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AMERICAS
Private equity firms Carlyle Group and SK Capital Partners, agreed to acquire bluebird bio, a biotechnology company specializing in gene therapies, for $96m, according to press releases.
bluebird bio is advised by Leerink Partners and Latham & Watkins. Carlyle is advised by Bourne Partners, Kirkland & Ellis, Orrick Herrington & Sutcliffe and Wachtell Lipton Rosen & Katz (led by Mark A. Stagliano), according to press releases and MergerLinks data.
New Mountain Capital, a growth-oriented investment firm, agreed to acquire a US commercial insurance division from Carlyle-backed NSM Insurance, a global specialty insurance provider, according to press releases. Financial terms were not disclosed.
New Mountain Capital is advised by Ardea Partners, Simpson Thacher & Bartlett and H/Advisors Abernathy (led by Dana Gorman). NSM is advised by Houlihan Lokey, Wachtell Lipton Rosen & Katz (led by Nicholas Demmo) and Polsinelli PC, according to press releases and MergerLinks data.
Apax, a private equity advisory firm, completed the investment in CohnReznick, an advisory, assurance, and tax firm, according to press releases. Financial terms were not disclosed.
CohnReznick was advised by William Blair & Co, Goodman Media and Kekst CNC (led by Todd Fogarty). Apax was advised by Guggenheim Partners, Simpson Thacher & Bartlett (led by Ben Schaye) and Koltin Consulting Group, according to press releases and MergerLinks data.
Apollo, a private equity firm, agreed to invest in Tenneco, a designer, manufacturer, and marketer of automotive products, according to press releases. Financial terms were not disclosed.
Tenneco is advised by Citigroup and Deutsche Bank. Apollo is advised by Barclays, Lazard and PJT Partners. American Industrial Partners is advised by Prosek Partners, according to press releases and MergerLinks data.
BC Partners, an alternative investment manager, agreed to invest up to $150m in ContextLogic, a technology firm, according to press releases.
ContextLogic is advised by Rothschild & Co and Schulte Roth & Zabel. BC Partners is advised by Ocean Lane Partners, Proskauer Rose and Kekst CNC (led by Daniel Yunger), according to press releases and MergerLinks data.
LongRange Capital, a private equity firm, agreed to acquire US Synthetic, an innovative company in the energy industry, from ChampionX, a chemistry solutions and highly engineered equipment company, according to press releases. Financial terms were not disclosed.
LongRange Capital is advised by Evercore, Paul Weiss Rifkind Wharton & Garrison (led by Angelo Bonvino and Cullen Sinclair) and ICR ( Brian Ruby). ChampionX is advised by Centerview Partners and Weil Gotshal and Manges, according to press releases and MergerLinks data.
Blackstone, a private equity firm, agreed to acquire Safe Harbor Marinas, a marina and superyacht servicing business, for $5.65bn, according to press releases.
Blackstone is advised by Wells Fargo Securities, Gibson Dunn & Crutcher (led by Marwan Azzi) and Simpson Thacher & Bartlett (led by Whitney Salinas). Debt financing is provided by Wells Fargo Securities, according to press releases and MergerLinks data.
Valvoline, an American retail automotive services company, agreed to acquire Breeze Autocare, an American independent provider of automotive quick lube and other preventive maintenance services, from Greenbriar Equity Group, a private equity firm, for $625m, according to press releases.
Breeze Autocare is advised by Jefferies & Company and Kirkland & Ellis (led by Shawn O'Hargan and Philippe Simard). Valvoline is advised by Morgan Stanley and Squire Patton Boggs, according to press releases and MergerLinks data.
Apollo Global-backed Redding Ridge Asset Management, an investment adviser specializing in leveraged loans and global CLO management, agreed to acquire Irradiant Partners, an alternative investment manager specializing in liquid credit, private credit, and renewables. Financial terms were not disclosed, according to press releases.
Irradiant Partners is advised by Piper Sandler and Weil Gotshal and Manges. RRAM is advised by GreensLedge and Sidley Austin, according to press releases.
Primus Capital, a growth-oriented private equity firm, agreed to invest in Reach, a Merchant of Record solution provider. Financial terms were not disclosed, according to press releases.
Reach is advised by RBC Capital Markets and Osler Hoskin & Harcourt. Primus Capital is advised by Goodwin Procter and Taft Law Firm, according to press releases and MergerLinks data.
Gallant Capital, a private equity firm that invests in technology, business services, and industrial companies, completed the acquisition of the government services business from Navient, a tech-enabled outsourced business processing to US federal, state, and local government clients. Finacial terms were not disclosed, according to press releases.
Navient was advised by Houlihan Lokey and WilmerHale, according to press releases and MergerLinks data.
San Francisco Equity, a private equity firm, completed the acquisition of a majority stake in Formula, a formulator and contract manufacturer of cleaning products, according to press releases. Financial terms were not disclosed.
Formula was advised by Alexander Hutton. San Francisco Equity was advised by Blueshirt Group.
An investor consortium led a $351m Series D round in Eikon Therapeutics, a pivotal-stage biotechnology company, with participation from Lux Capital, Alexandria Venture Investments, AME Cloud Ventures, The Column Group, E15 VC, Foresite Capital, General Catalyst, Soros Capital, StepStone Group, T. Rowe Price Associates and UC Investments, according to press releases.
Eikon Therapeutics is advised by Bioscribe, according to press releases.
Argonaut Private Equity, a private equity firm, completed the acquisition of Pryer Aerospace, an innovative company focusing on aerospace components, according to press releases. Financial terms were not disclosed.
Argonaut was advised by Resolute Advisory, according to press releases.
CapitalG, a private equity firm under Alphabet, and ICONIQ, a wealth management and investment firm, led a $500m Series C funding round in NinjaOne, the automated endpoint management platform, according to press releases.
Wellington Management led a $200m funding round in Just Salad, a fast-casual restaurant chain, with participation from D1 Capital Partners, Neuberger Berman and Stripes, according to press releases.
Alterra Capital, an Africa-focused private equity firm, completed the acquisition of a majority stake in ARP Africa Travel, a travel agency. Finanical terms were not disclosed.
Genstar is in talks to buy First Eagle for over $4bn. ( Bloomberg)
Private equity firm Genstar Capital is in discussions to acquire a controlling stake in First Eagle Investment Management, which is currently majority-owned by Blackstone and Corsair Capital.
The potential transaction could value First Eagle at over $4bn. While talks are ongoing, no deal has been finalized, and there is a possibility that discussions may not result in an agreement.
KKR prepares to sell BMC Helix for $2bn. ( Bloomberg)
Private equity firm KKR is preparing to sell BMC Helix, an IT service management business, in a deal that could value the company at approximately $2bn. BMC Helix, a subsidiary of BMC Software, specializes in providing IT service management solutions to enterprises. KKR acquired BMC Software in 2018, and since then, BMC Helix has operated as a key division within the company.
The decision to sell BMC Helix aligns with KKR's strategy to capitalize on the growing demand for IT service management solutions. The sale process is in its early stages, and KKR has not yet made a final decision regarding the transaction.
Blackstone nears $1.7bn acquisition of VaxCare. ( Bloomberg)
Blackstone is in advanced discussions to acquire VaxCare, a vaccine management company backed by Summit Partners, for approximately $1.7bn, including debt. The deal is expected to conclude in the coming weeks, expanding Blackstone's healthcare portfolio and strengthening its position in the growing vaccine and immunization market.
Founded in 2012, VaxCare specializes in vaccine administration and management, serving clients such as schools, businesses, and community events. The company's expertise in vaccine distribution and management complements Blackstone's strategic focus on growth and innovation within the healthcare sector.
Roark Capital nears $1bn deal for Dave's Hot Chicken. ( WSJ)
Private equity firm Roark Capital is nearing a deal to acquire Dave’s Hot Chicken for approximately $1bn, strengthening its presence in the restaurant industry.
The deal comes as restaurant chains, including Dave’s, face rising labor costs and are adjusting menu prices to combat inflation.
Historically, Roark Capital has worked with Houlihan Lokey, Morgan Stanley, Paul Weiss Rifkind Wharton & Garrison and DLA Piper, according to MergerLinks data.
SoftBank, Mnuchin weigh deal to salvage $800m cyber firm. ( Bloomberg)
Former US Treasury Secretary Steven Mnuchin and SoftBank’s Vision Fund are in discussions to rescue Cybereason, a former Silicon Valley unicorn that has seen its valuation plunge amid internal conflicts.
A group of four investors - Mnuchin’s Liberty Strategic Capital, the Vision Fund, All Blue Capital, and Andra Capital - plans to invest $100m in the cybersecurity firm and expand their control.
Walgreens Boots buyout to lay groundwork for three-way split of group. ( FT)
A potential buyout of Walgreens Boots Alliance could result in the company being split into three separate businesses.
Sycamore Partners, a New York-based investment firm specializing in struggling retailers, is planning a three-way split of the business if the transaction goes through.
Blackstone announces $5.6bn final close for Blackstone Energy Transition Partners IV. ( Press Release)
Blackstone has finalized its energy-transition-focused private equity fund, Blackstone Energy Transition Partners IV, at its hard cap of $5.6bn, making it 33% larger than its predecessor.
BETP, Blackstone’s energy-focused private equity division, invests in companies that enhance cleaner, more reliable, and cost-effective energy solutions globally.
Thoma Bravo closes first European fund at €1.8bn. ( Press Release)
Thoma Bravo has completed fundraising for its first Europe-focused fund, Thoma Bravo Europe Fund, securing €1.8bn ($1.9bn) in capital commitments.
“Our first dedicated pool of capital for European software marks a significant milestone for our firm. We see an enormous opportunity to back Europe’s technology innovators and help them scale,” Orlando Bravo, Thoma Bravo Founder and Managing Partner.
Wellington Management raises $194m for inaugural CLO Partners Fund. ( Press Release)
Wellington Management has successfully closed its first CLO Partners Fund I, raising $194m in capital commitments, surpassing the initial target of $150m. With $194m of capital commitments, including $27m from affiliates, the Fund exceeded its initial $150m target.
"We believe CLO equity is a compelling asset class, and we anticipate further opportunities to pursue investment excellence on behalf of LPs in the current and future market environments. With this fund, we are well-positioned to expand our platform and demonstrate our commitment to serving our clients as a CLO manager," Alyssa Irving, Wellington Management CLO Portfolio Manager.
Blackstone appoints Rodney Zemmel as global head of portfolio operations. ( Press Release)
Blackstone announced that Rodney Zemmel, a former Senior Partner at McKinsey has been named Global Head of Portfolio Operations.
Zemmel will oversee a team of executives that support Blackstone’s 250 portfolio companies and enhance operational efficiency in guiding them in areas such as talent management, AI transformation, cybersecurity, procurement, energy efficiency, and asset management.
EMEA
Multiply Group, an Abu Dhabi-based investment holding company, agreed to acquire a 67.91% stake in Tendam, a multibrand, omnichannel vertical apparel retailer, from CVC, a global private markets manager, and PAI Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Tendam is advised by Latham & Watkins, Ramon Hermosilla Abogados and Uria Menendez. Multiply Group is advised by Greenhill & Co, KPMG, Hogan Lovells and Weber Shandwick, according to press releases.
Portobello Capital, a private equity firm, and Sofina, a private banking company, completed the acquisition of Proeduca, an education center, according to press releases. Financial terms were not disclosed.
Sofina was advised by Nomura and Linklaters (led by Elena Rodriguez and Victor Manchado). Proeduca was advised by Morgan Stanley and Uria Menendez, according to press releases.
Brookfield Asset Management, a global investment firm, agreed to acquire the renewables business of National Grid, an electricity, natural gas, and clean energy delivery company, for $1.735bn, according to press releases.
National Grid is advised by Brunswick Group (led by Dan Roberts), according to press releases.
Iren, a multi-utility company, completed the acquisition of a 40% stake in Iren Acqua, an integrated water service company, from F2i, an infrastructure fund, for $296m, according to press releases.
Iren was advised by Rothschild & Co, according to press releases and MergerLinks data.
InfraVia, a private equity firm, agreed to acquire an 80% stake in Louis Dreyfus Armateurs, a group specializing in high value-added industrial marine services, from Louis-Dreyfus, a merchant and processor of agricultural goods, according to press releases. Financial terms were not disclosed.
Louis-Dreyfus is advised by Rothschild & Co, according to press releases.
Lone Star, a private equity firm, agreed to acquire a specialty chemicals and high performance polymers business from Radici Group, a chemicals manufacturer, according to press releases. Financial terms were not disclosed.
Reckitt shortlists bidders for £5bn homecare sale. ( Bloomberg)
Reckitt Benckiser has shortlisted bidders for its homecare brands sale.
Lone Star Funds, Advent, and Apollo Global Management have advanced to the next bidding round. The portfolio, including Airwick and Cillit Bang, could be valued at £4-5bn ($5-6bn).
Historically, Reckitt Benckiser has worked with Bank of America, Centerview Partners, Davis Polk & Wardwell and Linklaters, according to MergerLinks data.
HBM Healthcare Investments is considering a $1.7bn sale of Swixx Biopharma. ( Bloomberg)
HBM Healthcare Investments is exploring strategic options for its portfolio company, Swixx Biopharma, including a potential sale that could value the company at approximately $1.7bn. Discussions are in the early stages, and HBM has not made a final decision regarding the sale.
Swixx Biopharma, headquartered in Switzerland, specializes in the commercialization of prescription medicines, medical devices, and over-the-counter products across Central and Eastern Europe. The company has experienced significant growth, expanding its presence to over 20 countries and establishing a robust portfolio of healthcare products.
This potential sale aligns with HBM Healthcare Investments' strategy to evaluate and optimize its investment portfolio, capitalizing on favorable market conditions to realize returns. The outcome will depend on various factors, including market interest and strategic fit with potential buyers.
Bain Capital proposes £1.1bn takeover of Chemring Group. ( SkyNews)
Bain Capital has submitted a £1.1bn ($1.39bn) bid to acquire Chemring Group, driving shares of the London-listed defense contractor up more than 16%.
The offer reportedly represents a nearly 9% premium to the stock’s closing price on Friday.
Historically, Bain Capital has worked with Kirkland & Ellis, Goldman Sachs, Stanton PRM and Ropes & Gray, according to MergerLinks data.
RRJ-led Group close to buying VistaJet preference shares. ( Bloomberg)
A consortium led by RRJ Capital is close to finalizing a deal to acquire over $600m in convertible preference shares of VistaJet Group, aiming to capitalize on the growing demand for private jet chartering.
Members of the consortium would have the option to convert their holdings into ordinary shares when VistaJet goes public, which is expected within the next three years. A deal could be reached in the coming weeks.
Carlyle and Thoma Bravo shortlisted in bidding for smartTrade. ( Bloomberg)
Private equity firms Carlyle Group and Thoma Bravo are among the suitors shortlisted in the bidding for French software firm smartTrade Technologies.
TA Associates has also been picked to proceed into the final stage of bidding. The current offers value smartTrade at about €550m ($575m) to €600m ($627m).
Hg, the owner of smartTrade, is looking to pick the buyer by late March. Deliberations are ongoing and the companies could decide against a deal.
Chinese VC firm eyes $400m loan to fund buyout of rock icon Marshall. ( Bloomberg)
Chinese venture capital firm HongShan Capital is in talks with banks for a loan of approximately $400m to support its acquisition of audio equipment maker Marshall Group.
HongShan, also known by its overseas brand acronym HSG, is engaging with regional and international banks for the financing, which could have a tenor of five to seven years. Discussions are ongoing, and terms may still evolve.
Nextalia explores sale of Italian wealth firm Firstance. ( Bloomberg)
Private equity firm Nextalia is exploring strategic options for Italian wealth tech firm Firstance, including a potential sale.
The Milan-based buyout firm has enlisted Rothschild & Co to assess interest in the business, which offers insurance brokerage services to institutional and high-net-worth clients. Firstance could be valued at around €250m ($263m) in a deal.
Historically, Nextalia has worked with KPMG and Chiomenti, according to MergerLinks data.
Apollo Global Management explores the acquisition of Fotowatio Renewable Ventures. ( Bloomberg)
Apollo Global Management is reportedly considering the acquisition of Fotowatio Renewable Ventures, a Spanish renewable energy developer, from its Saudi parent company, Abdul Latif Jameel Energy. Discussions are in preliminary stages, and no final decision has been made regarding the transaction.
This potential acquisition aligns with Apollo's strategic focus on expanding its investments in the renewable energy sector. In a related move, Apollo recently acquired a majority stake in Bold Production Services, a provider of natural gas treatment solutions, indicating the firm's commitment to diversifying its energy portfolio.
UK's Wood Group re-enters takeover talks with Dubai's Sidara. ( Reuters)
Shares in the London-listed oilfield services and engineering firm surged more than 34% after the announcement. Sidara’s fresh approach follows a recent decline in Wood Group’s share price, with discussions ongoing.
Historically, Sidara has worked with Ashurst, London Bridge Capital, Rothschild & Co and Brunswick, according to MergerLinks data.
BC Partners eyes potential Pets at Home takeover. ( Investing)
Pets at Home shares jumped 14% on February 26, following speculation that private equity firm BC Partners is preparing a takeover bid.
BC Partners has not confirmed its interest in Pets at Home, but the developments indicate continued private equity interest in the UK pet care market.
Historically, BC Partners has worked with PricewaterhouseCoopers, JP Morgan, Kirkland & Ellis and Latham & Watkins, according to MergerLinks data.
Elliott ramps up pressure on BP as new strategy falls short. ( Bloomberg)
Elliott Investment Management, an American investment manager, is increasing pressure on BP, criticizing its newly unveiled strategy as insufficiently ambitious and urgent.
The hedge fund, which holds nearly a 5% stake in BP, is reportedly dissatisfied with CEO Murray Auchincloss’s turnaround plan and may push for significant leadership and board changes if improvements are not made.
Unilever ditches CEO Schumacher in a surprise move. ( Reuters)
Unilever has surprised investors by removing chief executive Hein Schumacher and appointing finance chief Fernando Fernandez as his replacement. Fernandez will focus on accelerating the execution of the consumer group's turnaround strategy.
Unilever's board, which includes billionaire activist investor Nelson Peltz, was unified in its decision to remove Schumacher.
APAC
Indorama Netherlands, a chemical company, agreed to acquire 25% stake in Essel Propack, a global tube-packaging company, from Blackstone, an American multinational private equity, alternative asset management, and financial services firm, for $220m, according to press releases.
Indorama is advised by Goldman Sachs, Khaitan & Co and Chandhiok & Mahajan. Blackstone is advised by Morgan Stanley, Simpson Thacher & Bartlett and Trilegal, according to press releases.
KKR, an American global investment company, failed to acquire the wealth management and corporate trust businesses of Perpetual, a global financial services firm, for $1.43bn, according to press releases.
KKR, a global investment firm, agreed to acquire the majority stake in Healthcare Global Enterprises, a healthcare organization in India, from CVC, a private equity and investment advisory firm, for $400m, according to press releases.
CVC Capital is advised by Adfactors PR, according to press releases.
Thames Water receives £7bn bid from Hong Kong's CK Infrastructure. ( Reuters)
Thames Water, the UK's largest water supplier, has received a preliminary £7bn ($8.86bn) bid from Hong Kong-based CK Infrastructure Holdings for a majority stake in the company. The proposal, submitted earlier this month, includes a condition that would require significant reductions, or "haircuts," from the company's bondholders. The company has been actively seeking new equity investments to stabilize its finances and has reportedly received multiple bids, though it has not publicly disclosed the identities of the potential investors.
In addition to CK Infrastructure's offer, US private equity firm KKR has made a nearly £4bn ($5bn) bid for a majority stake in Thames Water. The utility is also appealing to the UK's competition regulator to approve a proposed 53% increase in customer bills over the next five years, exceeding the 35% rise permitted by the water regulator, Ofwat.
Historically, Thames Water has worked with Jefferies, Allen & Overy and CMS, according to MergerLinks data.
KKR's potential sale of Goodpack attracts interest from major investment firms. (Bloomberg)
Private equity firm KKR is considering the sale of Goodpack, a Singapore-based provider of shipping containers and logistics services, in a deal that could value the company at approximately $1.5bn. The potential sale has garnered interest from prominent investment firms, including Apollo Global Management, Brookfield Asset Management, I Squared Capital, and Stonepeak Infrastructure Partners.
KKR acquired Goodpack in 2014 for about S$1.4bn (approximately $985m) and subsequently delisted it from the Singapore Exchange. Goodpack operates a fleet of over four million pallet-sized containers across more than 5k locations worldwide, serving industries such as rubber, chemicals, automotive, and food products.
In October 2024, KKR initiated the sale process for Goodpack, engaging Deutsche Bank and Rippledot Capital as advisors.
PAG considers selling $1.2bn stake in India’s Nuvama. ( Bloomberg)
Private equity firm PAG is exploring a sale of its majority stake in Mumbai-listed Nuvama Wealth Management.
Backed by Blackstone, PAG is working with advisers to review its 54% stake, which could lead to a partial or full sale.
Hillhouse seeks to refinance mattress maker’s $800m loan. ( Bloomberg)
Hillhouse Investment is in discussions with banks to refinance an $800m loan that supported its acquisition of Chinese mattress maker AI Dream.
The asset manager is looking to raise around $800m in either US dollars, Chinese yuan, or a mix of both. The new loan is expected to have a tenor of approximately five to seven years.
Blackstone in talks to sell China logistics assets to Ping An. ( Bloomberg)
Blackstone is in advanced discussions to sell three logistics projects in China to Ping An Insurance, marking a significant divestment as domestic investor interest grows.
The US firm plans to sell the properties in the China Greater Bay Area to Ping An Insurance for about CNY2.7bn ($372m). The assets include a 49-acre park in Foshan city and two other projects in Dongguan.
Historically, Blackstone has worked with Citigroup, Morgan Stanley, Simpson Thacher & Bartlett and Kirkland & Ellis, according to MergerLinks data.
RedBird considers selling stake in IPL team Rajasthan Royals. ( Bloomberg)
RedBird Capital Partners is exploring the sale of its minority stake in Indian Premier League team Rajasthan Royals, aiming to capitalize on the growing popularity of cricket’s most lucrative competition.
The private equity firm, founded by former Goldman Sachs executive Gerry Cardinale, reportedly acquired a 15% stake in Rajasthan Royals for $37.5m four years ago, valuing the franchise at $250m.
CICC to merge with Galaxy Securities to create China’s No.3 brokerage. ( Reuters)
State-owned China International Capital is set to merge with China Galaxy Securities in a deal that will create the country’s third-largest brokerage with $193bn in assets.
The merger, marking the second major consolidation in China’s $1.6tn securities industry in recent months, has received approval from Chinese authorities and could be announced in the coming weeks.
KKR, Fountainvest and PAG among those eyeing Starbucks China stake. ( Reuters)
KKR, Fountainvest Partners, and PAG are among the buyout firms exploring a stake in Starbucks' China business as the US coffee chain seeks to revive slowing sales in its second-largest market.
Chinese companies, including state-owned conglomerate China Resources Holdings and food delivery giant Meituan, have also been approached as potential buyers. Discussions are ongoing, and no final decisions have been made.
PLDT eyes KKR stake to take control of Philippines fintech unit. ( Bloomberg)
PLDT is considering acquiring KKR's 30% stake in its fintech affiliate, Maya, as the telecom giant aims to regain control of the now-profitable business.
Gaining a larger stake in Maya would strengthen PLDT’s influence over the company, especially as it competes with GCash, a leading mobile payments provider backed by Ant Group.
Historically, PLDT has worked with UBS, Latham & Watkins and Picazo Buyco Tan Fider & Santos, according to MergerLinks data.
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