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AMERICAS
Britain's competition regulator said it had started the first phase of an investigation into US chipmaker Broadcom's $61bn acquisition of cloud-computing firm VMware.
The Competition and Markets Authority said in November it was investigating whether the deal between the two US-listed companies could substantially hurt competition in Britain, adding that it had until March 22 to decide, Reuters reported.
VMware is advised by Goldman Sachs (led by Sam Britton), JP Morgan, Gibson Dunn & Crutcher (led by Andrew Kaplan and Barbara Becker) and FGS Global (led by Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by Michael Diz) and Sullivan & Cromwell (led by John L. Savva and Alison S. Ressler). Broadcom is advised by Bank of America (led by Ron Eliasek and Kevin Brunner), Barclays (led by Gary Posternack, Richard Hardegree and Laurence Braham), Citigroup (led by Daniel Mallegni and Tyler Dickson), Credit Suisse, Morgan Stanley (led by Anthony Armstrong), Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov, Ronald Chen and David Karp), Brunswick Group and Joele Frank (led by Arielle Rothstein, Tim Ragones and Joele Frank). Financial advisors are advised by Cooley (led by Ben Beerle). Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
Jungheinrich, a intralogistics provider, agreed to acquire Storage Solutions, a provider of racking and warehouse automation solutions, from Merit Capital Partners, a private equity firm, and MFG Partners, an investment company, for $375m.
“The acquisition of Storage Solutions is an important step in the implementation of our 2025+ strategy. It is an excellent opportunity to expand our geographic footprint in the US and adds a strong strategic platform for growth in warehouse automation across the region. Storage Solutions is a well-established and successful business with an attractive customer base and an excellent management team. We see great opportunities in combining the warehouse and automation capabilities of both parties to the benefit of customers in the US as well as our European customers with operations in North America,” Lars Brzoska, Jungheinrich Chief Executive Officer.
Storage Solutions is advised by Robert W Baird and Goodwin Procter. Jungheinrich is advised by Deloitte, Morgan Stanley, Freshfields Bruckhaus Deringer and FTI Consulting.
AE Industrial Partners, a US-based private equity firm, completed the acquisition of a stake in REDLattice, a pure-play cyber technology company. Financial terms were not disclosed.
"We are excited to be partnering with the team at REDLattice as we embark on our vision of building the best technology-enabled cyber platform of scale in the market. The offensive cyber domain is evolving dramatically, and REDLattice's exquisite capabilities and outstanding reputation will afford us a differentiator as we look to execute on our strategy," Jeffrey Hart, AE Industrial Partners Principal.
Wynnchurch Capital, a middle market private equity firm, completed the acquisition of FloWorks, a supplier and provider of flow control products and technical services, from Clearlake Capital, a private equity firm. Financial terms were not disclosed.
"We have built a strong reputation for providing specialty flow control solutions used in critical applications to our customers. We are excited to partner with Wynnchurch to further grow our business and expand our product and service offering," Scott Jackson, FloWorks CEO.
FloWorks was advised by RBC Capital Markets, Robert W Baird, Kirkland & Ellis, and Vinson & Elkins. Clearlake was advised by Lambert & Co (led by Jennifer Hurson).
Battery Ventures, a global, technology-focused investment firm, agreed to invest in Ascendant, an international provider of cross-border business payment solutions and a financial technology company. Financial terms were not disclosed.
"This announcement signifies a tremendous milestone for Ascendant as we continue to grow, innovate and achieve our vision as a global leader in international payments. Our partnership with Battery Ventures, one of the most high-profile investment firms in the industry with an extensive software and FinTech portfolio, will draw upon their capital and expertise to accelerate our ambitious growth plans and make the international payment process more efficient," Jason Mugford, Ascendant CEO.
Matador Resources, an oil and gas producer, agreed to acquire Advance Energy, a team of experienced Oil and Gas technical professionals and managers, from EnCap Investments, a private equity firm, for $1.6bn.
"We evaluated this transaction based on rock quality, the strong existing production and cash flow profile, the potential reserves additions, the high-quality inventory, the available midstream opportunities and the strategic fit within our existing portfolio of properties," Joseph Foran, Matador CEO.
Advance Energy is advised by JP Morgan and Vinson & Elkins. Matador Resources is advised by Baker Botts.
DIF Capital Partners, an independent infrastructure fund manager, completed the investment in RFNOW, a Canadian internet service provider. Financial terms were not disclosed.
"This investment will provide immediate and long-term benefits to RFNOW customers and employees. We are extremely proud of what our team has accomplished to get us here. Now, with this new partnership, we are well-positioned to enhance our existing operations and accelerate investment in new communities and regions," Chris Kennedy, RFNOW CEO.
DIF Capital Partners was advised by KPMG, Agentis Capital, and Davies Ward Phillips & Vineberg.
Encora, a global next-gen product engineering provider, completed the acquisition of Excellarate, a global technology solutions and services company, from Frontenac, a Chicago-based private equity firm. Financial terms were not disclosed.
"Excellarate has a long history serving a wide range of fast-growing clients in HealthTech, FinTech and InsurTech and we are thrilled to welcome them to the Encora family. Nick Sharma and his team will provide valuable expertise and capabilities to strengthen our customer offerings and further our mission of becoming the leading global engineering solutions provider," Venu Raghavan, Encora Founder and CEO.
Encora was advised by Brodeur Partners (led by Alec Robertson). Excellarate was advised by Canaccord Genuity and DLA Piper.
University of California agreed to invest $500m in Blackstone Real Estate Income Trust, a real estate investment trust of Blackstone.
This new investment, which is expected to close on March 1, 2023, at BREIT's public offering price on that date, will have the same structure, terms, and fees as UC Investments' initial $4bn investment, including an effective 6-year minimum hold period.
BREIT is advised by Simpson Thacher & Bartlett. University of California is advised by Goodwin Procter.
EnCap Investments, an American private equity firm, completed the investment in Linea Energy, an independent renewable energy developer, and power producer. Financial terms were not disclosed.
"We are delighted to partner with the EnCap Energy Transition team to develop and operate a world-class portfolio of renewable energy and battery energy storage projects. With EnCap as our partner, we have the capital and strategic positioning to develop and manage a technology-diverse renewables portfolio in key liquid power markets across the US," Cassidy DeLine, Linea Energy CEO.
EnCap Investments was advised by Redbird Communications (led by Meredith Howard). Linea Energy was advised by KPS3.
Investcorp, a global technology investor, agreed to acquire a majority stake of Zift Solutions, a provider of partner relationship management and through-channel marketing automation software, at $70m valuation. Existing investors Arrowroot, Oxx, SMM, and AshGrove Capital will remain involved with the company.
“Our investment in Zift aligns with ITP’s mission to support high-growth companies with proven products and end markets. Zift’s solutions help to solve an increasingly complex issue for marketing and sales-driven businesses, making relationship management simpler for companies across industries. We’re excited to be partnering with Zift and helping the Zift team take the business to the next level,” Gilbert Kamieniecky, ITP Head.
Zift Solutions is advised by Atlas Technology Group and Wyrick Robbins Yates & Ponton.
Pritzker-backed Valicor Environmental Services, North America's largest provider of non-hazardous wastewater treatment and recycling services, completed the acquisition of Clean Water Environmental, a provider of wastewater treatment and recycling services, from Hunting Dog Capital, a San Francisco-based private debt fund. Financial terms were not disclosed.
"We are pleased to partner with CWE as we continue to expand our national platform of sustainable wastewater treatment offerings for our customers. With the addition of CWE's advanced waste treatment capabilities, Valicor will strengthen our commitment to serve our customers and communities with environmentally responsible waste treatment practices," Steve Hopper, Valicor CEO.
Clean Water Environmental was advised by Bentley Associates. Valicor was advised by Abernathy MacGregor Group (led by Dan Scorpio).
One Rock Capital, a private equity firm completed the acquisition of EnviroServe, a national provider of environmental and waste management services, from Savage. Financial terms were not disclosed.
"EnviroServe has established itself as a reliable partner for its customers as they address a wide range of environmental challenges. Our extensive experience in the business and environmental services sectors as well as with corporate carve-outs positions us well to work with EnviroServe to grow and scale the business. We are excited to collaborate with EnviroServe's leadership team and provide the strategic and operational resources necessary to enhance its operational capabilities and expand its geographic footprint," Tony W. Lee, One Rock Managing Partner.
One Rock was advised by Prosek Partners. Savage was advised by BMO Capital Markets.
Warren Equity Partners, a private equity firm, completed the minority investment in Rock Hill Capital-backed KV Power, an electrical infrastructure solutions provider. Financial terms were not disclosed.
“It has been a pleasure to be partners with Bryan and the team at KV Power. Both Rock Hill and Bryan share the same goal of continuous growth while providing ever improving service to our customers, and we are excited to remain involved with the Company moving forward. We believe Warren Equity is the ideal partner to accelerate growth and enhance value for KV’s stakeholders,” Randall B. Hale, Rock Hill Founder and Managing Director.
KV Power was advised by Piper Sandler and Winston & Strawn.
Certares, a company focuses on direct investments in proprietary transactions, leveraging deep sector experience in the travel and hospitality industries, and HHM Partner, a hotel management and investment company, completed the acquisition of Sea Crest Beach Hotel, a 263-room independent resort. Financial terms were not disclosed.
“We are excited to add this irreplaceable, historic asset to our growing portfolio, as well as continuing our investment partnership with HHM. This resort is truly unique in New England due to its proximity to Boston, expansiveness of beachfront real estate, and one-of-a-kind sunset views on the East Coast,” said Nolan Hecht, Senior Managing Director at Certares. “The Sea Crest has an almost 100-year old history as a premier leisure destination and community mainstay within the Boston area, and we look forward to owning an asset with such a strong local and regional presence,” Mike Kusy, Certares Director.
Quad-C Management, a private equity firm, agreed to acquire QED Technologies, a company which offers state-of-the-art MRF polishing and SSI metrology manufacturing solutions, from Entegris, a supplier of advanced materials and process solutions.
“QED is a leader in precision optics finishing equipment, products and services, providing the most precise technologies to manufacturers in semiconductor, aerospace & defense markets. Quad-C and our industrial tech practice are thrilled to partner with QED and its strong management team in order to execute on our shared growth strategy.” Matt Trotta, Principal at Quad-C, also added, “QED has built a reputation for excellence in precision optics over nearly three decades. We are excited to partner with the Company as it begins its next chapter as a standalone entity once again,” Tom Hickey, Quad-C Partner.
Gemspring Capital, a middle market private equity firm, completed the investment in Chicago Switchboard, an electrical/electronic manufacturing company. Financial terms were not disclosed.
"Chicago Switchboard is an industry leader, providing a tremendous value proposition to its current and future customers. We're eager to work in partnership with Roberto and his talented team to build on the Company's nearly 90-year track record of success," Jay Reynolds, Gemspring Capital Managing Director.
Salt Creek Capital, a private equity firm based in Woodside, California, completed the acquisition of Broco Rankin, which specializes in underwater cutting and welding products, and designs and manufactures tactical and forced entry products for law enforcement, military, and fire and rescue, and industrial exothermic cutting and welding systems. Financial terms were not disclosed.
"I am excited to join Broco Rankin. This is a great company with a solid foundation and a strong, experienced team. I am looking forward to working with the employees, clients and customers to continue the company legacy of quality and innovation that is well established," Sterling Peloso, Broco Rankin CEO.
Broadhill Capital announces its capital deployment strategy for 2023.
Broadhill Capital announced that the firm will target to commit equity investment of $15bn across approximately 100-150 businesses.
"We expect to make non-control equity investments into businesses that have the potential to achieve 5-10x revenue growth with our capital commitment. We separate ourselves by our willingness to assist businesses in situations that often appear high risk to more conservative investors," Francis König, Broadhill Investment Committee Member.
Apollo and Marcelo Claure explore the buyout of LatAm telco Millicom.
Millicom International Cellular jumped 16% after reports that private equity firm Apollo and former Softbank executive Marcelo Claure are considering a bid that would value the Late American telecom company at almost $10bn, including debt.
Apollo and Claure are trying to structure an offer in an attempt to avoid them needing to repay or refinance around $6.9bn of Millicom's existing debt.
A group of billionaires buys a minority stake in Thrive Capital.
Venture firm Thrive Capital is selling a stake to a group of investors including Walt Disney CEO Robert Iger and KKR co-founder Henry Kravis, WSJ reported. As a part of the transaction, Brazilian food magnate Jorge Paulo Lemann, French telecoms executive Xavier Niel, Indian oil businessman Mukesh Ambani, Bob Iger and Henry Kravis will invest about $175m to purchase a 3.3% stake in Thrive, the New York-based firm said Tuesday. The deal values the venture firm at $5.3bn.
The deal would give Thrive's startup entrepreneurs more access to some of the world's most established businessmen and encourage the firm to think more globally, Josh Kushner, Thrive's founder, said. In return, those investors will share in the growth of Thrive.
Thoma Bravo, Vista Equity eye deal for data analytics specialist.
Data analytics software company Sumo Logic has seen its share price soar by up to 30% on the back of reports that a trio of private equity firms – Thoma Bravo, Vista Equity Partners, and Francisco Partners – are all interested in acquiring the business.
Sumo Logic, which has a market cap of $920m and saw its shares lose 40% during 2022, agreed to appoint John Harkey, the founder of JDH Investment Management, to its board last year after striking a mutual cooperation agreement with special situations hedge fund Scalar Gauge Fund, which has a holding in the business.
Elliott Management takes a stake in Salesforce.
Activist investor Elliott Management made a multibillion-dollar investment in Salesforce, WSJ reported, adding to the pressures facing the business-software provider. While details of the campaign were not disclosed, Elliott, one of the biggest and most prolific activists, often seeks board representation and pushes for companies to make operational improvements and other changes.
"Salesforce is one of the pre-eminent software companies in the world, and having followed the company for nearly two decades, we have developed a deep respect for Marc Benioff and what he has built," Jesse Cohn, Elliott Managing Partner.
Providence Equity acquires multi-decade lease for Times Square billboards.
Providence Equity Partners, a premier private equity firm specializing in growth-oriented investments in media, communications, education and technology, acquired a multi-decade lease for nine marquee billboards at Two Times Square and 1600 Broadway from Universal Branding Group.
Providence has simultaneously entered into a long-term operating agreement with OUTFRONT Media, an existing Providence portfolio company and one of the largest out-of-home media companies in the US, under which OUTFRONT will operate the billboards on Providence's behalf. Financial terms were not disclosed.
Goldman to cut PE exposure.
Goldman Sachs is planning to significantly reduce the $59bn of alternative investments – private equity and real estate – currently held by its asset management arm, and which dragged down the bank's Q4 earnings.
Goldman Sachs' chief investment officer of asset and wealth management, Julian Salisbury, said that the bank is planning to divest the positions over the next few years and replace some of the funds on its balance sheet with outside capital.
SLR Capital secures $2.2bn for private credit strategies.
SLR Capital Partners, a boutique asset manager focused on direct lending with expertise across a range of financing solutions for US middle market companies, closed on $2.2bn of equity commitments for its direct cash flow lending and specialty finance strategies during the second half of 2022.
Inclusive of anticipated leverage, the commitments total $3.8bn of additional investment capital. The equity commitments were secured from a range of pension, insurance company, endowment, wealth management, and family office investors.
Sterling Investment Partners closes Fund IV above target.
Sterling Investment Partners, a middle market private equity firm investing in distribution and business services companies, is pleased to announce the final close of Sterling Investment Partners IV with $934m in capital commitments, which exceeded the firm's $900m fundraising target and includes a significant commitment from Sterling partners.
"We have continued to grow by investing in our people and adding talented professionals, and plan to continue to do so with the successful closing of SIP IV," Bill Macey, Sterling Managing Partner and Co-Founder.
Vision Ridge Partners raises $700m for Annex fund.
Vision Ridge Partners, a sustainable real assets investor, announced the closing of SAF Annex Fund with $700m of capital commitments. The Fund received significant support from a diverse base of existing Vision Ridge clients as well as new institutional investors, including leading sovereign wealth fund, endowment, foundation, family office, public pension and consultant investors.
“As our world faces a seismic shift towards sustainability, we are pleased to help advance companies at the forefront of the energy transition by providing the capital, industry expertise and deep network of relationships they need to succeed for decades to come. We are grateful for the strong support we have received for the Fund, which reflects our investors’ confidence in the Vision Ridge team,” Reuben Munger, Vision Ridge Managing Partner.
ArcLight announces closing of $407m continuation fund for third coast.
ArcLight Capital Partners announced the successful completion and final close of ArcLight 3C SPV, a continuation fund with $407m in capital commitments. In July, the fund held its initial closing and acquired the remaining 25.1% interest in Third Coast Super Holdings from an affiliate of ArcLight Energy Partners Fund V. The fund held additional closings through December 2022 bolstering available committed capital for follow-on growth opportunities in the portfolio. The fund's investor base is comprised of sophisticated global asset management, insurance, and pension plan institutions.
"Third Coast provides a critical link in the domestic energy value chain connecting the prolific and low-carbon Gulf of Mexico production basin to Gulf Coast customers and markets. We are excited to continue to invest in the Third Coast platform via the Fund as we believe Third Coast's fee-based throughput business model is poised to benefit from continued Gulf of Mexico production growth catalyzed by its lower relative costs and environmental impact, as well as bolt-on organic and inorganic growth opportunities identified by our top-class management team designed to increase redundancy and flow assurance for our customers," Joe Alves, ArcLight Managing Director.
Dimension launches a $350m fund.
Dimension, a venture capital firm focusing on biotechnology and medicine, is launching a $350m fund. The firm was started by three former general partners at Lux Capital and Obvious Ventures.
Dimension will target early-stage companies specializing in drug discovery platforms, machine learning, and software companies in the life sciences field. Dimension believes that the "long-term potential of technology and science is independent from market cycles."
Cowboy Ventures raises $260m for two funds.
Cowboy Ventures, a generalist seed-stage fund, raised $260m across two new funds, the flagship fund and the opportunity fund.
"We'll have the same focus for Cowboy IV and Mustang as our prior decade. Take a curated, thoughtful approach to finding and partnering with outstanding seed-stage companies. Take care to be a full-stack partner to help de-risk and accelerate early-stage company journeys in a bespoke way. A bit more about what's ahead with our new funds," Cowboy Ventures.
Sapphire Sport to raise oversubscribed $181m second fund.
Sapphire Sport, an early-stage investment platform at the intersection of technology, sport, media, and entertainment, has convened several new investors to join existing LPs from their first fund platform to announce an oversubscribed $181m second fund vehicle backed by significant names across sport, business, and media.
This new effort will continue to focus on Seed to Series B companies powering the next generation of consumer behavior across media, digital commerce, gaming, health, human performance, culture, and community.
Investcorp appoints new private credit Co-Head. (People)
Investcorp has appointed Suhail Shaikh as Co-Head of its private credit business. Based in New York, Shaikh, who brings with him approximately $200m of assets under management and three team members from his previous firm Alcentra, will co-lead the business alongside current co-head, Mike Mauer.
Chris Jansen, who previously served as co-head of the business alongside Mauer, is taking on an advisory role ahead of his retirement later this year.
Lazard appoints BlackRock veteran as head of North American distribution. (People)
Lazard Asset Management has appointed Jennifer Ryan as managing director and head of North American distribution, effective immediately. Based in New York, Ryan joins from BlackRock where she held leadership roles in both the firm's US and UK institutional client businesses.
In her newly created position at LAM, Ryan reports to CEO Evan Russo. As a member of the senior leadership team for Lazard’s Asset Management business, she will be responsible for LAM’s business development in North America and will oversee its institutional client group, financial institutions group, alternative investments sales, and consultant relations group.
EMEA
Ardian, a private equity company, agreed to acquire a 60% stake in Assist Digital, a digital CRM and customer experience solutions provider, from Progressio, an independent private equity firm. Financial terms were not disclosed.
”Ardian is the ideal partner to accelerate Assist Digital's growth. Assist Digital is a unique skills and services platform, capable of attracting the best talent, empowering digital transformation and delivering a new standard of customer experience for our clients. Ardian’s investment strengthens our resilience and ability to face challenges, and will help us to expand internationally. Our employees, who are at the heart of this company’s dynamic, innovative and entrepreneurial culture, will also benefit from new opportunities for professional growth and development,” Enrico Donati, Assist Digital Executive Chairman.
North Holdings, a consortium led by Bain Capital, made two alternative offers for Finnish construction systems provider Caverion, as it looks to counter a higher bid from Swedish venture capital group Triton.
The improved bid allows Caverion shareholders to choose between a debt instrument entitling to a fixed cash payment of $9.2 a share in nine months from the completion of the offer, or an immediate cash consideration of $8.7 per share. The debt offer valued the company at $1.26bn and cash at $1.19bn.
Caverion is advised by Bank of America and Castren & Snellman (led by Thomas Landell and Janne Lauha). Bain Capital is advised by Advium Corporate Finance, BNP Paribas, Goldman Sachs, Nordea Bank (led by Alexandra Therman-Londen), UBS, Hannes Snellman, Kirkland & Ellis, Roschier Attorneys (led by Petri Avikainen). Debt financing is provided by Goldman Sachs. Goldman Sachs is advised by Sullivan & Cromwell (led by Juan A. Rodriguez) and White & Case (led by Ken Barry).
McWin, a Czech Republic-based private investment firm, completed the acquisition of a majority stake in L'Osteria, a restaurant chain, at a $435m valuation.
"We are big believers that excellent businesses like this one outperform in turbulent times," Henry McGovern, McWin Founding Partner.
McWin is advised by KPMG and Bryan Cave Leighton Paisner. L'Osteria is advised by Deutsche Bank, Ferber & Co, PricewaterhouseCoopers, Steiner & Partner and Dechert.
Infinite Electronics, a supplier of electronic components, completed the acquisition of Bulgin, an electrical components manufacturer, from Equistone Partners, a private equity firm. Financial terms were not disclosed.
"By welcoming Bulgin to Infinite Electronics' growing brand portfolio, we are better positioned to meet the increasing demand for reliable connectivity solutions for harsh environments. Bulgin's focus on mission-critical, customizable components with outstanding design and customer support aligns with our own longstanding reputation for delivering our customers what they need, when they need it most," Penny Cotner, Infinite Electronics President and CEO.
Infinite Electronics is advised by William Blair & Co and Cleary Gottlieb Steen & Hamilton. Equistone is advised by Houlihan Lokey, Travers Smith, Hawthorn Advisors (led by Stephen Atkinson) and MC2 Manchester (led by Michael James Perls).
Temasek, a global investment company, led a €100m ($109m) Series B round in PASQAL, a neutral atoms quantum computing firm, with participation from European Innovation Council Fund, Wa'ed Ventures and Bpifrance.
"We are proud to invest in a startup we've been following for years that is working on a very high-impact technology that will solve some of the world's most pressing computational challenges across industries. PASQAL's innovation in the quantum computing space has made them an industry leader in Europe and globally. We are excited to be a part of their incredible growth and contribute to their lasting impacts," Nicklas Bergman, EIC Fund Advisor.
PASQAL was advised by Perella Weinberg Partners and Orrick Herrington & Sutcliffe.
Soma Capital, a New York-based backers of Deel, Razor Pay and Rippling, and FoundersX, an investor behind Jeeves and Salt Security, led a $100m seed round in Tranch, a buy now pay later platform for SaaS sellers and services providers, with participation from Clear Haven Capital Management, Global Founders Capital and Y Combinator.
“Since securing our pre-seed funding and completing the Y Combinator programme, the total value of invoices we’re handling every month has increased tenfold. Traction is growing fast because suppliers and business buyers alike simply understand and like what Tranch can do for them. Against this challenging macroeconomic backdrop, buyers and suppliers have to ensure they can optimise their working capital cycle, and B2B BNPL is a commonsense way to achieve that. With our new investors and substantial credit facility in place, we’re in a great position to continue our growth in the US market out of our New York office so that every SMB that needs it can ‘pay with Tranch’ - flexibly and on their own terms,” Philip Kelvin, Tranch, Co-founder and CEO.
Tranch was advised by Mountview Communications (led by Carmen Dixon).
Saudi Arabia explored bid to buy F1 for over $20bn.
Saudi Arabia’s sovereign wealth fund considered an attempt to add Formula 1 motor racing to its growing portfolio of sports investments.
A potential deal faltered in the early stages last year as F1’s owner Liberty Media was not interested in selling the high-profile franchise, which Saudi Arabia’s Public Investment Fund valued at well above $20bn including debt.
The PIF remains interested in the asset and would be a serious bidder should Liberty Media change its mind and decide to sell, Bloomberg reported.
Nordic Capital weighs $2bn sale of Sunrise Medical.
Nordic Capital is considering a sale of Sunrise Medical that could value the German wheelchair maker at as much as $2bn.
The Swedish investment firm is speaking with advisers about kicking off a formal process for Sunrise, which is likely to attract private equity groups and other financial investors.
Deliberations are ongoing and there’s no certainty they’ll result in a sale, Bloomberg reported.
Qatar Investment Authority raises stake in Credit Suisse to just under 7%.
Qatar's sovereign wealth fund has increased its stake in Credit Suisse to just under 7%, becoming the Swiss bank's second-largest shareholder after Saudi National Bank, in a sign that its Gulf investor base is growing in importance.
The Qatar Investment Authority bought 139m shares in the Swiss lender, Refinitiv data shows based on a filing with the Securities and Exchange Commission which quoted its most recent ownership holding as of December 31, 2022, Reuters reported.
US investment firm MSP Sports eyes stake in Premier League’s Everton FC.
US investment firm MSP Sports Capital is considering a potential investment in England’s Everton Football Club.
MSP has held preliminary discussions about buying a stake in Everton, which is controlled by businessman Farhad Moshiri, Bloomberg reported.
IK readies Swedish biotech group Mabtech for exit.
IK Partners has appointed Jefferies to guide its planned exit of Swedish biotech company Mabtech, Unquote reported.
The sale process is in the early stages, with pitches for mandates having taken place in December. The sellside is considering running the process as a dual-track for a potential.
Waterland announces closing of two new funds with €4bn in capital raised in four months.
Waterland Private Equity Investments, a private equity firm, announced the closing of its ninth institutional flagship fund, Waterland Private Equity Fund IX at €3.5bn ($3.7bn), alongside Waterland Partnership Fund I at €500m ($542m). The funds closed at their respective hard caps four months after initial launch.
The fundraise attracted commitments from world-class institutional investors globally. The investor base for both funds is well diversified by geography, consisting of investors across Europe, North America, the Middle East and Asia Pacific. By investor type it consists of asset managers, public and private pension funds, insurance companies, sovereign wealth funds, endowments, foundations and family offices, amongst others.
Both funds were oversubscribed with demand significantly exceeding the fundraising targets. This is attributable to continued strong support from existing investors combined with significant interest from new investors.
Prime Group raises $2.5bn for oversubscribed third self storage fund.
Prime Group, a vertically-integrated private equity real estate firm, today announced that it successfully closed its third flagship self storage fund, Prime Storage Fund III, at the Fund’s hard cap of $2.5bn, exceeding its $1.5bn target. Fund III, which closed in December 2022, is the company’s largest fund to date, and the largest fund ever raised focused exclusively on self storage.
“We are pleased to have closed our third flagship fund, the largest in history in the self storage sector. This achievement is a testament to the strength of our platform, our differentiated, data-driven investment approach and experienced team. We are grateful for the support from our new and existing investors as we seek to continue to capitalize on a resilient asset class to deliver market-leading investment performance,” Robert Moser, Prime Group Founder, Principal, and CEO.
Highland Europe has closed its €1bn fund.
Highland Europe closed its fifth fund, raising €1bn ($1bn) to double down on its strategy of backing the Continent’s most outstanding founder-led teams in software and internet businesses.
“We want to thank all of those European founders who chose to partner with us over the past ten years. It is their ambition, talent and drive that inspires us as we build category-defining businesses together. Current market conditions are not easy, but our founder-led companies continue to scale impressively and efficiently, with several world-leaders in the mix. We’re pleased that our investors share our conviction and thank them for their continued trust,” Fergal Mullen, Highland Europe Partner.
Schroders secures £500m PE mandate from Wales Pension.
Schroders Capital, the specialist private assets division of the Schroders Group, has been awarded a £500m ($666m) private equity mandate by the Wales Pension Partnership, a collaboration of the eight local government pension scheme funds in Wales and one of eight national local government pension pools.
The segregated mandate will have a global investment focus, allocating across a number of industries including healthcare and technology, encompassing primaries, co-investments and secondaries within multiple sectors from venture to turnaround.
Arcano closes €450m secondaries fund.
Spain’s Arcano has closed a secondaries fund on €450m ($488m), exceeding its €300m ($325m) target. The vehicle received commitments from institutional and private banking investors across Europe and Latin America.
The fund is the fourth specifically dedicated to completing secondary market transactions and direct coinvestments in companies, the latter representing at most 20% of the program.
SUSI holds first closing of third credit fund at €132m.
SUSI Partners has held a first closing of the Energy Efficiency and Transition Credit Fund, its third credit fund, with €132m ($143m) in investor commitments. The fund, which will will be open to investors throughout 2023, has a €400m ($434m) target size.
SEETCF has received commitments from pension funds, insurance companies, and foundations based in the Nordics and the DACH region, with a high representation of LPs already invested in the predecessor fund, the SUSI Energy Efficiency Fund II.
GMPF commits additional £100m to sustainable infrastructure strategy.
The Greater Manchester Pension Fund committed a further £100m ($133m) to Gresham House's Sustainable Infrastructure strategy, which focuses on investments in solutions to address environmental and societal challenges in the North West of the UK, and support levelling up throughout the country.
According to Gresham House, the vast majority (94%) of BSIF's portfolio companies are not directly exposed to rising interest rates, and those that are all have robust mitigation strategies in place to manage volatility.
APAC
Hapag-Lloyd, a German international shipping and container transportation company, agreed to acquire a 35% stake in J M Baxi Ports & Logistics, a marine shipping and logistics services provider, from Bain Capital, an American private investment firm. Financial terms were not disclosed.
“Terminal and infrastructure investments are a crucial element of our strategic agenda and India is one of our key growth markets. Acquiring a significant share in J M Baxi Ports & Logistics Limited will significantly boost our presence in India with a trusted local partner and it is another important step to build up our terminal and infrastructure business,” Rolf Habben Jansen, Hapag-Lloyd CEO.
J M Baxi Ports & Logistics is advised by Credit Suisse. Bain Capital is advised by Credit Suisse and Kotak Investment Banking.
IHC and ADIA are among bidders for Adani's $2.5bn share sale.
Middle Eastern investors, including International Holding Co and Abu Dhabi Investment Authority, are bidding to buy stock in the $2.5bn follow-on share sale floated by Indian billionaire Gautam Adani's flagship, Bloomberg reported.
Mubadala and BNP Paribas have also bid. The so-called anchor book for Adani Enterprises was reportedly oversubscribed by 1.8-2 times.
Blackstone in talks with Bain to sell $480m stake in top Indian REIT.
Blackstone is in talks to sell around half of its stake in India's largest real estate investment trust Embassy Office Parks to private equity firm Bain Capital, two sources said, in a deal worth up to $480m at current prices.
A deal would mark US-based Bain's first REIT investment in India where office space is drawing in investors as many workers have returned to offices with the waning of the Covid-19 pandemic. For Blackstone, it would mean a further selldown of its Embassy stake as it adjusts its portfolio, Reuters reported.
Elliott hires Cornwall Capital’s Tai to boost Japanese activism.
Elliott Investment Management has hired Aaron Tai, a partner at hedge fund Cornwall Capital, to grow its activism practice in Japan.
Tai joined Elliott this week and reports to London-based senior portfolio manager Nabeel Bhanji. During his time at Cornwall Capital, Tai spent close to a decade engaging with Japanese public companies.
The hire follows recent departures from Elliott including London-based portfolio manager Sebastien de La Riviere, who left earlier this month, and Mark Levine, who was one of the most senior members of Elliott’s UK office and retired late last year. Some other members of Elliott’s London office, including Franck Tuil and James Smith, have also left in recent years and gone on to start their own funds, Bloomberg reported.
UniSuper has no plan to invest in Chinese stocks.
Australian pension giant UniSuper won't be rushing back into Chinese equities despite the recent rally driven by foreign investors following the country's dramatic exit from harsh zero-Covid policies, Bloomberg reported.
John Pearce, chief investment officer of the fund with more than $81bn of assets, said he's no "China bull" and would rather invest in other countries that will benefit from the reopening, including Australia. Global money managers have turned increasingly bullish on Chinese stocks, while economists have upgraded their growth forecasts for the nation.
Impact investor Elevar Equity raises at least $126m for latest India fund.
Venture capital firm Elevar Equity Advisors, which is currently on the road to raise its fifth India-focused fund, has garnered as much as $126m so far from US investors, per a new filing with the US Securities and Exchange Commission.
The total corpus that the social impact investor is targeting to raise for Elevar India V is $225m as it looks to invest in growth-stage companies that cater to the marginalised and weaker sections in the country, DealStreetAsia reported.
Värde raised $105m for Asia credit fund.
Global alternative investment firm Värde Partners has so far raised $105m for its latest Asia credit vehicle and sidecar funds, DealStreetAsia reported.
The amount raised for Värde Asia Credit Fund II is aggregated with the Värde Asia Credit Fund II Master and the Värde Asia Credit Fund II Offshore. A filing also showed that three investors have already committed to the Asia credit vehicle.
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