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AMERICAS
Blackstone, an alternative asset manager, completed the acquisition of Rover Group, an online marketplace for pet care, for $2.3bn.
“The closing of this transaction is an important milestone in Rover’s history and marks the start of the next chapter in our story. We are excited to officially partner with Blackstone to leverage their resources and deep expertise to further our mission of making it possible for everyone to experience the unconditional love of a pet,” Aaron Easterly, Rover Co-Founder and CEO.
Nautic Partners, a private equity firm, completed the acquisition of SurfacePrep, a distributor of surface enhancement solutions, from CenterOak Partners, a private equity firm. Financial terms were not disclosed.
"SurfacePrep is led by CEO Mike Currie and an experienced management team that has demonstrated a long history of growth. We are excited about Mike and the team's ability to accelerate that growth track record in the coming years and are thrilled to partner with them to support the company's future efforts. Additionally, we're excited to add another investment to our distribution portfolio within Nautic's Industrials group," Chris Pierce, Nautic Managing Director.
SurfacePrep was advised by KeyBanc Capital Markets and Gibson Dunn & Crutcher. Nautic was advised by McDermott Will & Emery. Debt financing was provided by Antares Capital, Churchill Asset Management, Cliffwater, Manulife Investment Management and MetLife Investment Management. CenterOak Partners was advised by BackBay Communications.
Private equity firms Allianz X and Constellation Wealth Capital completed a $450m investment in AlTi Tiedemann Global, an independent global wealth and alternatives manager.
"This investment accelerates AlTi's trajectory to become the leading global independent UHNW wealth management platform, with strategic and targeted expertise in alternatives. The investment further validates the power of our unique business model which combines a global multi-family office and alternatives platform," Michael Tiedemann, AlTi Tiedemann CEO.
AlTi Tiedemann was advised by Oppenheimer & Co, Cadwalader Wickersham & Taft and Prosek Partners. Allianz X was advised by Ardea Partners and Sullivan & Cromwell (led by C. Andrew Gerlach). Constellation Wealth Capital was advised by Gibson Dunn & Crutcher and Prosek Partners.
Luxor Capital Group, Goldman Sachs and BlackRock completed the investment in Montage International, a hospitality management company. Financial terms were not disclosed.
“This investment from Luxor, Goldman Sachs and BlackRock represents a new chapter in the ongoing development of Montage International. Our partnership will spur the next stage of the company’s growth in the United States and beyond for both the Montage and Pendry brands,” Alan J. Fuerstman, Montage International Founder, Chairman and CEO.
Montage International was advised by Moelis & Co, Dentons and Hawkins International. BlackRock was advised by Clifford Chance. Luxor Capital was advised by Kleinberg Kaplan Wolff & Cohen and Weil Gotshal and Manges. Goldman Sachs was advised by Fried Frank Harris Shriver & Jacobson.
KKR, a global investment firm, agreed to acquire the end-user computing division of Broadcom, an American multinational designer, developer, manufacturer, and global supplier of a wide range of semiconductor and infrastructure software products, for $4bn.
"Workspace ONE and Horizon are best-in-class platforms chosen by many of the world's leading enterprises to create seamless and secure digital workspaces with interoperability across increasingly complicated technology stacks. We see great potential to grow the EUC Division by empowering this talented team and investing in product innovation, delivering excellence for customers and building strategic partnerships," Bradley Brown, KKR Managing Director.
CBRE Group, an American commercial real estate services and investment firm, completed the acquisition of J&J Worldwide Services, a provider of engineering services, base support operations and facilities maintenance for the US federal government, from Arlington Capital Partners, a private investment firm specializing in government regulated industries, for $1.05bn.
“The acquisition is consistent with key elements of our M&A strategy that focus on enhancing our technical services capabilities, increasing revenue resilience and secular growth, and expanding our government client base within our Global Workplace Solutions segment. We are adding a company with deep government contracting experience, long-term customer relationships and a 50-year record of outstanding technical service delivery,” Bob Sulentic, CBRE Chairman & CEO.
Ares Management, a global alternative investment manager, completed the investment in GI Partners-backed Bluepeak, a provider of reliable high-speed internet. Financial terms were not disclosed.
"Bluepeak is committed to providing reliable, high-speed internet and top-tier customer service to our communities. We are incredibly proud of the Bluepeak team's accomplishments to date, and we are excited to bring our services to additional communities with the benefit of this capital injection from Ares," Rich Fish, Bluepeak CEO.
Bluepeak was advised by Bank Street Group, TD Securities, and Simpson Thacher & Bartlett. Ares Management was advised by Kirkland & Ellis. GI Partners was advised by Chris Tofalli Public Relations (led by Chris Tofalli).
VINCI Concessions, a road mobility concessions company, agreed to acquire a 43.3% stake in Northwest Parkway, a Denver-based toll road project, from Northleaf Capital, a private markets investment firm.
“Northleaf’s successful exit from Northwest Parkway showcases the benefits of our infrastructure strategy and our focus on mid-market infrastructure assets with stable cashflow profiles, strong yield and inflation linkage. The ability to proactively source, prudently manage and opportunistically exit core infrastructure assets to deliver attractive returns for our investors is a hallmark of our investment approach," Jamie Storrow, Northleaf Head of Infrastructure.
Mexico Infrastructure Partners, an investment fund manager specialized in infrastructure and energy sectors, completed the acquisition of a portfolio of natural gas plants and a wind farm from Iberdrola, a company that generates, distributes, trades, and markets electricity, for $6bn.
The operation has the financial support of the National Infrastructure Fund of Mexico and other public financial entities associated with the Government of Mexico. The Iberdrola Group, through the new investments it will carry out in Mexico, will reaffirm its leadership in the development of renewable energy in the country.
Iberdrola was advised by Citigroup, JP Morgan and Santander. Mexico Infrastructure was advised by Barclays (led by Raul Martinez-Ostos).
Thomas H. Lee Partners, a private equity firm, agreed to acquire the remaining shares in Agiliti, a provider of medical technology management and service solutions to the healthcare industry, for $1.35bn.
"Agiliti serves a critical role in sustaining our national healthcare infrastructure, and our dedicated team has led the way to our substantial growth and evolution over the last decade. We are pleased to expand our five-year partnership with THL in a transaction that provides immediate value and liquidity to our shareholders, while lifting certain overhangs that had limited our performance in the public market since the time of our IPO," Tom Leonard, Agiliti CEO.
Agiliti is advised by Centerview Partners and Weil Gotshal and Manges. Thomas H. Lee Partners is advised by Goldman Sachs and Ropes & Gray.
Devon Energy, a pioneer in shale oil and gas, led a $244m round in Fervo Energy, a company specializing in next-generation geothermal development, with participation from Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, Capricorn, Congruent Ventures, DCVC, Elemental Excelerator, Helmerich & Payne, and Impact Science Ventures.
“Demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand. Our technology is fully derisked, our pricing is already competitive, and our resource pipeline is vast. This investment enables Fervo to continue to position geothermal at the heart of 24/7 carbon-free energy production," Tim Latimer, Fervo CEO and Co-Founder.
The Column Group, a science-driven venture capital firm, agreed to acquire the remaining 74% stake in NGM Bio, a pharmaceutical company, for $100m.
"We conducted a thorough review of our financial and strategic alternatives, including remaining a publicly held company, with particular focus on NGM Bio's ongoing need for significant additional funding. Based on this review, we believe that this negotiated transaction for Purchaser to acquire NGM Bio is in the best interest of the Unaffiliated Stockholders," Suzanne Sawochka Hooper, NGM Bio Chair.
NGM Bio is advised by Guggenheim Partners and Hogan Lovells. The Column Group is advised by Paul Weiss Rifkind Wharton & Garrison (led by Austin S. Pollet and Luke Jennings).
Nordic Capital, a private equity firm that focus on investments primarily in the Nordic region, completed the acquisition of a majority stake in ActiveViam, a global provider of data analytics software that meets the speed and data volume needs of financial services organizations, from Guidepost Growth Equity, an equity firm. Financial terms were not disclosed.
"Nordic Capital's investment is a great opportunity for ActiveViam and great news for our clients, partners and employees. As a large and respected private equity investor, Nordic Capital deploys its significant operational expertise, strategic capabilities and inventive approach to accelerate the growth of the technology leaders it invests in. Nordic Capital recognizes the power, speed and flexibility of the technology our team has created for our financial services clients, and we look forward to their support as we make further advancements and explore acquisition opportunities," Kathy Perrotte, ActiveViam CEO and Co-Founder.
Nordic Capital was advised by Broadhaven Capital Partners and Brunswick Group. ActiveViam was advised by Raymond James.
Lightyear Capital, a private equity firm, completed the investment in Prime Pensions, an independent provider of retirement plan compliance and administration services. Financial terms were not disclosed.
“We are excited to welcome Prime Pensions to our portfolio. Our investment in Prime Pensions reflects the intersection of two long-term Lightyear investment themes: the growing need for independent retirement advice and increasing reliance on compliance solutions. We look forward to partnering with Scott and the team at Prime Pensions to continue to scale the business," Mark Vassallo, Lightyear Managing Partner.
Lightyear was advised by William Blair & Co, Davis Polk & Wardwell (led by Michael Davis) and ThroughCo Communications (led by Elliot Sloane).
BlackRock, an investment company, completed the investment in Lone Peak Dental Group, a pediatric specialty dental support organization, with participation from Memorial Hermann, a not-for-profit health system in southeast Texas. Financial terms were not disclosed.
“Since our founding, serving overlooked and underserved communities has been central to our investing thesis. We are pleased to partner with the BlackRock Impact Opportunities Fund and help Lone Peak continue its growth and mission to provide quality dental care services to communities in need," Scott Porter, Brightwood Managing Director.
Lone Peak was advised by Robert W Baird (led by Jason Porter). Debt financing was provided by Brightwood Capital and LBC Credit Partners.
Invesco, an investment management company, completed the investment in Franklin Energy, a provider of tech-enabled sustainable energy management solutions and products. Financial terms were not disclosed.
“This investment is a tremendous validation of the company’s long-term growth potential and the key role our company plays in the energy transition. Through this investment, we will continue to build on our 30-year legacy, transforming the capabilities we have cultivated into resources that can be fully leveraged by the entire ecosystem of energy solution providers. I look forward to working together with our new partners at Invesco as well as our longtime sponsor, Abry Partners, to further grow the company and accelerate value creation for our employees, our shareholders, and the communities in which we live and serve," Terry Sobolewski, Franklin Energy CEO.
Franklin Energy was advised by Jefferies & Company and Kirkland & Ellis. Invesco was advised by Akin Gump.
Exus Management Partners, an independent investment firm focused on the renewable energy sector, completed the acquisition of New Mexico Renewable Development, a portfolio that includes nine operating solar farms and six projects under development, from American Electric Power and PNM Resources for $234m.
"This sale is another step forward on our path to simplify our business and focus on investing in our core regulated operations, and we continue to execute our strategy to de-risk the company. Earlier this year, we completed the $1.5 billion sale of other parts of our contracted renewables business. The proceeds from these sales are strengthening our balance sheet and supporting our continued efforts to create an energy system that benefits customers by providing safe, reliable and affordable electricity," Julie Sloat, AEP Chair, President and CEO.
American Electric Power was advised by KeyBanc Capital Markets and Foley & Lardner.
Quanta Services, an infrastructure services provider, completed the acquisition of Evergreen North America Industrial Services, a provider of specialized and recurring environmental solutions, from The Sterling Group, a middle market private equity firm. Financial terms were not disclosed.
"Since the combination, Evergreen has continued to expand its footprint and grow its ability to serve customers with its solutions nationally. Combined with Quanta Services leadership in specialty infrastructure solutions, Evergreen is poised to continue its track record of delivering the highest quality services to its customers," The Sterling Group.
The Sterling Group was advised by BlackArch Partners and Latham & Watkins.
Hunter Point Capital, an independent investment firm seeking to make minority investments in middle-market alternative asset managers, agreed to acquire a minority stake in Pretium, a specialized investment manager focused on real estate, mortgage finance and corporate debt. Financial terms were not disclosed.
"This milestone is a testament to the accomplishments of our 4.4k-plus person team and the many opportunities that lie ahead for our firm. Avi and Bennett have built a differentiated model of partnership and share Pretium's passion for building businesses. We look forward to drawing upon HPC's strategic expertise, value-added operational capabilities, and global network to propel Pretium's development into our second decade," Don Mullen, Pretium Founder and CEO.
Hunter Point Capital is advised by Prosek Partners (led by Joshua Rosen). Pretium is advised by Joele Frank (led by Erik Carlson).
Peak 10 Energy, an oil and gas investment platform, completed the acquisition of a majority stake in Strawn Petroleum, an oil and gas exploration and production company, from Oaktree Capital Management, a private equity firm. Financial terms were not disclosed.
"The Strawn transaction validates our strategy of enhancing shareholder value through asset consolidation and creating economies of scale. The operational synergy of this merger not only enhances current production operations but also increases the value of the remaining development which mutually benefits Peak 10 and Strawn equity holders," Mark Paull, Peak 10 CEO.
Strawn Petroleum is advised by Vinson & Elkins. Peak 10 is advised by Baker Botts.
Lightspeed Venture and Redpoint Ventures, two venture capital firms, led a $150m investment in Abridge, a medical conversation AI startup, with participation from IVP, Spark Capital, Union Square Ventures, Bessemer Venture Partners, Wittington Ventures, Mass General Brigham, Kaiser Permanente Ventures and CVS Health Ventures.
"Abridge has set new standards for quality and responsible deployment of generative AI in health systems across the U.S., cementing it as the industry's most trusted AI platform. Abridge stands out for their innovation in all facets of product development. CTO Zack Lipton, a widely cited Associate Professor at Carnegie Mellon and pioneer in responsible AI research, has assembled the strongest research team in healthcare AI. They have set new expectations for transparency and verification with their evidence extraction technology, and raised the bar for both note quality and evaluation methodology," Sebastian Duesterhoeft, Lightspeed Venture Partner.
Abridge was advised by 120/80.
Britain approved TransDigm's acquisition of units owned by US-based Communications & Power Industries (CPI), on the condition that CPI's UK research and manufacturing capabilities in relation to atomic clocks remain in the country, Reuters reported.
Britain invoked its National Security and Investment Act to make the provision, issuing a final order in relation to the deal, saying the condition was "necessary and proportionate to mitigate the risk to national security".
TransDigm is advised by Evercore.
Avenue Sports Fund, a private equity growth-expansion fund, completed an investment in New York Mavericks, a basketball club. Financial terms were not disclosed.
"The Avenue Sports Fund's investment in the New York Mavericks represents an extraordinary opportunity to establish a professional sports team in a fast-growing, established league and bring it to the nation's largest media market," Marc Lasry, Avenue Sports CEO and Co-Founder.
Avenue Sports was advised by Kekst CNC (led by Todd Fogarty).
Microsoft, Nvidia, and Amazon, an American multinational technology companies, led a $675m Series B round in Figure, a financial services company that uses blockchain technology for loan origination, equity management, private fund services, banking, and payments sectors, with participation from Jeff Bezos, OpenAI Startup Fund, Amazon Industrial Innovation Fund, Parkway Venture Capital, Intel Capital, Align Ventures, and ARK Invest.
"We've always planned to come back to robotics and we see a path with Figure to explore what humanoid robots can achieve when powered by highly capable multimodal models," Peter Welinder, OpenAI Vice President.
Kleiner Perkins and Lightspeed Venture, two venture capital companies, led a $200m Series D round in Glean, an AI-powered work assistant, with participation from Sequoia Capital, Coatue, ICONIQ Growth, IVP, Latitude Capital, Adams Street, Capital One Ventures, Citigroup, Databricks Ventures, Workday Ventures and General Catalyst.
“We are at the beginning of one of the biggest transformations in technology; generative AI is an incredibly powerful technology that will unleash productivity and new efficiencies, but it must be applied in the right ways to be useful and safe in the enterprise. Our approach to bringing generative AI into the enterprise has centered around the powerful search and RAG technology that’s critical for making LLMs useful in the enterprise, and the customer success we’ve seen in the last year validates our approach,” Arvind Jain, Glean Co-Founder and CEO.
Decarbonization Partners, a partnership between BlackRock and Temasek, led a $150m investment round in Antora Energy, a leader in zero-emissions industrial heat and power, with participation from Emerson Collective, GS Futures, The Nature Conservancy, NextEra Energy Resources, Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC, and Grok Ventures.
"We are thrilled to partner with Decarbonization Partners and all of our exceptional investors to supercharge Antora's growth. This financing enables us to build and deploy our thermal batteries even faster, moving full speed ahead to decarbonize industry in the United States and around the world. Because our thermal batteries are factory-manufactured in the United States, this is not only an investment in Antora, it's an investment in US jobs, manufacturing, and leadership in the clean energy transition," Andrew Ponec, Antora Energy Co-Founder and CEO.
Elliott Management on the hunt for mining assets worth at least $1bn.
Elliott Management is setting up a company to hunt for global mining assets in the range of at least $1bn, as it seeks to take advantage of the depressed valuation of groups operating in the sector, Financial Times reported.
The Florida-based investment firm's new venture, Hyperion, will be led by Sandeep Biswas, the former chief executive of gold mining group Newcrest Mining and a veteran dealmaker and operator in the sector. The mandate is to look for deals across all assets, including base and precious metals in addition to commodities in demand for electric vehicle production.
Barclays to sell $1.1bn of US credit card debt to Blackstone.
Barclays has agreed to sell about $1.1bn of credit card debt in the United States to alternative asset manager Blackstone, in a deal the British bank said would free up capacity to expand lending and reduce balance sheet risk, Reuters reported.
Barclays said the agreement reflected its recently-announced strategy to prioritize growing lending to consumers, and would reduce the bank's risk weighted assets by around £1bn ($1.27bn).
Investor behind Tiger Woods deal wants to keep buying up Golf.
Centroid Investment Partners has quietly become a major player in the golfing industry, a rise marked by last week's announcement by TaylorMade of a new clothing line with Tiger Woods, Bloomberg reported.
Founder Jinhyeok Jeong is already looking for his next deal. Centroid which bought TaylorMade in 2021 is currently raising a $500m fund, and is in the early stage of reviewing a US company for acquisition, potentially worth over $1bn.
R1 RCM majority shareholders consider taking company private.
A group of R1 RCM's investors is considering taking the healthcare services provider private, sending shares of the company up as much as 31%, Reuters reported.
The investor group, led by equity firm New Mountain Capital, said it had submitted a draft proposal to acquire all of the Utah-based company's outstanding shares not currently owned by the investors for a proposed price of $13.75 per share in cash.
Norfolk Southern seeks to thwart activists with new board picks.
Norfolk Southern said it had proposed two new candidates to its board after an investor group led by Ancora Holdings proposed replacing the top management, including its CEO.
The two new candidates for the board include former Amtrack and Delta Air Lines CEO Richard Anderson and former US Senator Mary Kathryn "Heidi" Heitkamp, WSJ reported.
Renovus Capital closes continuation fund at $325m.
Renovus Capital Partners, a Philadelphia-area buyout firm focused on founder-owned businesses in the knowledge & talent industries, has closed its first multi-asset continuation fund of approximately $325m.
"The successful establishment of the Renovus continuation fund marks another significant milestone for Renovus as a firm. The commitments that the CV received from top-tier investors validate our investment strategy and the strength of our portfolio. At the same time, the CV was approved unanimously by existing LPs, a strong vote of confidence in our work for them to date," Atif Gilani, Renovus Founding Partner.
Renovus was advised by Jefferies & Company and DLA Piper.
EMEA
SBB, a residential property managers company, and Castlelake, a global private investment firm, agreed to form a joint venture in a SEK5.2bn ($504m) deal.
"The Transaction confirms the strong value of SBB's community portfolio, which distinguishes itself through growing demand, inflation-proof cash flows and low risk of rental losses. The cash proceeds provide the opportunity to refinance debt and execute strategic measures to maximize value for the group over time. We look forward to the partnership with Castlelake," Leiv Synnes, SBB CEO.
SBB is advised by JP Morgan, Vinge, Waselius & Wist and Wistrand (Part of CMS). Castlelake is advised by CBRE Group and DLA Piper. Debt financing is provided by Atlas SP Partners. Atlas SP Partners is advised by Cadwalader Wickersham & Taft and Roschier Attorneys.
KKCG, a European investment and innovation group, completed the acquisition of Avenga, an end-to-end software engineering and consulting platform, from private equity firms Oaktree Capital and Cornerstone. Financial terms were not disclosed.
“Avenga bolsters KKCG’s presence internationally and seamlessly complements KKCG’s custom software development company Qinshift, making KKCG Technologies one of Europe’s largest digital transformation architects, catering to a diverse global client base,” Michal Tománek, KKCG Investment Director.
Oaktree Capital was advised by Citigroup and White & Case (led by Will Summers). KKCG was advised by Clifford Chance (led by Michal Jasek). Debt financing was provided by UniCredit and Komerční banka. Debt providers were advised by Dentons (led by Daniel Hurych).
Pacific Avenue Capital, a private equity fund, agreed to acquire the filtration business unit from Sogefi, a supplier of original parts for the automotive industry, for €374m ($405m).
The filtration business unit will operate under the name Purflux Group in case of closing of the transaction.
Sogefi is advised by BNP Paribas, Houlihan Lokey, Clifford Chance and Dini Romiti Consulting.
Bruker, an international life science research and diagnostics solutions provider, agreed to acquire ELITech, a global manufacturer of in-vitro diagnostics, from PAI Partners, a private equity firm, for $744m.
“ELITechGroup is the company that it is today thanks to our teams' hard work and drive for innovation, and our partnership with PAI. Establishing this unique business within Bruker - a well-respected global life-science tools and specialty diagnostics company - provides an exciting opportunity to further grow our molecular diagnostics, microbiology and biomedical systems portfolios. We expect to capitalize on infectious disease portfolio and commercial synergies for opportunities to further expand our portfolio, utilizing R&D innovations and global customer support within Bruker,” Christoph Gauer, ELITechGroup CEO.
Currys said it rejected an improved $951m bid from US investor Elliott Advisors, in the latest twist in a potential takeover battle with a rival Chinese suitor for the electricals retailer.
The UK company on, February 27 confirmed earlier reports that Elliott had raised its offer from 62 pence a share to 67 pence a share, which values the chain at about $951m.
Gilde Healthcare, a specialized European healthcare investor, and Viking Global, an investment firm, led a $125m investment in Mainstay Medical, a medical device company, with participation from Ally Bridge Group, Sofinnova Partners, Fountain Healthcare Partners, and Perceptive Advisors.
“We are excited to lead this financing and to work with Mainstay to continue to unlock the potential of ReActiv8 therapy. Patients with mechanical chronic low back pain have had very limited treatment options, and the restorative mechanism of action offered by ReActiv8 is both unique and very promising," Geoff Pardo, Gilde Healthcare Partner.
Akhona Group, a black-women owned and managed investment firm, agreed to acquire a 27.5% stake in the logistics business of Bidvest Group, an international investment holding, from Bidfreight, a port operations provider. Financial terms were not disclosed.
“The deal forms part of our strategy to invest in sectors like logistics that form the backbone of our economy and backing management teams with the ability to weather economic cycles. With some of the current logistics challenges in South Africa, we have seen a decline in revenues from major sectors like mining that rely on logistics to move their product from pit to port – emphasizing how important investing in the sector is,” Noluthando Gosa, Akhona Director.
Debt financing is provided by African Bank and Greenpoint Capital.
Private equity firms X-ELIO and Nature Infrastructure Capital completed an investment in Å Energi Invest-backed ECO STOR, a manufacturer of battery storage systems. Financial terms were not disclosed.
"It has been a true pleasure to be part of the success of ECO STOR in the German battery energy storage market. We are very pleased to now announce that X.ELIO and NIC will be investing in ECO STOR together with the continued support from Å Energy. This will allow us to maintain our market leadership and fuel further growth. Bringing together some of the most influential renewable energy investors in Europe gives ECO STOR the resources to accelerate energy storage adoption in Europe and thereby support our transformation toward renewable energy," Trygve Burchardt, ECO STOR CEO.
X-ELIO was advised by Kreab. NIC was advised by PJT Partners.
Freya Investissement, a special investment vehicle jointly owned by iliad and NJJ, agreed to acquire a 19.8% stake in Tele2, a mobile network provider company, from Kinnevik, an investment company focused on digital consumer businesses, for €1.16bn ($1.25bn).
As a shareholder, Freya intends to be a supportive, long-term investor and engage with Tele2's governing bodies and management team, using the experience of Freya's team to further Tele2's growth.
Lone Star, a private equity firm, agreed to acquire the Union Square shopping centre from Hammerson, a major British property development and investment company, for £111m ($141m).
The proceeds of this disposal will further strengthen the balance sheet by reducing net debt and provide additional capacity for reinvestment into the core portfolio, Hammerson said.
Hammerson is advised by MHP Communications (led by Ollie Hoare).
Multiply Group, the Abu Dhabi-based holding company, completed the acquisition of BackLite Media, a Digital Out-of-Home advertising company. Financial terms were not disclosed.
“The full acquisition of BackLite Media is another strategic milestone in our journey to build an integrated multi-brand media powerhouse. This expansion underpins our commitment to driving shareholder value by creating long-term growth and further strengthening Multiply Media’s valuation as we continue readying the vertical for its eventual listing,” Samia Bouazza, Multiply Group CEO and Managing Director.
Apheon, a mid-market private equity investment company, completed the acquisition of a majority stake in Fiabila, a cosmetics supplier specialized in nail products. Financial terms were not disclosed.
Fiabila is a full-service solution provider, offering R&D to packaging for clients, both local and international, from prestige to mass market, across all categories. Over the years, Fiabila has become the global leader in the development, manufacturing and packaging of nail polish and nail care products worldwide with 10 state-of-the-art production sites in France, the US, Brazil, India, Japan and Poland.
Fiabila was advised by DC Advisory (led by David Benin).
Elevation Advisors, a specialist investment manager in the European senior living, agreed to acquire UK activities from Clariane Group, a company that provides nursing homes, post-acute, rehabilitation care clinics, for £207m ($243m).
"The good conditions in which this operation was carried out testify to the quality of the work carried out by our teams to set up and develop the Berkley Care network. Elevation is a long-standing partner that shares our values and our commitment to social and environmental issues, and that will be able to continue to develop the business with the full association of local management team to the success over the long term. With this first transaction, and the sale of 6 property assets in the Netherlands we were announced on 5th February, we are demonstrating our ability to rapidly implement actions to reduce our debt in order to strengthen our financial structure, in line with the commitments announced on 14 November,” Sophie Boissard, Clariane Chief Executive Officer and Director.
Atena Equity Partners, a private equity firm, completed the acquisition of a 51% stake in Redshift Group, a specialist in cybersecurity and information technology. Financial terms were not disclosed.
"Atena's investment in Redshift acknowledges our past achievements and sets the stage for accelerated growth. With Atena and Simon on board, we strengthen our value proposition and competitiveness, leveraging their expertise and resources," João Manso, Redshift founder and CEO.
Greg Coffey is in talks to buy EMSO and create a $13bn hedge fund firm.
Greg Coffey is in talks to acquire Emso Asset Management to create a money manager with $13bn in combined assets as the macro trader diversifies his hedge fund firm, Bloomberg reported.
Discussions are at an advanced stage between Coffey's Kirkoswald Asset Management and emerging markets-focused EMSO, which manages $5bn. The transaction would see EMSO founder Mark Franklin and his team move over to Kirkoswald.
BC Partners revives plans for $9.7bn Springer Nature sale.
Springer Nature's private equity backer is dusting off plans to list the German academic publisher amid growing optimism around initial public offerings, Reuters reported.
BC Partners is in the early stages of exploring options for its 47% stake in Springer Nature, including a potential IPO as soon as the second half of the year. Springer Nature, the publisher of the science journal Nature and Scientific American, could be valued at up to $9.7b, including debt. Deliberations are still preliminary, and there is no certainty that a transaction will happen.
LSEG confirms £1bn buyback after in-line 2023 earnings.
London Stock Exchange Group reported preliminary income for 2023 at the higher end of guidance and confirmed plans to buy £1bn ($1.27bn) in shares this year directly from Thomson Reuters and Blackstone, Reuters reported.
"We continued our track record of broad-based growth, despite an uncertain environment, and delivered on all the targets we set at the time of the Refinitiv acquisition," David Schwimmer, LSEG Chief Executive.
Goldman Sachs strikes $1bn private credit deal with Mubadala.
Goldman Sachs clinched $1bn from Emirati state-owned holding company Mubadala to scour for more private credit deals in Asia, Bloomberg reported.
The Abu Dhabi sovereign wealth fund and Goldman's asset-management arm struck a partnership to invest alongside each other in the Asia-Pacific region, with a particular focus on India. The pact follows a similar mandate the New York-based firm received from the Ontario Municipal Employees Retirement System in September.
QIA to invest over $1bn in venture capital funds.
Qatar's sovereign wealth fund said it would invest over $1bn in international and regional capital funds as part of a strategy to develop the venture capital and startup sector in the gas-rich Gulf state and neighbouring states, Reuters reported.
Qatar Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani announced the launch of the fund, which Qatar Investment Authority said it would only invest in venture capital funds. It would not invest in private equity or debt.
Billionaire Joe Tsai's family office slashes Blue Owl stake.
The investment firm that manages part of the fortune of Alibaba Group Chairman Joe Tsai sold most of its shares in the alternative asset giant Blue Owl Capital during the fourth quarter, Bloomberg reported.
Blue Pool Capital sold 34.3m Blue Owl shares, or 83% of its remaining holdings. The shares would have been worth about $460m at the volume-weighted average price of the stock over the three months.
Douglas plans to launch IPO in coming days.
German perfume retailer Douglas plans to announce it is proceeding with an initial public offering in the coming days, in a test for Europe's equity markets, Reuters reported.
The group, majority-owned by CVC Capital Partners, is preparing to issue an intention to float on the Frankfurt bourse as soon as this week if markets hold up.
EQT raises $24bn private equity fund.
EQT had raised €22bn ($23.9bn) for its latest buyout fund, bucking a challenging environment for private equity fundraisings, Reuters reported.
The Swedish investment giant said it had exceeded the fundraising target for its EQT X fund by €2bn ($2.17bn), making it its largest-ever fundraise. The fund, which is almost 40% bigger than its predecessor, saw bumper support from private wealth investors, a pool of capital that alternative asset managers are increasingly looking to tap.
Verdane closes Edda III above target at €1.1bn.
European growth investment firm Verdane has held final close of Verdane Edda III (Edda III) at €1.1bn ($1.2bn), in excess of its original fundraising target. Verdane has now closed two funds above target in the past six months for a combined €2.2bn ($2.4bn).
Edda III attracted commitments from private and public pension funds, leading global university endowments, foundations, insurance companies and family offices. Some 40% of Edda III commitments came from non-profit organisations, while 68% of LPs from Verdane’s first fund established in 2003 have continued to back current Verdane funds.
APAC
Paine Schwartz Partners, a private equity firm, completed the acquisition of the remaining 86.22% stake in Costa Group, a grower, packer and marketer of fresh fruit and vegetables, for $935m.
“We welcome the Costa Group into the Driscoll’s family and look forward to deepening our relationship with even more deliberate collaboration across the globe. This is one of the largest equity investments Driscoll’s has ever made, which speaks to the formidable partnership and considerable value we see in the Costa portfolio and the company’s long-term future and growth prospects,” Soren Bjorn, Driscoll’s CEO.
Costa Group was advised by King & Wood Mallesons and UBS. Driscoll’s was advised by Bryan Cave Leighton Paisner (led by Carol Osborne) and Piper Alderman. Paine Schwartz Partners was advised by Citigroup, Allens, Kirkland & Ellis and Joele Frank (led by Andrew Brimmer). British Columbia Investment Management Corporation was advised by Herbert Smith Freehills (led by Philippa Stone).
Lotus Technology, a global luxury electric vehicle maker, went public via a SPAC merger with L Catterton Asia Acquisition in a $5.4bn deal.
"We are very pleased to announce the successful completion of the business combination with Lotus Tech, a pioneer in the electrification of luxury mobility with a world-leading product portfolio of luxury vehicles. We are confident Lotus Tech's listing on the Nasdaq will further its global expansion, and look forward to joining them in the exciting growth journey ahead," Chinta Bhagat, LCAA Co-CEO.
Lotus was advised by Deutsche Bank, Freshfields Bruckhaus Deringer (led by Zheng Zhou and Howie Farn), Han Han Kun Law Offices, Skadden Arps Slate Meagher & Flom (led by Shu Du and Peter Huang) and Brunswick Group. L Catterton was advised by Credit Suisse, Fangda Partners, Kirkland & Ellis (led by Joseph Raymond Casey and Jesse Sheley). Credit Suisse is advised by Shearman & Sterling.
Coca-Cola Europacific Partners, an independent Coca-Cola bottler, and Aboitiz Equity Ventures, an investment management firm, completed the acquisition of Coca-Cola Beverages Philippines, a company that is engaged in the bottling and distribution of Coca-Cola products, for $1.8bn.
The acquisition would build on AEV's portfolio diversification into the branded consumer goods space. AEV is well-positioned to support CCBPI's growth ambition through the synergies which could be generated from AEV's other business interests in the country. The acquisition would also build on CCEP's successful expansion into Australia, Pacific & Indonesia in 2021.
Meituan, a food delivery giant, led a $139m series B2 round in Unitree Robotics, a robotics company focusing on independent research and development, with participation from Source Code Capital, CITIC Securities, Shenzhen Capital Group, China Internet Investment Fund, Winreal Investment and Dunhong Capital Management.
The proceeds will be used to finance the product R&D, and business and team expansion. Unitree's fundraising milestone comes at a time when an ageing population and rising labour costs have prompted the country to ramp up industrial automation.
Metro Pacific, San Miguel weighing $10bn toll merger.
Philippine conglomerates Metro Pacific Investments and San Miguel have started talks to explore combining their toll road businesses, which would form a group worth as much as $10bn, making it the country's biggest-ever merger, Bloomberg reported.
If a deal is reached, it could also lead to the merged entity being listed on the stock exchange in Manila. The companies are also exploring other possible business combinations, including of their power and energy divisions.
KKR considers selling stake in India’s $3bn JB pharma.
KKR is exploring options including selling its controlling stake in India’s JB Chemicals & Pharmaceuticals amid interest from potential buyers, Bloomberg reported.
The US private equity firm is looking to hire financial advisers to help evaluate a sale of its 53.8% stake in the Mumbai-based company. Other buyout firms and industry players have shown preliminary interest in buying KKR’s stake.
China's CDH in talks to buy minority stake in $1.7bn Vietnam grocery chain.
China's CDH Investments is in advanced talks to buy a minority stake in Bach Hoa Xanh (BHX) from Vietnam retailer Mobile World in a deal that could value the grocery chain at up to $1.7bn, Reuters reported.
CDH, one of China's biggest alternative investment firms and also a former Mobile World investor, has emerged as the frontrunner to buy a stake of up to 10% after outbidding rivals.
IFC proposes $150m investment in Vietnam-based commercial bank OCB.
The International Finance Corporation, a member of the World Bank Group, has proposed an investment of up to $150m in Vietnam-based Orient Commercial Joint Stock Bank, DealStreetAsia reported.
The financing package, which is in the form of a 5-year senior loan, will be used to expand OCB's lending to eligible climate and social sustainability projects and support the growth of its sustainability portfolio. Established in 1996, the Ho Chi Minh City-headquartered bank provides a wide range of commercial banking products and services to both retail and commercial clients.
Ant outbids Citadel Securities for Credit Suisse's China JV.
Ant Group outbid Citadel Securities for Credit Suisse's investment bank venture in China, in a surprise move that will be subject to close regulatory scrutiny, Bloomberg reported.
The bid by Jack Ma's fintech giant to build a securities business using Credit Suisse's operations will face a thorough review because China favors a foreign buyer. The investment banking and brokerage license was originally awarded to the Swiss bank to help open the financial sector to global competition.
Japan's SoftBank cuts stake in India's Paytm to under 3%.
Japan's SoftBank Group has further reduced its stake in beleaguered Indian payments firm Paytm to 2.83% from 5.01%. The conglomerate, which held a 17.5% stake in Paytm in September 2022, has trimmed its ownership for more than a year through multiple open market deals, with its most recent cut being in January, Reuters reported.
While some global investors like Warren Buffett's Berkshire Hathaway and China's Alibaba Group exited the firm in 2023, others, including a Netherlands-based unit of Chinese fintech firm Ant Financial, cut their stake.
Caught between Beijing and Washington, PE majors split China-US teams.
China's private equity market has faced heightened geopolitical risk since last year and as a result, many multinational private equity companies have had to split their Chinese and American investment teams and asset portfolios or refocus their Asia strategies, DealStreetAsia reported.
A United States congressional committee in July launched an investigation into four venture capital firms over their investment in Chinese technology companies, the latest sign of Washington's increasing scrutiny of US funds suspected of helping develop sensitive industries in China.
GGV Capital, GSR Ventures Management, Walden International and Qualcomm Ventures were asked to provide information by August 1 on their investment in artificial intelligence or machine learning, semiconductors and quantum computing or quantum information systems sectors in China. They were also asked whether the Chinese companies in their portfolio received government subsidies.
Buffett endorses Japan trading firms in letter, boosting shares.
Warren Buffett’s favorite Japanese trading houses climbed after he said in his letter to investors the companies follow shareholder-friendly policies that are “superior” to those practiced in the US, Bloomberg reported.
Marubeni gained the most in four months, rising as much as 5.6%. The other four trading companies that Berkshire Hathaway holds — Mitsubishi, Itochu, Mitsui, and Sumitomo — also rose, outperforming the broader market.
Kedaara set to raise $1.7bn for India's biggest PE fund.
Kedaara Capital is set to raise $1.7bn for what would be India’s biggest-ever private equity fund, highlighting huge interest in the country’s fast-growing economy amid a shift away from China, DealStreetAsia reported.
The latest fund will be Kedaara’s fourth and will be 54% larger than its previous one in 2021.
S Korea's VIG Partners aims to close fifth fund at $1bn by year end and eyes more exits.
South Korean private equity firm VIG Partners, which is raising its fifth fund with a target of $1bn, is bullish about potential buyout opportunities in the country as founder families and conglomerates grow more open to such transactions, DealStreetAsia reported.
VIG Partners managing partner Chulmin Lee told DealStreetAsia that the fifth fund has already achieved a domestic first close at around $360m. Aiming for a year-end final close, Fund V will build on the success of its predecessor while exploring new opportunities linked to the global recognition of Korean services and products.
India's Tata Capital plans to raise $750m in first foreign fundraising.
India’s Tata Capital is looking at overseas fundraising for the very first time and hopes to raise around $750m via offshore bonds or loans in the next fiscal year starting in April, DealStreetAsia reported.
“The company, as a part of diversifying its liability base, may evaluate raising up to $750m through overseas loans or bonds in FY25,” Rakesh Bhatia, Tata Capital CFO.
Thai PE firm Lakeshore Capital eyes up to $250m for third fund.
Thailand-based private equity firm Lakeshore Capital is seeking to raise $250m for its third fund. The firm has not yet launched its next fund, and the target corpus could change, DealStreetAsia reported.
Lakeshore's predecessor fund, Lakeshore Capital II LP, made its final close in early 2021 at a hard cap of $150m. The second fund corpus was more than double the size of its debut vehicle, which closed at $60m in 2015.
SBICAP Ventures launches $120m fund in partnership with MEA.
SBICAP Ventures, a subsidiary of India’s largest lender State Bank of India, has launched a $120m Trilateral Development Cooperation Fund, DealStreetAsia reported.
The fund has been launched in partnership with India’s Ministry of External Affairs, with a corpus of $84m and a greenshoe option of $36m.
Tikehau Capital partners with UOB-Kay Hian to launch first private credit fund in Asia.
Tikehau Capital, a €43.2bn ($46bn) French alternative asset management group with a €17bn ($18bn) private debt strategy, will launch its first private credit fund in Asia in partnership with Singapore-based brokerage firm UOB-Kay Hian.
Tikehau and UOB-Kay Hian will each invest €50m ($54m) to go towards financing mid-sized corporates with a focus on growth, working capital, and refinancing lending to borrowers in “resilient and defensive industries”.
CM Venture plans to debut an evergreen fund.
CM Venture Capital, a Chinese venture capital firm that invests in both domestic and international technology startups, is looking to set up an evergreen private markets fund, DealStreetAsia reported.
Shanghai-headquartered CM Venture Capital will seek an initial $100m for the Carbon Mitigation Evergreen Fund, which targets a first close by the end of Q2 2024 with capital from existing limited partners.
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