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AMERICAS
EQT, an investment organization, and Public Sector Pension Investment Board, a pension investment manager, completed the acquisition of Radius Global Infrastructure, an aggregator of rental streams underlying wireless communications, for $3bn.
"Our investment in Radius demonstrates our conviction that the company will continue to be a leading aggregator of critical digital infrastructure. This investment aligns directly with our thematic investment approach and our focus on partnering with best-in-class companies and management teams. We are excited to partner with the Radius team on this next stage of growth, as we capitalize on the growing global demand for data." Alex Greenbaum, EQT Partner.
ONEOK, a midstream service provider, completed the acquisition of Magellan Midstream Partners, a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil, for $18.8bn.
"This is a significant day for Tulsa and the industry as we bring together the talented ONEOK and Magellan teams and look to the future as one company. Our expanded products platform will present additional opportunities in ONEOK's core businesses and further enhance the resiliency of our company. We are committed to ensuring a smooth transition aimed at delivering on the many benefits of this combination for our customers, employees and shareholders," Pierce H. Norton II, ONEOK President and CEO.
Pipestone Energy's shareholders on September 27 voted in favor of the proposed sale to privately-held larger rival Strathcona Resources in an all-stock deal that would value the combined company at $8.7bn, Reuters reported.
The Canadian company said the proposal has been passed by at least 66.7% votes in favor of the deal. "I think people are going to wake up with a more diversified business on a larger asset scale," Cole Smead, Smead Capital Management CEO and Portfolio Manager, which owns shares in the company and voted in the merger.
Pipestone Energy is advised by BMO Capital Markets, Raymond James and McCarthy Tetrault. Strathcona Resources is advised by ATB Capital, CIBC World Markets, Mizuho Securities, RBC Capital Markets, Scotiabank, TD Securities and Blake Cassels & Graydon. WEF is advised by Stikeman Elliott.
Brookfield Infrastructure, a private equity firm, completed the acquisition of Triton International, a lessor of intermodal freight containers, in a $13.3bn deal.
“Today marks an exciting new chapter for Triton. This transaction provides significant value to our shareholders, and with the support and resources of Brookfield Infrastructure we will be even better positioned to build on our strong foundation as a leader in our industry. Brookfield Infrastructure is an ideal partner for Triton’s next phase of growth,” Brian M. Sondey, Triton CEO.
Triton International was advised by Goldman Sachs, Appleby and Sullivan & Cromwell (led by Scott Miller). Brookfield was advised by Bank of America, MUFG Bank, Mizuho Securities, Torys, Skadden Arps Slate Meagher & Flom (led by Eric Otness and Thomas Greenberg), Brunswick Group, and Teneo (led by Lisa Friedman).
Gurnet Point Capital, a private equity firm, and Novo, a pharmaceutical holding company, completed the acquisition of Paratek Pharmaceuticals, a commercial-stage biopharmaceutical company, for $462m.
"Today's completion of the acquisition of Paratek by Gurnet Point and Novo represents the beginning of a new chapter in our company's history. We look forward to drawing upon the extensive experience of both Gurnet Point and Novo Holdings to provide lifesaving, transformative therapies to patients," said Evan Loh, Paratek CEO.
Paratek was advised by Moelis & Co and Ropes & Gray (led by Christopher D. Comeau and Tara Fisher). Moelis & Co was advised by Freshfields Bruckhaus Deringer (led by Jenny Hochenberg). Novo was advised by Goodwin Procter. Gurnet Point was advised by Lazard, Latham & Watkins (led by Leah R. Sauter and Peter Handrinos) and H/Advisors Abernathy (led by Blair Hennessy). Debt financing was provided by Oaktree Capital Management. Oaktree Capital was advised by Sullivan & Cromwell.
Audax Private Equity, an alternative investment manager, agreed to invest in Oakbridge Insurance Agency, an independent insurance and risk management agency. Financial terms were not disclosed.
"Oakbridge has built a best-in-class insurance brokerage platform, driven by the exceptional level of service offered to clients and the company's expertise across numerous specialized offerings and capabilities. As Robbie and the Oakbridge team continue to execute their strategy, we believe there is a compelling opportunity to accelerate growth throughout the Southeast," Bill Allen, Audax Private Equity Managing Director.
Oakbridge Insurance Agency is advised by Morgan Stanley, Piper Sandler and Simpson Thacher & Bartlett. Audax Private Equity is advised by Ardea Partners, Kirkland & Ellis and FGS Global (led by Zachary Tramonti). Corsair is advised by Prosek Partners.
Gryphon Investors, a private equity firm, agreed to acquire AirX Climate Solutions, a designer, producer, distributor, and servicer of high-end, mission-critical equipment for the specialty heating, from L Catterton, a private equity firm. Financial terms were not disclosed.
"With L Catterton's resources and its operational insights, coupled with ACS' talented and dedicated team, we have successfully grown ACS into a leading platform in the specialty HVAC industry. We are proud of all that ACS has achieved during our partnership with L Catterton, including enhancing our value proposition to better serve our customers' critical needs and becoming a leader in each of our diverse end markets. We are now poised for our next chapter of growth with Gryphon and look forward to building on our strong momentum," Rick Aldridge, AirX Climate Solutions CEO.
AirX Climate Solutions is advised by Nomura and Robert W Baird. Gryphon Investors are advised by Jefferies & Company, William Blair & Co, Kirkland & Ellis, and Lambert & Co (led by Jennifer Hurson and Caroline Luz).
Arlington Capital, a private equity firm, agreed to acquire Exostar, a company specialising in business collaboration in highly regulated industries including aerospace and defense, healthcare and life sciences, from Thoma Bravo, a software investment firm. Financial terms were not disclosed.
"Exostar is a true industry leader with an expanding market opportunity, especially as the need for digital trust across organizations and geographies continues to grow rapidly and the security of global supply chains is top of mind to business leaders. We have great respect for what Richard Addi and the entire Exostar team have accomplished and look forward to working alongside them to drive continued success using our collective domain expertise," Michael Lustbader, Arlington Capital Managing Partner.
Thoma Bravo is advised by Aeris Partners, Kirkland & Ellis and FGS Global (led by Liz Micci). Arlington Capital is advised by Shea & Co and Gibson Dunn & Crutcher.
Sycamore Partners, a private equity firm, agreed to acquire Chico's FAS, a Florida-based fashion company founded in 1983, for $1bn.
"Through this investment, we are gaining additional expertise, financial resources and strategic flexibility to fuel the growth of our company and three powerful brands: Chico's, White House Black Market and Soma. Sycamore Partners has an outstanding record in the retail industry in partnering with management teams to help businesses reach even greater levels of success. They share our commitment to providing solutions, building communities and creating memorable experiences to bring women confidence and joy. We look forward to working with the Sycamore Partners team to unlock Chico's FAS's full potential," Molly Langenstein, Chico's FAS CEO and President.
Chico's FAS is advised by Solomon Partners and Paul Weiss Rifkind Wharton & Garrison (led by Scott Barshay). Sycamore Partners are advised by Kirkland & Ellis and Joele Frank (led by Arielle Rothstein).
Mitsubishi UFJ Financial, a bank, Kanematsu, a trading company, and Tokio Marine & Nichido Fire Insurance, a property and casualty insurance company, led a $290m Series B round in Sierra Space, a pureplay commercial space company, with participation from General Atlantic, Coatue, Moore Strategic Ventures, Sierra, BlackRock, AE Industrial Partners and Vice Family Trust.
“MUFG aspires to help all our stakeholders take the next step forward, and we believe this should serve as the starting point for all business activities. Sierra Space’s aim to build a platform in space that will benefit life on Earth is the very embodiment of this concept, and MUFG has decided to invest in Low Earth Orbit to support commercialization, the creation of new industries, and the resolution of social issues. In the future, MUFG, alongside Kanematsu, Tokio Marine & Nichido Fire Insurance, and Sierra Space, will not only contribute to the regional economy of Oita Prefecture, but also create social impact in Japan and throughout Asia," Junichi Hanzawa, MUFG President and CEO.
Sierra Space was advised by Citigroup.
Kalbot, a private investment firm, completed the acquisition of Authentic Drilling, a multi-regional provider of difficult access geotechnical, environmental, exploration and water well drilling services. Financial terms were not disclosed.
"The addition of Authentic to the SDHC platform will expand our service offering and geographic reach. The diverse and unique technical capabilities that Authentic brings will enable the platform to accelerate its growth as a provider of choice to customers across various drilling applications, end markets and geographies," Lanre Osinusi, Kalbot President.
Kalbot was advised by Ice Miller.
Accel-KKR, a technology-focused private equity firm, completed the investment in Appspace, the unified workplace experience platform. Financial terms were not disclosed.
"For more than two decades, Appspace has been a leader in workplace communications and workplace management, offering the only software platform that bridges the gap between the physical and digital workplace. The AKKR investment allows Appspace to accelerate our product vision and roadmap to create better and more productive workplace experiences for today and tomorrow," Tony DiBenedetto, Appspace CEO.
Aramco, a Saudi Arabian national petroleum and natural gas company, agreed to acquire a minority stake in MidOcean Energy, a provider of investment services designed to create a portfolio of long-term LNG interests, from EIG, a provider of institutional capital to the energy sector globally, for $500m.
"We are pleased to be strengthening our strategic partnership with EIG through this acquisition, which marks Aramco's first international investment in LNG. We anticipate strong demand-led growth for LNG as the world continues on its energy transition journey, with gas being a vital fuel and feedstock in various industries. We believe that gas will be important in meeting the world's rising need for secure, accessible and more sustainable energy," Amin H. Nasser, Aramco President & CEO.
Fidelity Management & Research Company, an American multinational financial services corporation, and OrbiMed, an investment company focused on healthcare, led a $81m Series B round in Evozyne, a biotechnology company that specializes in protein design and molecular scale, with participation from NVentures, Paragon Biosciences and Valor Equity Partners.
"In its first three years, Evozyne proved it could deliver novel, high-performance proteins that solve critical problems in healthcare and sustainability. Our next three years will be tightly focused on maximizing our generative AI platform for drug development and carbon capture, while we develop a portfolio of gene editors and enzymes that modulate immune response," Mike Gamson, Evozyne CEO.
Amex Ventures, an investment firm, completed the investment in Sensible Weather, a climate finance platform. Financial terms were not disclosed.
This investment will help Sensible Weather, which offers a climate finance platform that combines the latest weather, financial, and risk management technologies, better deliver seamless products and services that help mitigate the impacts of disruptive weather on travel, events, and outdoor experiences.
GTCR, Apax weigh options to sell AssuredPartners for $16bn.
GTCR and Apax Partners are exploring options including a full or partial sale of insurance broker AssuredPartners, which could be valued at up to $16bn, including debt, in any transaction, Bloomberg reported.
The private equity firms are also considering an initial public offering of the company. AssuredPartners is on track to generate about $850m in annual earnings before interest, taxes, depreciation and amortization.
CoreWeave nears stake sale to Fidelity, others at $7bn valuation.
CoreWeave, a cloud computing provider that’s among the hottest startups in the artificial intelligence race, is finalizing a minority stake sale that values the company at $7bn, Bloomberg reported.
Fidelity Investments has agreed to buy the largest portion of the roughly $500m of employee-owned shares that have been tendered. JP Morgan Asset Management and Goanna Capital are among institutions in talks to participate. Terms haven’t been finalized and could still change.
Genstar Capital to consider $4bn sale of TekniPlex.
Genstar Capital, a San Francisco-based private equity firm, is considering a sale of TekniPlex that could value the manufacturing group at more than $4bn, Bloomberg reported.
The buyout firm is working with an adviser on an auction process for the company. The Wayne, Pennsylvania-based company is expected to attract interest from peers and other private equity firms.
Ontario Pension is discussing SeaCube stake sale to Wren House.
Ontario Teachers' Pension Plan is in talks to sell a stake in SeaCube Container Leasing to investment firm Wren House Infrastructure, Bloomberg reported.
QIC explores sale of CampusParc, owner of Ohio State University parking lease.
Australian investment firm QIC is exploring the sale of CampusParc, which owns a long-term concession for the parking operations at the Ohio State University, Reuters reported.
The firm is working with an adviser to solicit interest in the Columbus, Ohio-based entity, which could be valued at more than $850m, including debt.
Gehl Foods' owner explores sale of dairy-based products maker.
Private equity firm Wind Point Partners is exploring a sale of Gehl Foods that could value the US manufacturer of dairy-based products at over $600m, including debt, Reuters reported.
Gehl has hired William Blair and the Bank of Montreal as financial advisers on the sale process. Potential buyers for the company, which operates as Gehl Food & Beverage, include private equity firms. Gehl could fetch a valuation equivalent to 10 times the company's 12-month earnings before interest, taxes, depreciation and amortization of about $60m.
Private Equity is piling debt on itself like never before.
Private equity firms have been increasingly adding another layer of debt to their complex borrowing arrangements, raising concern among some investors about potential risks to the wider industry and the financial system, Bloomberg reported.
Hit by a drought of deals and dwindling cash, some buyout firms are starting to resort to backroom financing to help meet fund commitments or enable succession planning. The loans — backed by assets including the promise of future income — carry interest of as much as 19%, a rate that's more akin to the charges faced by consumers rather than corporate borrowing. Even a junk-rated company in the US paid 10% on a bond recently.
Wells Fargo teams up with PE firm Centerbridge for $5bn lending fund.
Wells Fargo is teaming up with private equity firm Centerbridge Partners to launch a fund with a capacity to lend more than $5bn to North American middle-market companies, the groups said on September 26.
The move highlights the increasing intertwining of private capital providers and traditional banks in offering credit to companies and consumers since the global financial crisis, as heightened regulation and cost have forced banks to reevaluate the types of loans and services they provide. Centerbridge and investors, including the Abu Dhabi Investment Authority and British Columbia Investment Management, will provide the cash for the direct-lending Fund, named Overland Advisors, DealStreetAsia reported.
Industry Ventures raises over $1.7bn in two new funds to help venture capital investors generate liquidity.
Industry Ventures, an investment firm focused on private technology investments, announced today the final closing of Industry Ventures Secondary X with over $1.45bn of new commitments. In addition, the firm closed Industry Ventures Tech Buyout II with over $260m of new capital commitments across the Fund and affiliated entities.
Consistent with the strategy of prior funds, Secondary X will seek minority investments in leading later-stage venture-backed companies through flexible investment structures, including direct secondaries, secondary LP investments, continuation funds, and other special situations. Tech Buyout II is a hybrid fund focusing on small software company buyouts and emerging software buyout funds.
Paine Schwartz Partners closes $1.7bn food and agribusiness-focused Fund VI.
Paine Schwartz Partners, a private equity firm focused on companies operating in the global food and agribusiness sectors, has closed its fourth fund with $1.7bn of total capital commitments.
Paine Schwartz has already deployed approximately 40% of Fund VI, including investments in AgroFresh Solutions, Costa Group, Elemental Enzymes, HGS BioScience, and Monterey Mushrooms. The firm currently has $5.7bn of assets under management and the team comprises over 60 employees and advisors with domain expertise operating on a fully integrated basis.
O'Brien-Staley Partners successfully closes OSP Value Fund IV.
O'Brien-Staley Partners, a financial company that operates across four discrete financial business strategies, announced the final close of OSP Value Fund IV, securing over $600m in fresh commitments, bringing the firm's inception-to-date total to $2.3bn.
"We are grateful for the solid support of our long-time institutional investors and the professional consultants that support them as we continue our unique investment strategy. It is a luxury to be able to focus less time on capital formation and more time on deployment and deal management," Jerry O'Brien, OSP CEO and CIO.
Fuse closes $250m fund to invest in Pacific Northwest startups.
Fuse, a Bellevue, Washington-based early-stage venture outfit focused on PNW companies, today launched a $250m investment fund focused on software and “AI-enabled” startups. The fund is backed by state-affiliated accounts, foundations, universities and what Fuse describes as “many of the most high-profile Seattle-based software executives.”
“Our mission at Fuse is to be the go-to partner for early-stage founders building bleeding-edge software businesses located in the Pacific Northwest. Rather than going straight to large foundations and endowments, which we now have, we at first built a strategic limited partner base that consists of the world’s top technology leaders that live here and are our neighbors,” Brendan Wales, Fuse Co-Founder and General Partner.
Anzu Partners closes third venture fund at more than $200m.
Anzu Partners, an investment firm delivering capital and strategic support to early-stage breakthrough technology companies, announced it has raised more than $200m at the close of its third venture capital fund.
Fund III was established to invest in companies developing next-generation solutions in clean technology, industrial innovations, and life sciences. Investors in Fund III include new and returning public and private institutions, single and multifamily offices, and accredited investors across the US and overseas.
Mercury Fund raises $160m to invest in early-stage startups across America.
Mercury Fund, a premier early-stage venture firm focused on investments outside of traditional coastal tech hubs, announced the successful closing of Mercury Fund V, with $160m in capital commitments. The Fund is Mercury’s largest to date and was oversubscribed, exceeding its initial target of $150m. Fund V received significant support from existing investors and new limited partners, including university endowments, foundations, and family offices – many of which are based in the central-US region where Mercury invests.
“We are pleased by the substantial support we received for Fund V from both new and existing investors and thank them for placing their confidence in Mercury.” Blair Garrou, Mercury Fund Co-Founder and Managing Director.
Altriarch launches private credit fund.
Private credit investment manager Altriarch Asset Management, has launched a new fund that will focus on investments in what the South Carolina-based firm describes as “overlooked segments” within the private credit space.
The new strategy is in response to increased demand for private credit investment opportunities from Altriarch’s network of institutional and accredited investors, including RIAs, foundations, endowments, pension plans and family offices.
EMEA
Concentrix, a provider of customer experience services and technologies, completed the merger with Webhelp, a company specializing in CX, sales, marketing, and payment services with a strong client and delivery footprint, in a $4.8bn deal.
“I am excited to embark on this new journey together and believe that, with our combined strengths, we are uniquely positioned to redefine the industry and design, build and run the future of CX for our amazing and valued clients. I want to thank our game-changers around the world who have made this possible. I am truly honored to work with such a diverse and talented team,” Chris Caldwell, Concentrix + Webhelp CEO.
Silver Lake, a private equity firm, completed the acquisition of Software, a software developer, for $2.4bn.
"The management board welcomes the opportunity of a deepened strategic partnership with Silver Lake, following a thorough analysis of the offer. Silver Lake has already demonstrated strong support for our strategic vision and values. With deep expertise in the integration market, experience in transitioning businesses to SaaS-first models and extensive M&A capabilities, Silver Lake is a valuable long-term partner for Software and our customers. A successful transaction would enable us to accelerate the execution of our strategy, double down on innovation in integration for customers, and provide greater opportunities to attract and develop talent. We would like to thank the foundation and Dr Schnell for the many years of support in contributing to where Software is today,” Sanjay Brahmawar, Software CEO.
Ares Management is providing a direct-lending package of about £1bn ($1.2bn) to support the merger of two personal insurance businesses in the UK, Bloomberg reported.
Ardonagh Group is selling its Atlanta Group division to UK insurer Markerstudy. The deal will create a new business with nearly 8m customers across its home and motor insurance units.
Markerstudy is advised by Continuum Advisory, Skadden Arps Slate Meagher & Flom (led by Robert A. Chaplin) and Certus (led by Ben Welsh). Debt financing is provided by Ares Management. Ardonagh is advised by Fenchurch Advisory Partners, Powerscourt (led by Justin Griffiths) and Zuke Communications (led by Elinor Zuke).
Enovis, a US maker of orthopedic bracing and shoe inserts, agreed to acquire Lima, a medical device company, from EQT Partners, a private equity firm, for $850m.
“We are confident the acquisition of Lima will enable us to build on our strong growth trajectory and global leadership in orthopedic solutions to create immediate and sustainable value for our patients, customers, employees and shareholders.” Matt Trerotola, Enovis Chair and Chief Executive Officer.
Enovis is advised by JP Morgan, UBS, and Allen & Overy. Debt financing is provided by JP Morgan and UBS.
Macquarie Group, a private equity firm, offers to acquire Renewi, a waste management firm, in a $775m deal.
"The proposal provides a compelling opportunity for Renewi's shareholders to realise their investment for cash at a very significant premium and at an attractive multiple. Macquarie believes that Renewi's ability to deliver its stated ambition will remain constrained under the current capital structure by the limited near-term operating cash flow and limited leverage capacity. In a challenging macro and cost of capital environment, Macquarie believes the proposal represents an attractive alternative for shareholders, attributing a full and fair valuation for the company's future potential," Macquarie.
Macquarie is advised by Citigroup, Linklaters and Citigate Dewe Rogerson.
Booking Holdings' proposed $1.7bn purchase of Swedish peer ETraveli Group was blocked by EU antitrust authorities after the company failed to allay concerns about its dominance in online hotel reservations. Booking said it would challenge the veto, which has won unconditional approval in the United States and Britain, Reuters reported.
The European Commission said Booking's remedies were not sufficient to address its concerns, confirming a Reuters story earlier this month. The veto suggests that EU regulators may be taking a tougher stance on mergers in the digital sector.
Michelin, a French multinational tyre manufacturing company, completed the acquisition of Flex Composite Group, a provider of engineered fabrics and films, from IDI, a private equity firm, for €700m ($741m).
"We are very pleased to extend a warm welcome to the FCG teams into our Group, to create a recognized leader in high-tech technical fabrics and films. This operation draws on the best of both companies, in particular on our shared expertise in polymer composite solutions. We are aiming to generate synergies and to push back the frontiers of deep-tech innovation in a wide range of new products and applications. This acquisition is a milestone in our strategy to position the Group as a key player in polymer composite solutions beyond mobility," Florent Menegaux, Michelin CEO.
US fund KKR asked Telecom Italia to push back a September 30 deadline to submit a multi-billion euro binding offer for the phone group's landline network until October 15, Reuters reported.
TIM's board will review the request at a meeting on September 27. KKR last month secured the backing of Prime Minister Giorgia Meloni's government, which authorised the treasury to join a bid for the country's main piece of telecoms infrastructure, an asset deemed of strategic national interest. The US fund's preliminary bid valued the business at around $24.5bn including debt and taking into account a number of variables.
Altamont Capital Partners, a private investment firm, completed the acquisition of Douglas Products, a specialty products manufacturer and marketer of high-quality brands in the global agriculture production and structural pest control markets, from Brightstar Capital Partners, a private equity firm. Financial terms were not disclosed.
"We're proud to have partnered with such a strong team at Douglas over the years." Randall Eason, Altamont Capital Partners Managing Director.
Altamont Capital Partners was advised by Narrative Strategies (led by Madeline LaMura).
Private equity firms Centurium Capital and 6 Dimensions Capital led a $100m Series C round in MitrAssist, a medical devices developer, with participation from Hefei Industry Investment, Haiheng Capital and Anhui Huawen Capital.
The proceeds will be used to facilitate the registration of clinical trials and market access for its mitral valve replacement products and polymer interventional aortic valve replacement products, complete clinical studies of other product candidates in the pipeline, and expand sales.
Warburg Pincus, a private equity firm, led a $100m round in Nord Security, a digital privacy and security tools company, with participation from Novator and Burda Principal Investments.
“Our users' trust allowed us to remain on a sustainable and profitable journey for more than decade. In a saturated cybersecurity market, it is not enough to offer next-gen privacy and security solutions. They also have to be intuitive for both professional and casual internet users. We are grateful that Warburg Pincus shares that trust and our vision for the future of the internet. We will continue to address the needs of our users by bringing market-leading innovative features, informative marketing, and a holistic approach towards consumer and businesses cybersecurity needs. The new financing round, together with our investors' experience and know-how, allow us to be in an even stronger position to make the Nord name synonymous with online privacy and security," Tom Okman, Nord Security Co-CEO and Co-Founder.
Syntagma Capital, a private equity firm, agreed to acquire the European commercial HVAC and refrigeration businesses of Lennox, an energy-efficient climate-control solutions provider. Financial terms were not disclosed.
"The agreement to sell the European commercial HVAC and refrigeration business will be the best way to bring closure to our portfolio simplification decision announced last year. Our focus on North America will enable us to better serve our customers and achieve growth acceleration and margin resiliency. Our European commercial HVAC and refrigeration businesses have been part of Lennox for many years, and I want to thank the talented employees of those businesses for their dedication and contributions," Alok Maskara, Lennox CEO.
Banks and private lenders vie for a $4.2bn debt deal for Adevinta.
Investment banks and direct-lending funds are competing to provide as much as €4bn ($4.2bn) of debt to finance a potential take-private of European classifieds company Adevinta, Bloomberg reported.
Adevinta received a non-binding takeover proposal from a private equity consortium that includes Blackstone and Permira, confirming an earlier Bloomberg report revealing plans for what would be one of the year's biggest buyouts.
PAI weighs €4bn sale of facilities manager Apleona.
PAI Partners is exploring a sale of Apleona Group that could value the German facilities manager at about €4bn ($4.3bn). The private equity firm is speaking with potential advisers as it prepares to gauge buyer interest in Apleona, Bloomberg reported.
Deliberations are in the early stages and there's no certainty PAI will decide to pursue a sale of the business. Apleona, which provides facility-management services to the commercial, industrial and public sectors, was formerly part of the German industrial conglomerate Bilfinger. PAI agreed to buy Apleona from Swedish investment firm EQT for about €1.6bn in 2020.
Icon is said to near deal for Life Healthcare’s UK assets.
Icon Infrastructure is nearing a deal to acquire some UK assets being sold by South African hospital operator Life Healthcare, Bloomberg reported.
The investment firm is in advanced talks about the terms of a potential deal for its UK diagnostics business known as Alliance Medical, and an announcement could be made in the coming days. Alliance could be valued at about $1bn in a deal.
Hayfin Capital is exploring a sale.
Hayfin Capital Management, a European alternative asset management firm, is exploring options, including a potential sale.
The company is discussing options as demand heats up from major asset managers to gain a foothold in the burgeoning world of private credit.
Oakley Capital closes lower mid-market fund at €750m hard cap.
Oakley Capital, a pan-European private equity investor, has held the final close of the Origin Fund II at its hard cap of €750m ($790m) after just four months. Origin II received strong demand from institutional investors, including 18 new LPs in Europe, US and Asia.
The strategy aims for Oakley to leverage its heritage in the lower mid-market and capture smaller deals. Since it closed in 2021, Origin I has consistently deployed capital across Oakley’s four core sectors including Technology, Business Services, Consumer and Education.
Apax raises $750m in commitments for first generation credit funds.
Global private equity advisory firm Apax Partners has raised circa $750m for the first generation of dedicated Apax Credit Funds, which like the firm’s private equity funds will focus on four core sectors – technology, services, healthcare and internet/consumer.
Apax advised funds have invested in credit for over a decade, including advising London listed Apax Global Alpha on its credit investment portfolio. In total, Apax has advised on approximately 90 credit investments since 2013, and total credit capital advised by Apax stands at approximately $1.5bn.
APAC
Private equity firms GIC and Hy24 completed a $115m investment in InterContinental Energy, a company committed to delivering green hydrogen at scale.
"InterContinental Energy values the continued commitment from GIC since becoming our strategic investor in April 2022, which strengthens our ability to deliver on our green hydrogen vision. Hy24, as a new strategic investor, brings unrivalled industrial and financial knowledge in the hydrogen space as well as its critical network of key players across the value chain, to help unlock new opportunities for InterContinental Energy and all our stakeholders," Alex Tancock, InterContinental Energy Chairman and CEO.
InterContinental Energy was advised by Morgan Stanley and Shearman & Sterling (led by Richard Porter and David Clinch). Hy24 was advised by FTI Consulting.
Eldridge, an investment holding company, Brightstar, a private equity firm, and Claure Group, a global investment firm, agreed to acquire Ausenco, an engineering and consulting services provider, from Resource Capital Fund, an alternative investments firm. Financial terms were not disclosed.
"We invest in what people need and what people want – both qualities expressed in Ausenco's activity the past three decades. Ausenco has worked around the world to deliver minerals critical to nearly every aspect of our lives and to the ongoing energy transition. We are excited to partner with a world-class management team to further enhance and diversify their service offerings," Todd Boehly, Tony Minella, and Duncan Bagshaw, Eldridge Co-Founders.
Ausenco is advised by Perella Weinberg Partners. Eldridge is advised by Prosek Partners (led by Nadia Damouni).
PAG, an alternative investment firm, agreed to acquire Changzhou Hengxuan, a Chinese property developer, from Seazen Group, a real estate development company, for $187m.
"The property developer may use proceeds from the deal primarily for loan and debt repayment. Changzhou Hengxuan and Shanghai Xingyi altogether manage 144 cinemas in China," Seazen Group.
Singapore's GIC among bidders vying for stake in Vietnam's third-largest grocery chain.
Singapore's sovereign wealth fund GIC is among investors vying to buy up to 20% stake in grocer Bach Hoa Xanh from Vietnam's retail giant Mobile World Investment, in a deal that could value the grocery chain at up to $1.7bn, Reuters reported.
Other bidders include companies from Thailand. The identity of the potential buyers has not been reported previously. In a statement to Reuters, Mobile World said it would announce the information once the deal was concluded. The potential deal would intensify competition in Vietnam's retail market. Drawn by the rapid urbanization in a country of 100m people, domestic and foreign retailers are seeking to expand or gain a foothold.
Indonesia consortium invests $1.3bn in new capital.
A consortium of Indonesian companies, including energy firm Adaro and conglomerate Astra International, invested about $1.3bn in the country's new capital city, Reuters reported.
Indonesia has been courting private investors in the $32bn city, known as Nusantara, to move the capital away from congested Jakarta to Borneo island. Aside from Adaro and Astra, the consortium also includes property firm Agung Sedayu Group, retailer Alfamart Group, energy company Barito Pacific, conglomerates Sinarmas and Salim Group, among others, the Nusantara authority said.
SoftBank to raise $800m via bond-type class shares.
SoftBank plans to raise JPY120bn ($809m) via Japan's first public offering of bond-type class shares, Reuters reported.
The Japanese telecommunications arm of tech investment giant SoftBank Group first announced the issuance in May, saying the shares would be listed before the close of the 2023 financial year, which ends on March 31, 2024.
The shares will not have voting rights nor can they be converted into common shares, so the issuance would not affect current shareholders, SoftBank said in a statement in May.
Woori will lead a $447m acquisition of Polaris Shipping.
South Korean bulk carrier operator Polaris Shipping is poised to sell its entire stake at around $447m to Woori Private Equity Asset Management and local financial investors.
Polaris will tap Woori PE as a preferred bidder as early as September 21 and complete the deal by the end of this year. Container line HMM and state-run Korea Ocean Business will invest $45m and $30m, respectively, while Woori PE will inject the rest of the sales price.
CVC mulls sale of controlling stake in Indian Hospital Chain HealthCare Global.
CVC Capital Partners is exploring selling its controlling stake in Indian cancer hospital chain HealthCare Global, Bloomberg reported.
The private equity firm is looking to identify buyers for its 60.4% in the Mumbai-listed company. CVC’s stake is worth about $345m. The buyout firm may seek a premium of at least 20% for the shares. It could even look for a premium of as much as 50% depending on market conditions.
GGV Capital to separate its China business.
US venture capital firm GGV Capital said it plans to split its business into two, with one focused on Asia and the other on the United States, as political pressure mounts on American companies to limit investments in Chinese technology, Reuters reported.
GGV said its US partnership will invest primarily in North America, Latin America, Israel, Europe, India, and US cross-border deals from offices in Silicon Valley and New York.
China soy sauce maker Jonjee weighs introducing strategic backers.
Soy sauce maker Jonjee Hi-Tech Industrial and Commercial's controlling shareholders are considering bringing in strategic investors after purging the board backed by the previous owner, Bloomberg reported.
The Zhongshan, China-based firm's shareholders, are working with an adviser to sound out domestic and international investors. The group, led by local government-backed Zhongshan Torch Group and shareholders including CDH Investments, could agree a deal with potential strategic backers to help operate the business as soon as the end of this year.
Mubadala in talks to buy a part of Temasek's stake in Manipal Hospitals.
Mubadala is in talks to acquire a stake of less than 10% in India's Manipal Hospitals, in what could be the Abu Dhabi sovereign fund's first investment in the booming Indian healthcare space, DealStreetAsia reported.
PIF and Mubadala invest $2.5bn in Hahn & Company's new blind fund.
Korean private equity firm Hahn & Company's 4th blind fund, which has been in the collection phase since last year, approached an agreement amount close to $2.5bn. Existing foreign limited partners have been joined by new LPs, including the Saudi Arabia Public Investment Fund and Mubadala Investment from the Middle East, as well as Canadian pension funds.
Hahn & Company is a private equity investment firm specializing in buyouts and corporate restructurings in South Korea. The firm focuses on making corporate acquisitions and investments in Korea.
True Light closes China-focused flagship fund at $3.3bn.
Singapore-based private investment firm True Light Capital, a division of Singapore government-owned investment company Temasek, has held the final closing of its first flagship find with $3.3bn in capital commitments.
The fund, which will invest alongside True Light’s parent company in opportunities linked to Greater China, attracted support from global investors, including sovereign wealth funds, foundations, financial institutions, and family offices.
CAS Star crosses $1.4bn AUM with new RMB fund.
CAS Star, a Chinese investment firm that focuses on early-stage hard tech startups, has held the first close of a new RMB-denominated fund, which brings its total assets under management above the CNY10bn ($1.4bn) mark.
The new fund, named 'Beijing CAS Star Hard Tech Small and Medium-Sized Enterprise Venture Capital Partnership', will continue the firm's mission of "exploring ways to commercialise scientific and technological achievements."
Singapore PE firm Novo Tellus secures $375m in first close of Fund III.
Singapore-based Novo Tellus Capital Partners has reportedly received around $375m for the inaugural close of its latest fund targeting mid-market technology and industrial sectors across Indo-Pacific, DealStreetAsia reported.
Novo Tellus PE Fund 3 is learned to be backed by Temasek and US endowment funds and foundations. The predecessor fund in the same series, Novo Tellus PE Fund 2, closed at $250m in 2021. Unlike the second fund, which only focuses on Southeast Asia, Fund III extends its mandate to the Indo-Pacific region.
Zepto-backer Trifecta Capital closes third debt fund at $213m, a year after initial target.
Trifecta Capital, which has backed the likes of BharatPe and Cars24 in India, has closed its third Fund at $213m, more than a year after its initial target to close the Fund. The Fund, which was launched in September 2021 was initially planned to reach its final close in Q1 2022, DealStreetAsia reported.
Without disclosing more details, the firm said it expects to launch its fourth venture debt fund in early 2024. Along with existing investors, the third Fund also saw participation from a variety of new investors including large global financial institutions, domestic conglomerates, banks, insurance companies, development financial institutions, public sector entities, and family offices.
South Korean crypto VC firm Hashed seeks $200m for new fund.
The Seoul-headquartered investment firm, which commenced its fundraising efforts in early September, aims to close the new fund by the end of this year. The fundraising climate has been bleak for many crypto investors — Q2 saw only $720m, or 10 new crypto funds, being closed, the lowest since Q3 2020 at the beginning of the COVID-19 pandemic, DealStreetAsia reported.
In the first half of 2023, the average size of a new crypto fund stood at $236m, while the median size was $50m — both went down significantly from 2022, when the average fund size was $343m and the median size was $100m.
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