Zendesk's investor Light Street Capital Management said on Monday it would vote against the software company's $10.2bn deal to go private and instead proposed that Zendesk remain a standalone public company and find a new CEO.
Light Street, which manages funds that own more than 2% shares of Zendesk, said the deal struck with investment firms led by Hellman & Friedman and Permira undervalues the San Francisco-based company.
Zendesk is advised by Goldman Sachs, Qatalyst Partners, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. Financial advisors are advised by Morrison & Foerster and Sullivan & Cromwell. The bidders are advised by Morgan Stanley, Dechert, Fried Frank Harris Shriver & Jacobson, Kirkland & Ellis, Simpson Thacher & Bartlett, Finsbury Glover Hering and Sard Verbinnen & Co. Debt providers are advised by Latham & Watkins.
GIC-backed Workspace Property Trust, a commercial real estate agency, completed the acquisition of 53 Class A suburban office buildings from Griffin Realty Trust, a REIT company, for $1.1bn.
“We are thrilled to expand our footprint and double-down on the suburban office segment with the acquisition of this well-maintained portfolio of predominantly blue-chip, single tenant, net lease buildings in high growth suburban markets all across the US,” Thomas Rizk, Workspace Chairman & CEO.
Workspace was advised by McCausland Keen + Buckman, Seyfarth Shaw and ThroughCo Communications. Debt financing was provided by BMO Capital Markets, JP Morgan and Newmark Group. Griffin Realty Trust was advised by Bank of America, Eastdil Secured, Goldman Sachs, DLA Piper, Hogan Lovells, King & Spalding, O'Melveny & Myers and Joele Frank.
Bregal Sagemount-backed Corcentric, a provider of payments, accounts payable, and accounts receivable technology, and North Mountain Merger, a SPAC, terminated a $1.2bn merger. PIPE investors included Wellington Management and Millais.
"Corcentric is a leading B2B commerce platform focused on transforming how businesses purchase, pay, and get paid, with a proven track record of growth and strong momentum. We are disappointed that market conditions resulted in the termination of our proposed merger. Corcentric is a unique company with a strong management team, and we wish them continued success," Chuck Bernicker, North Mountain CEO.
Westrock Coffee, an operator of a private label coffee company, went public via a SPAC merger with Riverview Acquisition in a $1.09bn deal. R. Brad Martin, NFC Investments, HF Capital and Southeastern Asset Management also participate in the deal.
"The announcement today to go public via this transaction with Riverview represents a truly important milestone in Westrock Coffee's journey. We started Westrock Coffee when we saw the need for coffee farmers in Rwanda to earn a living wage and realized that a new business model for the industry could enable this outcome while being self-sustaining and un- reliant on the vagaries of charity or consumer price premiums. Our mission to positively impact the coffee, tea, flavors, extracts, and ingredients market from crop to cup has proven to be both enormously successful and gratifying," Scott Ford, Westrock Coffee CEO and Co-Founder.
Westrock Coffee was advised by Benchmark Company, Stifel, Telsey Advisory Group, Wells Fargo Securities, Wachtell Lipton Rosen & Katz and ICR. Riverview Acquisition was advised by Cantor Fitzgerald, Stephens and King & Spalding.
Revelstoke Capital Partners, a Denver-based private equity firm, completed the acquisition of Monte Nido & Affiliates, an eating disorder treatment provider serving patients across the full continuum of care, from Levine Leichtman Capital Partners, a Los Angeles-based private equity firm. Financial terms were not disclosed.
"We are excited to partner with Monte Nido, a high-impact organization that treats individuals suffering from eating disorders. The increase in demand for eating disorder services continues to accelerate along with our nation's overall mental healthcare needs. By providing the necessary capital, resources, and expertise, Revelstoke will help accelerate the Company's mission of providing high-quality eating disorder treatments to communities across the nation," Andrew Welch, Revelstoke Partner.
Monte Nido & Affiliates was advised by Harris Williams & Co, Kirkland & Ellis and Polsinelli PC. Revelstoke was advised by Raymond James, McDermott Will & Emery and Lambert & Co. LLCP was advised by Gasthalter & Co.
Centennial Resource Development, an independent oil and natural gas company focused on the development of oil and associated liquids-rich natural gas reserves in the Permian Basin, completed the merger with Colgate Energy, a privately held, independent oil and natural gas company, in a $5.3bn deal.
"This transformative combination significantly increases scale and drives accretion across all our key financial and operating metrics. Colgate's complementary, high-margin assets are a natural fit for Centennial, creating the largest pure-play E&P company in the Delaware Basin. Importantly, the combined company is expected to provide shareholders with an accelerated capital return program through a fixed dividend coupled with a share repurchase plan. We are excited to partner with Colgate as we share a common vision for the pro forma company that includes a strong balance sheet, a disciplined investment program to drive cash flow and a robust return-of-capital program," Sean Smith, Centennial CEO.
Colgate Energy was advised by Credit Suisse, Jefferies & Company and Kirkland & Ellis. Centennial was advised by Citigroup and Latham & Watkins. Citigroup was advised by White & Case.
Turn/River Capital, a technology investment fund, completed the acquisition of Tufin, a security policy management company, for $580m.
“Tufin remains committed in its mission to help the world’s largest organizations increase security and agility while reducing cost and risk across complex network and cloud environments. Working with Turn/River, we look to expand our leadership in policy-based automation by centralizing security policy management and scaling to the needs of the largest enterprises," Ruvi Kitov, Tufin CEO and Co-Founder.
Tufin was advised by JP Morgan, Meitar Law Offices and White & Case. JP Morgan was advised by Latham & Watkins. Turn/River Capital was advised by Kirkland & Ellis and Bulleit Group.
Roper Technologies, a diversified technology company, agreed to acquire Frontline Education, a developer of cloud-based educational software, from Thoma Bravo, a private equity firm, for $3.7bn.
"We are deeply appreciative of Thoma Bravo's partnership over the last five years and the countless contributions from our dedicated team members, which have allowed us to deliver an expanded portfolio of mission-critical solutions for our clients. Roper's acquisition of Frontline Education represents the next phase of our journey, as we stay true to our culture and mission of partnering with K-12 schools in their pursuit of excellence," Mark Gruzin, Frontline Education CEO.
Frontline Education is advised by Cooley. Frontline Education and Thoma Bravo is advised by JP Morgan, Jefferies & Company, Macquarie Group and Kirkland & Ellis.
Genstar Capital, a private equity firm, completed the acquisition of Numerix, a capital markets risk management technology provider. Financial terms were not disclosed.
"We are excited to begin the next phase of our future growth with our new partners at Genstar Capital. For over 20 years, we have worked tirelessly to provide the most sophisticated analytic and technology solutions available to capital market participants across the globe. We've always had a clear vision for the organization. Together with Genstar and their long track record in the financial services and software industries, we look forward to expanding our footprint across the entire value chain in the front-to-risk market providing even greater value to our customers," Steven O'Hanlon, Numerix CEO and President.
Genstar Capital was advised by RBC Capital Markets, Willkie Farr & Gallagher and Chris Tofalli Public Relations. Numerix was advised by Jefferies & Company and Davis Polk & Wardwell.
Avance Investment, a private equity firm, completed the acquisition of a minority stake in RIA Advisory, a provider of revenue management solutions. Financial terms were not disclosed.
"Avance's investment in RIA is a testament to the best-in-class revenue management advisory services and products our team of industry pioneers has built over the last five years. Having known the Avance team for many years, we are confident their operational expertise, technology investing expertise and successful track record of investing in founder-led businesses make them the right partner for RIA as we enter our next phase of growth," Saket Pabby, Avance CEO and Founder.
Avance was advised by Guggenheim Partners, Greenberg Traurig and Joele Frank. RIA Advisory was advised by Canaccord Genuity and Jones Day.
Brightstar Capital Partners, a private equity firm, completed the acquisition of WindsorONE, a manufacturer of trim boards, molding, shiplap and other fabricated wood products. Financial terms are not disclosed.
"We are impressed by WindsorONE's culture of safety and quality, dedicated employee base, and reputation in the millwork industry for manufacturing finely crafted products. Brightstar loves to partner with family-owned, well-managed companies like WindsorONE. We look forward to working with CEO Craig Flynn and his team to strengthen the Company's market position and execute on numerous growth opportunities," Roger Bulloch, Brightstar Partner.
WindsorONE was advised by Wells Fargo Securities and Jeffer Mangels Butler & Mitchell. Brightstar was advised by Nomura, Kirkland & Ellis and Dukas Linden Public Relations.
Kelso & Company, a private equity investment firm, agreed to acquire a stake in WilliamsMarston, an accounting advisory and management consulting firm, from Align Capital Partners, a growth-oriented private equity firm. Financial terms were not disclosed.
“Together with WM leadership, we significantly exceeded our investment objectives. The WM team has been an outstanding partner for ACP and our investors, and we are incredibly appreciative of their efforts and accomplishments over the past two years. The Firm has achieved remarkable growth while maintaining its steadfast commitment to its brand, clients and people. All of us at ACP are excited to watch WM’s continued growth and success," Chris Jones, Align Capital Managing Partner.
WilliamsMarston is advised by BellMark Partners, Houlihan Lokey, William Blair & Co and Kirkland & Ellis. Kelso is advised by Jefferies & Company.
SMART Global Holdings, a designer and manufacturer of electronic products, completed the acquisition of Stratus Technologies, a provider of simplified, protected, and autonomous computing solutions, from Siris Capital, a private equity firm, for $275m.
"This transaction builds upon our successful track record of M&A at SGH. The high-availability and fault-tolerant capabilities of Stratus will expand our IPS offerings in Edge, Core, and Cloud, and will enable us to more comprehensively address our combined customers' needs. We look forward to welcoming the Stratus team to SGH," Mark Adams, SGH CEO.
SMART Global was advised by Moelis & Co and Latham & Watkins. Siris Capital was advised by Sidley Austin and Abernathy MacGregor Group.
Randy Hetrick, TRX founder and former CEO, and JFXD Capital, a US-based private investment firm based in Delray Beach, Florida, agreed to acquire TRX, a global fitness brand. Financial terms were not disclosed.
"It's gratifying to be back at the helm of TRX at a time when the world is emerging from Covid and the Company needs inspired, innovative leadership," Randy Hetrick.
TRX is advised by Kroll and Levene Neale Bender Yoo & Golubchik. JFXD Capital is advised by KPMG and Fried Frank Harris Shriver & Jacobson.
VH Global Sustainable, an infrastructure opportunistic fund, agreed to acquire Mascarenhas Hydro Electric Facility, a 198MW hydro power provider in Brazil, from EDP Energias do Brasil, a firm engaged in the generation, distribution and sale of electric energy, for $242m.
"The acquisition of Mascarenhas marks our first investment in hydro power and provides us with a highly reliable source of power generation backed by long term secure PPAs. The preconditions to enabling more penetration of wind and solar power capacity in the Brazilian energy mix are well established and strongly underpinned by government policies and the significant contribution of hydro power. Hydro power generation is one of the oldest and most proven power generation sources, complementing more intermittent renewable sources such as wind and solar and ultimately facilitates the presence of such energy sources in the energy mix," Eduardo Monteiro, Victory Hill Co-CIO.
VH Global is advised by Alvarium, Numis Securities, G10 Capital and Edelman.
KLH Capital, a private equity firm, completed the acquisition of Thorpe Specialty Services, a maintenance and engineering services and solutions provider in petrochemical and other industrial markets, from Capstreet, a Houston-based lower middle market private equity firm. Financial terms were not disclosed.
"We are very excited to partner with James Darnell and the KLH team to springboard Thorpe into the future. Thorpe and KLH share a passion for the privileged role we both play as Trusted Partners; Thorpe as a maintenance planning and solutions expert who our key clients expect to sit at the planning table; and KLH as not only a financial resource, but as experienced business owners and leaders who add value to developing the future of companies in which they invest," Chad Fletcher, Thorpe CEO.
Capstreet was advised by GulfStar Group, Willkie Farr & Gallagher and Lambert & Co.
Equifax, an American multinational consumer credit agency, completed the acquisition of Midigator, a developer of an automated software platform, from LLR Partners, a private equity firm. Financial terms were not disclosed.
"Equifax is poised to broaden our digital identity footprint in a fast growing space. The acquisition of Midigator will harness the power of the Equifax Cloud and expand on the strength of our rapidly growing Kount business to bring global businesses the information and solutions they need to better manage fraud across the complete customer lifecycle. We are energized to welcome the Midigator team to Equifax and will continue to reinvest in strategic bolt-on acquisitions to further expand our capabilities well beyond a traditional credit bureau and drive growth in the future," Mark W. Begor, Equifax CEO.
Midigator was advised by Raymond James and Goodwin Procter. Equifax was advised by King & Spalding.
Delta-v Capital, a provider of liquidity solutions and growth equity to private technology companies and their shareholders, led a $125m Series C round in Landing, the company behind the first membership for flexible apartment living, with participation from Greycroft and Foundry.
"Flexible living is the future, and with Landing, we’re making the lifestyle more accessible and alluring than ever before. With new funding and the continued support of our capital partners, we’re in an excellent position to continue redefining the future of living, one city at a time," Bill Smith, Landing Founder and CEO.
SoftBank Latin America Fund, an investment firm, completed a $75m investment in Grupo Bursatil Mexicano, a Mexico-based company engaged in the financial sector.
“For the past 35 years, GBM has been a leader in the investment world. Today, thanks to our investments in technology, we can provide our services to anyone in Mexico through GBM +. In addition, we will continue to invest in offering the best products and services on the market to institutional and corporate clients, as well as creating the best base of external advisers in the country. SoftBank is investing in the companies that are transforming the world and GBM is no exception. We are pleased to partner with them as we advance our mission to democratize investment in Mexico," Pedro de Garay Montero, GBM Co-CEO.
SoftBank was advised by Morrison & Foerster. GBM was advised by Covington & Burling.
Palistar Capital-backed Harmoni Towers, a provider of telecommunication services, agreed to acquire Parallel Infrastructure, an operator of a telecommunications platform intended to provide critical telecommunications infrastructure, from Apollo Global, a private equity firm. Financial terms were not disclosed.
"This transaction is a major milestone in Harmoni's continued growth and evolution. It enables us to even better serve our carrier customers with an enhanced and fully scaled base of installed towers across the country, as well as provide one of the largest and most robust tower building platforms in the United States. Parallel is a world-class organization and we could not be more excited about this acquisition," Lawrence Gleason, Harmoni Towers CEO.
Harmoni Towers is advised by Kirkland & Ellis and ASC Advisors. Parallel Infrastructure is advised by Weil Gotshal and Manges.
Blue Point Capital Partners, a private equity firm, agreed to acquire a majority stake in Water Lilies, a producer of frozen Asian appetizers and entrees intended to deliver quality food products to its customers Financial terms were not disclosed.
"When evaluating partners to support Water Lilies in our next phase of growth, Blue Point's extensive value-add resources, experience in the food and beverage space and sensitivity to maintaining our strong culture made them a clear choice," Peter Lee, Water Lilies CEO.
Blue Point is advised by Stout Capital, BakerHostetler and MiddleM Creative.
Kain Capital, a growth-focused private equity fund, completed the investment in MY DR NOW, a healthcare company. Financial terms were not disclosed.
“Partnering with Kain Capital is critical to our strategic multi-year effort to expand our footprint in Arizona and across the country. MY DR NOW’s unique and proven omni-channel model allows for convenience which is more conducive to consumer lifestyle expectations, while driving improved outcomes at a lower cost. We were very careful in selecting a partner that understood the MY DR NOW vision while providing access to resources which allows our clinicians and executive team to focus on providing high quality care,” Payam Zamani, MY DR NOW CEO.
Kain Capital was advised by Orrick Herrington & Sutcliffe. MY DR NOW was advised by McGuireWoods.
HCI Equity Partners-backed Tech24, a provider of repair and maintenance services, completed the acquisition of AmeriCold and Arrowhead Commercial Equipment, two foodservice repair and maintenance firms. Financial terms were not disclosed.
"We are excited to welcome both Americold and Arrowhead to the Tech24 organization. AmeriCold brings valuable scale and cold-side service exposure to the large New York market. Arrowhead helps us improve density and diversification in the fast-growing Phoenix market. Both companies come with a long history of strong performance, with accomplished leaders who are excited to develop future growth opportunities for their respective businesses," Dan Rodstrom, Tech24 CEO.
Tech24 was advised by Quarles & Brady and Lambert & Co.
Bain Capital Life Sciences, a private equity firm, led a $100m Series C funding round in JenaValve, a clinical-stage medical device company, with participation from Andera Partners, Valiance Advisors, Gimv, Cormorant Asset Managers, Pictet Alternative Advisors, Qatar Investment Authority and Innovatus Capital Partners.
“JenaValve is committed to becoming the first and only FDA-approved transfemoral transcatheter valve system indicated for symptomatic, severe aortic regurgitation, addressing an estimated multi-billion-dollar US market opportunity. This financing provides sufficient capital for us to conclude our ALIGN-AR clinical trial and prepare for a commercial launch in the US,” John Kilcoyne, JenaValve CEO.
Bernhard Capital, an operationally focused private equity firm investing in middle-market businesses, completed the acquisition of BEM Systems, a premier consulting, engineering, and information management firm. Financial terms were not disclosed.
"There is a compelling opportunity within the environmental solutions space for a diversified, one-stop provider that can deliver sophisticated and tailored services to businesses and government agencies across the country. By partnering with best-in-class management teams and market-leading businesses, Environmental Systems Group will create unique opportunities for each brand to capitalize on the collective resources and capabilities across the platform, while driving long-term, collective growth," Chris Dillon, Bernhard Capital Managing Director.
Accel, a private equity company, led a $238m Series E funding round in SeatGeek, a mobile-focused ticket platform, with participation from Wellington Management, Ryan Smith and Arctos Sports Partners.
“As a tech company purpose-built to reinvent the live entertainment experience, this new capital enables us to deepen our support for our customers because what we all want, and deserve, is to shake up this antiquated industry for the better. The pandemic has fundamentally reshaped the way people think about how they want to spend quality time outside of their homes, and we’re proud to have SeatGeek continue to play an important part in ensuring their live event experiences are memorable and life-changing,” Jack Groetzinger, SeatGeek CEO.
Venture capital firms, Buckley Ventures, Standard Crypto, and Paradigm Ventures led a $200m investment in Limit Break, a firm operating in the gaming industry, with participation from FTX, Coinbase Ventures, Anthos Capital, SV Angel, and Shervin Pishevar.
"We have the perfect partners, perfect investors, and perfect team in place to bring the gaming industry into a new era," Gabriel Leydon, Limit Break Co-Founder.
Thoma Bravo, a software investment firm, led a $130m round in Alma, a network that helps independent mental health care providers accept insurance, with participation from Cigna Ventures, Insight Partners, Optum Ventures, Tusk Venture Partners, Primary Venture Partners, and Sound Ventures.
"By centering therapists at the forefront, Alma is creating a sustainable business model that helps providers accept insurance, grow their private practice, and reach more people seeking care. Over the past year, we scaled our services to offer in-network mental health care in all 50 US states, helping people find much-needed care during their greatest moments of need," Harry Ritter, Alma Founder and CEO.
The Riverside Company, a global private investor focused on the smaller end of the middle market, completed the investment in Meridian Flavors, a manufacturer of sweet flavors for bakery, cereal, beverage and other product categories. Financial terms were not disclosed.
"Meridian is a great addition to the FlavorSum platform. The company’s strength in organic and natural flavors is on-strategy with consumer demand for better-for-you products. Additionally, the acquisition furthers FlavorSum’s commitment to being a solutions-focused flavor provider with a comprehensive portfolio of flavor and application technologies," Loren Schlachet, Riverside Managing Partner.
S&P Global, a provider of credit ratings, benchmarks and analytics, agreed to acquire the remaining 50% stake in Private Market Connect, a data solutions provider in private markets, from Hamilton Lane, an alternative investment management firm. Financial terms were not disclosed.
"As a critical solutions provider to private market customers, we are committed to expanding our efforts to serve this market even better. This is an exciting milestone as our combined technology and expertise will further enable our clients to collect, validate, and share portfolio and fund-level data with their critical stakeholders. We look forward to welcoming our new colleagues from PMC and together enhancing our position in the market," Andrew Eisen, S&P Global Market Intelligence Head of Software Solutions.
KSL Capital Partners-backed Baillie Lodges, a growing portfolio of luxury lodges renowned for setting benchmarks in premium experiential travel, completed the acquisition of Tierra Hotels, a luxury hotels in Chile. Financial terms were not disclosed.
"We are delighted to work with the Baillie Lodges team. We both take a personal approach to hospitality, customizing unique and enriching experiences for guests who are looking to explore the world in a meaningful, sustainable way," Miguel Purcell, Tierra Hotels founder.
Audax and Summit Partners-backed 48forty Solutions, a provider of recycled pallets and pallet management services, completed the acquisition of CALco Pallets, a pallet management company. Financial terms were not disclosed.
"This acquisition further expands our footprint in the Midwest and creates significant operational opportunities for 48forty. Greg and Matt have run CALco with integrity and transparency, leading a great team of employees who will contribute greatly to 48forty's success," Mike Hachtman, 48forty CEO.
Northstar Capital, a provider of junior capital for middle market private equity transactions, completed the acquisition of a minority stake in IronCraft, a designer and manufacturer of agricultural implements. Financial terms were not disclosed.
Founded in 2014, IronCraft is a leading designer and manufacturer of agricultural implements and attachments for use primarily on tractors, skid steer loaders, and compact track loaders. The Company’s products are sold through the company’s dealer network spanning more than 40 states.
Brookfield hunts for buyouts with a record $110bn to spend.
Brookfield Asset Management has more than $110bn to invest and is eagerly eyeing deal opportunities, including buyouts of mispriced public companies, Bloomberg reported.
“There cannot be a better time to be a value investor. This environment actually limits competition and creates a ton of opportunity. It’s an opportune time to have that kind of dry powder," Anuj Ranjan, Brookfield head of business development.
JCP pushes for a breakup or a $4.2bn sale of Kirby.
Activist investor JCP Investment Management has built a position in Kirby and has been pushing for a strategic review of the barge operator, including breakup or a $4.2bn sale of the company.
JCP, which owns more than a 1% in Kirby, has been privately engaging the company for months about forming a strategic review committee that would include new, independent directors. The investment firm has called for Kirby to explore a separation of its inland marine and distribution and services businesses, which JCP argues have few synergies. Failing that, JCP, which is run by James Pappas, has called for an outright sale of the company.
JCP has raised concerns about the company’s long-term underperformance relative to peers and the broader S&P 500 Index in meetings with Kirby’s leadership. It has also raised concerns about its stagnant earnings and its historically large capital expenditures, Bloomberg reported.
Ardian shelves the $3bn sale of Dedalus.
Ardian, a private equity firm, is shelving the planned sale of a majority stake in Italian health-care software provider Dedalus.
Ardian is putting the process on hold due to valuation and financing concerns. Ardian was seeking to value the business at more than $3bn. The deal joins a number of transactions that have recently been put on ice as rocky credit markets make it more challenging for private equity firms to borrow money cheaply.
Ardian is still considering other options for Dedalus, including the potential sale of a minority stake. Deliberations are ongoing, and it could also revive a full sale at a later date, Bloomberg reported.
Platinum considers a $1bn Canadian logistics firm sale.
US private equity firm Platinum is considering a sale of logistics firm Livingston International amid growing investor appetite in the sector.
Livingston, Canada’s largest customs broker, may attract interest from other investment funds. A transaction could value the Toronto-based company at $1bn or more, Bloombergreported.
CI’s Chairman says firm may accelerate buybacks after US spinoff.
CI Financial is likely to increase the pace of share repurchases and will keep buying aggressively as long as the stock is at a low valuation, said Bill Holland, CI Financial Chairman.
The Canadian investment firm has spent about $587m buying its own shares since the beginning of 2020. It may decide to accelerate buybacks once it completes an initial public offering of as much as 20% of its US wealth-management arm.
CI, one of Canada’s largest independent asset management firms, has been undergoing a transformation since Chief Executive Officer Kurt MacAlpine took over three years ago. His strategy has included a series of acquisitions, a New York Stock Exchange listing, and a major restructuring of the Canadian fund-management arm, which saw the company drop many well-known fund brands, Bloomberg reported.
Francisco Partners is in advanced talks to acquire Kobalt Music Group.
Francisco Partners, a private equity firm, is in advanced talks to acquire music-publishing and technology service Kobalt Music Group.
Francisco Partners has been discussing a purchase price of about $750m to $1bn. This potential sale has been a long time coming. No final decision has been made, and negotiations could still fall apart, Bloomberg reported
Skin-care brand Glow Recipe taps Goldman Sachs for sale.
Glow Recipe, a skin-care brand popular for its fruit-based products, is exploring a sale that could value it at $400m to $500m.
The company has $80m in annual revenue. No final decision has been made, and Glow Recipe could opt to remain independent, Bloomberg reported.
North Castle, a private equity firm focused on investments in consumer and lifestyle products and services, announced an investment of an undisclosed size in Glow Recipe last year.
Jefferies nears a deal to sell its Oak Hill stake to Kuwait-backed Wafra.
Wafra, an alternative-asset manager that invests on behalf of Kuwait, is nearing a deal to acquire a minority stake in private equity firm Oak Hill from Jefferies Financial Group.
Jefferies bought a 15% stake in Oak Hill in 2019, when the firm planned to make it the anchor investment in a fund managed by Stonyrock Partners. Stonyrock planned to raise as much as $1bn to buy stakes in private equity, real estate, infrastructure, and other asset classes, but Jefferies has since wound down the effort, dubbed Stonyrock Alt Fund I. The New York-based lender began exploring a sale of its interest, Bloomberg reported.
Oak Hill traces its roots to Texas billionaire Robert M. Bass’s family office, and is led by managing partners Tyler Wolfram, Brian Cherry, and Steve Puccinelli. The firm has raised about $20bn in capital commitments since its inception.
Rodan & Fields said to seek new capital as Oaktree talks stall.
Rodan & Fields, a multi-level marketing company, has engaged Jefferies to explore financing options amid a sales slump.
Rodan & Fields has flexible credit agreements that would allow it to pursue various actions, such as moving assets to a subsidiary to raise new money, Bloomberg reported.
Its hunt for fresh capital came as negotiations with a lender group led by Oaktree Capital Management broke down over pricing differences. Oaktree, the largest lender by far, has been working with Milbank and began confidential debt talks with TPG earlier this month.
Blackstone establishes corporate private equity West Coast presence in San Francisco.
Blackstone announced its Corporate Private Equity business is expanding its North America footprint through a new team based in San Francisco – building on the firm’s existing strong presence in its San Francisco office across its other business units.
Sachin Bavishi, a Senior Managing Director, will relocate to San Francisco to lead and establish Blackstone Private Equity’s West Coast presence, along with other existing and new team members.
CDPQ plans infrastructure investments in Germany.
The largest pension funds in Canada, with assets under management of over $764bn , plan to step up investments in Germany following a meeting with German chancellor Olaf Scholz and vice-chancellor Robert Habeck.
Caisse de dépôt et placement du Québec, with total assets worth $301bn as of June this year, would like to invest more in Germany, with a particular focus on infrastructure.
Investments in infrastructure will address the broader energy transition, while CDPQ can generate growth, contributing to a more sustainable world.
Permira, a private equity firm, completed the acquisition of Kedrion, a provider of plasma-derived therapies, and Bio Products Laboratory, a manufacturer of a wide range of products from blood plasma, in a $2.7bn deal. The merger of Kedrion and Bio Products Laboratory was also supported by investments from the Marcucci Family, Abu Dhabi Investment Authority and Ampersand Capital Partners.
"We're honored to be partnering with the Marcucci Family on this exciting project that brings together two high-quality players – Kedrion and BPL – in the plasma-derived therapeutics space, a growing industry with an important unmet patient demand. This investment fits squarely within the Specialty Pharma segment of our strategy: backing highly specialized platforms in attractive and resilient therapeutic areas. Together, the two companies will have an exciting portfolio of pharmaceutical products aimed at helping patients with compromised immune systems or bleeding disorders and we look forward to working with the teams to build a leading rare disease specialist platform with a deep commitment to its patients and donors," Silvia Oteri, Permira Head of Healthcare.
Kedrion was advised by Jamieson, Lazard, Natixis Partners, Carnelutti Studio Legale Associato and Pedersoli Studio Legale. Bio Products Laboratory was advised by Bank of America and Goodwin Procter. The Marcucci family was advised by Terzi&Partners and Carnelutti Studio Legale Associato. Permira was advised by Alvarez & Marsal, Ernst & Young, Morgan Stanley, Giliberti Triscornia e Associati, Latham & Watkins and Maisto e Associati.
RedBird Capital Partners, a private equity firm, completed the acquisition of AC Milan, a football club, from Elliott Management, a private equity firm, for €1.2bn ($1.28bn).
"We are honoured to be a part of AC Milan's illustrious history and are excited to play a role in the Club's next chapter as it returns to its rightful place at the very top of Italian, European and world football. I want to thank Gordon Singer and the entire Elliott team for the tremendous work they have done over the last four years in rebuilding Milan and returning it to its rightful place at the top of Serie A. RedBird's investment philosophy and track record in team ownership has shown that football clubs can be successful on the pitch and sustainable off it - we are looking forward to a long term partnership with the club, its management team and Milanisti around the world to keep propelling Milan in the years to come," Gerry Cardinale, RedBird Founder and Managing Partner.
RedBird Capital was advised by Bank of America, Gibson Dunn & Crutcher, Legance, Gagnier Communications, Milltown Partners, Principal Communications Group and Verini & Associati. AC Milan was advised by JP Morgan. Elliott Management was advised by Davis Polk & Wardwell.
Oakley Capital, a private equity firm, completed the acquisition of CTS Group, a provider of on-site testing and laboratory services to the construction industry, from Palatine, a private equity firm. Financial terms were not disclosed.
"Our time under Palatine ownership proved highly successful for CTS through both organic growth and acquisitions and the opportunity to continue that as part of a larger, successful and ambitious group as Phenna is fantastic news for the whole business," Phil Coles, CTS Group CEO.
Oakley Capital was advised by PricewaterhouseCoopers, Boston Consulting Group, DC Advisory, Kirkland & Ellis, KPMG and Simpson Thacher & Bartlett. Palatine was advised by Clearwater International, Browne Jacobson and Deloitte.
Italgas, a company engaged in the business of natural gas distribution, completed the acquisition of DEPA Infrastructure, a group of companies with presence in the energy sector, actively engaged in the wholesale market, trading and supply, from Hellenic Republic Asset Development Fund, an investment advisory firm, and Hellenic Petroleum, an energy group, for $867m.
"I am proud of the result achieved, which rewards the Italian entrepreneurial capability as well as the technical and technological leadership of Italgas. In recent years, the company has been able to continue to grow and is now recognized as an international benchmark for the sector also in the perspective of energy transition," Alberto Dell'Acqua, Italgas Chairman.
Italgas was advised by Mazars Corporate Finance, Grant Thornton, JP Morgan, Karatzas & Partners and Milbank. Hellenic Republic Asset Development Fund was advised by Barclays and UBS.
International Chemical Investors Group, a chemicals company, agreed to acquire Benvic Compounds, a polymers manufacturer, from Investindustrial, a private equity firm, and Benvic Group, a specialty chemical group. Financial terms were not disclosed.
"Benvic has been transformed under Investindustrial’s ownership over the last four years. Together we have taken the company to the next stage of its development, strengthening our global position in the compounding industry and improving our product offering to our customers through ongoing R&D and expansion into solutions for new applications. We look forward to further accelerating this growth with International Chemical Investors Group, who we consider to be an excellent partner to support Benvic in our next phase of development," Luc Mertens, Benvic CEO.
Investindustrial is advised by Boston Consulting Group, KPMG, Rothschild & Co, William Blair & Co, Gide Loyrette Nouel and Maitland.
Energy Capital Partners, a private quity firm, has been granted an extension to the deadline for tabling an offer to take over the UK waste management group Biffa.
Two months ago, Biffa confirmed it received a £1.36bn takeover proposal from ECP. Biffa announced the extension to the deadline given for the possible offer from ECP. The company told investors that ECP requested an additional 28-day extension.
"There can be no certainty either that an offer will be made nor as to the terms of any offer, if made," ECP.
Biffa is advised by HSBC, Numis Securities, Rothschild & Co and Houston PR. ECP is advised by Barclays.
AURELIUS, a private equity firm, agreed to acquire the offset solutions division of Agfa-Gevaert Group, a provider of analogue and digital imaging products, software, and systems, for $92m.
"The expected sale of the Offset Solutions division is a major step in our ongoing transformation process. It will enable us to increase our focus on our growth businesses, which is crucial to our future success in our markets. After having examined all options, we believe that the proposed transaction is the best possible solution for all stakeholders: the employees working in the division, the customers in the offset industry and our shareholders," Pascal Juéry, Agfa-Gevaert CEO
AURELIUS is advised by DC Advisory, Baker McKenzie and KPMG. Agfa-Gevaert is advised by BNP Paribas and Linklaters.
Oakley Capital, a mid-market private equity investor, agreed to invest £70m in Phenna Group, a firm focused on the testing, inspection, certification, and compliance services. Inflexion exits the investment.
"We were attracted to Oakley's deep expertise in M&A execution and integration, as well as their strong track record in helping businesses to internationalise at scale. As we look to the future, we're excited to be working with them and together delivering on our mission to grow Phenna into a leading global TICC player," Paul Barry, Phenna Group Founder and CEO.
Oakley Capital is advised by Liberum Capital and Greenbrook.
Berlin Packaging, a supplier of glass, plastic, and metal containers and closures, agreed to acquire Bark Packaging Group, a supplier of industrial packaging, from Quadrum Capital, a private equity firm. Financial terms are not disclosed.
“We are proud to have been part of Bark’s growth journey over the last years. It is an excellent example of a successful partnership with an entrepreneurial management team driving superior growth, complemented by the strategic and M&A support of the Quadrum Capital team. We recognize the strong strategic rationale of a combination with Berlin and wish Berny and Erik all the best in continuing to grow the business in the years to come,” Gert Van Drie, Quadrum Capital Director.
Berlin Packaging is advised by De Brauw Blackstone Westbroek and Omnicom Group.
Strikwerda Investments, an investment company, to acquire Eshgro, an online workplace solutions provider, from Holland Capital, an independent private equity firm. Financial terms were not disclosed.
“We are ready for the next phase, so the focus is on the growth and scalability of our platform. The growth capital enables Eshgro to grow internationally and also to serve the largest value added resellers and managed service providers in the market. We brought Holland Capital on board to make an active contribution to the further development and growth of Eshgro. Through their years of experience with relevant companies, they offer significant strategic and commercial added value,“ Anton Loeffen, Eshgro CEO.
Strikwerda Investments is advised by Total Specific Hosting.
AMF, an insurance company, GIC, a private equity firm, and Schaeffler, a provider of components and system solutions for both vehicles with drive trains, led a €190m Series B funding round in H2 Green Steel, a producer of green steel, which involves the use of less carbon dioxide emissions compared to traditional steelmaking, with participation from Altor, Swedbank Robur, Vargas, Kingspan, FAM, Marcegaglia, IMAS Foundation, Cristina Stenbeck and Daniel Ek.
"This financing milestone is a real statement of confidence in H2 Green Steel. Despite the uncertainty in global markets, a venture like ours, with both a strong business case and a strong sustainable purpose, is clearly attractive to investors. This financing round has allowed us to combine leading industrial companies and global financial institutions, with investors with a strong Swedish participation, creating the investor-base that will set us up for success," Henrik Henriksson, H2 Green Steel CEO.
Gilde Healthcare, a venture capital firm, agreed to acquire Sanquin Reagents, a firm that produces and sells blood group and immune reagents, materials needed for diagnostic research and drug development, from Sanquin Health Solutions, a healthcare services provider. Financial terms were not disclosed.
"We are proud of our history and the strong market position we have built. It is our ambition to become the most innovative developer and manufacturer of hematology and immune reagents. The collaboration with Gilde Healthcare enables us to attract new talent and expand our network," Harry Bos, Sanquin Reagents Managing Director.
Fund manager Jupiter in talks to sell 10% stake in £2.5bn Starling Bank.
Jupiter Fund Management is in talks to sell its entire stake in Starling Bank months after the digital lender's valuation passed £2.5bn, Sky News reported.
Jupiter, which owns close to 10% of Starling's equity in its UK Mid Cap Fund and elsewhere across its funds portfolio, has instructed bankers at Citigroup to find buyers for the holding.
New York Yankees and LA fund to join investors in AC Milan.
The New York Yankees baseball franchise and a Los Angeles investment fund are preparing to announce an investment in Italian football club AC Milan alongside US private equity group RedBird, which is closing in on the €1.2bn acquisition of Italy’s football champions.
RedBird is set to announce the entry of its new partners as early as Wednesday when it is expected to officially take control of the club from its current owner, US hedge fund Elliott Management.
Jaja Finance agrees £250m lending facility following KKR and TDR Investment.
Jaja Finance, a fintech company, has agreed a £250m ($293m) warehouse lending facility to allow the digital credit card provider to accelerate its growth.
“It was only five months ago that Jaja received its initial investment of £120m ($141m) and it is an absolute testament to the strength of our people and our proposition in what we have achieved in this very short period of time. We recently announced our partnership with Asda, and since launch of the new rewards credit card just a few weeks ago, we have seen thousands of Asda customers already signed up. The completion of this facility couldn’t have come at a better time," David Chan, Jaja Finance CEO.
Italy picks Certares-led bid for exclusive ITA Airways talks.
Italy has picked a group led by US private equity fund Certares, backed by Air France-KLM and Delta Air Lines, for exclusive talks on buying a majority stake in ITA Airways, Reutersreported.
The offer, details of which were not made public, would leave the Treasury with "at least" a 40% stake in ITA and the right to appoint the company's chairman and exercise a veto on certain "strategic choices".
Bank of Cyprus approached by Lone Star.
The government is faced with a race against time to ensure it has the legal power to prevent the possible takeover of the Bank of Cyprus by the US private equity firm Lone Star which it views as “a serious threat”.
“This is a private equity firm that wants to buy a systemic bank, with a wealth of assets, on the cheap, for a quick return, and this could pose a serious threat to the economy,” a top official at the finance ministry told the Cyprus Mail. Bank of Cyprus has a whopping 45% share of the Cyprus banking market.
EQT raises $15bn for new fund, defying market headwinds.
Swedish private equity firm EQT has raised €15bn ($15bn) so far for its new flagship fund despite wider economic and fundraising headwinds, Bloombergreported.
The buyout firm has received commitments for about 70% of the fund’s maximum cap of €21.5bn ($21.5bn) by the first close. EQT expects to “materially” conclude active fundraising this year, with a final close planned for 2023.
DTCP holds second close of Digital Infrastructure Vehicle II at about €1bn.
DTCP has held the second closing of its Digital Infrastructure Vehicle II with around €1bn of capital commitments. The Fund was launched in June 2021 and has raised additional capital from new, leading international investors, including BlackRock and abrdn, as well as a sovereign wealth fund from the Middle East and various German insurance companies.
The fund will continue to raise significant capital until its final closing in 2023.
Stafford Capital Partners announces the final close of the fourth fund at €731m.
Stafford Capital Partners, an international private markets investment and advisory group, announces the close of Stafford Infrastructure Secondaries Fund IV. The closing marks the largest fund in Stafford's history, with the fund receiving €731m in commitments from 33 investors across 13 countries.
Alongside these commitments, Stafford raised an additional £100m managed account for geographically focussed infrastructure secondary transactions. With 13 closed transactions and a further three in exclusivity, Stafford expects to have committed 75% of capital commitments to the fund in Q4 2022. Following the closing of this fund, Stafford now has $1.7bn in infrastructure assets under management.
Swiss Life Asset Managers launches second international renewable energy infrastructure fund.
Swiss Life Asset Managers has launched its second dedicated international renewable energy fund, Fontavis ESG Renewable Infrastructure Fund II, the successor to the first international fund, Fontavis ESG Renewable Infrastructure Fund Europe.
The newly launched fund Swiss Life's fourth renewable energy fund and the second which invests globally.
A $1.5bn merger between the Indian sunsidiary of Sony Pictures and Invesco-backed Zee Entertainment, an Indian media conglomerate, to create a $10bn TV enterprise will potentially hurt competition by having "unparalleled bargaining power", the country's antitrust watchdog found in an initial review.
In the notice of The Competition Commission of India on August 3 to the two companies stated the watchdog is of the view that a further investigation is merited. The CCI's findings will delay regulatory approval of the deal and could force the companies to propose changes to its structure, three Indian lawyers familiar with the process said. If that still fails to satisfy the CCI, it could lead to a prolonged approval and investigation process, Reutersreported.
Sony is advised by KPMG, Morgan Stanley and Shardul Amarchand Mangaldas & Co. Zee is advised by Boston Consulting Group, JP Morgan, KPMG, Trilegal and Brunswick Group. Invesco is advised by Jefferies & Company.
Private equity funds India Business Excellence Fund – IV and Motilal Oswal Finvest completed a $66m investment in Simpolo Group, a luxury and premium tiles maker.
“MOPE’s experience to create leaders in the manufacturing sector and the expertise gained from their real estate fund will be instrumental in elevating Simpolo Group to one of the leaders in the building materials industry in India,” Jitendra Aghara, Simpolo Group CMD.
Simpolo Group was advised by Motilal Oswal, AZB & Partners, J. Sagar Associates and Wadia Ghandy.
AP Moller - Maersk, an integrated transport and logistics company, completed the acquisition of LF Logistics, a contract logistics company, from Temasek, an investment company, and Li & Fung, a provider of supply chain management, for $3.6bn.
"The acquisition of LF Logistics is an important and truly strategic milestone on our journey to become the global integrator of container logistics; a global logistics company that provide digitally enabled end-to-end logistics solutions based on control of critical assets. With the acquisition of LF Logistics, we add critical capabilities in Asia Pacific to support our customers long term growth in Asia Pacific as well as capabilities and technology we can scale in our contract logistics business globally," Soren Skou, Maersk CEO.
LF Logistics was advised by JP Morgan and Allen & Overy. Li & Fung was advised by Morgan Stanley.
TPG and Norwest Venture Partners, two investment firms, led a $110m Series D round in Earlysalary, a consumer lending fintech, with participation from Piramal Capital & Housing Finance.
“We believe in a customer-first approach to providing credit to young middle-income Indians and we are thankful for the trust millions of Indians have put in us. As our customers’ aspirations and credit needs grow, we will focus to continue to retain their trust and grow with them. The funding will not only help us in expanding our cash business but also build an array of capabilities to efficiently serve a larger segment of customers. We are confident in our ability to keep innovating and achieving 10x large growth in our customer base," Akshay Mehrotra, Earlysalary Co-founder and CEO.
Earlysalar was advised by Unitus Capital. Norwest Venture Partners was advised by Shardul Amarch and Mangaldas & Co.
PAG, an Asia-focused alternative investment firm, agreed to acquire Huis Ten Bosch Theme Park from HIS Co, a provider of transportation, logistics, and hospitality services, for $721m.
"This is an exciting opportunity for us to accelerate the growth of one of the most iconic theme parks in Japan. We appreciate the trust that H.I.S. has placed in us. This deal is good for the sellers, for PAG's investors, and most importantly for HTB and its customers and fans. We are thankful for the support from our customers, partners, and local communities, and we look forward to contributing more to the local economy," Koichi Ito, PAG Managing Director and Co-Head of Japan.
LDA Capital, a private equity firm, completed a $100m investment in The Lightnet Group, a developer of a financial platform designed to provide a banking services network to increase the efficiency of existing money transfer operators and financial institutions.
The funds will be utilized to facilitate web 3.0 payment and blockchain ledger-based remittance services focused across Asia Pacific and globally around the world.
"Lightnet's next generation financial infrastructure, along with Velo Labs' disruptive technology, will be the future rails for dynamic and regulated markets providing financial mobility and inclusivity across Asia," Warren P. Baker III, LDA Capital Managing Partner, and Co-Founder.
KKR withdraws from the $21bn acquisition of Ramsay Health Care, an Australian multinational healthcare provider and hospital network.
The decision to walk away from the cash offer was made after KKR and its advisors could not carry out due diligence on Ramsay Sante. Ramsay said it would not negotiate with KKR and its advisors on the alternative proposal but was willing to engage with the buyout firm, Reuters reported.
"Ramsay is prepared to engage with the Consortium to determine whether it can put forward an improved binding proposal that is capable of recommendation by the Ramsay Board," Ramsay.
Oriental Fortune Capital, a venture capital firm, led a $100m Series B round in Bao Pharmaceuticals, a biopharmaceutical company, with participation from Haitong Innovation and Guosheng Group-backed Sun Rock Capital.
Shanghai-based recombinant protein and antibody drug specialist said that it will use the funds to drive the commercialization of core products in development and key clinical trials for new pipelines.
KKR is in advanced talks to invest $400m in Hero Future Energies.
KKR is in advanced talks to invest $400m in Hero Group’s renewables energy company Hero Future Energies, in what would be the US private equity manager's single largest cheque in the Indian clean energy space so far.
The final rounds of negotiations are ongoing before a formal announcement, which is expected in a few weeks. The investment is for a significant minority stake but comes with significant governance rights that would make KKR a co-promoter along with founder chairman and managing director Rahul Munjal. The investment will largely be a primary infusion to reduce debt and grow the business. JP Morgan is advisor on the transaction, The Economic Times reported.
Temasek to lead $100m funding for crypto landlord Animoca.
Singapore state investor Temasek is joining a $100m funding for Animoca Brands, betting on one of crypto’s most prolific investment houses even after a $2tn market meltdown, Bloomberg reported.
Temasek will lead the financing through convertible bond. It adds to a funding round first announced by Animoca in January, when the Hong Kong startup raised $359m from backers including George Soros and the Winklevoss twins. Now valued at $6bn, Animoca raised another $75m in the same round earlier this summer.
Khazanah in talks to lead a $100m investment round in GoMechanic.
Khazanah Nasional, the sovereign wealth fund of the Government of Malaysia, is in talks to lead a $100m investment round into GoMechanic, an auto-services firm, at more than double the valuation at which the start-up raised funds last year.
GoMechanic is seeking a valuation of about $700m in this round from investors, including Malaysia’s sovereign wealth fund. The company, backed by Sequoia India, raised $42m from investors including Tiger Global Management last June at a valuation of around $300m, Bloomberg reported.
TPG weighing majority stake sale in India’s Fourth Partner Energy.
TPG is considering the sale of a 52% stake in Indian renewable energy company Fourth Partner Energy. The private equity firm is working with an adviser on the deal. A stake sale could value Fourth Partner at around $600m, Bloomberg reported.
The Texas-based investor put $70m into Fourth Partner in 2018 through The Rise Fund, its social impact vehicle, and contributed an additional $25m into the Hyderabad-based firm in June 2021. Norfund, the Norwegian Investing Fund for developing countries, also contributed $100m.
Blackstone eyes IPO filing for $2.5bn in shopping mall portfolio.
Blackstone is planning to file as soon as next month for an initial public offering of its Indian shopping mall portfolio that could raise about $500m.
The private equity firm has been interviewing advisers for the Mumbai listing of a real estate investment trust. Blackstone’s Indian retail portfolio, which is held through its Nexus Malls unit, could be valued at about $2.5bn. The REIT could be listed as soon as 2023. Preparations are at an early stage, and details of the listing could change, Business Standard reported.
China sets up mega-fund to invest $2.9bn in ultra-HD video sector.
Three state-backed investment groups in southern China have joined forces in the launch of an RMB-denominated mega-fund to invest up to RMB20bn ($2.9bn) in the country’s ultra-high-definition video industry.
Guangzhou Development District Investment Group, a Chinese state capital investor with about RMB45bn ($6.5bn) in total assets, co-established and launched the RMB20bn mega-fund at a signing ceremony, DealStreetAsiareported.
SG's Vickers Venture Partners closes Fund VI below target at $260m.
Singapore-based Vickers Venture Partners has closed its sixth fund at $260m, roughly half its original target of $500m, DealStreetAsia reported.
“We decided to close the fund at about $260m as we had raised about $140m through our special purpose acquisition company and another $115m or so of co-investments, totalling slightly above $500m,” Vickers spokesperson.
KKR launches third infrastructure trust.
KKR announced the launch of the Highways Infrastructure Trust, its third infrastructure investment trust in India.
The latest infrastructure trust is in addition to Virescent Renewable Energy Trust, a renewable energy InvIT, and India Grid Trust, a transmissions InvIT. Together, these platforms operate and manage 33 assets valued at over $3.8bn across 22 states and Union territories across India, Deal Street Asia reported.
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