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AMERICAS
Syncona, a healthcare company, agreed to acquire Applied Genetic Technologies, a clinical-stage biotechnology company focused on the development and commercialization of adeno-associated virus-based gene therapies, for $73m.
"Our team has completed ground-breaking work for patients living with devastating retinal diseases. This transaction allows continued progress in advancing an important therapy for XLRP patients while also maximizing immediate and potential long-term value to our shareholders. On closing, AGTC will be Syncona's third company focused on retinal gene therapy, and we look forward to transitioning the AGTC-501 XLRP product candidate to Syncona's experienced stewardship with the goal of advancing this differentiated product candidate to patients," Sue Washer, AGTC President and CEO.
AGTC is advised by MTS Health Partners and Foley Hoag. Syncona is advised by BTIG, Mintz Levin and FTI Consulting (led by Ben Atwell).
Kushner Companies, an American real estate developer in the New York City metropolitan area, offered to acquire Veris Residential, a real estate investment trust that primarily owns, operates, acquires, and develops Class A multifamily properties, for $1.46bn.
Veris Residential's Board of Directors is evaluating Kushner Companies' latest proposals – in consultation with its financial and legal advisors – and will respond to these proposals in due course, just as it has carefully evaluated and responded to all other proposals Kushner Companies has put forth to date. Consistent with its fiduciary duties, the Board will determine the best path forward with the interests of maximizing value for all Veris Residential shareholders in mind.
Energy Impact Partners, a collaborative strategic investment firm, agreed to invest $110m in RS Technologies, a composite utility poles and related products manufacturer.
“We are experiencing enormous demand from electric utilities working to update their systems to withstand more severe weather events such as those recently impacting the southeast US and the Canadian Maritimes. This investment from Energy Impact Partners ensures that we can address today’s grid modernization needs and build capacity to be ready for future events,” George Kirby, RS Technologies CEO.
RS Technologies is advised by JP Morgan and Edelman.
Stellex Capital Management and Mill Rock Capital-backed Grammer, a chemicals, industrial gases, and hazardous materials transportation and logistics firm, completed the acquisition of Logistics Management Resources, a provider of quality transportation management solutions to the chemicals, industrial gases, and related industries. Financial terms were not disclosed.
"LMR is a highly-respected leader in the chemicals logistics market. We are thrilled to welcome their team into the Grammer family. This acquisition supports our strategy of providing a diversified offering of both asset and non-asset services to our growing customer base. We believe this integrated approach is the future of chemicals logistics," Scott Dobak, Grammer CEO.
Allied Universal, an American provider of security systems and services, agreed to acquire Century Event Security & Staffing, a security and staffing provider. Financial terms were not disclosed.
"This important acquisition, a first for our event services business, aligns with our strategic growth strategy by providing additional operations and qualified staff in two of the nation's most prominent cities for exhibitions and events. I'm thrilled to welcome Century Event Security & Staffing employees to our team. With our promote from within culture, the opportunity for growth is limitless," Steve Jones, Allied Universal Global Chairman and CEO.
Coltala Holdings, a diversified holding company, completed the investment in Pond Robinson & Associates, a nationwide commercial equity-level due diligence firm. Financial terms were not disclosed.
"So proud of what Michael Raybon and Mark Petersen have accomplished together over the last 20+ years. After building this business over many years, it was very important to find the right partner. Ralph, Edward and the Coltala team are high integrity and are a great fit for our culture and mission at Pond Robinson," Alan Pond, PR&A Founding Member.
Ares Management closes oversubscribed $7.1bn second special opportunities fund. (FS)
Ares Management, a global alternative investment manager, has held the final closing of its Ares Special Opportunities Fund II at its hard cap of $7.1bn of commitments, including General Partner commitments, way in excess of its $4bn target.
The Special Opportunities strategy seeks to invest in a range of private, special-situation opportunities and flexes into stressed/distressed public market debt when deemed attractive. Further, the team aims to partner with companies to enhance enterprise values and fill the void between for-control private equity and private debt. To date, the Special Opportunities strategy has deployed nearly $12bn across a diverse portfolio, of which ASOF II has invested or committed approximately $3bn, or roughly 45% of its investable capital base.
EMEA
Authentic Brands, an American brand management company, completed the acquisition of Ted Baker, a British high-street clothing retail company, for £211m ($239m).
"Ted Baker is a highly regarded, uniquely British brand whose strong fashion credibility resonates with consumers around the world. We are excited to build on the brand's global foundation through a business model focused on licensing, wholesale, retail, digital and strategic marketing partnerships. Under ABG's ownership, we believe that Ted Baker is poised for continued growth and success," Jamie Salter, ABG Founder, Chairman and CEO.
Medtronic, an American medical device company based in Ireland for tax purposes, is set to spin-off its Patient Monitoring and Respiratory Interventions businesses.
"We are executing on our portfolio management strategy, taking action to create value for Medtronic and our shareholders. This separation will allow Medtronic to focus our company and our capital on opportunities better aligned with our long-term strategies to accelerate innovation-driven growth, and will position NewCo to unlock value. Independently, NewCo will be a leading connected care company with a compelling leadership position, attractive margins, and potential for growth acceleration with increased investment and dedicated capital allocation. Looking ahead, we remain focused on active portfolio management with an ongoing process of evaluating potential additions and subtractions to further accelerate Medtronic's growth over the long-term," Geoff Martha, Medtronic Chairman and CEO.
Sumitovant Biopharma, a technology-driven biopharmaceutical company, reached a deal to acquire the remaining shares in Myovant Sciences, a biopharmaceutical company that develops and commercializes new treatments for women's diseases and endocrine disorders, for $1.7bn. The offer price was increased from $1.3bn.
"This transaction represents an industry-leading opportunity to combine unique expertise, platforms, and resources to successfully commercialize products in Myovant's program and to accelerate development of a robust pipeline addressing patient needs in women's health and prostate cancer. We look forward to harnessing the combined strength of our talented teams to bring needed therapies to patients sooner and are confident both Myovant and its employees will benefit from the greater resources Sumitovant can provide to further support business growth and career opportunities overall," Myrtle Potter, Sumitovant CEO.
Myovant Sciences is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Thomas Greenberg). Sumitovant is advised by JP Morgan and Sullivan & Cromwell (led by Alison S. Ressler).
Public Investment Fund, the sovereign wealth fund of Saudi Arabia, offered to acquire a 51% stake in Telecommunications Towers Company, a provider of ICT infrastructure in KSA, from Saudi Telecom Company, the Saudi digital enabler of telecommunications services in the Kingdom of Saudi Arabia, for $3bn.
If completed, the financial impact of the potential acquisition is forecast to be positive and material, stc said, adding that it will announce any material developments in due course.
Modus, a venture capital company, agreed to acquire Agile Ventures, a venture capital firm. Financial terms were not disclosed.
"Successful Venture Building is about an empowering culture and proper processes; that's what we love about Modus. We share similar values, cultural beliefs, and each have robust Venture Building frameworks. Modus believes in Vision 2030 and together, we are building a solid team to develop innovative startups that can add value to the economy and equip Saudi talent with the skills required in the 21st century. We believe together, we will do extraordinary work," Ahmad Abutaleb, Agile Ventures Co-Founder and CEO.
Visier, an HR analytics platform, agreed to acquire Boostrs, a software company. Financial terms were not disclosed.
"Boostrs has built an incredibly powerful jobs and skills mapping engine that we're excited to make available to our customers. Adding Boostrs to Visier's technology stack gives our customers an essential linkage for closing the gap between the skills they have and the skills they need to survive and thrive in changing market landscapes," Ryan Wong, Visier Co-founder and CEO.
Saudi Arabia launches bid to attract $10bn in supply chain investment.
Saudi Arabia’s crown prince on Sunday launched an initiative to attract investments in supply chains to and from the kingdom, with an aim of raising an initial $10.6bn.
The initiative by Prince Mohammed bin Salman will include allocating about $2.4bn in incentives for supply chain investors, DealStreetAsia reported.
Frasers Group raises stakes in Hugo Boss, Asos.
Frasers Group, a British retail and intellectual property group, increased its investments in fashion firms Hugo Boss and Asos. The retail vehicle, which owns Sports Direct and House of Fraser, said that it now owns a 5.1% stake in online fashion retailer Asos. The investment sees Frasers own 4.3% of Hugo Boss shares, while it also has a 28.5% interest via put options.
"The strategic investments Frasers Group makes offer new opportunities for the company, whilst also helping to support the long-term future of the existing retail businesses, and the many thousands of jobs they sustain," Frasers Group.
Abu Dhabi consortium weighs bid for GEMS Education stake. (FS)
A consortium of Abu Dhabi state-backed entities is weighing an offer for a stake in Dubai-based GEMS Education, one of the world’s largest private school operators, Bloomberg reported.
Wealth fund ADQ and real estate developer Aldar Properties are among those exploring a joint bid for part of private equity-backed GEMS. Aldar, which is backed by the Abu Dhabi wealth fund Mubadala Investment, already manages a schools business called Aldar Education.
Dubai tees up its fourth IPO of the year with Empower stake sale.
Dubai plans to sell a 10% stake in district cooling services provider Emirates Central Cooling Systems, the city's fourth privatization this year as part of a drive to boost trading volumes on the stock exchange, Bloomberg reported.
Dubai Electricity & Water Authority and Emirates Power Investment will offer 1bn shares in an initial public offering. The district cooling firm, known as Empower, will start taking investor orders for the IPO from October 31, with pricing scheduled for November 9.
Abu Dhabi fund ADQ invests $125m in Aliph Capital. (FS)
Abu Dhabi sovereign wealth fund ADQ has invested $125m in the debut fund launched by Aliph Capital, the Middle East’s first female-led private equity firm.
The investment announced by ADQ and Aliph’s founder accounts for half of the $250m Aliph Fund I, which will focus on medium-sized companies in the region.
Rothschild & Co opens in Saudi Arabia with key hires to tap deals. (People)
Rothschild & Co has made two leadership appointments for its new office in Saudi Arabia, marking the advisory firm’s formal entry into one of the most promising investment banking markets globally.
The Paris-based financial group named Nasser Al Issa as head of Saudi Arabia and Mark Sedwill as chairman, Bloomberg reported.
APAC
SIGNET Healthcare Partners, a New York-based healthcare private equity firm, completed the investment in LAXAI, a provider of contract research, development, and manufacturing solutions to pharmaceutical and specialty chemical companies. Financial terms were not disclosed.
"LAXAI has been a trusted partner in the pharmaceutical and specialty chemical space providing client-focused contract research and development services." SIGNET's investment will enhance LAXAI's infrastructure and further augment operations to help our customers and partners maximize innovation and productivity. "We are very pleased to welcome SIGNET as a partner to help accelerate growth and achieve our ambitious long-term objectives. We look forward to leveraging SIGNET's knowledge and network as we continue to expand and enhance operations," Vamsi Maddipatla, LAXAI Chairman and Managing Director.
LAXAI was advised by Richards Layton and Finger and Tempus Law Associates. SIGNET Healthcare Partners was advised by J. Sagar Associates and Sheppard Mullin Richter & Hampton.
KKR, an American global investment company, agreed to acquire a 13.33% stake in Advanta, a global seed business, for $300m.
“Since the acquisition of Advanta in 2006, UPL has built Advanta into a leading global seed company with presence in more than 80 countries. Today, Advanta is a leading player in sustainable agriculture solutions, benefitting the livelihoods of farmers globally. As sustainable farming practices increases in priority around the world, Advanta is well poised for its next leg of robust growth. We are working closely with KKR to build on Advanta’s strong platform to deliver continued success in this next phase of evolution,” Jai Shroff, UPL CEO.
UPL is advised by Adfactors PR.
CDPQ, an institutional investor, agreed to invest $474m in Shizen Energy, a renewable energy company.
"We are very honoured to form this partnership with CDPQ, which has been moving toward sustainable management for decades and is currently investing in the realization of a decarbonized society from a long-term perspective. Shizen Energy has been striving to achieve its purpose of 'We take action for the blue planet', and we feel that even greater speed is required to resolve global warming and energy challenges. Through our collaboration with CDPQ, we will accelerate our global actions for the future of this Earth," Ken Isono, Shizen Energy CEO.
Toshiba valued at $16bn by JIP in takeover bid. (FS)
A consortium led by Japan Industrial Partners is considering a takeover of Toshiba at a valuation of about $16.1bn in what could be Asia’s biggest buyout this year.
The JIP-led group, which is the preferred bidder to take the Japanese industrial group private, plans to provide $6.8bn in cash, while seeking financing totaling $9.5bn from banks along with a committed line of credit of $1.3bn in working capital, Bloomberg reported.
Mubadala, KKR to invest about $1bn in Asia. (FS)
KKR & Co and Abu Dhabi state fund Mubadala Investment said they had entered into an agreement to invest about $1bn in Asia. The agreement, announced on Sunday, will see the two firms investing across performing private credit opportunities in the Asia Pacific region.
Mubadala, which manages $243bn in assets, said in a joint statement it would deploy its capital alongside KKR’s existing pools of capital, including capital from the KKR Asia Credit Opportunities Fund, a $1.1bn credit investment vehicle KKR closed in May.
Vietnam's VinFast receives $135m green financing led by ADB.
Vietnamese carmaker VinFast received $135m in financing led by the Asian Development Bank to support the manufacturing of its fully-electric public transport bus fleet and national electric vehicle charging network.
The financing will enable VinFast to achieve net-zero greenhouse gas emissions, DealStreetAsia reported.
Sidra Capital holds first close of Asia-Pacific PE co-investment strategy with BlackRock Alternatives. (FS)
Sidra Capital, a Saudi based alternative asset manager, in partnership with BlackRock Alternatives, has held the first close of the Sidra-BlackRock Asia-Pacific Private Equity Strategy. The bespoke strategy looks to provide investors with unique Shari’ah compliant private equity opportunities in the Asia-Pacific region.
The strategy leverages BlackRock’s established GP network and strong deal flow to access leading managers with compelling transactions. The strategy is structured to provide investors with a diversified exposure to the APAC region. APAC comprises of countries located in the East, South, and Southeast Asia as well as Australia and Oceania.
Asante Capital Group strengthens strategic focus in Asia. (FS)
Asante Capital Group, an independent private equity placement and advisory group, has launched a series of strategic growth initiatives designed to enhance the firm’s ability to connect Asia-based GPs with allocators across the globe and strengthen their ability to penetrate Asian pools of capital.
Asante has GP clients throughout the region, including in China, India, Southeast Asia, Japan, and Australia. The firm has a demonstrated track record of harnessing their understanding of the market and investor demands to raise established funds across the region.
GoTo weighs coordinated secondary offering of shares held by pre-IPO investors.
Indonesia’s biggest tech firm GoTo Gojek Tokopedia is exploring a coordinated secondary offering of shares held by pre-IPO shareholders after a lock-up period ends late next month, the company said.
It said it would not issue or sell new shares, so there would be no dilution of GoTo‘s shares. The lock-up period officially ends on November 30. The purpose was to facilitate an orderly sale through the negotiated market, DealStreetAsia reported.
Indian PE firm Gaja Capital set to close fourth fund at $400m soon. (FS)
India-focused mid-market private equity firm Gaja Capital has raised as much as $202m as it gears up to make the final closing of its fourth fund, per a new filing with the US Securities and Exchange Commission.
While the total amount sold to US investors is $7m, the amount sold to non-US investors is $195m, DealStreetAsia reported.
SALT Ventures to launch $150m third fund, reinvents itself as venture equity. (FS)
Indonesia’s early-stage investor SALT Ventures is set to kickstart fundraising for its third fund with a target size of $150m.
The vehicle, which will launch next month, is seeking to raise a significantly higher sum compared to its predecessor funds, DealStreetAsia reported.
Carlyle appoints new PE head for Australia and NZ. (FS, People)
Geoff Hutchinson has been appointed as head of private equity for Australia and New Zealand at Carlyle Group. Hutchinson joins the firm as a managing director from New Zealand-based infrastructure investor Morrison, where he was co-head for Australia and New Zealand.
Prior to Morrison, Hutchinson, who will be based in Sydney where he will oversee investments across the firm’s “priority sectors” of consumer, healthcare, technology and financial services, was a director at Pacific Equity Partners between 2008 and 2021.
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