EMEA
LEA Partners acquired German software developer IDL.
AMERICAS
Accel-KKR invested $105m in software developer Vistex.
CIP Capital-backed Cisive acquired PreCheck.
Pharos-backed Beacon Specialized Living Services acquired Owakihi.
Bill Thompson re-joined Pimco.
KKR's Things Remembered prepares bankruptcy filing.
Morgan Stanley’s AIP Private Markets raised $1.9bn for two funds.
Riverwood Capital raised $1bn for its third fund.
Portfolio Advisors raised $500m for third co-investment fund.
APAC
BP invested in PowerShare, a Chinese EV charging network .
CITIC Capital to raise $2bn for real estate fund.
Founders of Lorna Jane put the company on sale.
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Latest Deals
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EMEA
Ardian sold its 18% stake in Spie Batignolles, a French construction, infrastructure and services firm, back to management. Financial terms were not disclosed.
Alexis Lavaillote, Managing Director of Ardian Expansion, said: "We are pleased to have had the opportunity to work with Spie Batignolles over the last five years. We have supported many of the projects put forward by its management and its talented teams focusing on external growth, international development and ESG. We are proud of the path we have trodden together and wish the company all the best in the future.”
Deloitte, Latham & Watkins, King & Spalding and Arsene Taxand advised Ardian.
Gryphon Investors acquired RoC Skincare, the skincare business of Johnson & Johnson, an American multinational medical devices, pharmaceutical and consumer packaged goods manufacturing company. Financial terms were not disclosed.
Matt Farron, Principal at Gryphon, said: “As the first brand to stabilize Retinol, which is one of the top US dermatologist-recommended cosmetic ingredients for improving the appearance of aging skin, RoC continues to be one of the largest brands solely focused on anti-aging skincare products. By leveraging the brand’s French pharmacy heritage and track record of clinically proven innovation, we see numerous opportunities to expand RoC’s product offering to establish it as a brand with complete skincare solutions leading to increased market share.”
LSH Partners and Kirkland & Ellis advised Gryphon. Sawaya Capital and Covington & Burling advised Johnson & Johnson.
LEA Partners acquired German software developer IDL.
LEA Partners acquired a stake in IDL, a leading provider of corporate performance management software. Financial terms were not disclosed.
IDL will thus significantly accelerate the further development of its CPM Suite and further expand its market position beyond the German-speaking region. The IDL CPM Suite offers a powerful platform for sophisticated CPM- and BI solutions. Its scope includes consolidated financial statements, annual and quarterly reports, regulatory filings, e-Bilanz submissions, budgeting, forecasting, management reporting, analysis, dashboards, mobile BI as well as financial, operational and strategic planning.
Equistone-backed PIA Group acquired United Digital Group, a digital agency focused on the user experience. Financial terms were not disclosed.
Dr. Marc Arens, Partner at Equistone, said: “UDG is the perfect addition to PIA Group, as it contributes an important service to the company’s range of services in the growing digital-user-experience market in Germany. This will stand PIA in good stead when it comes to the company’s future tenders for major clients, as it is now able to offer a one-stop source for every subsector when it comes to the innovative and integrated digital acquisition and retention of clients.”
Aquiline-backed ClearCourse Partnership, a partnership with a mission to acquire innovative technology companies providing membership software and services to groups, organizations and businesses, acquired Clear Direct Debit, a market-leading provider of Direct Debit services focused on the membership and association markets. Financial terms were not disclosed.
“Clear Direct Debit’s mission is to provide clear, objective insight into the world of Bacs and Direct Debits for membership and association organizations,” said Gavin Lawrence, Managing Director of Clear Direct Debit. “We are thrilled to continue and build upon that mission with ClearCourse, which will provide us with greater resources and offerings to help our customers manage their Direct Debit systems.”
AMERICAS
Accel-KKR invested $105m in software developer Vistex.
Accel-KKR invested $105m in Vistex, a Chicago-based global software company, which serves businesses of all sizes around the world, enabling mission-critical processes that manage trade, channel and vendor programs, pricing, performance incentives and rights and royalties. Vistex complements its array of software offerings with implementation, business advisory and analytics services.
"This is the first equity capital raise in the history of the company. It is unprecedented for an enterprise software company to grow to a size and scale like Vistex without any external capital," said Sanjay Shah, who founded Vistex in early 1999 and has been the Chief Architect and CEO since its inception. "Together, Vistex and Accel-KKR will focus on the company's next stage of growth and accelerate progress towards achievement of its strategic objectives."
CIP Capital-backed Cisive acquired PreCheck.
CIP Capital-backed Cisive, a global provider of compliance-driven human capital management and risk management solutions, acquired PreCheck, the healthcare industry’s leading provider of background screening, compliance monitoring and credentialing solutions. Financial terms were not disclosed.
“The acquisition of PreCheck represents a great opportunity for Cisive to expand its expertise in the healthcare industry and enhances PreCheck’s ability to advance in the global healthcare market,” explained James Owens, Cisive’s President and CEO. “PreCheck is a perfect complement to Cisive as both companies cater to the needs of highly regulated industries and have a deep commitment to quality of service, regulatory compliance, and providing a high-touch customer experience. We are thrilled to bring together these two powerful entities where we can continue to excel and expand our leadership serving enterprise clients.”
Stifel Nicolaus and Bracewell advised PreCheck. Twin Brook Capital provided debt financing to Cisive.
Pharos-backed Beacon Specialized Living Services acquired Owakihi.
Pharos Capital-backed Beacon Specialized Living Services, a behavioral healthcare company, acquired Owakihi, a leading Minnesota provider of home and community-based support services to individuals with intellectual and developmental disabilities. Terms of the transaction were not disclosed.
Jim Phillips, Partner at Pharos Capital Group, said: "With this add-on Beacon is creating a multi-state, regional platform to address I/DD and severe mental health. The need for such residential services is acute and Beacon is well-positioned to work with private, county and state agencies and case managers to bring quality long-term solutions to this deserving population."
The Braff Group advised Owakihi.
One Equity-backed Simplura Health Group, a provider of high-quality residential care services for elderly and disabled populations, acquired Personal In-Home Services, which provides a wide range of personal assistance to the elderly in West Virginia. Financial terms were not disclosed.
“Simplura and Personal In-Home are both known for their exceptional caregiver professionals who enable their clients to experience a better quality of life,” said Greg Belinfanti, Senior Managing Director, OEP. “This acquisition is another successful strategic transaction that CEO David Middleton and his team have completed, now expanding Simplura’s geographic presence outside of New York, New Jersey, Florida, Pennsylvania and Massachusetts.”
Bill Thompson re-joined Pimco.
William Thompson will be re-joining Pacific Investment Management in an advisory capacity in the role of chairman emeritus. Thompson served as Pimco’s chief executive from 1993-2009. In his new role, Thompson will be a strategic adviser to Pimco Chief Executive Officer Emmanuel Roman, Group Chief Investment Officer Dan Ivascyn and members of the firm’s global leadership team. He will also support some key client relationships.
Thompson said in a statement: “While the challenges facing active investment managers have changed since I was last at Pimco, the firm’s unwavering commitment to clients, investment performance and employee excellence has remained core to its values.”
KKR's Things Remembered prepares bankruptcy filing.
Things Remembered, a US retailer that sells engraved gifts and keepsakes is preparing to file for bankruptcy protection in the coming days and shutter most of its roughly 400 stores. The company is also seeking buyers for some of its stores.
The closely-held retailer, which has roughly $120m of debt and faces a cash crunch, is owned by a consortium of investors including private-equity giant KKR, which was a lender alongside other financial firms that forgave debt in exchange for ownership of the struggling chain in 2016.
Morgan Stanley’s AIP Private Markets raised $1.9bn for two funds.
Morgan Stanley‘s AIP Private Markets raised $1.9bn for two funds, the inaugural Ashbridge Transformational Secondaries Fund I LP and Private Markets Fund VII LP, the team’s seventh flagship fund. The investors included private and public pensions, corporations, insurance companies, foundations, family offices and high-net-worth individuals around the world.
Ashbridge Transformational Secondaries Fund I seeks to invest in complex private equity secondary transactions providing the opportunity to acquire uniquely positioned assets with high quality, well aligned general partners. Private Markets Fund VII, like its predecessors, seeks to invest opportunistically in a range of primary funds and co-investments that are diversified by strategy, geography, industry and vintage year.
“We believe our differentiated approach to sourcing and structuring investments will enable us to buy great companies at attractive prices without utilizing substantial leverage. The investment opportunity in transformational secondaries is especially compelling as we believe it allows us to maintain this discipline and to identify the most promising investments in both robust and challenging market conditions” said Nash Waterman, Managing Director, Co-Head of Secondaries.
Riverwood Capital raised $1bn for its third fund.
Riverwood Capital raised more than $1bn for its third flagship fund, according to an SEC filing. The firm has secured capital commitments from at least 79 investors so far. Riverwood has not listed a fundraising goal for the vehicle, but the fund is close to the $1.25bn hard cap its predecessor closed on five years ago.
Riverwood typically invests between $25m and $125m in mid-market technology companies. The firm invests across a range of sectors including the IT & telecom infrastructure, hardware & semiconductors, consumer electronics, IT services & outsourcing, B2B software and consumer internet sectors.
Portfolio Advisors raised $500m for third co-investment fund.
Darien, Connecticut-based Portfolio Advisors closed its third co-investment fund at a hard cap of $500m. The fund’s limited partners included pension funds, insurance companies, foundations, endowments, family offices and high-net-worth individuals both in the US and abroad.
“Our limited partners recognize the benefits of co-investing, and we’re grateful for their support of PCIF III. We will continue to invest the fund prudently in an effort to deliver attractive, risk-adjusted returns,” said Managing Director of Portfolio Advisors Adam Clemens.
APAC
BP invested in PowerShare, a Chinese EV charging network.
BP’s venturing business, BP Ventures, invested in PowerShare, a leading integrated hardware and software solutions provider for electric vehicle charging in China. The investment is part of PowerShare’s Series A round, which was led by BP Ventures and draws support from DETONG Capital Partners, a leading private equity firm in China. Financial terms were not disclosed.
Lamar McKay, BP Deputy Chief Executive, said: “China is the world’s largest EV market and a key market for BP as we seek to expand our advanced mobility offer. Our investment into PowerShare, BP Ventures’ first direct investment in China, demonstrates our continued intent to provide charging solutions and advanced mobility offers to Chinese consumers both on and off our forecourts.”
Blue Planet Environmental Solutions is a regional waste management company headquartered in Singapore focusing on technology-driven end-to-end waste solutions. Financial terms were not disclosed.
OSKVI said Blue Planet has vertically integrated offerings across the waste management value chain and with the investment from OSKVI, it would continue to acquire innovative technologies to manage both organic and inorganic waste streams tailored to the region's specific requirements.
CITIC Capital to raise $2bn for real estate fund.
CITIC Capital, the flagship investment arm of Chinese financial conglomerate CITIC Group, is raising a new $2bn-plus fund to bolster its ability to do more deals. The new fund will actively look at making new investments in distressed assets in China, mainly in the real estate sector.
News about the fundraising comes at a time when Asia is flush with fresh capital. Since 2015 private equity firms have raised $445bn in new funds for the region, leading to a record of $336bn of so-called dry powder - money committed but not yet invested - at mid-December, according to data provider Preqin.
Founders of Lorna Jane put the company on sale.
Founders of Lorna Jane, a manufacturer and retailer of women's activewear, are looking for a buyer for the company. Several Chinese companies are rumored to be interested in taking a majority stake. L Catterton is also rumored to be preparing a bid.
Founded in 1989, Lorna Jane is currently owned by Sydney-based buyout firm CHAMP Ventures, along with its founders. CHAMP Ventures took up a 40% stake in the company back in 2010 for an undisclosed sum.
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