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AMERICAS
NFE, an integrated gas-to-power company, and Apollo, an asset management company, formed a $2bn joint venture, create a global marine infrastructure platform underpinned by long-term contracts.
“Together with Apollo, we are creating a leading LNG marine infrastructure platform to help accelerate the energy transition while freeing up capital to continue to invest into our Fast LNG and downstream LNG projects worldwide. We are pleased to be partnering with Apollo in creating a maritime infrastructure company that will help support NFE’s growing LNG infrastructure needs going forward,” Wes Edens, New Fortress Energy Chairman and CEO.
NFE was advised by DNB Bank, Morgan Stanley and Akin Gump Strauss Hauer & Feld. Apollo was advised by BMO Capital Markets, Investec, Paul Weiss Rifkind Wharton & Garrison and Vinson & Elkins. Debt financing was provided by Brookfield Group, Carlyle Global Credit, Global Infrastructure Partners and HPS Investment Partners. Debt providers were advised by Milbank.
Freeman Spogli, a private investment firm, agreed to invest in NearU Services, a provider of repair services focused on HVAC. SkyKnight Capital will remain a significant shareholder alongside Freeman Spogli. Financial terms were not disclosed.
"NearU’s partnership with Freeman Spogli represents a seminal and thrilling moment in the company’s journey. This partnership—along with a continued commitment from our inaugural and instrumental investor, SkyKnight—will allow us to continue executing on our vision. With the backing of these two culturally aligned best-in-class investors, the unwavering support of our talented team members, and the continued loyalty of our customers, I am supremely confident that NearU will soon realize its potential to be the long-term industry leader, setting the standard for innovation, culture, training, and technology in the trades," Ashish Achlerkar, NearU Founder and CEO.
Freeman Spogli is advised by Solomon Partners and Morgan Lewis & Bockius. Debt financing is provided by Carlyle Global Credit, Churchill Asset Management, Jefferies & Company and Varagon Capital Partners. NearU Services is advised by Jefferies & Company and Troutman Pepper.
I Squared, a global infrastructure investment manager, completed the acquisition of VLS Environmental Solutions, a provider of waste processing solutions, from Aurora Capital Partners, a middle-market private equity firm. Financial terms were not disclosed.
"It has been exciting to work alongside the VLS team and help transform the Company from a Southeast-focused provider to a leading ESG-focused environmental solutions platform with nationwide scale and a broad-based environmental services offering. VLS has grown tremendously since our partnership in 2017, including the completion of nine acquisitions to support our buy and build strategy, and there is significant runway to continue this strong performance across its business lines. We wish the Company, its management and its new partners continued success," Matthew Laycock, Aurora Partner.
Aurora Capital was advised by Houlihan Lokey, Robert W Baird, Gibson Dunn & Crutcher and ASC Advisors. I Squared was advised by Jefferies & Company, Kirkland & Ellis and Brunswick Group.
Gray Oak Holdings, a joint venture between Phillips 66, an integrated energy company, and Enbridge, an operator of a crude oil and liquids pipeline system, completed the merger with DCP Midstream, a partnership engaged in the business of gathering, processing, transporting, storing and marketing natural gas, in a $400m deal. The joint venture continues to own 65% of the Gray Oak Pipeline.
As part of the deal Phillips 66 increased stake in DCP Midstream from 28.26% to 43.31%. Phillips 66’s economic interest in Gray Oak Pipeline decreased from 42.25% to 6.5%. Enbridge will oversee and manage the joint venture’s interest in Gray Oak Pipeline.
"We're pleased to have reached this new arrangement with P66 to optimize the combined assets and drive operational and financial synergies from both assets. It's another example of our continued focus on optimizing our portfolio and surfacing value for our shareholders, while further building out our already strong US Gulf Coast export position. We look forward to continuing our strong partnership with P66," Al Monaco, Enbridge President and CEO.
Phillips 66 was advised by Bank of America, Bracewell and Gibson Dunn & Crutcher. Enbridge was advised by Citigroup and Vinson & Elkins.
Ergon, a privately held company formed in 1954, completed the acquisition of Blueknight Energy Partners, a publicly traded master limited partnership with the largest independent asphalt terminalling network in the nation, for $496m.
“The acquisition of the largest independent asphalt terminaling network in the country further strengthens Ergon’s long-standing position as the industry’s resource leader. The Blueknight assets remain a key component of our overall strategy and growth plan,” Baxter Burns, Ergon President.
Ergon was advised by Jefferies & Company and Baker Botts. Blueknight Energy was advised by Evercore and Gibson Dunn & Crutcher. Evercore was advised by Bracewell.
Freeman Spogli, a private investment firm, agreed to invest in EverVet Partners, an operator of a holding company specializing in the veterinary industry. Existing investor Tailwind Capital will continue to support the company and will be an equal partner with Freeman Spogli following the transaction. Financial terms were not disclosed.
"We are excited to partner with Freeman Spogli as EverVet continues building a veterinarian and customer-focused organization. We chose Freeman Spogli as our new partner given our cultural alignment, their extensive experience successfully building consumer services and consumer healthcare brands, and experience scaling businesses organically and through M&A," Joe Luceri, EverVet Co-Founder and CEO.
Freeman Spogli is advised by Morgan Lewis & Bockius. Debt financing is provided by MidCap Financial Services. EverVet Partners is advised by Lincoln International and Davis Polk & Wardwell.
Townebank, a company that offers a full range of banking and other financial services, agreed to acquire Farmers Bank, a bank, for $56m.
“Our TowneBank family is humbled and excited to join hands with our long-time friends at Farmers. We believe our partnership can bring additional products and expanded services to the clients of Farmers Bank while helping our communities grow and prosper," G. Robert Aston, TowneBank Executive Chairman.
Farmers Bank is advised by Piper Sandler and Williams Mullen. TowneBank is advised by Raymond James and Troutman Pepper.
Embracer-backed Saber Interactive, a developer and publisher of video games, agreed to acquire Tripwire Interactive, a US developer and publisher.
“Tripwire is a unique studio. Since their founding in 2005, they have grown, through tremendous leadership and vision, into one of the last great independent developers. I have looked up to Tripwire as an example of how to design and execute on games. Saber has Tripwire to thank for many of our own successes and I am proud to welcome them into our family,” Matthew Karch, Saber Interactive CEO.
Embracer is advised by Ernst & Young and Baker McKenzie. Tripwire Interactive is advised by Bank of America and Greenberg Traurig.
MagMutual, an insurance company, agreed to acquire MDAdvantage Insurance, a medical professional liability insurance company. Financial terms were not disclosed.
“Becoming part of the MagMutual family marks the beginning of an exciting new chapter for MDAdvantage and its insured physicians. We will build on the strong foundation established over the past 20 years with a partnership that will further our legacy of service to physicians and the healthcare community. In addition, we will be able to offer even more value to physicians through MagMutual’s comprehensive product suite. I look forward to the opportunities this partnership will provide to our physicians, broker partners and company," Patricia A. Costante, MDAdvantage Chairman and CEO.
MagMutual is advised by Bass Berry & Sims. MDAdvantage Insurance is advised by Piper Sandler and Morgan Lewis & Bockius.
Creative Planning, a wealth management firm, agreed to acquire Wipfli Financial Advisors, a wealth management and investment advisory firm. Financial terms were not disclosed.
"Creative Planning is excited to bring on the Wipfli Financial Advisors team. Their presence in Colorado, Illinois, Minnesota, New Hampshire, Montana, Pennsylvania, and Wisconsin will help us better serve our clients throughout the US. From our first conversations with Jeff Pierce and the rest of the Wipfli Financial team, it was evident that this was a perfect match. Wipfli Financial shares the same core values that we instill at Creative Planning and we are excited to hit the ground running," Peter Mallouk, Creative Planning CEO.
Wipfli is advised by Ardea Partners and Alston & Bird. Creative Planning is advised by JConnelly.
Embracer, a Swedish video game and media company, agreed to acquire Middle-earth Enterprises, a company which owns a vast intellectual property catalogue and worldwide rights to The Lord of the Rings trilogy and The Hobbit, from The Saul Zaentz Company. Financial terms were not disclosed.
“I am truly excited to have The Lord of the Rings and The Hobbit, one of the world’s most epic fantasy franchises join the Embracer family, opening up more transmedia opportunities including synergies across our global group. I am thrilled to see what lies in the future for this IP with Freemode and Asmodee as a start within the group. Going forward, we also look forward to collaborating with both existing and new external licensees of our increasingly stronger IP portfolio," Lars Wingefors, Embracer Founder and CEO.
Embracer is advised by Skadden Arps Slate Meagher & Flom. The Saul Zaentz Company is advised by ACF Investment Bank and Arnold & Porter Kaye Scholer.
BlackRock, an American global investment management corporation, led a $550m funding round in Virgin Voyages, an operator of a leisure, travel and tourism company, with participation from Bain Capital and Virgin Group.
The new funding will enable Virgin Voyages to continue the execution of its growth strategy and further strengthen its financial position as cruise demand continues to gain momentum.
“We have created an incredible product that both our investors and consumers truly believe in, and this additional capital comes at a time when we’re looking forward to exponential growth that will, in turn, help us achieve what we set out to accomplish," Tom McAlpin, Virgin Voyages CEO.
Virgin Voyages was advised by Goldman Sachs and Stanton PRM.
Francisco Partners, a private equity firm, agreed to acquire Litmos, a developer of a saas-based learning management platform from SAP, a firm that develops, markets, and sells enterprise application software products for corporations, government agencies, and educational institutions. Financial terms were not disclosed.
“We are tremendously excited to partner with Litmos to further unlock its growth potential and deliver even more to its customers and partners. As an independent company partnering with FP, Litmos will have more flexibility to focus all of its investments and operations on customer success and increase its customer happiness by augmenting platform capabilities, proprietary content library, and third-party integrations," Jason Brein and Christine Wang, Francisco Partners.
SAP is advised by Shearman & Sterling and Sloane & Company.
TA and Clearlake Capital-backed Kofax, a supplier of intelligent automation software for digital workflow transformation, completed the acquisition of Ephesoft, a provider of intelligent document processing solutions. Financial terms were not disclosed.
“We’re pleased to welcome Ephesoft’s customers, partners and employees into the Kofax family. We’ve followed Ephesoft’s progress in market for years as we’ve both focused on helping customers digitally transform their businesses. This acquisition extends our IDP solutions and cloud capabilities, allowing Kofax to better address the needs of customers around the world," Reynolds C. Bish, Kofax CEO.
Ephesoft was advised by Mizuho Securities. Clearlake Capital was advised by Lambert & Co.
Brazil's antitrust watchdog postpones the decision on Petrobras' refinery sale.
Brazil's antitrust watchdog CADE on Wednesday postponed its decision on the sale of Petrobras' Reman refinery to fuel distributor Atem.
The delay comes after board member Gustavo Augusto Freitas asked for more time to review the deal. Petrobras sold the refinery, located in the northern state of Amazonas, for $190m to Ream Participacoes, a subsidiary of distributor Atem, Reuters reported.
For the REMAN refinery, the second it has agreed to sell off eight that were put up for sale, Petrobras said it would receive $28m upfront, with the rest paid when the deal closes. The sale still needs to be approved by competition regulator CADE. Petrobras said it would continue to run the refinery until the deal was completed.
Petrobras is advised by Citigroup and Rothschild & Co.
Northern Oil and Gas, an independent energy company, agreed to acquire Midland Basin properties for $110m.
“We continue to focus on a balanced approach to growing our enterprise, with a focus on quality and low-breakeven economics. NOG continues to build a stronger, more diversified company built to drive higher shareholder returns for the long term," Nick O’Grady, NOG CEO.
Northern Oil and Gas is advised by Kirkland & Ellis.
SK, an IT services company, led a $100m round in Atom Power, a company that digitizes power delivery.
“Our mission is to power a more intelligent electrification of everything. The EV market is massive, rapidly growing, and desperate for a new way to scale, drive revenue and accelerate adoption. Our technology is the perfect solution for this perfect storm. SK’s backing provides the capital and strategic alignment to support us in driving the new standard for digital power.
Atom Power was advised by LaunchSquad.
Dorman Products, a supplier of original equipment parts for automobiles, agreed to acquire SuperATV, an independent supplier to the powersports aftermarket, for $590m.
“This combination aligns with our strategy to diversify our customer base and product offering by providing a compelling entry point to the large and rapidly growing powersports industry. Not only is SuperATV a leader in their space with an extensive portfolio of widely recognized brands and proprietary products, but they also have a highly successful approach to new product innovation that aligns closely with Dorman’s business model. As a result, we are confident we can leverage Dorman’s playbook to further accelerate growth. We are excited to welcome SuperATV to the Dorman family and are excited about the value the combined company will generate for our customers and shareholders," Kevin Olsen, Dorman President and CEO.
ABM, a provider of facility solutions, agreed to acquire RavenVolt, a provider of turn-key microgrid solutions, for $450m.
“RavenVolt is a natural complement to our growing energy solutions and EV business, and I am delighted to welcome the team, led by Jonathan Hinton and Eric Scanlon, to the ABM family. As our clients’ power needs continue to evolve, many have invested in microgrid technology or are considering doing so, and we believe this trend will accelerate. With numerous completed microgrid projects generating over 3 gigawatts of power across a wide range of industries, the RavenVolt team members are true leaders in the industry. Importantly, this transaction includes an earn-out, which strongly incentivizes future outperformance as the business ramps up over the next few years, which will benefit ABM and its stockholders," Scott Salmirs, ABM President & CEO.
Embracer Group, a video game and media company, agreed to acquire Limited Run Games, a publisher and distributor of video games consoles. Financial terms are not disclosed.
”As an avid collector, I’ve admired Limited Run’s collectors’ editions. They’ve built a strong brand that resonates with players. We see opportunities for Limited Run to further grow their business with the Carbon Engine by bringing back classic games, and extend their footprint geographically through synergies with other companies within Embracer Group," Lars Wingefors, Embracer Group CEO.
Denbury explores options, including a possible sale.
Oil company Denbury is exploring options, including putting itself up for sale. The Plano, Texas-based firm, which has a $3.9bn market cap, is working with an advisor to consider its strategic options, Reuters reported.
Denbury, which exited bankruptcy in September 2020, extracts oil from the Gulf Coast and the Rocky Mountains regions using enhanced oil recovery, a process in which carbon dioxide is injected into existing oil fields to push trapped oil out of the ground.
Bank stocks make a comeback.
Since the end of June, five of the six largest US banks have outperformed the S&P 500’s 13% gain. Shares of Morgan Stanley and Goldman Sachs are up 20% and 19%, respectively. While Citigroup and Bank of America each have gained about 17%.
Bank stocks sold off sharply in the first half of 2022 after two years of significant gains, pushed lower by a number of factors. Russia’s war in Ukraine upended commodities markets. Investors worried that the Federal Reserve rate-raising campaign against inflation would push the US into recession. Corporate chiefs, unnerved by the uncertainty, moved to the sidelines, drying up the deal-making boom that buoyed banks throughout the pandemic.
Quona Capital secures capital commitments worth $308m. (FS)
Emerging markets-focused venture capital firm Quona Capital has secured capital commitments worth $308m so far for its third fund, according to US Securities and Exchange Commission.
The fundraising only reflects the amount raised from US investors. Quona Capital is a venture capital firm that invests in growth-stage financial technology companies in emerging markets.
CoinFund announces new early-stage $300m web3 venture fund. (FS)
CoinFund, a web3 and crypto-focused investment firm and registered investment adviser, is delighted to announce the launch of CoinFund Ventures I, their new $300m early-stage venture capital fund, backed by a combination of sophisticated institutional investors, family offices, and crypto-native founders.
Ventures I seeks to back the most ambitious founders across blockchain sub-sectors, demonstrating early traction and large potential market sizes. The launch of Ventures I demonstrates CoinFund’s conviction that web3 is an enormous and important architectural transition impacting the future of the internet, financial services, and intellectual property, and their belief that web3’s evolution will continue to progress through all market cycles.
A number of current CoinFund seed-stage portfolio companies are preparing to raise Series A funding and wish to maintain the support and partnership of CoinFund’s crypto native investing team and its “founders first” philosophy. In addition to making early-stage, venture-scale investments in existing portfolio companies, Ventures I will seek to partner with new and ambitious founding teams.
Shima Capital debuts with a $200m fund. (FS)
Shima Capital, a global venture firm that invests in early-stage blockchain companies across all market cycles, announced that it has launched its debut fund, Shima Capital Fund I, and has collectively raised $200m. The Fund received significant support from notable investors, including Dragonfly Capital, Bill Ackman, Animoca, OKex, Mirana Ventures, Republic and Andrew Yang.
"We at OKX Blockdream Capital believe that Shima Capital has shown promising results in being able to identify paradigm shifts in the cryptocurrency industry. We are looking forward to establishing a working relationship with Shima Capital alongside its other LPs," Jeff Ren, OK Group Head of Investment.
GTCR forms Portfolio Resources Group to support portfolio company growth. (FS)
The members of GTCR’s Portfolio Resources Group are expected to bring enhanced capabilities and resources to aid in management’s value creation plans. Consistent with GTCR’s Leader’s Strategy approach, PRG team members will work with a partnership orientation to collaboratively and constructively assist portfolio company leadership on key initiatives determined by management and company boards of directors.
The PRG will supplement portfolio company support provided by the firm’s investment teams as well as GTCR’s in-house functional leaders in such areas as finance, legal, compliance, marketing/communications, leadership, information technology and ESG-DEI.
“Joe brings a wealth of experience to GTCR, and he will help our portfolio company leadership to better assess and manage security risks within their organization and to enhance data management generally. Given the risks in today’s world, and with the rapid changes in security technology, it is important that GTCR offers support to our management teams in this critical area,” Aaron Cohen, GTCR Managing Director and Head of Financial Services & Technology.
EMEA
MKS Instruments, a global provider of technologies that enable advanced processes and improve productivity, completed the acquisition of Atotech, a process chemicals technology company, for $5.1bn. The equity value of the transaction is $5.1bn and the enterprise value of the transaction with debt is $6.5bn.
"By combining leading capabilities in lasers, optics, motion and process chemistry, the combined company will optimize the PCB Interconnect, a significant enabling point of next-generation advanced electronics that represents the next frontier for miniaturization and complexity. We anticipate the addition of Atotech will position MKS to enable roadmaps for future generations of advanced electronics devices. The acquisition of Atotech also provides MKS with a recurring revenue stream from a consumables portfolio for leading-edge devices, with meaningful scale and potential on which to build," John T.C. Lee, MKS President and CEO.
Atotech was advised by Citigroup, Credit Suisse, Latham & Watkins, Ogier and Edelman. Financial advisors were advised by Alston & Bird. MKS Instruments was advised by Barclays, Perella Weinberg Partners, Carey Olsen, DLA Piper, White & Case, WilmerHale and Kekst CNC. Debt financing was provided by Barclays and JP Morgan. Debt providers were advised by Paul Hastings. Financial advisors were advised by White & Case.
FPE Capital, a private equity firm, completed an investment in Global App Testing, a web and app testing platform to the software development community. Financial terms were not disclosed.
“We could immediately see the value that Ronald and Owais had built and we developed a very positive chemistry with them as we discussed with them the next steps in supporting their continued growth. We are excited to be working with them on the next part of this journey," Llewellyn John, FPE Partner.
FPE Capital was advised by Continuum Advisory, Fairgrove, RSM International, Stephenson Harwood and Intechnica. Debt financing is provided by FRP Advisory and Santander. Global App Testing was advised by AGC Partners, Osborne Clarke and Grant Thornton.
NextStage-backed Eurobio Scientific, a French group operating in vitro medical diagnostics and life sciences industry, agreed to acquire Genome Diagnostics, a provider of molecular diagnostics tools, for €135m ($137m).
"This operation is transformative for Eurobio Scientific and is fully in line with the development strategy that we have been successfully pursuing for several years and which is based on a direct presence in Europe and an increase in the share of proprietary products. The strong complementarity between our two groups should make it possible to increase the advance of our Group both technologically, geographically and commercially," Denis Fortier, Eurobio Scientific Deputy Managing Director and Co-CEO.
Eurobio Scientific is advised by Deloitte, Rothschild & Co, Jones Day and Calyptus. Genome Diagnostics is advised by RSM International, William Blair & Co and Osborne Clarke.
The Competition and Markets Authority has found that the anticipated purchase of Castik Capital-backed Waterlogic, an innovative designer, manufacturer, distributor, and service provider of drinking water dispensers and accessories, by BDT Capital-backed Culligan, a provider of water solutions and services, could lead to a loss of competition in the supply of multifunctional taps to business customers in the UK.
The CMA is concerned that this merger would leave just three large suppliers of multifunctional taps to business customers in the UK, leading to higher prices or lower quality of service. Culligan and Waterlogic have now 5 working days to submit proposals to address the CMA's competition concerns.
"Multifunctional taps are an increasingly popular option for employers who need to make drinking water readily available to employees and want to reduce waste. By removing a key player that offers this product, this deal could lead to higher costs to businesses and lower quality service. If the merging businesses can offer a suitable way to address this issue, then we won't need to move to a more in-depth investigation," Sorcha O'Carroll, CMA Senior Director of Mergers.
Castik Capital is advised by Skadden Arps Slate Meagher & Flom. Culligan is advised by Davis Polk & Wardwell and Brunswick Group.
Alpha Private and Peninsula Capital-backed Femto Technologies, a provider of detection instruments, agreed to acquire a 51% stake in Prima Industrie, a provider of laser systems for industrial applications and sheet metal processing, for $131m.
Alpha and Peninsula think that taking the company private will give more flexibility in facing and managing those challenges. Leveraging on their global experience, they are ready to support the group and its management to foster and accelerate its growth trajectory, further pursuing the international expansion and continuing to leverage and nurture its technological leadership.
Prima Industrie is advised by Mailander.
Apollo, a private equity firm, completed the acquisition of an 11.1% stake in Aldar Investment Properties, a real estate development and investment company, for $400m.
“We welcome Apollo as strategic investors in Aldar Investment Properties at a time when we are building significant scale, diversification, and synergies across the region’s premium platform for property ownership. Apollo is a highly respected global investor, and this commitment displays strong belief in Aldar’s transformational growth agenda and reinforces the reputation of the UAE and Abu Dhabi, which is experiencing a trend of increasing capital inflows from long-term institutional investors," Talal Al Dhiyebi, Aldar Properties CEO.
D2 Investments, an early stage technology investor, led a $262m Series C funding round in DriveNets, a provider of cloud-native networking solutions, with participation from Bessemer Venture Partners, Pitango, D1 Capital, Atreides Management, and Harel Insurance.
“DriveNets’ approach of building networks like cloud allows telecom providers to take advantage of technological efficiencies available to cloud hyperscalers, such as cloud-native software design and optimal utilization of shared resources across multiple services. This latest round of investment demonstrates our investors and customers’ confidence in us and will enable us to expand the value and global operational support we offer them," Ido Susan, DriveNets Founder and CEO.
Streamland Media, a post production company delivering picture, VFX, sound, and marketing services, completed the acquisition of Sonorous Trident, a film production company. Financial terms were not disclosed.
"We're genuinely thrilled to welcome Mike, Howard and their incredible ensemble to our Formosa Group family. Exceptional artists are the very backbone of Streamland Media, so we can't wait to collaborate with this talented Trident team. This is a fantastic opportunity for all of us involved and for the remarkable filmmakers whose vision we serve," Bob Rosenthal, Formosa Group Founder.
Billionaire Ratcliffe interested in buying Manchester United.
British billionaire Jim Ratcliffe is interested in buying Manchester United after Elon Musk said his plan to buy the Premier League club was all part of "a long-running joke".
Elon Musk said on Twitter that he wanted to buy England's most successful club before clarifying that it was a joke and that he had no interest in purchasing any sports teams, Reuters reported.
The club's owners, the American Glazer family, are under pressure, with United sitting bottom of the Premier League after two games of the season. Ratcliffe, head of chemical company INEOS, is from the Manchester area and a long-standing United fan.
Rothschild's buyout fund tests appetite for $1.5bn software firm A2Mac1. (FS)
Rothschild's private equity arm is sounding out prospective bidders to launch the sale of a majority stake in French automotive software firm A2Mac1, a deal valued at up to $1.5bn.
Five Arrows Principal Investments, which is owned by Rothschild and manages $2.85bn of capital focused on mid-market investments in Western Europe - is holding preliminary talks with a series of private equity firms ahead of an auction process in September, Reuters reported.
A2Mac1 provides vehicle data and analysis tools to original equipment manufacturers while also specializing in benchmarking solutions for the car industry.
Golding Buyout 2021 holds first close at $158m. (FS)
Golding Capital Partners, an independent asset managers for alternative investments, has held the first closing of its fund Golding Buyout 2021 at €155m ($158m).
The fund will construct a selected portfolio of primary funds in Europe and the USA, with a focus on small and medium-sized companies in Europe and the USA operating in the sectors of technology, healthcare, and B2B services. The portfolio will be balanced by opportunistic secondary and co-investments to further optimize its performance.
When it is fully committed, the fund ”Golding Buyout 2021” will, like its successful predecessors, have a broadly diversified portfolio of more than 300 individual investments that promise attractive return opportunities and spread risks.
APAC
NRW Holdings says MACA rebuffed $260m buyout offer.
Australian mining services provider NRW Holdings said MACA, a mining and civil construction company, rebuffed its takeover offer as it plans to proceed with a proposal from rival contractor Thiess.
NRW said it received correspondence from MACA that it does not plan to engage further on the merger proposal
“We are disappointed that the board of MACA has indicated that it is not willing to entertain our compelling proposal,” Jules Pemberton, NRW Managing Director.
Thiess is advised by Lisle Group, Macquarie Group, Squire Patton Boggs and Citadel Magnus. Hochtief is advised by Freshfields Bruckhaus Deringer.
SM Investments received approval from the Securities and Exchange Commission to acquire a 81% stake in Philippine Geothermal Production Company in exchange for shares in SMIC. The transaction will bring SMIC's ownership in PGPC to 100%.
"The acquisition of PGPC is sizeable, accretive to our shareholders, and a strong strategic fit with our portfolio of investments in high growth sectors in the Philippines. It further reinforces the SM Group's commitment to sustainability, good governance and acting as a catalyst for responsible development in the communities we serve," Frederic C. DyBuncio, SMIC President and CEO.
Panorama Capital, an investment firm, completed a $147m investment in Jayson, a Shanghai-based battery material supplier.
“The overall industrial chain of new energy vehicles has passed its most nascent stage, gradually moving from a time when players were heavily reliant on the government’s subsidy policy to a more mature phase at which business decisions are largely based on the market demand,” Liu Tong, Panorama Capital CIO.
Ontario Teachers' Pension Plan Board, a pension fund, agreed to acquire a majority stake in Sahyadri Hospitals, a private hospital chain, from Everstone, a private equity and real estate investment firm. Financial terms were not disclosed.
"We are pleased to acquire a majority stake in Sahyadri Hospitals, which is our first control private equity buyout in India, and our fourth major investment in the country over the last 12 months. We believe we can leverage our significant global experience in the healthcare sector to help scale the company into a national healthcare provider in the coming years," Raju Ruparelia, OTPPB Senior Managing Director.
South Korea's Kakao drops plan to sell stake in the taxi-hailing unit. (FS)
South Korean tech conglomerate Kakao said it is no longer exploring plans to sell about 10% of unit Kakao Mobility after objections from unionized employees and other stakeholders.
Kakao holds a 57.6% stake in Kakao Mobility, whose app Kakao T offers South Korea’s most popular taxi-hailing service with 31m registered users.
Kakao Mobility, whose investors include Alphabet’s Google and private equity firms TPG and Carlyle, has also been exploring an IPO. It hired financial advisers in March, including Credit Suisse and Citigroup, but has currently paused any specific actions toward a listing.
Brazil Burger King owner snubs Abu Dhabi state investor Mubadala's takeover bid. (FS)
The owner of Burger King Brazil, Zamp, said its board of directors opposes Abu Dhabi state investor Mubadala Capital takeover bid for the firm, voicing its objection weeks before shareholders decide on the deal.
Zamp, previously known as BK Brasil Operacao e Assessoria a Restaurantes, is the master franchisee of the Burger King brand in Brazil, operating around 850 stores.
“The company’s board of directors expresses an opinion against the acceptance of the offer by its shareholders,” Zamp.
The Indian government taps TPG, Carlyle, Fairfax for IDBI Bank stake sale. (FS)
The Indian Government have approached global buyout funds and financial institutions, such as Carlyle Group, TPG Capital and love controlled fairfax Holdings, to measure investor interest in buying a majority stake held directly by the centre government and the (bail-out) lender.
“The talks are in the early stages and the government has not yet fixed any deadline for the stake sale. However, buyout funds and some domestic-related strategic investors have been excluded.”
In addition to this, KPMG is helping with the transaction process and the proposed disinvestment of government equity in the bank has reportedly received the approval of the central bank.
China Tourism Group Duty Free is said to have raised $2.1bn in Hong Kong listing.
China Tourism Group Duty Free, a firm engaged in the retail business of travel commodities and the provision of related services, is set to price its shares at $20.15 each to raise up to $2.07bn in its Hong Kong listing.
Shanghai-listed China Tourism sold 102.76m shares in the largest share sale in Hong Kong so far this year.
Malaysian utility Tenaga to invest $4.5bn a year to speed up the energy transition.
Malaysian utility Tenaga Nasional said it was aiming for capital expenditure of about $4.48bn annually till 2050 to fast-track its energy transition plans.
"The investments will help Tenaga reach net zero emissions by 2050 and open opportunities in more than doubling its earnings before interest and taxes”, Baharin Din, Tenaga president and CEO.
Tenaga, which counts sovereign wealth fund Khazanah Nasional as its biggest shareholder, aims to grab a bigger share of the Malaysian clean energy market that it estimates to be worth between $14.54bn and $17.89bn by 2050.
Qiyuan raise $147m amid carbon-neutral fad. (FS)
Qiyuan Green Power, a green energy solutions provider, affiliated with China’s state-owned electricity supplier State Power Investment, has raised $147m in a Series A round of financing.
In a statement, Qiyuan said it secured investments from corporates in the green energy sector and multiple institutional investors but did not disclose their names.
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