Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Blue Owl Capital, an alternative asset management firm, completed the acquisition of Kuvare, a boutique investment management firm, for $1bn.
"The creation of Blue Owl Insurance Solutions represents a significant moment in Blue Owl's journey. Our acquisition of KAM allows us to provide broader solutions to the multi-trillion-dollar insurance market at scale. KAM's capabilities in investment grade credit and real estate strategies supplement Blue Owl's existing strength in these asset classes and further accelerate our ability to bring differentiated products and strategies to the market for Kuvare and third-party insurance clients," Doug Ostrover, Blue Owl Co-CEO.
Blue Owl Capital was advised by Ardea Partners, BMO Capital Markets, Bank of America, Deutsche Bank, Goldman Sachs, Greenhill & Co, Mizuho Securities, Morgan Stanley, PJT Partners, Truist Securities and Kirkland & Ellis. Kuvare was advised by JP Morgan, RBC Capital Markets and Sidley Austin.
Blackstone, an American alternative investment management company, completed the acquisition of Apartment Income REIT, a publicly traded, self-administered real estate investment trust, for $10bn.
"I am proud of the AIR team and its remarkable culture. The transaction will strengthen the AIR mission to provide homes for others, be a great place to work, act as responsible stewards of AIR communities, and be a trusted partner to AIR investors. The business the AIR team has built will be improved and expanded by collaboration with Blackstone and a shared focus on serving residents and investing wisely. The AIR team is grateful to Blackstone for the opportunity and for its faith in what can be accomplished working together," Terry Considine, AIR Communities President & CEO.
AIR Communities was advised by Citigroup and Skadden Arps Slate Meagher & Flom (led by Joseph A Coco and Kyle J. Hatton). Blackstone was advised by BMO Capital Markets, Bank of America, Barclays, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, Societe Generale, Wells Fargo Securities and Simpson Thacher & Bartlett (led by Brian Stadler and Matthew Rogers).
Arkhouse Management and Brigade Capital Management have raised their bid to buy Macy's for about $6.9bn. Shares of the department store chain were up 1.1% in after-market trading, Reuters reported.
The new proposal is to acquire Macy's stock that Arkhouse and Brigade Capital do not already own for $24.80 each, up from $24 per share offered in March. Arkhouse, which has a 4.4% stake in Macy's, had earlier raised the offer price to $24 per share from $21.
Macy's is advised by Bank of America, Wells Fargo Securities and Wachtell Lipton Rosen & Katz (led by David A. Katz). Brigade Capital is advised by Jefferies & Company and Paul Weiss Rifkind Wharton & Garrison. Arkhouse Management is advised by Cadwalader Wickersham & Taft and Longacre Square Partners (led by Scott Deveau and Joe Germani).
California Resources, an independent energy and carbon management company committed to energy transition, completed the merger with Aera Energy, an oil and gas producer, in a $2.1bn deal.
“Aera and CRC are two great companies with decades of experience and track records that will serve as a foundation for a strong combination. We are committed to continuing to deliver the energy Californians need today and working to deploy carbon capture at-scale,” Erik Bartsch, Aera President and CEO.
California Resources was advised by Citigroup, Jefferies & Company and Sullivan & Cromwell (led by Bradley King and Alison Ressler). Financial advisors were advised by Skadden Arps Slate Meagher & Flom (led by Ann Beth Stebbins). Ikav and CPPIB were advised by Truist Securities, Wells Fargo Securities and Latham & Watkins (led by David Allinson and Thomas Brandt).
General Atlantic, an American growth equity firm, and Stone Point Capital, an investment firm, completed the acquisition of HireRight, a global background screening services and workforce solutions provider, for $1.65bn.
"We are pleased to have reached this agreement with General Atlantic and Stone Point, which delivers a significant and immediate cash premium to HireRight's unaffiliated stockholders," Guy Abramo, HireRight President and CEO.
Bidvest Group, a South African services, trading, and distribution company, agreed to acquire Citron Hygiene, a washroom hygiene solutions provider, from Birch Hill Equity Partners, a private equity firm. Financial terms were not disclosed.
"Citron Hygiene has become a leading brand in the USA, Canada, and the UK, offering exceptional service, an outstanding range of services, and loyal customers. We operate in rapidly developing markets with significant growth in awareness of period dignity and menstrual equity. The acquisition by Bidvest allows us to pursue our growth ambitions," Citron Hygiene.
Bidvest Group is advised by BDO, Deloitte, Barclays, Baker McKenzie and Davies Ward Phillips & Vineberg. Debt financing is provided by Investec. Citron Hygiene is advised by Stikeman Elliott.
Pacific Avenue Capital, a private equity firm, completed the acquisition of Kidde-Fenwal, a provider of fire suppression systems and controls. Financial terms were not disclosed.
"We are excited about the Kidde-Fenwal investment and the company's ability to capitalize on growing demand for fire suppression and controls across multiple end markets and geographies. These are highly regarded brands in the industry, and through their market-differentiated engineering expertise, provide best-in-industry fire safety and controls products. With the restructuring process behind it, we look forward to refocusing the company on organic growth and executing with renewed energy to serve customers," James Oh, Pacific Avenue Partner.
Madison Dearborn, a private equity firm, completed the investment in Omni Federal, a provider of innovative and intuitive mission and enterprise software solutions to the US Department of Defense and Intelligence Community. Financial terms were not disclosed.
"Omni is on a mission to reimagine and modernize our country's vast federal legacy mission systems, which directly tie to the most significant challenges facing our nation. As we continue to invest in innovation and scaling, while pursuing acquisition opportunities to expand our solution offerings to drive further innovation in the DoD and IC, we're pleased to welcome our new partners at MDP. The MDP Technology & Government team brings invaluable resources and experience that will support our ongoing work to help our customers resolve their complex challenges, expand and deepen our customer collaborations, and continue on our strong growth trajectory," Parag Thakker, Omni Federal Co-Founder and CEO.
Omni Federal was advised by KippsDeSanto & Co, Jenner & Block and McDonald Hopkins. Madison Dearborn was advised by Robert W Baird (led by Jean Stack), Crowell & Moring, Kirkland & Ellis and H/Advisors Abernathy (led by Deirdre Walsh).
KPS Capital Partners, an American investment company, completed the acquisition of the remaining 49.7% stake in Primient, a food and industrial ingredients producer, from Tate & Lyle, a food and beverage products supplier, for $350m.
"Primient's performance has exceeded our expectations, and this second investment represents KPS' continued commitment to Primient, its customers and employees. Under our ownership, Primient will continue to modernize its operations, supporting growth initiatives and industry-leading sustainability practices. We intend to make further strategic investments to strengthen Primient's role within the corn wet milling industry and the broader bioeconomy," Michael Psaros, KPS Capital Partners Co-Founder and Co-Managing Partner.
Quest Diagnostics, a diagnostic information services provider, agreed to acquire LifeLabs, a community laboratory tests provider, from OMERS, an investment company, for $985m.
"Quest has supported laboratories, hospitals and academic centres in Canada with specialized testing services for over two decades, including during the COVID-19 pandemic. This transaction is predicated on our strong belief that we can help LifeLabs accelerate growth and improve healthcare. We are committed to working with the LifeLabs team to ensure service continuity and enhance access and innovation to meet the needs of Canada's growing and aging population," Jim Davis, Quest Diagnostics Chairman, CEO and President.
Quest Diagnostics is advised by McCarthy Tetrault and Longview Communications (led by Peter Block). OMERS is advised by CIBC World Markets, Evercore and Blake Cassels & Graydon.
A consortium of investor, including Fortress Investment Group, Canyon Partners, Strategic Value Bank Partners and North Reef Capital, agreed to invest $228m in First Foundation, a financial services firm.
"On behalf of the entire Board of Directors and all of our outstanding employee partners at the company, I want to welcome the very experienced and talented people who will be joining the Board of Directors and investing in our valuable franchise. With this meaningful strategic equity raise, I am confident we will be able to refocus our balance sheet, reduce multi-family concentrations over time, grow C&I platforms, increase ACL and materially strengthen earnings," Scott F. Kavanaugh, First Foundation President and CEO.
First Foundation is advised by Jefferies & Company and Sheppard Mullin Richter & Hampton. Jefferies & Company is advised by Sullivan & Cromwell (led by Jared M. Fishman). Fortress Investment is advised by Skadden Arps Slate Meagher & Flom. Canyon Partners is advised by Cleary Gottlieb Steen & Hamilton.
iA Financial, an insurance and wealth management company, completed the acquisition of Vericity, an insurance company, from J.C. Flowers, a private investment firm, for $170m.
"This milestone marks the start of a new chapter for Vericity and we are proud to join the iA family. Combining our teams and resources unlocks exciting new opportunities to extend the capabilities of Fidelity Life and eFinancial to make life insurance more accessible and affordable for everyday Americans. We also see abundant possibilities ahead for our employees who will play a pivotal role in charting and achieving our future growth potential," James Hohmann, Vericity CEO.
Vericity was advised by Raymond James and Skadden Arps Slate Meagher & Flom (led by Todd Freed). iA Financial was advised by RBC Capital Markets and Willkie Farr & Gallagher (led by Jeffrey Hochman and David Luce). J.C. Flowers was advised by Lambert & Co (led by Jennifer Hurson).
Guardian Capital, a private equity firm, completed the acquisition of Sterling Capital, an independent investment manager, from Truist Financial, a bank holding company, for $70m.
"We believe the strategic addition of Sterling Capital is an exciting opportunity to expand our US business growth plans. Sterling Capital's cultural alignment paired with its high-quality business accelerates Guardian's expansion into the US market. We are optimistic about the growth potential of the combined entity," George Mavroudis, Guardian President and CEO.
Guardian Capital was advised by Cambridge International Partners, Pryor Cashman (led by Edward C. Normandin) and Cherry Bekaert. Truist Financial was advised by Bank of America and Davis Polk & Wardwell (led by Evan Rosen and Margaret E. Tahyar).
Thoma Bravo, a software investment firm, completed the acquisition of Everbridge, a provider of critical event management and national public warning solutions, for $1.8bn.
“This is an exciting step forward for Everbridge and we are thrilled to begin our next chapter alongside Thoma Bravo. We share a common vision for the future of Everbridge that we expect will see us strengthen and grow our platform, further enable product innovation and invest in our talented team. As part of Thoma Bravo, we believe we will be better able to advance our mission of helping our customers navigate an increasingly complex threat landscape and drive accretive, long-term growth for our company,” David Wagner, Everbridge President and CEO.
Sentinel Capital Partners, a private equity firm, completed the acquisition of Industrial Fire business of Carrier, a provider of innovative heating, ventilating and air conditioning, refrigeration, and fire & security technologies, for $1.42bn.
"We continue to make great progress on our planned business exits, with today marking the second completed sale of Carrier's portfolio transformation process. We expect to close the Commercial Refrigeration sale by the end of the third quarter of this year, and the sale process of Commercial and Residential Fire is progressing as expected. I want to extend my personal thanks to the Industrial Fire employees for their contributions to the business and our customers over the years," David Gitlin, Carrier Chairman & CEO.
Sentinel Capital Partners was advised by Citigroup and CMS (led by Johan Svedberg). Carrier was advised by Goldman Sachs, JP Morgan, Linklaters (led by Derek Tong).
Vinci Partners Investments, an alternative investment platform, completed the acquisition of MAV Capital, an alternative asset manager focused on the agribusiness segment in Brazil. Financial terms were not disclosed.
"We are thrilled to announce the closing of the acquisition of MAV Capital. We are confident that the MAV team is a valuable addition to our platform, strengthening our presence in agribusiness. This transaction aligns with our long-term goals of expanding business lines and building leading franchises," Alessandro Horta, Vinci Partners CEO and Director.
Vinci Partners Investments was advised by Seneca Evercore, Lefosse Advogados, Danthi Comunicações (led by Carla Azevedo), and Joele Frank (led by Nicholas Lamplough). MAV Capital was advised by Themudo Lessa Advogados.
American Industrial Partners, an American private equity firm, completed the investment in Austin Powder, an industrial explosives and engineered blasting solutions provider. Financial terms were not disclosed.
"Austin Powder's unique heritage and inspiring culture has stewarded the business to great heights while maintaining a strong core of safety, customer focus and family. We look forward to building upon Austin Powder's tremendous legacy, investing in the growth opportunity ahead of us, and enabling the company to continue delivering on its worthy and important mission. We look forward to partnering closely with the Austin Powder management team and the family of shareholders to chart the company's third century of growth and success," Justin Fish, AIP Partner.
American Industrial Partners was advised by Baker Botts and Ropes & Gray. Austin Powder was advised by JP Morgan, KeyBanc Capital Markets and Jones Day (led by Robert Profusek and Julia V. Feldman).
FIBRAeMX, a Mexican energy and infra-investment trust, agreed to acquire a 29% stake in GANA, the Mexican company holding the concession to construct, operate and maintain the Amozoc–Perote highway, from Aleatica, a transport infrastructure operator, and Invex, a financial services group, for MXN5.2bn ($284m).
Post-transaction, Aleatica will remain the majority shareholder with a 51% stake, ensuring continued control over GANA.
FIBRAeMX is advised by Scotiabank. Aleatica is advised by Citigroup. Invex is advised by Invex Capital.
Forbion, a venture capital firm, led a $170m Series B round in Beacon Therapeutics, an ophthalmic gene therapy company, with participation from Syncona, Oxford Science Enterprises, TCGX and Advent Life Sciences.
“Beacon has secured a high-quality syndicate of investors to support the ongoing development of its lead clinical candidate AGTC-501 and broader pipeline. The strength and calibre of this global group of life science investors provides important external validation of Beacon’s technology and progress to date. We have leveraged our expertise and network to support Beacon thus far, from identifying the opportunity to acquire a late-stage asset in AGTC, to supporting this financing today. We look forward to continuing to work closely with the company and our syndicate partners to advance its solutions for debilitating blinding retinal diseases through the clinic and towards patients," Elisa Petris, Syncona Investment Management Lead Partner.
Beacon was advised by JP Morgan and Edelman. Syncona was advised by FTI Consulting (led by Ben Atwell).
Levine Leichtman Capital, a private equity firm, completed the acquisition of NSL Analytical Services, a materials testing provider, from May River Capital, a private equity firm. Financial terms were not disclosed.
"We are thrilled to partner with NSL, a leader in the materials testing and analysis sector. NSL has established itself as a trusted partner for a loyal client base across numerous high-performance industries. We are excited to work with the NSL team to broaden the company's testing capabilities and geographic footprint through both organic initiatives and strategic acquisitions," Matthew Frankel, LLCP Managing Partner.
LLCP was advised by Honigman Miller Schwartz & Cohn. May River was advised by KPMG and Paul Hastings.
Brighton Park Capital, an investment firm, completed a $112m investment in PortSwigger, a renowned application security software provider.
"We are entering an exciting new chapter at PortSwigger, and our partnership with Brighton Park is a pivotal part of this journey. This investment will allow us to enhance our offerings with features that meet the sophisticated, cross-functional needs of large enterprises while maintaining the agility and precision that individual security professionals require. Moreover, this investment will allow us to deepen our commitment to the community through increased investment in research and free-to-use tooling, leading to more robust community support and contributions to drive the entire application security ecosystem forward," Dafydd Stuttard, PortSwigger Founder and CEO.
Brighton Park Capital was advised by Paul Weiss Rifkind Wharton & Garrison (led by Sarah Stasny) and FGS Global.
Avenue Sports Fund, a private equity growth-expansion fund, completed the investment in CityPickle, the urban home for pickleball. Financial terms were not disclosed.
"There is a significant opportunity to provide permanent and pop-up pickleball locations to service the growing and passionate demand for this sport. CityPickle, led by co-founders Erica Desai and Mary Cannon, has established a special brand that is relevant to urban locations nationwide. We are excited to join with the CityPickle team to support its expansion strategy," Marc Lasry, Avenue Capital Chairman, CEO and Co-Founder.
Sutter Hill Ventures, a private equity firm, and T. Rowe Price, an investment management firm, led a $375m Series G round in Sila, a battery materials company, with participation from Bessemer Venture Partners, Coatue and Perry Creek Capital.
"Our investors share the perspective that the world will transition to fully electric. Every automaker knows the future must be electric and realizes that the path to broader adoption isn't through cost reduction alone. To transform the world and meet consumer expectations, the industry needs to take the next big step on battery performance and charging speeds. With Sila, automakers can deliver next-generation EVs that will win over those who expect more from their electric experience," Gene Berdichevsky, Sila Co-founder and CEO.
Sila was advised by Ardea Partners.
Oglethorpe Power, a company that generates electricity for Georgia's electric membership corporations utilizing a diverse portfolio of nuclear, natural gas, coal and hydroelectric resources, completed the acquisition of Walton County, a 494MW gas-fired power project, from Carlyle-backed Mackinaw Power, a company that develops renewable energy. Financial terms were not disclosed.
"As electricity demand continues to grow in Georgia, the advanced technology at Walton County Power will help ensure that we can reliably and affordably meet the increasing power supply needs of our members," Mike Smith, Oglethorpe Power President and CEO.
Aurora Capital Partners, a middle-market private equity firm, completed the acquisition of First Legal, an outsourced litigation support services provider. Financial terms were not disclosed.
"Over the past decades First Legal has demonstrated an unmatched track record of organic growth with no outside investment support, a testament to Alex, his senior leadership team, and the remarkable culture they have built. We at Aurora are thrilled to partner with First Legal to provide the strategic, operational, and financial support to accelerate the Company's growth in the future," Rob Fraser, Aurora Partner.
Aurora Capital Partners was advised by ASC Advisors (led by Taylor Ingraham).
Demetree Global, a private equity firm focused on land development, completed the acquisition of Hannibal Square, a mixed-use property located in Winter Park, Florida, for $55m.
"By adhering to our co-founder Bill Demetree's vision and focusing on the diamonds in our backyard, we continue to strengthen our community and our holdings," Seth Heller, Demetree Global Managing Partner.
KKR to buy Varsity Brands from Bain Capital for $4.75bn.
Private equity firm KKR agreed to acquire Varsity Brands, a US maker of sports uniforms and school yearbooks, from buyout firm Bain Capital for about $4.75bn, including debt, Reuters reported.
KKR has committed to offering rank-and-file employees of its North America portfolio companies equity in these companies, and will do so with Varsity Brands.
Paramount in talks to sell BET Network for $1.6bn.
Paramount Global is in exclusive talks to sell its Black Entertainment Television network to buyers that include BET CEO Scott Mills and Chinh Chu, who runs the New York-based private equity firm CC Capital, Bloomberg reported.
The group has been discussing an offer of $1.6bn to $1.7bn. Paramount is currently focused on cutting $500m in costs to enhance profitability with the potential sale of BET forming part of this broader strategy.
Frontier, Stonepeak discuss up to $1bn fiber JV.
Frontier Communications Parent is in talks with Stonepeak about forming a joint venture for fiber investment, Bloomberg reported.
The joint venture could involve a capital injection of $500m to $1bn.
Permian’s LandBridge prices IPO below target for $246m.
LandBridge, the owner of land used in oil and gas production in the Permian Basin, raised $246m in an initial public offering, pricing its shares below a marketed range, Reuters reported.
The Five Point Energy-backed company sold 14.5m shares for $17 each after marketing them for $19 to $22. At the IPO price, LandBridge has a market value of about $1.2bn based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.
Alumis raises $250m in downsized IPO.
Alumis, a clinical stage biopharmaceutical company, raised $250m in a downsized initial public offering with a concurrent private placement, pricing its shares at the bottom of a marketed range, Bloomberg reported.
The company sold about 13.1m shares for $16 each after marketing 17.6m for $16 to $18. Alumis also sold 2.5m shares of its common stock at the IPO price in a concurrent private placement to one one of its investors, AyurMaya Capital Management.
Bicara Therapeutics picks Morgan Stanley for IPO of up to $150m.
Bicara Therapeutics is working with Morgan Stanley on a US initial public offering, Bloomberg reported.
The Boston-based clinical-stage biotechnology company, whose backers include Braidwell and TPG, is looking to raise about $100m to $150m in the IPO. The offering may begin marketing the shares as soon as August.
KKR-backed finance cloud firm OneStream files publicly for IPO.
KKR-backed software company OneStream has filed publicly for an initial public offering, disclosing growing revenue and shrinking losses.
The company had a net loss of $29m on revenue of $375m last year, compared with a loss of more than $65m on revenue of $279m in 2022.
Vista-backed auto data firm Solera files publicly for US IPO.
Vista Equity Partners-backed automotive data and software services provider Solera has filed publicly for a US initial public offering, as the market for first-time share sales shows little sign of slowing into the summer.
The filing with the US Securities and Exchange Commission didn’t include the price range and number of shares, which are expected to be disclosed in a future filing. Solera may seek to raise as much as $1.5bn at a valuation of about $10bn to $13bn, Bloomberg reported.
Ackman's Pershing Square USA to offer shares at $50 in NY listing.
Pershing Square USA, a fund managed by billionaire Bill Ackman, plans to offer shares at $50 each in its initial public offering in New York, Reuters reported.
Ackman is launching a new investment portfolio available to anyone who can invest in the United States, including retail investors. The fund did not reveal the exact number of shares it will offer. Potential investors need to purchase at least 100 common shares of Pershing Square USA in order to participate in the offering.
EMEA
KKR-led consortium completed the acquisition of the fixed-line network management and infrastructure perimeter of Telecom Italia, an Italian telecommunications company with headquarters in Rome, Milan, and Naples, for €22bn ($23.6bn).
"The completion of the transaction with KKR and the Italian Ministry of Finance is the result of two and a half years of intense work, during which we have improved the management of TIM and identified industrial and financial solutions that will enable us to meet future challenges," Pietro Labriola, TIM CEO.
KKR was advised by Citigroup, Colombo & Associati (led by Paolo Colombo), JP Morgan, Morgan Stanley (led by Dominique Cahu), UBS (led by Riccardo Mulone), Freshfields Bruckhaus Deringer (led by Nicola Asti and Michael Hilton), Gianni Origoni Grippo Cappelli & Partners (led by Francesco Gianni) and Community Group (led by Pasquo Cicchini). CPP was advised by Evercore, Freshfields Bruckhaus Deringer and Linklaters (led by Michael Honan). Telecom Italia was advised by Equita SIM (led by Carlo Andrea Volpe), Goldman Sachs (led by Francesco Pascuzzi and Macario Prieto), LionTree Advisors (led by Jake Donavan), Mediobanca (led by Giuseppe Baldelli), UniCredit (led by Andrea Petruzzello), Vitale & Co (led by Orlando Barucci), Clifford Chance, Gatti Pavesi Bianchi Ludovici (led by Carlo Pavesi), Studio Carbonetti (led by Fabrizio Carbonetti) and Community Group (led by Auro Palomba). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran). Vivendi was advised by Chiomenti (led by Filippo Modulo).
Atlas Investissement, a specialist investment vehicle focused on the telecoms sector, offered to acquire the remaining 70.8% stake in Millicom International Cellular, a provider of fixed and mobile telecommunications services dedicated to markets in Latin America, for $8.9bn.
"The offers allow all Millicom Shareholders to benefit from full cash liquidity at an attractive price in an environment where Atlas believes that liquidity has been weak for holders of SDRs and Common Shares," Atlas Investissement.
Millicom International Cellular is advised by Goldman Sachs, Morgan Stanley, Advokatfirman Lindahl, Davis Polk & Wardwell and Nord Advokater. Atlas is advised by BNP Paribas, Credit Agricole, Handelsbanken Capital Markets, JP Morgan, Lazard, Societe Generale, Arendt & Medernach, Roschier Attorneys and Skadden Arps Slate Meagher & Flom.
Onex, an investment manager, completed the acquisition of Accredited, an insurance services provider, from R&Q Insurance, a non-life specialty insurance company, for $420m.
"We are pleased to have the opportunity to establish Accredited as an independent, market-leading program management platform. Accredited has all the ingredients for success as a hybrid carrier, including a talented management team, a well-diversified and high-quality book of business, strong reinsurer relationships and robust underwriting and risk management protocols. It will be well positioned for responsible growth with a strong balance sheet and backing from Onex Partners. Investing in the insurance industry has been a core strength for Onex for many years. We look forward to supporting Accredited's management team in this next phase of growth," Adam Cobourn, Onex Managing Director.
Aquiline Capital, a private equity firm, completed the acquisition of a majority stake in Isio Group, a provider of actuarial & consulting, pensions administration, investment advisory, employee reward and benefits and wealth advisory services, from Exponent, a private equity firm. Financial terms were not disclosed.
"Isio is a business we have admired and got to know well, not simply as an investment, but first as our advisor and then our partner. We have been particularly impressed by the depth of their expertise in creating better outcomes for clients. It has delivered impressive organic growth and successful expansion through strategic M&A. We look forward to working with Isio's management team to continue to develop their offering, diversify the business, and support them in further accelerating growth," Igno van Waesberghe, Aquiline Managing Partner.
Aquiline was advised by RBC Capital Markets and Herbert Smith Freehills. Exponent was advised by Evercore and Macfarlanes. Isio Group was advised by Liberty Corporate Finance, Proskauer Rose, Macfarlanes (led by Alex Edmondson) and Evercore.
PAI Partners, one of the largest firms in the global private markets industry, agreed to acquire a majority stake in FairJourney Biologics, a provider of antibody discovery and development services, from GHO Capital, a European specialist investor in global healthcare. Financial terms were not disclosed.
"FairJourney's continued growth is set to be supported by strong market tailwinds including higher R&D spending by the pharmaceutical industry, increased demand for efficiencies leading to greater need for outsourcing, the established track record of antibody-based therapies, and a favourable regulatory landscape," GHO Capital.
FairJourney Biologics is advised by Jamieson. GHO Capital is advised by LEK Consulting, Alvarez & Marsal, JP Morgan, CTSU, Reed Smith and Deloitte.
Ambienta, an asset manager, completed the acquisition of a majority stake in Babcock Wanson, a provider of industrial boilers industrial, process heating equipment, servicing and training, from Kartesia, an asset manager specialised in private corporate lending. Financial terms were not disclosed.
"We are very excited to start working with Ambienta and continue our partnership with Kartesia in this new phase of growth for the Group. After having successfully entered the electric boiler market, we are committed to strengthening our impact on the energy transition and being a leading one-stop shop provider of sustainable industrial heating solutions. Ambienta's approach is strongly aligned with this ambition, and we see them as the perfect partners for us," Cyril Fournier Montgieux, Babcock Wanson CEO.
Ambienta was advised by Marsh, Ramboll, Credit Agricole, Ernst & Young, Weil Gotshal and Manges and Tancredi. Kartesia was advised by DC Advisory (led by David Benin).
CVC Capital Partners, a global private markets manager focused on private equity, secondaries and credit, completed the acquisition of a majority stake in DIF Capital Partners, an infrastructure manager. Financial terms were not disclosed.
"With Secondary Partners and Infrastructure part of CVC, alongside our Private Equity and Credit strategies, we have an ever more scaled, diversified and differentiated platform to support further growth," Rob Lucas, CVC CEO.
SBB, a social infrastructure property company, and Castlelake, an alternative investment manager, formed a joint venture. Financial terms were not disclosed.
"The transaction confirms the underlying value of our portfolio. The cash proceeds provide us with further financial flexibility to implement proactive and strategic measures in a structured and thoughtful way," Leiv Synnes, SBB CEO.
Cinven, a private equity firm, agreed to acquire a 70% stake in idealista, an online real estate classifieds platform, from Oakley Capital, a pan-European private equity investor, EQT, a private equity company, and Apax, an investment firm, for €2bn ($2.17bn).
"Oakley's successful partnership with idealista continues our strong track record of investing behind exceptional founders. We have enjoyed working with Jesús as he has built one of Spain's most successful digital businesses. Iberia boasts an increasingly attractive ecosystem of promising tech businesses and remains an important investment destination for Oakley," Peter Dubens, Oakley Capital Co-Founder and Managing Partner.
Oakley Capital is advised by Deutsche Numis (led by Nathan Brown) and Greenbrook (led by Robert White). Cinven is advised by JP Morgan. idealista is advised by Morgan Stanley. Apax is advised by Simpson Thacher & Bartlett (led by James Howe).
Montagu Private Equity, a European private equity firm with headquarters in London, completed the acquisition of the medical device components business of Johnson Matthey, an international speciality chemicals company, for £550m ($695m).
"Today's announcement represents a significant milestone in our disposals programme announced in May 2022. As a JM business, MDC has delivered technological differentiation and good growth to the critical health sector. We welcome Montagu's plans to continue the investment and growth plans at MDC. We are pleased that this concludes our Value Businesses disposal programme which will deliver benefits to JM shareholders in terms of value realisation, simplification and increased focus on our growth businesses, where JM has a proven ability to win," Liam Condon, Johnson Matthey Chief Executive.
Montagu Private Equity was advised by PricewaterhouseCoopers, Raymond James and Kirkland & Ellis. Johnson Matthey was advised by Goldman Sachs and Morgan Lewis & Bockius (led by Jeannine Bishop).
Astorg, a private equity firm, completed the acquisition of a 52% stake in Acturis, a supplier of insurance software. Financial terms were not disclosed.
"We are delighted to strengthen our partnership with Astorg and set the stage for our next phase of growth. Today, we support more businesses than any other insurance SaaS provider as the partner of choice for brokers, insurers, and MGAs. Looking ahead, we see compelling opportunities for organic and inorganic growth across our key international markets, and are confident that Astorg is the right partner for us as we continue on our mission to transform the insurance industry," Theo Duchen, Acturis Co-CEO and Co-Founder.
BlackRock, an American multinational investment company, agreed to acquire Preqin, an independent provider of private markets data, for $3.2bn.
"BlackRock's vision has always been to bring together investments, technology, and data to offer solutions that meet our clients' needs across their whole portfolio. As clients increasingly evolve their focus from choosing products to constructing portfolios, this shift requires technology, data, and analytics that create a 'common language' for investing across both public and private markets. We see data powering the industry across technology, capital formation, investing, and risk management," Rob Goldstein, BlackRock COO.
Keywords Studios agreed to an offer from an EQT-led group that values the video game services company at about £2.1bn ($2.5bn), accepting a lower price after the video game services business was hit with delayed and canceled orders,
Investors will get £24.50 per share in cash. Keywords’ board unanimously recommended the bid, which EQT said was its final offer in the statement. EQT is leading a consortium that also includes the Canada Pension Plan Investment Board and Singapore state investment company Temasek.
Wendel, a French investment company, agreed to acquire a 50% stake in Globeducate, a K12 education provider, from Providence Equity, a private equity firm, for €625m ($670m).
"On behalf of the entire Globeducate team, I am looking forward to partnering with Wendel as we continue our ambitious growth journey. This transaction is a testament to the dedication of our teams and demonstrates the uniqueness of the Globeducate Group. I am thrilled to continue working with our partners at Providence, and warmly welcome our new partner, Wendel, as we seek to continue offering the highest-quality education to students around the globe," Luca Uva, Globeducate CEO.
Latour-backed Swegon, a company which develops, manufactures and markets products and solutions in the field of indoor environment, completed the acquisition of HC Groep, an indoor climate technology provider, from Gilde Equity, a specialized healthcare investor. Financial terms were not disclosed.
“I am glad to welcome HC Groep to the Swegon family. HC Groep have a broad product and solutions offering as well as commercial relationships throughout the value chain in the Dutch market, one of the most progressive markets when it comes to sustainable buildings. HC Groep are engaged in both new build and renovation projects and we are glad to have partnered with such an accomplished leader in this field," Andreas Örje Wellstam, Swegon CEO.
Gilde Equity was advised by DC Advisory (led by Paul de Hek).
CVC Capital, a private equity and investment advisory firm, completed the acquisition of a majority stake in Partner in Pet Food, a pet food manufacturer. Financial terms were not disclosed.
"We are delighted that CVC will become our new majority shareholder as we continue our successful premiumisation strategy supplemented by an accelerated M&A path, which we started four years ago. In CVC, we welcome a partner that is fully supportive of our passion for people and pets in a healthy environment and this will enhance our ability to continue producing healthy products for our end consumers. My colleagues and I are looking forward to the next chapter of PPF's successful growth journey with CVC," Gerald Kuehr, Partner in Pet Food CEO.
HIG Capital, a private equity and alternative assets investment firm, agreed to acquire CGH, a Poland-based manufacturer of large, engineered storage tanks and tank accessories. Financial terms were not disclosed.
"With HIG, we have found a perfect partner to support our growth plans which include further geographical expansion and product extension, accompanied by building out our production capacities. Going forward, we will continue to serve our trusted customers in the best way possible and provide them with tailored tanks and storage systems needed for the European energy transition towards a decarbonized and more decentralized energy supply. The partnership with HIG will benefit our customers and employees and we very much look forward to working together with HIG to keep building our success story," Krzysztof Jańczak, CGH CEO.
GEP, a management consulting company that offers supply chain software, consulting, and managed services, completed the acquisition of OpusCapita, a provider of digital solutions and transaction processing, from PSG, a private equity firm. Financial terms were not disclosed.
"OpusCapita is a kindred spirit with a proven track record of strong organic growth, tenured customers, a relentless focus on fostering top-tier talent and investing in AI-driven procurement software and services. OpusCapita is a perfect fit for GEP and vice versa, because it unites the foremost e-invoicing and AP automation solutions in the Nordic region with GEP SMART, the industry's leading AI-driven global procurement and supply chain platform, and combines deep regional expertise and relationships into a robust customer base of global enterprises," Subhash Makhija, GEP CEO and Co-Founder.
Greenbridge, a future-focused investment company, completed the investment in Complexio, a foundational AI intended for business purposes. Financial terms were not disclosed.
“For a long time, our team has been closely monitoring advancements in AI and Machine Learning. Over the years, many of the applications we’ve encountered have been limited in scope and not in line with where we see these advancements play a key role. With Complexio, we at Greenbridge saw a technology that takes a holistic view of an organization and, when implemented, creates the opportunity to simplify, rationalize and reduce costs. Complexio’s AI takes advantage of our portfolio company Neo4J’s world leading graph database structure to form relationships and connections between whole company data at speed, in real-time. We see a great future for the combination of these two technologies,” Ola Rollén, Greenbridge Founder and Chairman.
BNP Paribas, Axa said to mull €1.4tn asset manager JV.
Axa is studying options for its investment manager and has been contemplating a combination with BNP Paribas’s asset manager, a joint venture that would have total assets under management of about €1.4tn ($1.5tn), Bloomberg reported.
Discussions between the firms have focused on creating a joint venture between Axa Investment Managers and BNP Paribas Asset Management. Such a move would create one of the largest European firms by AUM.
Bain, Cinven weighing joint bid for $20bn Sanofi unit.
Private equity firms Bain Capital and Cinven are exploring a potential joint bid for French drugmaker Sanofi’s $20bn consumer health division, Bloomberg reported.
Advent International is speaking to potential partners including sovereign wealth fund Abu Dhabi Investment Authority about teaming up for its own planned offer.
Hg said to mull stake sale in €4bn French tech firm Septeo.
Private equity firm Hg is considering options for French software company Septeo including a minority stake sale that may value the business at as much as €4bn ($4.3bn), Bloomberg reported.
Hg has been speaking to potential advisers as it prepares to gauge interest from potential investors. Septeo may attract bids from other private equity funds and a formal process may start later this year.
Hawksmoor restaurant chain up for sale.
Hawksmoor has been put up for sale in a deal that could value the restaurant chain at about £100m ($126m) as it seeks to grow its international footprint, Financial Times reported.
Investment bank Stephens, which has been hired to run a sales process, has started speaking to potential buyers. Graphite Capital has owned 51% of Hawksmoor since 2013.
Astorg hires Evercore to explore equity, debt funding options.
Astorg, a private equity firm that manages €22bn ($24bn) in assets, is working with Evercore to explore various financing options as the company prepares for a generational change among its leadership, Bloomberg reported.
“We seek to restructure our capital with two main objectives in mind: support the generational transition of management and capital, and fund the growth of our business,” Astorg.
Artisan Investments raises stake in Philips to 10%.
US asset management firm Artisan Investments has raised its stake in Philips to 10%, sending the healthcare technology group's shares rising on July 3, a week after the Dutch company's biggest shareholder also increased its holding, Reuters reported.
After raising its stake, Artisan Investments now owns 94m shares in Philips, or about 10% of the company.
Activist investor Cevian takes stake in UK’s Smith & Nephew.
Cevian disclosed a 5% stake in Smith & Nephew and will push for improvements at the UK-based maker of knee and hip replacements, Bloomberg reported.
"Cevian sees the potential to create significant long-term value by improving the operating performance of the company’s businesses. We have high expectations for the board and management to realise this potential," Friederike Helfer, Cevian Partner.
Gulf Data Hub’s minority stake sale draws private equity firms.
United Arab Emirates-based Gulf Data Hub is weighing the sale of a minority stake to tap into rising global demand for digital infrastructure, Bloomberg reported.
The closely-held firm has drawn interest from international private equity firms. It’s working with JPMorgan on the deal.
Addison Lee owner puts London Uber rival up for sale.
The owners of Addison Lee, the London-based minicab firm, have begun exploring a sale of the company they took control of four years ago, Sky News reported.
Sky News has learnt that Jefferies, the investment bank, has been hired by Addison Lee's majority shareholder, Cheyne Capital, to canvass interest in a takeover.
Abu Dhabi's Lunate weighs raising $5bn to hunt for deals.
Lunate, the year-old fund that's quickly become a formidable investing force in the Middle East, is considering raising about $5bn in financing that it could use for potential deals, Bloomberg reported.
Lunate is considering leaning on both international and regional banks for subscription financing. The debt would augment its existing $105bn in assets under management, and give the firm more dry powder to do deals without having to hit up its backers for more cash.
Mizuho hires ex-OTPP executive Karen Frank as senior adviser for EMEA business. (People)
Mizuho Financial Group is hiring former Ontario Teachers' Pension Plan executive Karen Frank as a senior adviser for its Europe, the Middle East and Africa business, Bloomberg reported.
Frank will help the Japanese bank develop their EMEA strategy after the acquisition of Greenhill and integrate the M&A advisory firm's resources in the region.
APAC
Ascendent Capital Partners has won China's consent for its proposed $1.66bn takeover of US-listed Hollysys Automation Technologies, potentially ending the more than three-year contest for the Chinese industrial company, Bloomberg reported.
The Hong Kong-based private equity firm has obtained all the approvals in China that are required to complete the merger.
Hollysys is advised by Deutsche Bank, Davis Polk & Wardwell, Haiwen & Partners, Mourant Ozannes, White & Case (led by Denise A. Cerasani), and Brunswick Group (led by Daniel Del Re). Ascendent is advised by Appleby, Morrison & Foerster, and Zhong Lun Law Firm. Recco Control Technology is advised by Conyers Dill & Pearman, FTI Consulting, and Okapi Partners (led by Bruce Goldfarb). Dazheng Group is advised by UBS, DLA Piper, and Sullivan & Cromwell.
MBK Partners, a private equity firm, agreed to acquire Alinamin Pharmaceutical, a pharmaceutical company, from Blackstone, an American alternative investment management company, for $2.1bn.
MBK Partners' acquisition of Alinamin represents the Korean equity firm's strategy to strengthen its health care business. It has recently taken over South Korea's leading dental implant firm Osstem Implant and 3D dental scanner maker Medit Corp.
Blackstone is advised by Morgan Stanley.
Metro Pacific, a Philippine-based unit investment holding company, and GIC, a Singapore sovereign wealth fund, agreed to acquire a 35% stake in Jasamarga Transjawa Tol, a network of 13 toll roads in the provinces of west, central and east Java, for $1bn.
"This deal fortifies MPTC’s goal to expand in South-east Asia and enhance our infrastructure portfolio," Rogelio L Singson, MPTC President and CEO.
Guggenheim Partners Investment Management, the global asset management and investment advisory division of Guggenheim Partners, agreed to acquire the US military housing business of Lendlease Group, a multinational construction and real estate company, for AUD480m ($320m).
"With AUD1.9bn ($1.3bn) of transactions already announced, including the sale of US Military Housing, we have made significant progress towards our target of recycling AUD2.8bn ($1.9bn) of capital in the next 12 months. As this transaction demonstrates, we continue to take a disciplined approach to capital recycling, achieving premiums to book value, as we balance speed of execution with achieving value for our securityholders," Tony Lombardo, Lendlease Group CEO.
Finnest, a private equity firm, completed the $145m investment in Kitchens@, a cloud kitchen startup.
Founded in 2018, Kitchens@ provides services like ready-made kitchen setup, as well as supply chain and hiring support to cloud kitchens. It works with multiple food brands including Domino’s, Subway, Taco Bell, Nando’s, ChicKing, and national chains such as ITC, Mainland China, and Barbeque Nation.
KKR, a global investment firm, and Teachers' Venture Growth, the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan, led a $140m Series E round in SmartHR, a cloud-native human resources management platform.
"As one of Japan's leading human resource Software as a Service (SaaS) platforms, SmartHR is playing a critical role in enabling the country's drive towards greater workforce productivity, while leaning into accelerating digitalization and cloud penetration. Through our technology growth strategy, we look to support innovative, disruptive local champions with our expertise, best practices and networks across KKR's global platform. SmartHR is an exceptional example of Japan's new economy, and we are delighted to work with the company's management, board and TVG in supporting SmartHR in the next phase of its growth," Mukul Chawla, KKR Partner and Head of Growth Equity, Asia Pacific.
Citadel, a hedge fund, agreed to acquire Energy Grid, a company that trades and sells power products. Financial terms were not disclosed.
The privately held Energy Grid provides power price risk management services to Japanese companies and the deal will give Citadel direct access to the Japanese power market.
Google, an American multinational technology company, agreed to acquire a minority stake in New Green Power, an international photo voltaic system engineering and procurement team, from BlackRock, an American global investment management corporation. Financial terms were not disclosed.
"As we witness growth in demand for digital services, powered by AI and data-centric technologies, it becomes imperative to invest in clean energy. The partnership is a testament to the shared commitment between Google and BlackRock to driving the transition to a low-carbon economy," David Giordano, BlackRock Global Head of Climate Infrastructure.
KKR, a global investment firm, agreed to invest in Baby Memorial Hospital, a regional multi-specialty hospital chain in India. Financial terms were not disclosed.
KKR's investment will support BMH's efforts to address the growing need for quality, accessible healthcare services in India by advancing its efforts to build a leading pan-India network of hospitals, including through both organic and inorganic growth strategies.
Temasek on deal hunt to boost returns for Singapore.
Temasek has been backing a wave of international dealmaking by some of its biggest companies as the Singaporean state-owned investment company faces pressure to boost returns from its SGD382bn ($282bn) portfolio, FT reported.
The global investor has been an influential “behind the scenes” supporter of major mergers and acquisitions by companies it has stakes in, including Singtel, ST Engineering, Singapore Airlines and Sembcorp Marine.
China's CICC eyes Southeast Asia expansion in bid to ease domestic woes.
China International Capital plans to expand its presence in Southeast Asia by opening offices in countries including Indonesia and Malaysia, as a slump in deals at home hurts its prospects, Reuters reported.
Founded in 1995, the Beijing-based investment bank currently has a presence in seven international financial centers outside of mainland China, including in Hong Kong, New York, London and Singapore.
Australia's First Super picks Stafford for $147m PE co-investment mandate.
Australian pension fund First Super has picked independent private markets investment and advisory firm Stafford Capital Partners for its AUD220m ($147m) Australian private equity co-investment programme, DealStreetAsia reported.
The development was confirmed by Stafford Capital Partners on its LinkedIn page, adding that the mandate came less than a week after it was awarded an AUD250m ($167m) global PE co-investment mandate with the $83bn superannuation fund HESTA.
India's Avaana targets to close climate and sustainability fund at $120m.
India's climate-focused venture capital firm, Avaana Capital, aims to close its climate and sustainability fund at $120m within the next three to six months, DealStreetAsia reported.
Avaana Capital is India’s first and largest early-stage climate-tech VC, investing in future market leaders who are leveraging technology-led innovation to build and scale solutions for climate and sustainability while delivering exponential returns.
ANZ, Blackstone launch new wealth management fund in Australia.
ANZ Group and Blackstone have jointly launched a new wealth management fund in Australia targeting the lender’s private clients. The new investment vehicle, named Graphene Alternative Fund, will be managed by Blackstone and will adopt an absolute return strategy, aiming to attract the nation’s richest families, DealStreetAsia reported.
An absolute return fund uses various investment strategies and asset classes to generate positive and steady returns, regardless of market conditions. The launch forms part of ANZ’s efforts to tap into the $3.5tn intergenerational wealth transfer projected to occur in Australia over the next two decades.
|
