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AMERICAS
Tradeweb, a global operator of electronic marketplaces for rates, credit, equities and money markets, completed the acquisition of Institutional Cash Distributors, an institutional investment technology provider, from Parthenon Capital Partners, a private equity firm, for $785m.
“We are excited to complete the acquisition of ICD and launch corporates as a new client channel, offering a key new avenue for growth and building on our strong presence across our other core markets. Corporate treasurers represent an increasingly large and underserved opportunity within fixed income markets, and ICD’s differentiated technology offers the perfect gateway between corporates and global fixed income markets. The ICD team shares our commitment to continuous innovation and exceptional client service, and it is a pleasure to officially welcome them to Tradeweb," Billy Hult, Tradeweb CEO.
Institutional Cash Distributors was advised by BDO, Moelis & Co (led by Georgi Balinov and Raymond Wu), Raymond James, Cooley (led by Alfred Browne) and Kirkland & Ellis. Tradeweb was advised by JP Morgan, Morgan Stanley, Fried Frank Harris Shriver & Jacobson and Kekst CNC (led by Molly Morse).
Equity Residential, an owner and operator of high-quality rental apartment properties, agreed to acquire 11 apartment properties from Blackstone Real Estate, a company specialising in real estate investing, for $964m.
“We are pleased to add these high-quality, well-located properties to our growing portfolios in Atlanta, Dallas/Ft. Worth and Denver at pricing that is attractive compared to replacement costs. This transaction is a significant step in our goal of generating a higher percentage of our annual net operating income from these strong growth expansion markets. We appreciate partnering with Blackstone on this mutually beneficial transaction and look forward to continuing to grow the relationship," Alec Brackenridge, Equity Residential Executive Vice President and Chief Investment Officer.
Blackstone is advised by Eastdil Secured, RBC Capital Markets, Santander, Sumitomo Mitsui Banking Corp, and Simpson Thacher & Bartlett. Equity Residential is advised by Bryan Cave Leighton Paisner, Hogan Lovells and Neal Gerber & Eisenberg.
Apax Partners, a British private equity firm, agreed to acquire the remaining 38.81% stake in Thoughtworks, a global technology company, for $630m.
“We appreciate the Special Committee’s comprehensive evaluation of the Apax Funds’ offer and are confident that this transaction provides immediate and fair value to Thoughtworks minority stockholders. Apax has been a longstanding strategic partner for Thoughtworks. With their continued support, we plan to make the necessary long-term investments and advance our vision of being a stronger, strategic partner for our clients,” Mike Sutcliff, Thoughtworks CEO.
KKR, a global investment firm, agreed to acquire a 50% stake in FGS Global, a global strategic communications consultancy, from WPP, a British multinational advertising and public relations company, for $775m.
"The sale of FGS represents an excellent outcome for WPP. Together with the management of FGS we have built a world-leading strategic communications and advisory group, creating considerable value for all stakeholders. We have achieved an attractive price, enabling WPP to accelerate the crystallisation of the significant value created. This also provides WPP with greater financial and management flexibility as we continue to grow our core business including Burson and Ogilvy Public Relations which give our clients access to world-class public relations services,” Mark Read, WPP CEO.
Private equity firms SkyKnight Capital and Dragoneer Investment Group to acquire a majority stake in Simplicity Group, a financial products distribution firm, from Lee Equity Partners, a private equity firm. Financial terms were not disclosed.
"Simplicity is a best-in-class distributor of financial products that empower and enable American financial independence. We are excited to support the Simplicity partners as they continue to build a truly unique company that is delivering for consumers, retail agents and advisors, employees, and shareholder partners. Further, the investment in Simplicity is a continuation of our commitment to partnering with market-defining businesses with broad-based employee ownership. Finally, we are grateful for the opportunity to partner with Dragoneer for a third time in the Financial Services space," Matthew Ebbel, SkyKnight Capital Managing Partner.
Simplicity Group is advised by Waller Helms Advisors and Dentons Sirote. SkyKnight Capital is advised by Piper Sandler, Morrison & Foerster and Ropes & Gray. Dragoneer Investment is advised by FGS Global. Lee Equity is advised by Weil Gotshal and Manges.
Quantum Capital Group, a Houston, Texas-based private equity firm focused on the energy industry, agreed to acquire Cogentrix, an independent power producer, from The Carlyle Group, an American multinational private equity, alternative asset management and financial services corporation, for $3bn.
"We are at a critical juncture in the evolution of the domestic power market. Electricity demand is rapidly increasing thanks to explosive growth in data centers and AI, the reshoring of manufacturing, and the electrification-of-everything. This growth is occurring at the same time our grid is becoming more unstable with additions of intermittent renewable power and continued retirements of coal-fired generation. Now more than ever, we need reliable and efficient power infrastructure. This is what the Cogentrix assets provide," Wil VanLoh, Quantum Founder and CEO.
Veritas Capital, a private equity firm, agreed to acquire the digital banking business of NCR Voyix, a digital commerce solutions provider, for $2.55bn.
“We believe that Veritas, as a leading technology investor, is the ideal owner of our digital banking business, as they will continue to invest in market-leading products and solutions to meet the needs of our valued financial institution customers. This transaction allows us to drive value for our shareholders by strengthening our financial position and focusing on our core restaurant and retail customers,” David Wilkinson, NCR Voyix CEO.
Veritas Capital is advised by Evercore, Gibson Dunn & Crutcher and Prosek Partners. NCR Voyix is advised by Goldman Sachs and King & Spalding. Goldman Sach is advised by Sullivan & Cromwell (led by Stephen M. Kotran).
Aurora Capital Partners, a middle-market private equity firm, completed the acquisition of GenServe, an independent provider of backup power solutions for commercial, industrial and critical infrastructure applications. Financial terms were not disclosed.
"Aurora's track record and experience in the broader industrial and infrastructure services industry, commitment to partnering with management teams and expertise in implementing successful Buy & Build acquisition programs makes it the ideal growth capital partner for GenServe. We identified a significant opportunity to expand our business through M&A more than five years ago, and we are excited to partner with Aurora to continue executing that strategy while also maintaining a relentless focus on organic expansion, geographic growth and industry-leading customer service," Fred Smagorinsky, GenServe CEO.
GenServe was advised by KeyBanc Capital Markets and Lazard. Aurora was advised by Piper Sandler, Gibson Dunn & Crutcher, and ASC Advisors (led by Taylor Ingraham). Debt financing was provided by Ares Management.
Bernhard Capital Partners, a private equity firm, agreed to acquire New Mexico Gas Company, a utility company, from Emera, an international energy and services company, for $1.25bn.
"This transaction strengthens Emera's balance sheet, supports our ambitious capital plan and reinforces our strategic decision to optimize our portfolio and reallocate capital to our highest growth markets to drive long-term value for our shareholders. New Mexico Gas is a strong regulated utility with a customer-focused team. We're proud of the work we have done together over the past eight years to drive customer growth and enable more than $800m in strategic capital investments to expand and maintain a safe, reliable system that will serve New Mexicans for decades to come," Scott Balfour, Emera President and CEO.
Resolute, an investment firm under the leadership of David Cote and Tom Knott, agreed to acquire a majority stake in CompoSecure, a metal payment cards, security, and authentication solutions provider, from LLR Partners, a private equity firm, for $372m.
“I am very pleased to announce this strategic transaction that will simplify our corporate structure and continue to unlock shareholder value. I am also thrilled to have David Cote serve as executive chairman of the board of directors. David’s career and track record is unparalleled, setting the standard for how organizations can simultaneously drive both short and long-term performance to realize their full potential. We believe his experience steering global organizations, such as Honeywell and Vertiv, will be invaluable to CompoSecure as we enter a new phase of growth and value creation for shareholders, employees, and customers," Jon Wilk, CompoSecure CEO.
CompoSecure is advised by Houlihan Lokey and Potter Anderson & Corroon. Resolute is advised by Goldman Sachs and Paul Weiss Rifkind Wharton & Garrison. LLR Partners is advised by JP Morgan.
Meaningful Partners, a private equity investment firm, completed the acquisition of Fitness Ventures, a Crunch Fitness franchisee. Financial terms were not disclosed.
"We are extremely excited about our partnership with Meaningful Partners as we continue to execute on our de novo and M&A growth strategy. The Meaningful team's background and experience in rapid scaling of multi-unit locations nationally makes them an ideal partner for our next growth phase. Our team is energized and excited to get to work," Brian Hibbard, Fitness Ventures CEO.
Fitness Ventures was advised by Harris Williams & Co, MOK Capital Advisors and Latham & Watkins. Meaningful Partners was advised by Greenberg Traurig. Debt financing was provided by Ares Management.
The Jordan Company, a private equity firm, agreed to acquire a majority stake in USALCO, a water treatment solutions provider, from HIG Capital, a global alternative investment firm. Financial terms were not disclosed.
“HIG has been an exceptional partner to USALCO and instrumental in helping us transform USALCO into the market leader we are today. HIG supported significant investments across USALCO, which strengthened our ability to provide differentiated solutions and service levels to our customers. This management team is just getting started and couldn’t be more enthusiastic about our new partnership with TJC as we execute on our next phase of growth,” Kenneth Gayer, USALCO CEO.
USALCO is advised by Bank of America, Citigroup and King & Spalding. The Jordan Company is advised by Kirkland & Ellis. Debt financing is provided by Goldman Sachs.
BharCap Partners, a private equity firm, completed an investment in Electronic Merchant Systems, a merchant solutions and payments provider. Financial terms were not disclosed.
"This is a big moment for EMS and our incredible team, and we look forward to working with a great partner in BharCap. We are now well positioned to continue the transformation of EMS into a leading FinTech Platform. I am grateful for BharCap's belief in our vision and strategy. I am excited to work with the team and BharCap to continue to build our amazing organization," Afshin Yazdian, EMS Chairman and CEO.
Electronic Merchant Systems was advised by Financial Technology Partners, Sullivan & Cromwell (led by Stephen M. Kotran), UB Greensfelder and Reevemark (led by Delia Cannan and Pam Greene). BharCap Partners was advised by Simpson Thacher & Bartlett.
Bansk Group, a consumer-focused private investment firm, agreed to acquire PetIQ, a pet medication, health and wellness company, for $1.5bn.
“On behalf of PetIQ's Board of Directors, we are thrilled to announce the execution of a definitive agreement with Bansk Group at a substantial premium for PetIQ stockholders. After a comprehensive assessment of the offer with the assistance of our outside advisors, the Board has determined that this transaction represents an attractive outcome for PetIQ and our stockholders," Cord Christensen, PetIQ Founder, Chairman and CEO.
PetIQ is advised by Jefferies & Company and Cooley. Bansk Group is advised by Davis Polk & Wardwell and Joele Frank (led by Woomi Yun).
ITT, a manufacturer of highly engineered critical components and customized technology solutions, agreed to acquire kSARIA, a producer and supplier of mission-critical connectivity solutions, from Behrman Capital, a private equity investment firm, for $475m.
"Behrman Capital has been an excellent partner to the kSARIA team. Their vision for the company's growth strategy and approach to due diligence on acquisition candidates added a tremendous amount of strategic value that enabled us to offer an increasingly deep portfolio of highly customized connectivity solutions to our customers, who require the highest quality products to meet their mission-critical needs," Tony Christopher, kSARIA CEO.
kSARIA is advised by BMO Capital Markets, Guggenheim Partners and Goodwin Procter. ITT is advised by Kekst CNC (led by Ross Lovern).
Goldman Sachs completed a $440m investment in BrightNight, a renewable power company designed to provide utility and commercial and industrial customers with clean, dispatchable renewable power solutions.
“BrightNight was founded on a unique combination of strengths that capitalize on strong secular energy transition tailwinds. We have quickly established a large and differentiated portfolio in high-demand growth markets seeking decarbonizing renewable energy solutions to meet growing load and reliability needs. BrightNight’s best-in-class team, extensive project portfolio, and revolutionary AI-powered software platform, PowerAlpha®, position us to maximize value for our utility and corporate customers. We look forward to continuing this journey in partnership with Goldman Sachs," Martin Hermann, BrightNight Chairman and CEO.
BrightNight was advised by Bank of America and PJT Partners. Goldman Sachs was advised by Jefferies & Company and Weil Gotshal and Manges.
Blackstone agreed to acquire a majority stake in Westwood Professional Services, an engineering and design firm focused on renewables, power, real estate and public infrastructure end markets, from Endurance Partners, a private equity firm. Financial terms were not disclosed.
“We are excited about this new partnership with Blackstone as it positions the Company to continue expanding its capabilities in Westwood’s key end markets of renewable energy, power, land development, and public infrastructure, which are each poised to benefit from long-term growth tailwinds. We appreciate the support of Endurance Partners in helping scale Westwood into the business that it is today," Bryan Powell, Westwood CEO.
Westwood Professional Services is advised by Perella Weinberg Partners and Gibson Dunn & Crutcher. Blackstone is advised by Morgan Stanley and Kirkland & Ellis.
Vizient, a health provider consultant, completed the acquisition of the remaining stake in Kaufman Hall, a provider of management consulting solutions, from Madison Dearborn Partners, a private equity firm. Financial terms were not disclosed.
“By coming together, Vizient and Kaufman Hall will be able to help our clients achieve strategic, financial, clinical and operational excellence. Bringing together the deep expertise with spend management and industry-leading data and analytics will help clients navigate the future of healthcare," Byron Jobe, Vizient President and CEO.
Kaufman Hall was advised by Jefferies & Company. Vizient was advised by BMO Capital Markets and Greenberg Traurig. Madison Dearborn was advised by Kirkland & Ellis.
JP Morgan completed the acquisition of Bold Ocean, a maritime logistics operator, from NOVA Infrastructure, a middle market infrastructure investment firm. Financial terms were not disclosed.
“NOVA was a thoughtful and value-added partner to Bold Ocean as we scaled the business rapidly over the past three years. NOVA’s experience working with companies of our size and with our government-contracting focus was valuable as we undertook significant growth initiatives. Bold Ocean has a great foundation for the future and will continue to meet the needs of the US government with the highest service levels," Dion Nicely, Bold Ocean CEO.
NOVA Infrastructure was advised by Jefferies & Company, Holland & Knight, Jones Day and Sloane & Company.
Truelink Capital, a private equity firm, completed the acquisition of air distribution technologies business from Johnson Controls, a producer of fire, HVAC, and security equipment for buildings. Financial term were not disclosed.
"Truelink is committed to bolstering Air Distribution Technologies' position as an industry leader and continuing its heritage of success. We are excited to partner with Doug and his leadership team to make strategic investments that will drive growth and innovation. We strongly believe in the business, its employees and partners and are thrilled to collaborate to help the business reach its potential," Todd Golditch, Truelink Co-Founder and Managing Partner.
Hull Street Energy, a private equity firm, agreed to acquire four New York thermal power plants from J-Power USA, a power generation facilities developer. Financial terms were not disclosed.
The portfolio includes Edgewood Energy, Shoreham Energy, Pinelawn Power and Equus Power I. Located on Long Island, the portfolio provides 300 megawatts of critical power generation to support New York customers.
Hull Street Energy is advised by Troutman Pepper. J-Power USA is advised by CIBC World Markets, Merit Capital and Baker McKenzie.
Rand Logistics, a provider of bulk freight shipping, completed the acquisition of Andrie, a marine transporter of liquid bulk commodity goods, from Auxo Investment Partners, a private equity firm. Financial terms were not disclosed.
"As we continue to thoughtfully grow our platform and service offerings, we are pleased to partner with an industry leader in Andrie that brings together complementary cultures and capabilities, while expanding our presence in the Great Lakes region. Andrie's exceptional reputation with customers, dedication to employee safety and client service, and experienced management team makes them an ideal partner for Rand, and we look forward to working closely with Sven and the entire Andrie team to achieve greater success together," Rand Logistics, David Foster CEO.
Rand Logistics was advised by Ropes & Gray and Joele Frank.
Tees River, a hedge fund, led a funding round in Ionetix, a cyclotron technology innovator and isotope manufacturer for diagnostic and therapeutic applications, with participation from Eli Lilly and Company, a pharmaceutical company. Financial terms were not disclosed.
“Our experience with other critical resources enabled us to understand the significant supply constraints facing the growing radiotherapeutic space. We are pleased to further support Ionetix as they scale supply of cyclotron-produced alpha-emitters," Sean Benson, Tees River Founder and Chief Investment Officer.
Ionetix was advised by PJT Partners and Foster Swift Collins & Smith.
Wynnchurch Capital, a private equity firm, agreed to acquire ORS Nasco, a wholesaler of industrial MRO supplies, from One Equity Partners, a private equity firm. Financial terms were not disclosed.
“We are committed to providing our diverse customer base with access to industry leading brands and superior service and are excited to partner with Wynnchurch as we continue our next phase of growth. Wynnchurch understands the strong value proposition we provide, and we believe together we can continue to transform the industrial wholesale market,” Kevin Short, ORS Nasco CEO.
Wynnchurch is advised by Foley & Lardner.
Private equity firms Berkshire Partners and Leonard Green & Partners completed an investment in Linden Capital-backed Vital Care, a franchisor of infusion therapy pharmacies. Financial terms were not disclosed.
“We are thrilled to welcome our new partners at Berkshire and LGP. Along with our existing partners at Linden, we are excited to enhance our focus on patient care by elevating the resources and capabilities of franchisees across the country, helping them reinvest in their local markets and workforces while empowering franchisee expansion. Berkshire, LGP, and Linden fully support Vital Care’s mission of expanding access to high-quality infusion therapy and helping drive the best patient outcomes possible," Steve Foreman, Vital Care CEO and President.
Private equity firms Khosla Ventures and Inspired Capital completed the acquisition of a minority stake in Mainstay, a comprehensive market intelligence and transaction platform, from Opendoor, an e-commerce platform for residential real estate transactions. Financial terms were not disclosed.
"At Khosla Ventures, we invest early into companies that are bold and impactful like we did with Opendoor early on. We are excited to partner with the founding team at Mainstay, who we have known for years, to continue to build out their platform for owners, operators and residents," David Weiden, Khosla Ventures Managing Partner.
Opendoor was advised by Wachtell Lipton Rosen & Katz.
Wellington Management, an investment management company, led a $250m Series D round in Abnormal Security, an email security company that protects enterprises and organizations from targeted email attacks, with participation from Greylock Partners, Menlo Ventures, Insight Partners and CrowdStrike Falcon Fund.
"We are relentless in fulfilling our mission of protecting humans with AI, and we've earned the trust of our customers by providing the best product in human behavior security. This funding allows us to further invest in our human behavior AI platform to protect more people across their everyday applications, while enabling customers to accelerate their AI initiatives with autonomous AI solutions," Evan Reiser, Abnormal Security CEO and Co-Founder.
Teachers Venture Growth, the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan, led a $150m funding round in Bilt Rewards, a loyalty program for the home and neighborhood, with participation from Vanderbilt University Endowment and the University of Illinois Foundation.
"In January, we recognized Bilt's unique capture of loyalty in the previously untapped rental payments space. Today, Bilt is rapidly becoming the leading platform for driving neighborhood commerce. By connecting residents, property owners, and local businesses, we're creating a powerful ecosystem that benefits all parties involved," Ken Chenault, Bilt Chairman.
The RMR Group, an alternative asset management company, completed the acquisition of The Ridge at Lowry, a 240-unit garden-style apartment community, for $70m.
"We have strong conviction in the long-term trends favoring the US housing sector. We believe that our micro-market data analysis and high performing operating platform enable us to identify unique value add opportunities. Located in Denver's Lowry neighborhood and situated between the highly coveted downtown Denver and Cherry Creek/Centennial sub-markets, we believe ARIUM at Lowry will offer superior access to public amenities and an improved, tenant-centric living environment. With limited new supply within the surrounding two-mile radius, RMR plans to deliver attainable living options in Lowry and contribute to the community's growth and prosperity," Rob Lester, RMR Senior Vice President.
Blue Ridge Construction Capital, a building products focused private equity firm investing in family and founder owned businesses, completed the investment in Banko Overhead Doors, a company providing residential and commercial garage door products and services. Financial terms were not disclosed.
"Nick and Kim have built a unique culture anchored to its employees and customers, and we are thrilled to support Banko's industry-leading performance and values. Their dedication to quality and customer satisfaction aligns perfectly with our core values of integrity, transparency, and accountability," Casey Rentch, BRCC Managing Partner.
CD&R explores a $1.5bn sale of American Greetings.
Private equity firm Clayton Dubilier & Rice is exploring options including a sale of American Greetings that could value the 118-year-old greeting card maker at about $1.5bn, including debt.
CD&R, which acquired a majority stake in American Greetings in 2018, is working with Bank of America and Centerview Partners on the sale process, which is expected to attract interest from other private equity firms.
The Weiss family, who are descendants of founder Jacob Sapirstein, took the card maker private in 2013. CD&R owns a 60% stake in the company, with the Weiss family holding the rest, Reuters reported.
Saudi wealth fund PIF pumps another $1.5bn into EV maker Lucid.
Lucid Group said its largest shareholder, Saudi Arabia’s Public Investment Fund, will inject up to $1.5bn in cash, as the electric vehicle maker looks to ramp up production of a new SUV, DealStreetAsia reported.
The EV maker’s shares jumped about 6% in extended trading after closing down 3.9% in the regular session. The deal comes just ahead of Lucid‘s planned production of its much-awaited Gravity SUV later this year and keeps the EV maker sufficiently funded till the fourth quarter of 2025.
Carlyle changes Europe buyout leadership.
Carlyle Group is switching up the top ranks of its European buyout team. Carlyle communicated the decision to clients and staff in the past week and midway through raising its latest Europe buyout fund — signaling to investors that a reset is underway.
The alternative-asset manager told investors and staff that the group’s co-heads, Marco De Benedetti and Jonathan Zafrani, are ceding leadership roles. Michael Wand, who co-heads the European technology strategy, will assume more responsibilities managing the region’s buyout platform.
Wand was elevated in May to head of Europe private equity, a role overseeing both tech and buyout strategies in the region, and the new leadership changes bring the European buyout team even further under his purview, Bloomberg reported.
Patria Investments launches new LatAm-focused private credit platform.
Patria Investments, a global alternative asset manager active in private equity, infrastructure, credit, public equities, real estate and global private markets, has launched a new private credit strategy focused on Latin America.
The new private credit platform combines Patria’s expertise in alternative assets in Latin America and Moneda’s credit investment franchise experience structuring private credit transactions to offer creative and innovative financing solutions to corporates across the region.
Vista winds down hedge fund, citing dominance of private markets.
Vista Equity Partners has told investors it’s winding down its hedge fund amid a “structural shift” in markets toward private assets, Bloomberg reported.
The buyout firm is sunsetting Vista Public Strategies Fund and feeder funds Vista Public Strategies Onshore Fund and Vista Public Strategies Offshore, and returning capital to shareholders.
Stonepeak closes opportunities fund at $3.15bn.
Stonepeak, an alternative investment firm specialising in infrastructure and real assets, has held the final close of its Stonepeak Opportunities Fund at its revised hard cap of $3.15bn, after strong investor demand exceeded the original $2.5bn target.
The fund, which targets core-plus and value-add opportunities in the middle-market infrastructure sector, including control investments as well as structured capital solutions, with a focus on communications, transport and logistics, and energy and energy transition assets in North America and Europe, attracted commitments from a diverse group of global investors.
EMEA
SPE Capital, an independent investment management firm, completed the acquisition of OMOA Group, a full digital payment provider, from Adenia, a private equity firm. Financial terms were not disclosed.
“Embracing and supporting the digitalization of the African payment landscape has been key to protect and consolidate our leadership position. We now define ourselves as a Full Digital Payment Provider with a broad range of digital payment services and new, innovative, multifunction ATMs in collaboration with our historic partner NCR Atleos. Adenia’s support has been instrumental to deliver on our strategy and we strongly believe SPE will help us bring OMOA to new heights,” Bart Willems, OMOA CEO.
SPE was advised by Axa Climate, Ibis Consulting, Deloitte, FIME, KPMG, and DLA Piper. Adenia was advised by Deloitte, Edgar Dunn & Company, Lazard, Asafo & Co, CMS, and BackBay Communications (led by Stephen Fishleigh).
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, agreed to acquire the Therakos business of Mallinckrodt, a global specialty pharmaceutical company, for $925m.
"Today's announcement underscores our commitment to executing on our strategic priorities and creating value for our stakeholders. This transaction provides the Therakos business with an ideal partner to invest in its continued growth, and we look forward to closely working with CVC to transition Therakos for the benefit of patients, healthcare providers, partners and employees. I thank the Therakos team for their ongoing commitment and dedication to improving the lives of patients," Siggi Olafsson, Mallinckrodt President and CEO.
Mallinckrodt is advised by Lazard, A&O Shearman, Arthur Cox, Wachtell Lipton Rosen & Katz (led by Victor Goldfeld) and Joele Frank (led by Michael Freitag, Aaron Palash and Aura Reinhard). CVC Capital is advised by Candesic, PricewaterhouseCoopers, UBS and Freshfields Bruckhaus Deringer.
CVC, a private equity firm, completed the acquisition of medneo UK, a provider of diagnostic imaging services, from medneo Group, a medical company. Financial terms were not disclosed.
"We are delighted to have agreed to support the next stage of medneo UK’s growth journey. medneo UK has an excellent reputation for providing essential services within the UK healthcare system that improve patient outcomes," Willem Jansonius, CVC Partner.
CVC was advised by LEK Consulting, Marsh, KPMG and Travers Smith. medneo was advised by CIL Management Consultants, Alantra, BDO and Freeths.
UK's Hargreaves Lansdown on August 5, gave a consortium led by CVC Advisers and the Abu Dhabi Investment Authority until August 9 to make a firm offer for the British investment platform, Reuters reported.
The company, co-founded by Peter Hargreaves, is preparing to sign off on a $6.9bn takeover if the group of investors table a formal offer. The delay in the deadline reflects the ongoing complexity of the negotiations for this significant acquisition.
PPC Group, a clean energy company, agreed to acquire renewable energy portfolio in Romania from Macquarie, an investment banking and financial services group, for €700m ($766m).
"The acquisition further strengthens PPC Group’s growth strategy in Romania and Southeast Europe, with the addition of a significant renewables operating portfolio, including 600MW onshore wind, 22MW hydro, 6MW BESS, 1MW solar PV installed capacity, and about 145MW pipeline assets. Upon completion of the agreement, PPC’s RES portfolio in operation in Romania will double and total RES of PPC Group in operation will reach 5.3GW," PPC.
PPC is advised by Citigroup, Euroxx Securities and Clifford Chance. Macquarie is advised by Rothschild & Co.
Ambac Financial, an insurance holding company, completed the acquisition of a 60% stake in Beat Capital Partners, a private equity firm, for $282m.
"We are excited to complete this transaction, which materially scales our insurance distribution business and strengthens our position as a premier destination for MGAs. With its strong reputation, proven leadership team and the expertise of its MGA CEOs, Beat will be an important asset to our organization as we continue to execute our specialty P&C strategy and drive long-term growth and value creation for our shareholders," Claude LeBlanc, Ambac President and CEO.
Beat Capital was advised by Evercore and Reynolds Porter Chamberlain. Ambac was advised by UBS and Debevoise & Plimpton.
DWS, an asset management company, and OMERS, a pension fund company, agreed to acquire Grandi Stazioni Retail, a company that operates the long-term leasehold providing exclusive rights to the commercial leasing and advertising spaces, from Antin, a private equity firm, ICAMAP, a real estate fund manager, and Borletti, a private investment group. Financial terms were not disclosed.
“We thank Antin, ICAMAP and Borletti Group for their significant support over the past years, which enabled us to implement our growth strategy. We are delighted to continue our growth journey with DWS and OMERS, who recognise our potential and will continue to invest, grow and build GSR," Alberto Baldan, GSR CEO.
Antin is advised by Cassiopea Partners, Intesa SanPaolo and BonelliErede. DWS is advised by UBS.
Cerberus Capital Management, an American global alternative investment firm, completed the acquisition of VeloBank, a universal bank, from Bankowy Fundusz Gwarancyjny, the Polish bank guarantee fund, for PLN1.1bn ($277m).
"We are very excited to invest into VeloBank and support its participation in the dynamic Polish banking market. We are incredibly proud of the bank and its talented employees, especially their drive for digital innovation and customer-centric financial products. We believe that VeloBank is well positioned to build on its successes and become a leading bank for the Polish retail and business communities," Charles Dunlap, Cerberus Senior Managing Director.
Cerberus was advised by Linklaters (led by Joanna Gawlicka and Maciej Pietron). Bankowy Fundusz Gwarancyjny was advised by JP Morgan and Rymarz Zdort Maruta.
Kingswood Capital, a private equity firm, completed the acquisition of Kodak Alaris, a provider of information capture and intelligent document processing solutions, from the United Kingdom Pension Protection Fund, a government-sponsored fund. Financial terms were not disclosed.
"At Kingswood, our goal is to help companies reach their full potential by providing capital, bolstering its operations, and identifying avenues to achieve growth. We are excited to help continue Kodak Alaris' strong recent performance and momentum," Alex Wolf, Kingswood Managing Partner.
Kodak Alaris was advised by Lincoln International and Eversheds Sutherland. Kingswood was advised by Kirkland & Ellis.
Cinven, a private equity firm, agreed to acquire a majority stake in Vitamin Well, a protein bars and sport and health beverages producer. Financial terms were not disclosed.
“With Bridgepoint as a partner, we have strengthened our presence in our core market, the Nordic region, and expanded our international presence. We look forward to continuing our journey with both Bridgepoint and Cinven as we further expand our presence globally. With their continued support, we are confident in our ability to innovate, grow and develop, bringing our premium products to even more health-conscious consumers around the world," Jonas Pettersson, Vitamin Well CEO and Co-Founder.
DCB Sports, a US-based sports investment firm, agreed to acquire David Beckham-backed Guild Esports, an esports business firm. Financial terms were not disclosed.
“The board is looking to secure the long-term future of Guild Esports, both the PLC and the iconic Guild brand. Our deal with DCB Sports is an important step in that direction, as DCB Sports will allow Guild’s management to deliver on its strategic aims of building a world-class gaming-led media brand. Further announcements will be made in due course,” Jasmine Skee, Guild Esports CEO.
Constellation Cold Logistics, a European cold storage and logistics provider, agreed to acquire Agri-Norcold, a Danish cold storage industry company, from TA Logistic, a family-owned investment company, and Danish Crown, an internationally oriented Danish food company. Financial terms were not disclosed.
"The addition of Agri-Norcold to our network opens up strategic opportunities in Denmark and strengthens Constellation's leading position in the Nordics, where we already enjoy strong partnerships and growth opportunities with our customers in Norway and Sweden," Carlos Rodriguez, Constellation CEO.
Crédit Agricole, a financial services company, agreed to acquire a minority stake in Océinde Communications, an optical fibre provider from Intermediate Capital Group, a private equity firm. Financial terms were not disclosed.
"We sincerely thank ICG Infra for their support and the fruitful collaboration over the past five years. We are immensely proud of the exceptional service provided by Zeop and the dedicated men and women behind it, whose efforts have significantly impacted the community and economy of Réunion Island. We are delighted to welcome CAA as our new partner and look forward to the exciting growth opportunities ahead," Nassir Goulamaly, Océinde CEO.
Crédit Agricole is advised by Rothschild & Co.
Three Hills, an asset management firm based in London, completed the investment in Nexxus Capital-backed TwentyFour Seven, an Iberian audiovisual production services company. Financial terms were not disclosed.
The transaction will see Nexxus Capital exit its investment in TwentyFour Seven.
Nexxus Capital was advised by AZ Capital.
L’Oréal, a French multinational personal care company, agreed to acquire a 10% of stake in Galderma, a Swiss pharmaceutical company specializing in dermatological treatments and skin care products, from EQT, a Swedish global investment organization, and Abu Dhabi Investment Authority, a sovereign wealth fund owned by the Emirate of Abu Dhabi in the United Arab Emirates. Financial terms were not disclosed.
“This transaction is part of our strategy to continue supporting Galderma on its outstanding growth journey in the attractive dermatology market. We remain committed to Galderma and will continue managing our investment in the best interest of all its shareholders. Selling a minority stake to a reputable strategic partner such as L’Oréal, the global leader in Beauty, is a direct reflection of our commitment,” Michael Bauer, EQT Partner and Co-Head of Global Healthcare Sector.
Neuberger Berman nears deal for Nord Anglia Education at $15bn valuation.
Neuberger Berman is nearing an agreement to buy a minority stake in Nord Anglia Education, in a deal that values the international-school operator at $15bn, including debt.
Neuberger is in talks to buy the position from Nord Anglia’s existing shareholders including EQT Group, a big European buyout firm - which will retain control of the business - and CPPIB. The deal, if completed, could be announced in the coming weeks.
The Neuberger deal allows EQT and other Nord Anglia investors to realize a portion of their investment while betting on the business’s growth by retaining control. This type of deal structure is often used by buyout firms for their most favored investments, WSJ reported.
Allianz plans to expand 2024 buyback to as much as €1.5bn.
Allianz, the German insurer that owns bond giant Pacific Investment Management, decided to expand this year's share buybacks as Chief Executive Officer Oliver Baete returns more excess cash to investors, Bloomberg reported.
The Munich-based company will repurchase an additional volume of as much as €500m ($546m) in shares, after already completing a buyback of €1bn ($1.09bn) in July. The new repurchases will run through December 31.
Glencore abandons plan to exit coal after investors say no.
Glencore has abandoned plans to spin off its coal unit just nine months after saying it would exit the profitable but polluting business, following discussions with its shareholders who pushed back against the move, Bloomberg reported.
Glencore’s announcement last year that it would split itself in two by hiving off coal marked a major strategic pivot for the company, as well as a watershed moment for the wider mining industry as the biggest shipper of coal — and one of its biggest champions — prepared to follow its rivals in exiting.
APAC
KKR, a global investment firm, offered to acquire FUJI SOFT, an independent IT solution vendor in Japan, in a $4bn deal.
“As Japan's IT services industry enters a transformative period of digitalization marked by the expanded use of cloud, IoT, and generative AI, we are pleased to have the opportunity to invest in a market leader in FUJI SOFT. We look forward to leveraging KKR’s global platform and industry expertise in the IT services sector to accelerate FUJI SOFT’s long-term growth and to unlock greater value for Japanese businesses and their customers,” Hiro Hirano, KKR Asia Pacific Deputy Executive Chairman and KKR Japan CEO.
SoftBank unveils $3.4bn buyback after pressure from investors.
Japanese technology investor SoftBank Group said on August 7 it plans to buy back a hefty $3.4bn of its shares, answering in part calls from Elliott Management and other shareholders to bolster its stock price, Reuters reported.
Masayoshi Son's tech behemoth has been under renewed pressure to purchase shares given that its market capitalisation is far less than the value of its portfolio assets. The pressure comes at a time when SoftBank has been seeking to take a bigger role in artificial intelligence - albeit with a much cautious investment stance than in the past after a period of rebuilding its finances.
PE firm Quadria plans to invest $1bn in Indian health care.
Quadria Capital Investment Management plans to deploy as much as $1bn in India over the next two-and-a-half years as the Asia-focused private equity firm seeks minority stakes in health-care companies, potentially doubling its existing investment in the country, Bloomberg reported.
“We will evolve into more buyouts eventually, but currently we like backing entrepreneurs and working closely with them to help grow the companies,” Sunil Thakur, Quadria Capital Partner.
Tencent joins $300m financing for China’s AI unicorn.
Tencent has contributed to a $300m round Chinese generative AI startup Moonshot just closed, emulating its arch-rival Alibaba Group in fostering several hopefuls in the highly contested sector, Bloomberg reported.
The fundraising propelled Moonshot’s valuation to $3.3bn and attracted other investors including Gaorong Capital and existing backer Alibaba. The Information earlier reported that Moonshot was seeking investments at a pre-money valuation of $3bn and had held talks with Tencent.
Philippine fintech GCash still eyeing IPO after MUFG investment.
The Philippines’ top mobile payments provider GCash is still keen on going public after its latest investment round pushed the fintech company’s valuation to $5bn, Bloomberg reported.
“We recognize that the new round of investments further strengthens Mynt’s ability and position coming into an IPO,” Martha Sazon, Globe Fintech Innovations CEO.
Macquarie nears final close of $730m Korean infrastructure fund.
Macquarie Asset Management is set to close its latest South Korea-focused private equity infrastructure fund at over KRW1tn ($730m) around the third quarter of this year, DealStreetAsia reported.
The fund, part of the Macquarie Korea Opportunities Fund series, aims to continue the same investment mandate as its predecessors, focusing on infrastructure projects in South Korea. The vehicle reportedly achieved its first close at KRW200bn ($147m) in July last year.
9Basil Group hits final close of second private equity fund. (FS)
9Basil Group, a value-focused alternative investment firm, has completed the final close of its second private equity fund, DealStreetAsia reported.
Financial details of the corpus raised for the second fund remain undisclosed. After distributing over $35m this year, the firm’s assets under management have grown to over $300m. Investors include high net-worth individuals, family offices, and institutional investors from Asia-Pacific and Europe.
India's Pantomath bags $119m commitments for Fund II to back pre-IPO firms.
India Inflection Opportunity Trust, managed by Pantomath Capital Management, said it has raised INR10bn ($119m) for its second fund Bharat Value Fund of INR20bn ($238m) to back pre-IPO companies in India, DealStreetAsia reported.
The firm said that the INR20bn ($238m) includes a greenshoe option of INR10bn ($119m) and received commitments of INR1bn ($12m) so far. BVF aims to capitalise on pre-IPO investment opportunities in Indian growth-stage enterprises.
BlackRock names Asia Pacific COO. (People)
BlackRock, the world's largest asset manager, has appointed Tomoko Ueda as its new chief operating officer for Asia Pacific, effective September 3, DealStreetAsia reported.
Ueda joined BlackRock in 2022 as Asia Pacific head of corporate strategy & development. Now she will relocate to Hong Kong from Tokyo and oversee all business operations in the region and lead the finance, corporate strategy & development teams.
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