EMEA
LondonMetric Property, a UK REIT investing company across the UK in retail and convenience retail and long income properties, agrees to acquire, A&J Mucklow Group, a long-established Midlands based property company focusing on the long term ownership and development of the industrial and commercial property, for $525m, in a cash and stake exchange deal. The offer represents a 19.7% premium to Mucklow's last closing price.
"I am pleased that we have agreed a £414m ($525m) recommended offer to acquire A&J Mucklow. The combination of their assets, of which approximately 70% is in distribution and industrial property, is consistent with our strategy of increasing our urban logistics exposure." Patrick Vaughan, LondonMetric Chairman.
Arden Partners, Stifel, Numis Securities, Addleshaw Goddard, and FTI Consulting are advising A&J Mucklow. JP Morgan, Peel Hunt, and CMS are advising LondonMetric.
Ardian, a world-leading private investment house, acquired a majority stake in Sintetica, a Swiss pharmaceutical company, to support its international expansion in line with the management team’s strategy. Financial terms were not disclosed.
“We are excited to join forces with Sintetica and support the company in its next growth phase by investing in innovation and further improving product quality. Leveraging Ardian’s global network and consolidated experience in partnering with entrepreneurs and managers, we intend to support the company in the development of its strategic plan in continuity with the growth path already undertaken.” Yann Chareton, Ardian Managing Director.
Rothschild & Co, NCTM and Ludovici Piccone & Partners are advising Sintetica. Gattai Minoli Agostinelli Partners, Leopoldo Zambeletti, Gianni Origoni Grippo Cappelli & Partners and Gitti and Partners are advising Ardian.
Canopy Growth, world-leading diversified cannabis, hemp, and cannabis device company, acquires This Works, best known for its face creams and pillow sprays that help users sleep for £43m ($54.4m), in an all-cash deal.
Dr. Anna Persaud, This Works CEO, will remain at the helm of business operations post-acquisition to continue moving the company forward. Acquisition of This Works will enhance the Canopy’s international footprint and operations within the United Kingdom.
"We are excited about this new chapter in our company’s history and the opportunity to join Canopy Growth, the world’s leading diversified cannabis and hemp company.”, Dr. Anna Persaud, This Works CEO.
Serco, a provider of professional, technology, and management services would acquire Alion's Naval Systems Business Unit(NSBU), a leading provider of naval ship and submarine design, systems and engineering services, production support and in-service sustainment for $225m.
The acquisition would substantially strengthen Serco's presence in naval support, modernization, and sustainment, which has been a critical growth area for the Company in recent years.
"Combining our existing C5ISR capabilities in ship, shore, satellite and radar modernization with the naval design and engineering capabilities of NSBU will make Serco a top-tier Navy services provider with a full-spectrum, design-integrate-support life cycle maritime offering." Dave Dacquino, Serco CEO.
London-based private equity firm Blue Water Energy acquires Pipeline Technique(“PTL”), a leading provider of high-end pipeline welding, field joint coating and spoolbase services to the energy industry, from Heerema Marine Contractors. Financial terms were not disclosed.
Pipeline Technique is the seventh investment in Blue Water Energy’s Fund II.
“We are excited by the investment into PTL. The company has a very strong reputation and track record in the technically-challenging pipeline welding market, and we have committed significant capital to support future growth.” Martin Somerville, Blue Water Managing Director.
SCOR Investment Partners, a recognized player in the Insurance-Linked Securities field, acquires Coriolis Capital, a pioneering fund manager in the ILS field, investing in catastrophe bonds, collateralized reinsurance, and climate derivatives. Financial terms were not disclosed.
With this first acquisition, SCOR Investment Partners is entering an important new phase in its development and expanding its capacity on the ILS market, reaching an aggregate sum of $2.1bn of assets under management.
"With this acquisition, SCOR is advancing its development in the field of alternative reinsurance to seize market opportunities and benefit from the institutionalization of ILS as an asset class." Denis Kessler, SCOR CEO.
KKR-backed Crosby Group, a leading global provider of lifting, rigging, and material handling hardware, acquired Gunnebo, a multinational security corporation headquartered in Gothenburg, Sweden, from Segulah, a Nordic private equity firm. Financial terms were not disclosed.
“Given our shared commitment to safe rigging and lifting and our equally committed and talented teams, this acquisition is a natural fit,” Bob Davies, Chief Executive Officer of Crosby, said. “Together we complement each other perfectly. Crosby and Gunnebo Industries will be able to deliver enhanced value for customers and channel partners by providing a broader product portfolio, enhanced support and training, expanded geographic presence and greater ability to offer innovative solutions.”
Alantra Partners, Kirkland & Ellis and Vinge advised The Crosby Group.
Egeria, an Amsterdam based investment company, has acquired a majority interest in the MAAS Aviation Group. The company’s executive management team has retained a minority interest in the company. Financial terms were not disclosed.
MAAS Aviation is one of the leading commercial aircraft painting companies in the world with operations in The Netherlands, Germany and the USA.
The investment by Egeria provides the company with the financial backing and support to enable management to deliver further planned growth and to meet known opportunities driven by the increase in demand for aircraft painting as a result of the macro growth drivers in the global aviation sector.
"The company has achieved significant organic growth in recent years and the time is right to back this up with Egeria’s support which will assist and indeed accelerate further international growth." Tim Macdougald, MAAS Aviation CEO.
Palatine Private Equity supported the MBO of Lucion Services, a technology-driven testing, inspection, and certification business. Financial terms were not disclosed.
James Winterbottom, Investment Director at Palatine Private Equity, said: “Lucion represents an exciting opportunity to back a market-leading business within the testing and inspection sector. With its scale and national infrastructure, together with its industry-leading NexGen operating system, we can see a clear opportunity to work with the team to accelerate the company’s growth both organically and through further acquisitions.”
PSA International (PSA), the Polish Development Fund (PFR) and the IFM Global Infrastructure Fund (GIF) managed by IFM Investors have completed the transaction to jointly acquire DCT Gdańsk, the largest container terminal in Poland.
DCT Gdańsk is one of the fastest growing container ports in Europe and the only terminal in the Baltic that can serve Ultra Large Container Vessels (ULCVs) with a capacity of up to 23k Twenty-Foot Equivalent Units (TEUs).
The consortium partners have the intention to strengthen the terminal’s position further and to look into additional expansion needs as and when relevant.
UBS, Linklaters, and FTI Consulting advised IFM. UBS, Dentons, and Weil Gotshal and Manges advised PSA. Goldman Sachs, Clifford Chance, and NBS Communications advised PDF.
BP near closing of its $600m deal with Dragon Oil.
BP is nearing a sale of its stake in Gulf of Suez Petroleum Company, a major Egyptian oil and gas company, to Dubai-based Dragon Oil, an independent international oil and gas exploration, development and production business and a subsidiary of Dubai’s Emirates National Oil Company. The stake is valued at approximately $600m.
The cash raised from the sale of the company, which produces over 70k barrels per day of oil and 400m cubic feet per day of gas, will help BP towards its goal of selling more than $5bn of assets following the $10.5bn acquisition of BHP’s onshore oil and gas assets in the United States last year.
Voltalia negotiating a takeover of solar installer Helexia.
Reuters reported, Voltalia, an international player in renewable energies, has entered into exclusive acquisition negotiations with the shareholders of Helexia, a solar pioneer and a reference player with intense proximity to corporates. Financial Terms were not disclosed.
Voltalia is looking to buy Helexia from the Mulliez family-backed investor Creadev, which is also Voltalia’s majority shareholder. The planned acquisition aligns with a strategy to build a platform in Europe and emerging countries to offer cheap renewable electricity via corporate power purchase agreements.
"We are looking forward to the prospect of joining teams animated by the same values as ours, at the service of green and competitive energy. Together with Voltalia, we intend to serve our clients in a larger number of countries, especially emerging, and offer them, along with with our existing solutions, power purchase contracts for cheap electricity coming from Voltalia's plants.", Nicolas Mayaud, Helexia CEO.
Vivendi in advanced talked with Tencent for a sale of Universal Music.
Vivendi, a French mass media conglomerate is seeking a buyer for disposing off as much as 50% stakes of Universal Music Group, the world’s largest music company, with recorded-music, publishing, merchandise, management, and other divisions and a sprawling roster. The possible deal value is from an initial $22bn to as much as $50bn.
According to a report in Bloomberg, private equity investors have been losing interest due to the high price of the company which is said ranges between $28bn and $33bn — and the slow pace of the deal, leading Vivendi to enter talks with other companies, including Chinese giant Tencent, which has been among the reported interested parties for several months.
Saint-Gobain to sell French distribution centers.
Saint-Gobain, the French construction materials manufacturer, has started a process to sell its French distribution centers serving public works companies. Saint-Gobain will retain its retail network serving individual customers and small business owners.
The company has said it aims to sell assets representing $3.3bn in revenue as part of a restructuring plan under newly appointed Deputy CEO Benoit Bazin.
Cynergy Group is looking to buy midstream assets for up to $10bn. (FS)
Cynergy Group, an investment firm based in Cyprus, is looking to spend $5-10bn in the coming years buying under-utilized natural gas assets in the region. The company is in talks with “some of the most respected global family offices, private equity firms, and sovereign funds” according to its CEO, Mike Germanos.
Mr. Germanos declined to give the names of his associates or the assets he’s targeting, citing the sensitive nature of the period before Cynergy provides a formal offer. He said the firm is in the final stages of putting its bid together, which it will reveal by mid-June.
Casino parent Rallye enters bankruptcy protection.
Shares of French supermarket operator Casino and its parent company Rallye were suspended from trading on the Paris stock exchange. By market close, neither company had stated the reasons for the suspension, which they requested of stock exchange operator Euronext Paris.
According to the Financial Times report, Rallye, the parent company of French retailer Casino, has entered into the protection of the French courts in order to freeze its debts and avoid bankruptcy for up to 18 months
ValueAct urges Merlin Entertainments to go private. (FS)
Reuters reported that hedge fund ValueAct is pushing Merlin Entertainments, UK-based leisure, and entertainment company, to pursue a go-private deal. Merlin, which floated in 2013, is the world’s second-biggest visitor attractions group behind Walt Disney. It has struggled over the past year with rising labor costs and underperformance at its Legoland parks.
“While Merlin obviously thrived as a private company, it may have come public too quickly,” said the fund, the company’s second-largest shareholder with a 9.3% stake. “We believe Merlin could deliver value in the mid-£4/ share for shareholders in public to private transaction, a premium of roughly 30% to the current and recent average share price.”
Triton offers to buy Thomas Cook's Nothern European business.
Thomas Cook received a bid for its northern European business from the private equity firm Triton Partners. Triton had put forward a “highly preliminary and unsolicited indicative offer” for the Thomas Cook airline and tour operator business in Norway, Sweden, Finland, and Denmark, which accounts for about 17% of the company’s revenues.
Istanbul Airport stake on the sale weeks after opening.
Some of the owners of the joint venture that operates Istanbul world’s largest airport hired Lazard to sell their stake in the $11bn hub, Bloomberg reported.
Lazard is working with some members of the IGA consortium to provide a valuation of the airport and manage discussions with potential buyers.
GCP completed the acquisition of Scape Brighton.
GCP Student Living, a UK REIT focused on student residential assets completed the acquisition of Scape Brighton a large scale, purpose-built private student development located on the primary campus of the University of Brighton. Scape Brighton will provide circa 550 beds and extensive communal areas with circa 1.5k square feet of retail space.
The property will primarily serve students from Brighton University and the University of Sussex, which together have circa 36k students including circa 7.5k international students, and is currently expected to be operational in September 2020.
AMERICAS
Private equity firm Bain Capital acquired a 27% stake in CJ CheilJedang's US unit, CJ Foods America, for $320m. CJ Cheil Jedang is a South Korean food company based in Seoul that manufactures food ingredients, food, pharmaceuticals, and biotechnology.
The deal will allow the Bain to obtain a 19% stake in the CJ-controlled frozen-food company Schwan's Co., lowering CJ's stake from 70% to 51%, the Korean company said in a regulatory filing. CJ CheilJedang also said that the deal with Bain Capital, which manages more than $100bn in assets globally, would help bolster its financing position and strengthen its business as a global food brand.
Partners Group, a global private markets investment manager, invested in Texas-based Idera, a software company that provides systems and application management software for Microsoft Windows and Linux servers. Financial terms were not disclosed.
"We welcome Partners Group to the Idera investor team," said Randy Jacops, CEO of Idera. "Partners Group's resources and history of supporting high-growth technology businesses will allow us to expand our M&A vision and drive our growing DevOps leadership. Our successful partnerships with TA Associates and HGGC, beginning in 2014 and 2017, respectively, have come at key inflection points in Idera's growth and we expect to continue this collaborative approach with Partners Group."
Credit Suisse, Jefferies & Company and Kirkland & Ellis advised Idera. Ropes & Gray advised Partners Group.
Google buys historical Manhatten building for $600m. (FS)
Google, the division of Alphabet Inc completed its purchase of Milk Building at 450 w. 15th street from Jamestown Properties. The building is connected by a bridge to Chelsea Market, which Google also owns after acquiring it also from Atlanta-based Jamestown last year for $2.4bn.
"This purchase will help us meet our short-term growth needs in Chelsea-Meatpacking, we are excited by this investment and are committed to continuing to contribute to the vibrancy of this amazing neighborhood.", William Floyd, Google Director of external affairs.
Jamestown was advised by Doug Harmon, Adam Spies, and Kevin Donner at Cushman & Wakefield, and Google was advised by Darcy Stacom at CBRE.
VF Corporation approves the separation of Kontoor Brands.
VF Corporation, a global leader in branded lifestyle apparel, footwear, and accessories, announced the VF’s Jeanswear organization into an independent, publicly traded company. The new company, named Kontoor Brands, will include the Wrangler, Lee and Rock & Republic brands, and the VF Outlet business.
Kontoor is focused on pursuing five strategic priorities: 1) scaling its advantage in the core denim business; 2) accelerating its positions in high-value segments, channels, and geographies; 3) building advantaged areas to reach new consumers; 4) driving an unwavering focus on margin expansion and improving capital efficiency; and 5) creating a highly engaged and performance-driven team.
"This is a historic day for everyone connected with Kontoor as we now accelerate to the next stage of our journey as a public company.”, Scott Baxter, Kontoor Brands, CEO.
Goldman Sachs-backed Nubank reached a $3.6bn valuation. (FS)
According to a Bloomberg report, Nubank, a Brazilian FinTech company that acts as a digital bank and credit card operator, reached 8.5m consumers and sold private shares in itself with a $3.6bn valuation as it is on its way to becoming the fourth-biggest card issuer in Brazil.
The company has been backed by Goldman Sachs since its early stages. Other backers of Nubank include Sequoia Capital, Founders Fund, Kaszek Ventures, Tiger Global Management, QED Investors and DST Global. Goldman Sachs got not only a chance to profit on financing for Nubank, but also a budding relationship with a company that may someday need an underwriter for an initial public offering, although Nubank’s main partners say that won’t happen soon.
Fonterra and Nestle evaluate the sale of DPA.
Swiss food group Nestle and New Zealand’s dairy producer Fonterra agreed to review the strategic options for the future ownership of their Dairy Partners Americas (DPA) Brazil joint venture, including a potential sale of their respective stakes. Fonterra and Nestlé created DPA in 2003 as a joint venture to manufacture and commercialize dairy products throughout Latin America.
Fonterra holds a 51% stake and Nestlé 49%. With this review, Fonterra and Nestlé intend to ensure the long-term growth and success of the business. The review is expected to be completed by the end of 2019.
Blackstone target $5bn real estate debt fund.
Blackstone Group LP is seeking $5 billion for its latest fund that invests in real estate debt, according to a person familiar with the matter. The vehicle, Blackstone Real Estate Debt Strategies IV, will focus on property-related wagers in public and private debt globally. The pool will have an emphasis on the U.S.
Blackstone’s new fund scored a commitment of up to $100 million from the $42.7 billion Illinois Municipal Retirement Fund.
DoorDash raised $600m in its latest funding round. (FS)
DoorDash, an on-demand food delivery service, raised $600m in its Series G financing round, bringing its total valuation to $12.6bn. New investors Darsana Capital Partners and Sands Capital participated in the round, alongside existing backers Coatue Management, Dragoneer, DST Global, Sequoia Capital, the SoftBank Vision Fund and Temasek Capital Management.
APAC
Nippon Life Insurance, a Japan-based life insurance company, buys majority shares of 75% in Reliance-Nippon Life Asset Management(RNAM), India's fifth-biggest mutual fund, which was co-operated by Ambani’s Reliance Capital. The deal value is set to be $600m.
The deal with Nippon Life is critical for embattled tycoon Ambani as he tries to bolster the finances of his last stronghold, Reliance Capital and Nippon Life intends to acquire an additional stake in RNAM in order to support its attempt to enhance presence in the Indian asset management market.
Delek Group, an Israeli conglomerate and one of Israel's largest companies, sold a 30% stake in Phoenix Holdings, which provides various insurance products in Israel, to private equity firms Gallatin Point Capital and Centerbridge Partners for $476m. Delek, which holds significant stakes in Israel’s largest natural gas fields, is required to sell Phoenix under Israeli regulation that prohibits conglomerates from holding stakes in both financial and non-financial businesses.
Delek, a partner in large offshore natural gas projects, is being forced to divest from Phoenix due to regulation that prohibits conglomerates from holding stakes in both financial and non-financial businesses.
Tele2, a European telecommunications operator, sold its stake in Kazakhstan joint venture to Kazakhtelecom, the largest telecommunication company in Kazakhstan, in a $800m deal.
"Tele2 has built a successful business in Kazakhstan and rolled out a national network for high-quality voice and data. The JV has dramatically increased its customer base, revenue, market share and profitability. Mobile data consumption per customer has doubled since the creation of the JV and is more than a hundred times higher today compared to when Tele2 entered the country. Tele2 has enabled a more connected life and I am proud of the legacy we leave behind in Kazakhstan”, says Anders Nilsson, President and CEO, Tele2.
Rothschild & Co and Goldman Sachs are advising Tele2.
Hindustan Infralog, a joint venture between DP World, a global port operator, and the National Investment and Infrastructure Fund, India’s first sovereign wealth fund, acquired a 76% stake in KRIBHCO Infrastructure, an integrated multi-modal logistics operator in India. Financial terms were not disclosed.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: "We are delighted to announce the acquisition of 76% stake in KRIBHCO Infrastructure, a rail logistics solutions provider, which is highly complementary to our earlier acquisition of Continental Warehousing Corporation. It enables the DP World Group to become a significant operator in the fast-growing inland logistics market. In India, we have made strong progress in building an integrated logistics platform which can deliver a competitive solution to cargo owners and we aim to continue adding scale to our offering to deliver greater efficiencies and value to the trade."
GAW buys Honk Kong Office Tower from Swire for $605m. (FS)
Gaw Capital Partners has lined up the latest of its value-add real estate deals with the Hong Kong private equity firm agreeing to buy an office building in its home city from a joint venture between Swire Properties and China Motor Bus Company.
Through a vehicle owned by its Gateway Fund VI, Gaw Capital says it will pay HK$4.75bn ($605m) for 625 King’s Road, a 26-storey commercial tower in Hong Kong’s North Point area.
Nexus Venture closes it's Fund V at $354m.
India and US-focused Nexus Venture Partners, has made another close of $353.5m for its fifth VC fund, The fund secured commitments from 32 investors.
Nexus Venture V Ltd needs $97m more to achieve its total target of $450m for the fund. The VC firm made an initial close of the fund in June 2018 at $313m, representing 70% of its target, with 29 investors committing to the fund.
SC Capital gathered $850m for its RECAP V Fund.
SC Capital, Singapore-based real-estate investment firm closed its fifth discretionary real estate private equity fund (RECAP V). The total capital raised is $850m. The RECAP V investment strategy is focused on acquiring a portfolio of pan Asia-Pacific real estate investments.
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