supporting all aspects of the decision-making process – including sourcing, structuring, reviewing, and negotiating deal opportunities in this space. Charalambides will report to Bill Sacher, Partner & Head of Private Credit at Adams Street.
APAC
Tim Hortons China, a fast-food restaurant chain, went public via a SPAC merger with Ascendent-backed Silver Crest Acquisition, a blank cheque company, in a $1.7bn deal. Existing shareholders of Tim now own 80% of the combined entity.
“This is a notable milestone for Tims China and, more importantly, a tribute to our 4.5K dedicated professionals across China. The listing and associated funding will allow us to continue growing Tims China as we aim to build a profitable network of 2.7K stores by 2026. We are grateful to our millions of amazing guests, whose support and patronage is a true privilege,” Peter Yu, Tims China Chairman.
Tim Hortons China was advised by Bank of America and ICR. Bank of America was advised by Sullivan & Cromwell (led by Stephen Kotran). Silver Crest Acquisition was advised by Morrison & Foerster (led by Mitchell Presser). Debt financing was provided by Cantor Fitzgerald. Cantor Fitzgerald was advised by Covington & Burling (led by Matthew Gehl).
A KKR & Co-led group withdrew its $13bn approach for Australian hospital operator Ramsay Health Care after talks hit a stalemate, killing Australia's biggest deal of the year and sending the target's shares tumbling, Reuters reported.
The decision announced by both sides on Monday draws a line under a takeover saga that has been running since April, and underscores the volatility of dealmaking at a time of heightened disruption of capital markets and operating logistics.
Byju's pays $234m to Blackstone related to Aakash deal.
India's Byju's has paid $234m to Blackstone, settling its dues owed to the private-equity firm as part of a $950m deal to buy Aakash Educational, Reuters reported.
Byju’s, India’s edtech startup, agreed to acquire Aakash Educational Services, a test preparatory services provider, from Blackstone for $1bn. The consideration reportedly involves $600m in cash and the rest in stock.
“As 12 months of the pandemic have shown, there’s a clear need to disrupt education by combining offline with online, which has low single-digit penetration. The future of learning is hybrid, and bringing students to a nearby offline center provides rigor, intensity and human touch,” he said via a Zoom call to announce the acquisition," Byju Raveendran, Byju's Founder and Chief Executive Officer.
Evolution Data Centres, a disruptive data centre developer, and Warburg Pincus, a private equity firm, agreed to form a joint venture for the development of sustainable hyper-scale data centres in the fast-growing cloud markets within Southeast Asia. Financial terms were not disclosed.
“I am delighted to announce our new partnership with Warburg Pincus. It is great to have the backing of such a credible investor who shares our passion for building and operating hyper-scale, sustainable data centres across multiple high-growth markets in Southeast Asia. This funding will help us realise our vision of being the leading sustainable data centre provider in the region," Darren Webb, EDC Co-Founder & CEO.
EDC is advised by Conscient.
A consortium of investors, including Indonesia Investment Authority, BlackRock, Allianz Global Investors and Orion Capital Asia, led a $300m funding round in Traveloka, an Indonesian technology company.
“We are delighted to partner with Traveloka in its journey to deliver top-class travel and lifestyle offerings in Southeast Asia to meet the aspirations of the tech savvy population. We look forward to continuing to support Traveloka’s growth in the future,” Ming Eng, Orion Capital Managing Partner.
China Three Gorges, China-US Green Fund, Oceanpine Capital and IDG Capital led a $307m Series B round in Lihao Semiconductor Materials, a Chinese photovoltaic materials startup.
The proceeds will be used to build the second phase of Lihao's high-purity crystalline silicon project.
GIC, Singapore’s sovereign wealth fund, and LINE, a Tokyo-based subsidiary of Z Holdings, led a $265m Series B round in LINE MAN Wongnai, a Thailand-based food delivery startup, with participation from BRV Capital Management, PTT Oil and Retail, Bualuang Ventures and Taiwan Mobile.
With this investment, LINE MAN Wongnai has achieved a valuation of over $1bn, making it Thailand’s largest tech startup by valuation.
Torrent Pharma, an Indian multinational pharmaceutical company, agreed to acquire Curatio Health, a dermatology company, from Sequoia Capital, a venture capital firm, for $245m.
"We are delighted to enter into this deal with Curatio. The acquisition offers Torrent the opportunity to enhance its presence in dermatology with a differentiated portfolio and is a strong strategic fit. Curatio has built a commendable set of high market share brands in cosmetic and pediatric dermatology that we look forward to adding to our product offerings," Aman Mehta, Torrent Pharmaceuticals Director.
Kotak Realty Fund, one of India's largest private equity real estate funds, completed the acquisition of an 8% stake in Embassy REIT, a REIT company, from Blackstone, an American alternative investment management company, for $200m.
With this, Kotak Investment Advisors had achieved closure of its 12th real estate fund and has raised, managed or advised more than $2.8bn under its real estate fund series.
Temasek, a Singapore-based investment firm, completed the $85m investment in Molbio Diagnostics, a healthcare solutions provider.
"These funds from the minority stake investment will be used for domestic and external business development, overseas market expansion, and research and development," Sriram Natarajan, Molbio Diagnostics Director and CEO.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, completed the investment in Equalbase, an integrated development and management platform focused on the logistics sector across Asia Pacific. Financial terms were not disclosed.
"We believe the Asia Pacific region presents significant opportunities for investment in Grade A modern logistics assets as the market continues to exhibit favorable supply-demand dynamics and sustained structural tailwinds. We look forward to working closely with Equalbase’s seasoned management team on initial projects in South Korea and Malaysia, and to continuing Stonepeak’s momentum in Asia Pacific as we aim to identify additional compelling infrastructure assets and platforms across the region," Hajir Naghdy, Stonepeak Senior Managing Director and Head of Asia and the Middle East.
Baring Private Equity weighs a $8bn deal to merge with Tricor and Vistra.
Baring Private Equity Asia is exploring a combination of two Hong Kong-based business services firms it owns, Tricor and Vistra, Bloomberg reported.
BPEA is working with advisers on a merger that could value its two portfolio companies at $7bn to $8bn. The pan-Asian buyout firm - which itself is merging with Swedish investment firm EQT - has notified Tricor and Vistra’s creditors about the merger plans.
To help set a valuation for the merged business, BPEA is weighing selling a minority stake in Vistra, the larger of the two firms. It’s an option under consideration and BPEA might not proceed with the stake sale. Vistra had drawn preliminary interest from other private equity firms including Warburg Pincus.
China Construction Bank to set up a $4.2bn fund to buy properties.
China Construction Bank, a corporate investment banking company, will set up a $4.2bn fund to buy properties from developers, as policy makers beef up efforts to contain a real estate crisis that’s weighing on the economy.
The fund will “invest in existing assets” of real estate companies and renovate the properties into rental housing. The fund lasts for 10 years, with a possible extension, Bloomberg reported.
"By establishing the fund, CCB helps explore the new growth model of the real estate market and facilitates the stable and healthy development of the property sector,” CCB.
PE firm MBK Partners considers joining JIC’s Toshiba bid.
MBK Partners is considering joining a consortium led by state-backed investment fund Japan Investment seeking to buy Toshiba, Bloomberg reported.
The North Asia-focused private equity firm has held initial discussions to explore backing JIC’s bid. JIC is also in talks to team up with Bain Capital.
Singapore’s Sun Venture weighs buyout of PS Cafe parent.
Sun Venture, a Singapore-based investment firm, is considering a deal for the remaining shares it doesn’t own in the parent of restaurant chain PS Cafe.
The potential transaction values the closely-held PSGourmet at about $207m. Sun Venture owns a majority stake in the firm and is in talks with banks to secure financing for a buyout, Bloomberg reported.
Deliberations are ongoing, and there is no guarantee that Sun Venture, which is backed by Taiwanese and Singaporean investors, will proceed with the deal.
India's Avendus Capital looks to raise $300m for third Future Leaders Fund.
Financial services group Avendus Capital is planning to raise money for its third Future Leaders Fund as it looks to ramp up investments in India’s booming startup ecosystem.
Even as the exact corpus the Mumbai-headquartered firm is targeting to raise could not be ascertained, it could be upwards of $300m, Ritesh Chandra, managing partner of Avendus Future Leaders Fund said, DealStreetAsia reported.
ERS of Texas commits $100m to LOGOS Asia logistics fund.
The $35.5bn Employees Retirement System of Texas has made a $100m commitment to the latest Asia logistics fund of LOGOS Group, one of Asia-Pacific’s logistics property groups, DealStreetAsia reported.
ERS of Texas made the commitment to LOGOS Asia Core Plus Logistics Venture in August under its private real estate asset class allocation. It also committed $10m to a private equity co-investment fund during the month.
Taiwanese insurer Cathay Life commits $80m to Clayton Dubilier & Rice fund.
Cathay Life Insurance, the insurance subsidiary of Taiwanese conglomerate Cathay Financial, has agreed to commit $80m to the latest fund of New York private equity firm Clayton Dubilier & Rice.
According to the insurance company’s regulatory filing, the commitment is for Clayton, Dubilier & Rice Fund XII, a $20bn PE fund that has so far raised $10bn in just about four months since its launch, DealStreetAsia reported.
Brokerage CLSA vice-chairman Charles Lin steps down. (People)
CLSA, the international unit of China’s largest broker China’s Citic Securities, said its vice-chairman Charles Lin has stepped down from his role, DealStreetAsia reported.
Charles Lin, who was hired in April 2020 to the top role at CLSA, resigned from the Hong Kong-headquartered investment bank earlier, but will serve as the vice chairman of its board until this month-end, a company spokesman said.
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