Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
GTCR, a private equity firm, completed the acquisition of a 55% stake in Worldpay, an American payment processing company, from FIS, a financial services technology company, for $11.7bn.
“I am pleased to deliver on the commitment we made in July to partially monetize our Merchant Solutions business at an attractive valuation and provide certainty for all stakeholders. With this strategic milestone, we are simplifying our business and driving greater focus on delivering innovative, next-generation financial technology and software solutions to our clients," Stephanie Ferris, FIS CEO and President.
GTCR was advised by Citigroup (led by Anthony Diamandakis), Deutsche Bank, Piper Sandler, Raymond James (led by Jon Steele and Brendan Ryan), TD Cowen, UBS, Wells Fargo Securities, William Blair & Co, AZB & Partners (led by Ashwath Rau and John Adwet Raghav), Kirkland & Ellis (led by Ted M Frankel), Loyens & Loeff (led by Martijn Schoonewille and Klaas Wiersma) and Paul Hastings. Debt financing was provided by Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan, National Association of Realtors, UBS and Wells Fargo Securities. FIS was advised by Centerview Partners (led by Tony Kim), Goldman Sachs, JP Morgan (led by Johhn Hofmann), Latham & Watkins (led by Stelios G. Saffos, Jason Bosworth and Corey Wright), Wachtell Lipton Rosen & Katz (led by Igor Kirman, Andrew Brownstein and Eric Feinstein). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran and Melissa Sawyer).
Novo, a holding and investment company that is responsible for managing the assets and wealth of the Novo Nordisk Foundation, agreed to acquire Catalent, a global provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products, for $16.5bn.
"Over the past several years, Catalent has built a comprehensive end-to-end offering of services and capabilities to drive innovation in the healthcare system and improve patient outcomes. This transaction is a testament to our team's hard work and dedication to this mission, and I am incredibly excited for this next step in our journey. We look forward to benefiting from Novo Holdings' significant resources to accelerate investment in our business and enhance key offerings as we continue to offer premium development and manufacturing solutions for pharma and biotech customers," Alessandro Maselli, Catalent President and CEO.
Catalent is advised by Citigroup, JP Morgan, Jones Day (led by Randi C. Lesnick) and Skadden Arps Slate Meagher & Flom (led by Todd Freed). Novo is advised by Morgan Stanley, Goodwin Procter and FGS Global (led by Charlie Chichester).
General Atlantic, a global growth investor, agreed to invest in Partners Capital, an outsourced investment office. Financial terms were not disclosed.
“We have long respected General Atlantic as a leading global investment firm. The leadership group at Partners Capital have great conviction that General Atlantic will strengthen our firm for the next decade as we focus on deepening our investment capabilities, driving technology-led change across the firm and bolstering our ability to attract and retain top talent, the lifeblood of any investment firm. We believe this will put us in a better position to be an enduring institution that can continue to deliver outstanding investment results for our clients,” Arjun Raghavan, Partners Capital CEO.
Partners Capital is advised by Spencer House Partners, Macfarlanes, and Ropes & Gray. General Atlantic is advised by PricewaterhouseCoopers, Freshfields Bruckhaus Deringer, Edelman (led by Jessica Gill), and Prosek Partners (led by Samantha Norquist).
American Securities, an American private equity firm based in New York, completed the acquisition of NWN Carousel, an award-winning integrated Cloud Communications Service Provider, from New State Capital Partners, a private equity firm. Financial terms were not disclosed.
"I am grateful for the support of New State as we've grown into a platform company that uniquely addresses our clients most critical technology needs. We are excited about continuing our mission to empower North America's largest organizations with intelligent, flexible workplace experiences, and we look forward to partnering with American Securities to accelerate our next phase of growth. The best is yet to come for our organization, our customers and strategic partners," Jim Sullivan, NWN Carousel President and CEO.
American Securities was advised by Jefferies & Company, Kirkland & Ellis and Prosek Partners. NWN Carousel and New State Capital Partners were advised by Harris Williams & Co, Morgan Lewis & Bockius, Regan Communications Group and Lambert & Co.
Haveli Investments, a technology-focused private equity firm, agreed to acquire ZeroFox, a provider of external cybersecurity, for $350m.
"With Haveli Investments, ZeroFox has identified a strong partner with the right combination of high-growth software experience, strategic and operational resources, and a shared passion and commitment to external cybersecurity. We believe that this transaction represents a compelling outcome for ZeroFox stockholders, particularly given the volatility in the market, and best positions ZeroFox for our next phase of growth," James C. Foster, ZeroFox Founder, Chairman and CEO.
ZeroFox is advised by Piper Sandler, Stifel and Venable. Haveli Investments is advised by BTIG, Evercore and Ropes & Gray (led by Will Shields and David Hutchins).
OpenGate Capital, a global private equity firm, completed the acquisition of Player One Amusement Group, a Canadian arcade game distributor, from Cineplex, an entertainment and media company, for $115m.
"The acquisition of Player One underscores our experience and expertise with corporate carve-outs. We look forward to partnering with the team at Player One as the business embarks on its next chapter of growth," Andrew Nikou, OpenGate Capital Founder and Managing Partner.
OpenGate Capital was advised by Houlihan Lokey (led by Patrick Kilrea), Paul Hastings (led by Amit Mehta) and Prosek Partners. Cineplex was advised by Scotiabank, TD Securities and Goodmans.
Braemont Capital, a relationship-driven investment firm, completed the acquisition of Loenbro, a provider of highly technical, specialized services to the data center, infrastructure and diversified industrial markets, from Tailwind Capital, a private equity firm. Financial terms were not disclosed.
"We have built our culture and our business on the foundational principles of always treating people fairly and exceeding expectations, while maintaining our resolute commitment to safety and quality. I am confident that Braemont is the right partner to support Loenbro's next phase of growth, and their expertise in scaling service-based businesses will create efficiencies and drive value for our partners," Daniel Cowan, Loenbro President and CEO.
Loenbro and Tailwind Capital were advised by BlackArch Partners, Stifel, Davis Polk & Wardwell and FGS Global. Braemont Capital was advised by Kirkland & Ellis (led by Thomas Laughlin) and Gagnier Communications (led by Dan Gagnier).
California Resources, an independent energy and carbon management company committed to energy transition, agreed to merge with Aera Energy, an oil and gas producer, in a $2.1bn deal.
“Aera and CRC are two great companies with decades of experience and track records that will serve as a foundation for a strong combination. We are committed to continuing to deliver the energy Californians need today and working to deploy carbon capture at-scale,” Erik Bartsch, Aera President and CEO.
California Resources is advised by Citigroup, Jefferies & Company and Sullivan & Cromwell. IKAV and Canada Pension Plan Investment Board are advised by Truist, Wells Fargo and Latham & Watkins.
CBRE Group, an American commercial real estate services and investment firm, agreed to acquire 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.
"Becoming part of CBRE provides J&J a great opportunity to continue building upon and expanding the solutions we provide our military customers at mission-critical facilities around the world. Arlington Capital Partners provided the industry expertise and guidance needed to scale our solutions at an unrivaled pace and prepare us for continued growth. We are excited about combining our capabilities and track record with CBRE's to enhance our commitment to serving those that serve our nation," Steve Kelley, J&J Worldwide Services CEO.
J&J Worldwide Services is advised by JP Morgan and Sheppard Mullin Richter & Hampton. CBRE is advised by Citigroup, ArentFox Schiff and Simpson Thacher & Bartlett.
Charlesbank Capital Partners, a middle-market private investment firm, completed a $250m investment in Rise Growth Partners, a synergistic financial partner that provides growth-oriented RIAs.
"Joining forces with Charlesbank marks a significant milestone for our firm. Their team emphasizes integrity, collaboration, and excellence, all qualities that resonate deeply with our ethos. As we embark on this journey to transform the wealth management industry for the better, we're confident we have the right capital partners in our corner. We are excited for what we can accomplish together," Joe Duran, Rise Executive Managing Partner.
Rise Growth was advised by Ardea Partners, Kilpatrick Townsend and StreetCred PR (led by Will Ruben). Charlesbank was advised by Simpson Thacher & Bartlett (led by Lou Argentieri) and Prosek Partners (led by Ryan Fitzgibbon).
Guardian Capital, a private equity firm, agreed to acquire Sterling Capital, an independent investment manager, from Truist Financial, a bank holding company, for $70m.
"We are very excited to have Sterling join the Guardian group of companies as the acquisition significantly enhances our overall scale as a global asset manager and expands our platform for future growth. Sterling's pursuit of excellence aligns perfectly with Guardian's commitment to investment quality and innovation. Sterling shares and complements our approach and values in addition to adding new capabilities and investment strategies that enhance our offering in the United States," George Mavroudis, Guardian President and CEO.
Guardian Capital is advised by Cambridge International Partners, Pryor Cashman (led by Edward C. Normandin) and Cherry Bekaert. Truist Financial is advised by Bank of America and Davis Polk & Wardwell (led by Evan Rosen and Margaret E. Tahyar).
Private equity firms Hellman & Friedman and Valeas Capital Partners to invest in Baker Tilly, a provider of audit and business advisory services. Financial terms were not disclosed.
"Our investment in Baker Tilly builds on H&F's long history of successful partnerships in the professional services sector. Baker Tilly has built a remarkable firm with an empowering culture, tremendously talented workforce, and impressive track record of growth through outstanding client service and smart acquisitions. We are excited to invest alongside Baker Tilly's partners and senior leadership to bolster its capabilities, expand its footprint, and, together, help build the country's preeminent mid-market advisory CPA firm," Blake Kleinman, H&F Partner.
Baker Tilly is advised by William Blair & Co and Foley & Lardner. Valeas Capital is advised by Ropes & Gray (led by Elizabeth Gallucci). Hellman & Friedman is advised by Simpson Thacher & Bartlett (led by Atif Azher) and Vedder Price.
Thoma Bravo, a software investment firm, agreed to acquire Everbridge, a provider of critical event management and national public warning solutions, for $1.5bn.
"We are pleased to deliver immediate, compelling, and certain value to our shareholders through this transaction. Over the past several years, the Everbridge Board has consistently reviewed the Company's stand-alone opportunity against other strategic opportunities, including dialogue with a range of potential partners. This agreement is the result of those efforts and reflects our commitment to maximizing value and certainty on behalf of our shareholders," David Henshall, Everbridge Chairman and Lead Independent Director.
Everbridge is advised by Qatalyst Partners and Cooley. Thoma Bravo is advised by Kirkland & Ellis and FGS Global (led by Liz Micci).
Comfort Systems USA, a provider of commercial, industrial, and institutional heating, ventilation, air conditioning and electrical contracting services, completed the acquisition of Summit Industrial Construction, a specialty industrial mechanical contractor, from The Stephens Group, a private equity firm. Financial terms were not disclosed.
"We are delighted to announce the closing of our agreement to acquire Summit, an extremely capable provider of modular and other complex mechanical services. Summit brings a stellar reputation as a modular technology leader in growing end markets, including multiple ongoing and large semiconductor projects. We are happy to welcome Summit's wonderful leadership team and excellent production and craft workers across many states, and we are confident Summit will continue to innovate and grow as a part of our network of world-class contracting companies. We are grateful that Summit has chosen to become part of Comfort Systems USA," Brian Lane, Comfort Systems USA CEO.
Deka Immobilien, a real estate investment company, agreed to acquire 402 Dunsmuir St. and 401 West Georgia St. towers from Canada Pension Plan Investment Board and Oxford Properties Group for CAD300m ($223m).
The funds had initially aimed to get around CAD350m ($260m) for the properties. But recently, it's been hard to accurately price office buildings because few sizable properties have traded globally, one reason the sale of the Vancouver towers was so closely watched both in Canada and abroad.
ICONIQ Growth, a tech focused direct investment firm, led a $231m Series C round in NinjaOne, a unified IT management solutions provider, with participation from Frank Slootman and Amit Agarwal.
“ICONIQ Growth’s investment in NinjaOne is being used to make our customers more successful. We are quadrupling down on customer support, heavily investing in platform and product innovation to solve and automate more use cases, and ensuring the business can scale to meet our customers’ needs. We are in the decade of the endpoint, fueled by a wave of workers pushed remote and hybrid during and since the pandemic. Whether you are an MSP in charge of running and protecting other peoples’ businesses, or a CIO in charge of one, endpoints pose a significant risk and opportunity,” Sal Sferlazza, NinjaOne CEO and Founder.
Investcorp, a global investment manager, completed the investment in Banner Ridge Partners, a $7.3bn private markets investment specialist. Financial terms were not disclosed.
"Banner Ridge has established itself as a leader in identifying and partnering with top managers across distressed, special situations and credit. We're excited to be a partner for growth as the team capitalizes on opportunities in these attractive and growing markets," Anthony Maniscalco, ISCG Managing Partner and Head.
HIG weighs sale of $2bn chemicals firm Usalco.
HIG Capital is exploring a sale of Usalco in a deal that could value the specialty chemicals company at as much as $2bn including debt, Bloomberg reported.
The private equity firm is working with advisers to gauge buyer interest in Baltimore, Maryland-based Usalco.
Mattel pressed by Barington for Fisher-Price sale.
Barington Capital Group has amassed an undisclosed stake in Mattel and is pressing the toymaker's Chief Executive Officer Ynon Kreiz for changes that include the sale of some businesses it says are putting a "dark cloud" over the company, Bloomberg reported.
Barington, an activist investment fund founded by Jim Mitarotonda said the company should pursue alternatives including potential sales of its Fisher-Price and American Girl brands. Barington also argued for a $2bn share buyback.
Hollysys investors accept $1.7bn Ascendent offer.
Close to 90% of shareholders who voted on February 8 backed the Ascendent offer. An Ascendent takeover could still need approval from regulators in China, including those related to national security.
Carlyle revamps pay, plans up to $1.4bn buyback.
Carlyle Group is overhauling how it pays dealmakers to free up steadier cash flows for shareholders and authorized a plan to repurchase as much as $1.4bn of stock, Bloomberg reported.
The private equity giant, which reported fourth-quarter earnings that beat Wall Street estimates, said on February 7 that it will give rainmakers and senior employees a greater share of gains tied to investment exits.
Elliott builds roughly 13% stake in Etsy, secures board seat.
Activist investor Elliott Management has a "sizable" investment in e-commerce firm Etsy, which announced on February 1 that Elliott partner Marc Steinberg would join the company's board, CNBC reported.
The activist investor has built a roughly 13% position in the stock. That economic interest is a blend of shares and options. The position would make it Etsy's largest investor.
BBB Foods seeks over $400m in US IPO.
BBB Foods, the operator of a discount retailer in Mexico, is looking to raise more than $400m in a US initial public offering, Bloomberg reported.
The holding firm that conducts business through its main subsidiary Tiendas 3B, is planning to sell 28m shares at between $14.50 and $16.50 each. The sale would raise as much as $463m, giving the company a market value of $1.85bn. Underwriters have an option to buy another 4.2m shares.
Biotech Kyverna Therapeutics tops IPO goal to raise $319m.
Kyverna Therapeutics raised $319m in a US IPO priced above a marketed range, as drug developers continue to receive a warm welcome from new investors, Bloomberg reported.
The Bain Capital-backed biotechnology company sold 14.5m shares for $22 each on February 7. Kyverna, based in Emeryville, California, had marketed the shares for $20 to $21. Strong demand led the firm to boost both the size and the targeted price range on Tuesday.
Alberta pension manager launches $745m energy transition fund.
Top Canadian pension manager the Alberta Investment Management announced the creation of a CAD1bn ($745m) energy transition fund, DealStreetAsia reported.
AIMCo, which has CAD158bn ($118bn) in assets, said the fund will be dedicated to investing in the global energy transition and decarbonization sectors.
Trinity Hunt Partners closes oversubscribed Fund VII at $700m.
Trinity Hunt Partners closed Trinity Hunt Partners VII at its hard cap of $700m in capital commitments. Fund VII was oversubscribed, with fundraising completed in less than five months.
“Our team is humbled by the enthusiastic support for Fund VII by our investors, particularly in the midst of a challenging fundraising environment industry-wide. It’s a testament to the hard work and ingenuity of our team. We are excited to continue to deploy our time-tested investment strategy, with the aim of providing the highest quality talent and capital solutions needed to significantly enhance the growth of small-cap services companies,” Blake Apel, Trinity Hunt Managing Partner.
Trinity Hunt was advised by Aviditi Advisors, Kirkland & Ellis and MiddleM Creative.
Accion raises $128m so far for a global MFI-focused fund.
Accion International, a global non-profit fund that focuses on the microfinance sector, has raised $128m so far for its Latin America-, Africa-, and Asia-focused vehicle, DealStreetAsia reported.
Accion Digital Transformation Fund has secured a commitment from at least seven US investors and is $25m shy of its $153m target. SEC filings typically reflect funds raised from US investors. Launched in 2022, Accion Digital Transformation Fund is a global investment vehicle that provides growth capital to microfinance institutions. It invests in a total of 8-12 microfinance institutions in America, Africa, and Asia, with investments estimated to be between $8m and $10m.
Brookfield Names Ranjan CEO of $140bn private equity arm. (People)
Brookfield Asset Management has appointed Anuj Ranjan as the new chief executive officer of its private equity business as the Canadian investment giant seeks to scale up the unit amid a challenging period for the broader buyout industry, Bloomberg reported.
Ranjan will replace Cyrus Madon, who is taking on a new role as executive chairman of private equity and will continue to be actively involved in the group, which manages about $140bn in assets globally. The Canadian firm wants to expand private equity to the same scale as its other flagship businesses.
Harvard names ex-Merck CEO Frazier, KKR’s Bae to its board. (People)
Harvard University named two top business executives to its governing board at a time of intense scrutiny and criticism of the institution from alumni, lawmakers and faculty, Bloomberg reported.
Kenneth Frazier, the former CEO of Merck, and KKR Co-CEO Joseph Bae, were elected Sunday by Harvard with the consent of the board of overseers, said Alan M. Garber, Harvard University Interim President.
EMEA
Investindustrial-backed Sammontana, an Italian Ice cream manufacturer based in Empoli, agreed to acquire Forno d'Asolo, an Italian frozen pastry and bakery products maker, from BC Partners, a private equity firm, for $1.2bn.
"We are very pleased to be partnering with the Bagnoli family. Both Sammontana and Forno d'Asolo are highly successful companies with excellent management teams and a good track record in sustainability. Both businesses have completed several add-on acquisitions in recent years, providing a strong platform for the Bagnoli family and Investindustrial to pursue a buy and build strategy to further internationalise the combined group, especially in the US market," Andrea C. Bonomi, Investindustrial Chairman.
Investindustrial is advised by BonelliErede, Paul Weiss Rifkind Wharton & Garrison and H/Advisors Maitland (led by David Stürken). BC Partners is advised by Rothschild & Co. Sammontana is advised by Assieta Corporate Finance and Bird & Bird.
Thoma Bravo, a private equity firm, completed the acquisition of EQS, an international cloud software provider, for €400m ($434m).
"EQS is a unique German software enterprise at the forefront of three megatrends: digitization, regulation and ESG, which have been driving its profitable growth. Together with Achim Weick and the experienced team at EQS, we will build and expand the platform into a pan-European Compliance and ESG champion for the benefit of customers' evolving needs in this very dynamic market. Thoma Bravo is excited to join forces with EQS' management team to enhance its development of state-of-the art software solutions," Irina Hemmers, Thoma Bravo Partner.
EQS was advised by Goldman Sachs and GLNS Rechtsanwalte Steuerberater. Goldman Sachs was advised by Sullivan & Cromwell (led by Carsten Berrar). Thoma Bravo was advised by ParkView Partners (led by Cai Berg), Kirkland & Ellis (led by Ben Leyendecker) and FGS Global (led by Anna Sperber and Liz Micci).
A US Senate panel investigating the merger of the PGA Tour with Saudi Arabia-backed LIV Golf has summoned top executives at consultancies working for the kingdom's wealth fund for failing to cooperate in an inquiry into the deal, Bloomberg reported.
The Permanent Subcommittee on Investigations has ordered Rich Lesser, global chair of Boston Consulting Group, Bob Sternfelsfrom from McKinsey & Co, and Teneo Strategy Chief Executive Officer Paul Keary to appear before the panel. Veteran investment banker Michael Klein, who's one of the Public Investment Fund's top advisers, has also been summoned to the hearing on February 6.
Novo Nordisk, a global healthcare company, agreed to acquire three fill-finish sites from Novo Holdings, a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation, for $11bn.
"We are very pleased with the agreement to acquire the three Catalent manufacturing sites which will enable us to serve significantly more people living with diabetes and obesity in the future. The acquisition complements the significant investments we are already doing in active pharmaceutical ingredients facilities, and the sites will provide strategic flexibility to our existing supply network," Lars Fruergaard Jørgensen, Novo Nordisk President and CEO.
Novo Nordisk is advised by Evercore. Novo Holdings is advised by FGS Global (led by Charlie Chichester).
Ingersoll Rand, a provider of mission-critical flow creation and industrial solutions, completed the acquisition of Friulair, a producer of dryers, filters, aftercoolers, and accessories for the treatment of compressed air, from Alcedo, a private equity firm, for $146m.
"Acquiring Friulair will give us the opportunity to accelerate growth across food and beverage and pharmaceutical end markets, in addition to scaling our existing air treatment business. I am excited to welcome the Friulair team into the Ingersoll Rand family," Vicente Reynal, Ingersoll Rand Chairman and CEO.
Amundi, a French asset management company, agreed to acquire Alpha Associates, an independent asset manager offering private markets multi-manager investment solutions. Financial terms were not disclosed.
The transaction increases Amundi's offering of private markets funds and tailor-made solutions for its existing institutional clients globally. Finally, it accelerates the development of suitable private markets products for individual clients.
Nimbus Capital, an investment company, completed the acquisition of Lonstroff, a manufacturer of elastomer products specialising in the production of medical rubber, from Sumitomo Rubber Industries, a tire and rubber company. Financial terms were not disclosed.
Lonstroff is a Switzerland-based manufacturer of elastomer products specialising in the production of medical rubber Founded in 1908, Lonstroff was acquired by SRI in 2015. Lonstroff is an important development and production partner for the medical and industrial rubber industries with over 50 active customers in more than ten countries.
Vontobel, a Swiss private banking and investment management group, agreed to acquire a minority stake in Ancala, an investment service firm. Financial terms were not disclosed.
“This stake in Ancala is an important milestone in the execution of our strategy. Providing access to the highly attractive private infrastructure market means clients can benefit from stable, uncorrelated and inflation-protected cash yields, and long-term value creation through Ancala’s active asset management and proprietary origination capabilities,” Christel Rendu de Lint, Vontobel Co-CEO.
Banks spoil private credit’s record Ardonagh deal with $2bn bond.
A group of Wall Street lenders led by Morgan Stanley and Goldman Sachs swooped in to manage a roughly $2bn bond sale for Ardonagh, a key win for banks over private credit firms that had offered a record-breaking loan to the UK insurance broker, Bloomberg reported.
The offering includes a mix of secured and unsecured bonds denominated in US dollars and euros. Private credit firms will still provide a loan package of over $3bn.
ION unit pulls $1.7bn loan deal amid investor concern.
ION Markets, a unit of Andrea Pignataro's fintech empire, abandoned efforts to lower the interest rate on a $1.7bn loan after concerns over the group's overall indebtedness caused the market value of its debt to fall, Bloomberg reported.
The group amassed about $3bn of private loans in recent years to back a series of acquisitions, the bulk of it from New-York based private lender HPS Investment Partners. That adds to about $12bn of debt issued by ION's subsidiaries. The Italian government is looking into ION's planned purchase of Milan-based Prelios, as it seeks reassurances about the future debt levels of the asset manager.
British tech firm Onfido nears sale to Entrust.
British technology group Onfido is in advanced talks to sell itself to US-based Entrust. Onfido, which uses artificial intelligence to verify customer identities, could be valued at around $650m in a deal, Reuters reported.
"We're excited to be entering into early and exclusive discussions for Onfido to be acquired by Entrust, a global leader in trusted payments, identities, and data security. We aren't able to comment further until these discussions are finalized, subject to regulatory approval and local law," Onfido.
Superdry CEO exploring takeover of struggling retailer.
British fashion retailer Superdry CEO and top shareholder Julian Dunkerton is considering making a cash offer for the shares he does not already own, among other options, Reuters reported.
Superdry shares soared earlier on February 2 to levels not seen since October after The Times newspaper reported that US private equity company Sycamore Partners and Authentic Brands Group, which owns Ted Baker, had Superdry "on their radar".
Billionaire Alan Howard shops his own crypto stakes to grow Brevan Howard Digital.
Billionaire Alan Howard has put a handful of his personal stakes in crypto companies up for sale, with plans of reinvesting any proceeds into Brevan Howard Digital, Bloomberg reported.
Howard, who co-founded Brevan Howard Asset Management, is exiting several of his personal crypto-company stakes including in custodian Copper.co and broker Bitpanda. If he gets acceptable offers, Howard plans to reinvest the proceeds into Brevan Howard's digital-asset division.
Apollo in talks for AlShaya Starbucks franchise.
US private equity firm Apollo Global Management is in talks to buy a minority stake in the Middle East, North Africa and central Asia Starbucks franchise operated by Kuwait's AlShaya Group, Reuters reported.
Dubbed "Project Emerald", the privately owned retailer is looking to sell a minority stake of about 30% in the business.
Blackstone, BNP Paribas team up over private debt fund for retail investors.
Blackstone, the world's largest private equity firm, is partnering with BNP Paribas over a new fund financed by French individuals and aimed at investing in companies in private debt, Reuters reported.
The private credit market has gained prominence as an alternative source of financing for companies, especially those that may face challenges accessing traditional bank loans or prefer a more flexible and tailored financing structure.
EQT revives $20bn IPO plans for Swiss skincare brand Galderma.
Swedish private equity giant EQT is reviving plans for an initial public offering of Swiss skincare group Galderma. Galderma is preparing for an IPO in Switzerland as soon as the first half of this year. The unit could be valued at roughly $20bn, DealStreetAsia reported.
Last year that owners of Galderma had postponed plans for an IPO due to a crisis of confidence in the banking sector.
CVC-owned Douglas is said to kick off IPO soon.
German perfume retailer Douglas plans to kick off an initial public offering as soon as this month as owner CVC Capital Partners seeks to capitalize on a hoped-for rebound in equity capital markets, Bloomberg reported.
Douglas is discussing selling about $1.1bn in new stock and plans to use the proceeds to pay down debt. CVC is also considering selling existing shares in the offering.
Triton Partners-backed Renk re-attempts Frankfurt IPO.
German tank gearbox manufacturer Renk is expected to make its debut on the Frankfurt bourse this week, four months after poor market conditions forced it to postpone its plans to go public, Reuters reported.
Its owner, private equity group Triton Partners, is looking to sell up to €450m ($485m) of shares in a private placement to institutional investors at €15 ($16) apiece, valuing Renk at €1.5bn ($1.62bn).
Cinven names co-managing partners to succeed McAlpine. (People)
Cinven is naming three new co-managing partners, putting new leadership in place at the private equity firm weeks after it raised $14.5bn for its latest fund, Bloomberg reported.
Bruno Schick, Jorge Quemada and Supraj Rajagopalan will be equal co-managing partners, taking over from Stuart McAlpine, who will become chairman of the firm.
Saudi Arabia taps former Dell executive to run $100bn firm. (People)
Saudi Arabia named a former executive at Dell Technologies to lead a new investment firm backed by $100bn in capital from the Public Investment Fund, that’s been set up to plow money into everything from technology to semiconductors and capital goods, Bloomberg reported.
PIF aims for significant investments in chip manufacturing. The new entity Alat is set to announce first wave of deals with February.
APAC
A consortium led by China's Dazheng Group Acquisition has set out financing for its $29.50-per-share bid for Hollysys Automation Technologies as it battles a rival offer from Hong Kong-based private equity firm Ascendent Capital, DealStreetAsia reported.
The Dazheng consortium - which also includes TFI Asset Management
- said it had secured a debt commitment letter for $1.5bn from an unnamed China headquartered bank's Hong Kong branch. It had also secured equity commitments totalling $800m from Dazheng Group and TI Asset Management.
Dazheng Group is advised by UBS, DLA Piper and Sullivan & Cromwell. Hollysys Automation is advised by Deutsche Bank, Davis Polk & Wardwell, Haiwen & Partners, Mourant Ozannes, White & Case (led by Denise A. Cerasani, Steven Sha and Daniel Yeh) and Brunswick Group (led by Daniel Del Re). Ascendent Capital is advised by Appleby, Morrison & Foerster and Zhong Lun Law Firm. Recco Control is advised by Conyers Dill & Pearman, FTI Consulting and Okapi Partners.
Hillhouse, a global private equity firm, agreed to acquire InCorp Global, a corporate solutions and business advisory provider, from TA Associates, a private equity company. Financial terms were not disclosed.
"We are thrilled to join forces with Hillhouse as we embark on the next phase of our journey. Their vast resources, global network, and commitment to fostering growth align perfectly with our aspirations. This strategic investment positions us to further enhance our market presence and deliver even greater value to our clients. We sincerely thank TA, whose guidance and input have been instrumental to our business over the past two years, helping us expand with important acquisitions in Singapore, India, and Australia," Edmund Lee, InCorp Group CEO.
InCorp Global is advised by Edelman.
Metcash, an Australian wholesaler and conglomerate company that distributes food, liquor and hardware, agreed to acquire Superior Food Services, a provider of food services, from Quadrant, an Australian private equity investment firm, for AUD412m ($268m).
"Superior Food has achieved significant growth, evolving into a national foodservice provider of scale with the loyal support of our staff, customers and suppliers. Metcash's capabilities and focus on supporting independents uniquely places them to continue our growth. We are proud of our past and excited about the bright future with Metcash," Craig Phillips, Superior Food Founder and CEO.
Novo, a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation, agreed to invest in Manipal Hospitals, an Indian for-profit private hospital network. Financial terms were not disclosed.
"The demand for affordable and accessible private healthcare services in India is increasing rapidly, and Manipal stands at the forefront to address patient needs through its consistent growth and ability to provide high-quality patient services at affordable prices. It has a history of several successful mergers and acquisitions, which is enabling patient care closer to home. Together with a highly capable executive team and like-minded investor base, I am excited for Novo Holdings to be part of Manipal's next phase on its remarkable journey," Amit Kakar, Novo Managing Partner and Head of Asia Investments.
CVC weighs sale of hotel booking app Good Choice.
CVC Capital Partners is exploring a sale of South Korean hotel and travel booking app Good Choice, Bloomberg reported.
The private equity firm is working with a financial adviser and a potential sale process could kick off later this year. The asset could be valued at $1bn to $1.5bn in a transaction.
IFC mulls $100m loan to HK-listed private school operator Edvantage Group.
IFC, a member of the World Bank Group, has proposed to invest up to $100m in the form of a senior loan to Hong Kong-listed private school operator Edvantage Group, DealStreetAsia reported.
Guangzhou Zhiheng Education Consulting, an indirect subsidiary of Edvantage Group, will serve as the borrower. With a final maturity date of June 15, 2031, the investment will help support Edvantage's plan to build new buildings and facilities in its flagship colleges across Sichuan and Guangdong provinces in China.
JSR says US lawsuit will not impact buyout deal with JIC.
Japan chip materials maker JSR said that a lawsuit brought against the company by a research foundation in the United States would not impact its plan to be bought by a state-backed fund, DealStreetAsia reported.
"We have no reason to believe this is going to impact the TOB," Eric Johnson, JSR CEO, told an earnings briefing, referring to a takeover bid from Japan Investment Corporation.
Indian VC firm Pavestone Capital in talks to invest in B2B startup Dice Enterprises.
Indian venture capital firm Pavestone Capital is in talks to invest in Dice Enterprises, an early-stage startup that helps companies manage their business expenses, invoices, and payments in a single place, DealStreetAsia reported.
While the deal value may not be big, it signifies continued investor interest in India's SaaS startup space amid an overall tepid funding landscape. Senior executives of Pavestone stated that the firm was actively looking to invest in the fast-growing enterprise technology sector, especially B2B startups that can help streamline workflows, improve communication, and provide access to data.
Blackstone to back ex-Millennium Asia Co-CEO’s new hedge fund.
Blackstone agreed to back a new Asia-focused hedge fund headed by a former executive at Millennium Management, in one of the region’s biggest launches this year, Bloomberg reported.
Jonathan Xiong’s Arrowpoint Investment Partners is also in talks with other institutional investors as potential early backers. It’s expected to start with about $1bn.
NIO Capital raises $417m CNY-denominated fund to invest in NEVS.
NIO Capital raised a CNY-denominated fund of more than CNY3bn ($417m) to invest in technologies in new energy vehicles, energy transition and smart manufacturing industries, DealStreetAsia reported.
NIO Capital, whose managing partners including Chinese electric vehicle maker NIO founder Li Bin, said local Chinese government-backed funds, national funds, family offices and public companies have invested in the new yuan fund.
ChrysCapital to raise $300m.
ChrysCapital Management is looking to raise as much as $300m for a new fund that will allow the buyout firm to hang on to its minority stake in India’s main stock exchange, Bloomberg reported.
The Indian private equity company is working with a team at UBS Group for a so-called continuation fund that will give it more time and capital to hold its investment in National Stock Exchange of India.
Virescent Ventures eyes opportunities in Asia.
Australian climate tech VC Virescent Ventures is looking to achieve the first close of its targeted $200m new fund in the next few months, DealStreetAsia reported.
The firm is more open to investing outside its home country from its second climate fund. "So while the first fund was absolutely Australia-focused, it did include a small minority of companies that are domiciled offshore but have significant operations in Australia. While we will continue to have the same focus with Fund II, we will have a slightly greater geographic mandate. So it will be possible for us to invest more internationally," Ben Gust, Virescent Ventures Managing Partner.
INA ropes in Christopher Ganis as MD. (People)
Sovereign wealth fund the Indonesia Investment Authority has recruited as its managing director Christopher Ganis, an executive at the world's largest asset manager BlackRock, DealStreetAsia reported.
Ganis will be in charge of investments in hybrid capital solutions, which will include private credit. On BlackRock's website, Ganis is listed as head of Indonesia with the responsibility to manage portfolios for private credit investments in Southeast Asia.
Sam Kim to take over as COO as GIC shuffles top brass. (People)
Singapore's sovereign wealth fund GIC announced key changes to its senior management team with effect from April 1, 2024. Sam Kim, currently deputy chief operating officer, will take over as COO from Tay Lim Hock and join the Group Executive Committee, the highest management body in GIC, DealStreetAsia reported.
The committee reviews and approves key investment issues and organizational as well as personnel matters. Bryan Yeo, the current chief investment officer for public equities, has been appointed deputy group CIO in place of Lim Kee Chong. He will also oversee GIC's Integrated Strategies Group as director.
|