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AMERICAS
C&S Wholesale Grocers might be key to Kroger-Albertsons deal.
The largest supermarket merger ever hinges on a little-known grocery distributor. C&S Wholesale Grocers, a 106-year-old company based in New Hampshire, is set to play a key role in an antitrust trial that will decide whether Kroger can move ahead with its planned $20bn purchase of rival Albertsons, WSJ reported.
The case is scheduled to begin August 26 in a federal court in Oregon and expected to last about three weeks.
Albertsons is advised by Credit Suisse, Goldman Sachs (led by Timothy Ingrassia), Debevoise & Plimpton (led by Ted Hassi), Fried Frank Harris Shriver & Jacobson (led by Philip Richter), Jenner & Block (led by Alexander May, Edward L. Prokop and Kevin T. Collins), Wachtell Lipton Rosen & Katz (led by Zachary Podolsky and Adam Emmerich) and White & Case and Brunswick Group. Financial advisors are advised by Alston & Bird (led by Stuart Rogers), Cravath Swaine & Moore (led by Robert I. Townsend and Sanjay Murti) and Davis Polk & Wardwell (led by Phillip R. Mills and Cheryl Chan). Kroger is advised by Citigroup (led by Brian Anton and David Finkelstein), Wells Fargo Securities, Arnold & Porter Kaye Scholer, Weil Gotshal and Manges (led by Michael J. Aiello), Joele Frank (led by Greg Klassen). Cerberus is advised by Dechert (led by Eric Siegel and Mark Thierfelder), FGS Global (led by Andrew Cole). Schottenstein Stores is advised by Wachtell Lipton Rosen & Katz (led by Adam Emmerich).
Sixth Street-backed Legends, a food, beverage, merchandise, retail, and stadium operations corporation, completed the acquisition of ASM Global, a live event entertainment company, from Onex, a private equity firm, and Anschutz Entertainment Group, an American global sporting and music entertainment presenter. Financial terms were not disclosed.
"The next era of Legends starts now. Over the course of 15 years, we have developed an unmatched solution to deliver a superior fan experience and help our partners grow. We are proud to add ASM Global to deliver even better experiences and value for our global partners, setting the standard in sports and entertainment," Dan Levy, Legends CEO.
ASM Global was advised by Goldman Sachs, Jefferies & Company, Arnold & Porter Kaye Scholer, Hogan Lovells (led by Mark Kurtenbach and David Holland), Latham & Watkins (led by Shaun Hartley and Daniel Breslin) and breakwhitelight (led by Jim Yeager). Legends Hospitality was advised by Bank of America, Moelis & Co, Cleary Gottlieb Steen & Hamilton and Ropes & Gray (led by Jonathan Gill). Debt financing was provided by Apollo Global Management, Ares Capital, Goldman Sachs, HPS Investment Partners, KKR Credit and Oaktree Capital Management. Debt providers were advised by Paul Hastings (led by John Cobb and Jennifer Yount).
Skydance Media is accusing Paramount Global's special committee of directors of breaching the terms of its deal by extending the period of time when it can engage with other bidders, WSJ reported.
This comes after veteran media executive Edgar Bronfman Jr sweetened his bid to take over Paramount offering $6bn for its controlling shareholder National Amusements and a minority stake in Paramount.
Paramount is advised by Centerview Partners, Rothschild & Co (led by David Baron), Cravath Swaine & Moore (led by Faiza Saeed), Simpson Thacher & Bartlett (led by Eric Swedenburg), Brunswick Group (led by Jonathan Doorley and Nik Deogun) and FGS Global (led by Dan Abernethy and Maddie Peebles). Financial advisors are advised by Gibson Dunn & Crutcher (led by Andrew Kaplan). Skydance Media is advised by Bank of America, Moelis & Co, RedBird Advisors, The Raine Group, Latham & Watkins (led by Justin Hamill, Bradley Faris, Ian A. Nussbaum, Liliana S. Paparelli Ranger, Max Schleusener and Rick Offsay), Gagnier Communications (led by Dan Gagnier) and Principal Communications Group (led by Melissa Zukerman). RedBird Capital is advised by Sullivan & Cromwell (led by Eric M. Krautheimer and Alison S. Ressler). National Amusements is advised by BDT & MSD Partners, Ropes & Gray (led by Jackie Cohen) and Kekst CNC (led by Molly Morse).
ONEOK, a midstream service provider, agreed to acquire a 43% stake in EnLink Midstream, an independent midstream energy services company, from GIP, a private equity firm, for $3.3bn.
"ONEOK has a longstanding reputation as being intentional in building a premier energy infrastructure company, and today's transactions further solidify that status by adding complementary assets that allow us to continue expanding and extending our value chain," Pierce H. Norton II, ONEOK President and CEO.
ONEOK is advised by TPH&Co, Goldman Sachs, JP Morgan, Perella Weinberg Partners, and Kirkland & Ellis. GIP is advised by Greenhill & Co, Scotiabank, Latham & Watkins.
ONEOK, a midstream service provider, agreed to acquire Medallion Midstream, a privately held crude gathering and transportation system, from GIP, a private equity, for $2.6bn.
"ONEOK has a longstanding reputation as being intentional in building a premier energy infrastructure company, and today's transactions further solidify that status by adding complementary assets that allow us to continue expanding and extending our value chain," Pierce H. Norton II, ONEOK President and CEO.
ONEOK is advised by Bank of America, Goldman Sachs, JP Morgan, and Kirkland & Ellis. GIP is advised by RBC Capital Markets, Santander, and Vinson & Elkins.
Cognizant, an information technology services and consulting company, completed the acquisition of Belcan, a global supplier of engineering, supply chain, technical recruiting, and information technology services, from AE Industrial Partners, a private equity firm, for $1.3bn.
"We are delighted to officially welcome Belcan to Cognizant. We believe our combined capabilities, shared focus of providing value to our clients through distinctive technological expertise, and global scale and scope means we will be able to deliver high-quality solutions to a diverse mix of customers around the world," Ravi Kumar S., Cognizant CEO.
Cognizant was advised by Perella Weinberg Partners, Arnold & Porter Kaye Scholer (led by Bill Choe and Eric Levine), and Stikeman Elliott (led by Amanda Linett). Belcan was advised by Jefferies & Company, Solomon Partners, and Kirkland & Ellis.
KKR, a global investment firm, completed the acquisition of Varsity Brands, an American apparel company, from private equity firms Bain Capital and Charlesbank. Financial terms were not disclosed.
"Varsity Brands is a leading solutions-oriented services provider with a mission to elevate the student experience through sport and spirit, helping schools and teams foster greater participation, enthusiasm and community," Felix Gernburd, KKR Partner.
Varsity Brands was advised by Bank of America, William Blair & Co, Kirkland & Ellis and Teneo (led by Samantha Gaspar). KKR was advised by Goldman Sachs, Jefferies & Company and Simpson Thacher & Bartlett.
THL Partners, an American private equity firm, agreed to acquire a majority stake in YA Group, an international professional services organization providing forensic consulting, engineering, risk mitigation, and related services, from CIVC Partners, a private equity firm. Financial terms were not disclosed.
"We regard YA as the market leader in a wide range of complex services that support global insurance markets. Their deep expertise, long track record of client success, and outstanding corporate culture make them a critical industry platform. As longtime investors in insurance services and technology, we believe we are well positioned to help the company realize new growth opportunities that will strengthen their position as trusted strategic advisors to their clients," Ed Shahnasarian, THL Managing Director.
Vista Equity Partners is in talks with both Wall Street banks and direct lenders to obtain around $1bn of debt financing to support its acquisition of software company Jaggaer, Bloomberg reported.
Austin, Texas-based Vista hasn’t yet decided which financing route to pursue and is discussing terms with competing lender groups.
Jaggaer is advised by Corporate Ink (led by Abigail Holmes). Vista Equity is advised by Goldman Sachs, Moelis & Co, Kirkland & Ellis, and Joele Frank (led by Jonathan Keehner).
Quest Diagnostics, a diagnostic information services provider, completed the acquisition of LifeLabs, a community laboratory tests provider, from OMERS, an investment company, for $985m.
"This acquisition brings together two industry leaders committed to enhancing access to diagnostic innovation for patients in North America. The combination of LifeLabs' strong business and deep community presence with Quest's specialized lab services and expertise creates a powerful opportunity to generate growth while improving care and outcomes for Canada's expanding and aging population," Jim Davis, Quest Diagnostics Chairman, CEO and President.
Quest Diagnostics was advised by McCarthy Tetrault and FGS Global (led by Peter Block). LifeLabs was advised by CIBC World Markets, Evercore, and Blake Cassels & Graydon.
Events.com to, an industry-leading event management platform, agreed go public via a SPAC merger with Concord Acquisition Corp II, a special purpose acquisition company affiliated with investment firm Atlas Merchant Capital, in a $314m deal.
"Our combination with Concord will enhance our capabilities to capitalize on the $936bn event sector and benefit from ongoing tectonic shifts in the industry. We're here to help people experience the most meaningful moments of their lives while generating high-margin, recurring revenue and gathering actionable data at scale. We have several significant initiatives on the horizon, and we are truly looking forward to working with Jeff Tuder and Bob Diamond," Mitch Thrower, Events.com CEO.
Events.com is advised by Kirkland & Ellis, Weintraub Law Group and Gateway Investor Relations. Concord is advised by Cohen & Company Capital Markets and Greenberg Traurig.
GHK Capital Partners, a middle-market private equity firm, completed the acquisition of Horizon Group, a global provider of specialized international freight forwarding focused on time-critical marine spare parts logistics. Financial terms were not disclosed.
"We are excited to announce the completion of our acquisition of Horizon Group, a leader in the specialized marine spare parts logistics space. Steve and his team have built an impressive company with an inspiring culture and a stellar reputation for quality service and commitment to customers. We look forward to partnering with Steve and his team to invest in the Company, its people, and its technology to drive continued growth and long-term success," Gil Klemann, GHK Managing Partner.
Horizon Group was advised by Jefferies & Company and DLA Piper. GHK Capital was advised by Citizens M&A and Davis Polk & Wardwell.
Brighton Park Capital, an investment firm focused on entrepreneur-led, growth-stage companies, completed the $250m investment in TickPick, a transparent ticket marketplace transforming the event ticketing industry. Financial terms were not disclosed.
“We're thrilled to announce our latest growth investment, which will help accelerate our ability to transform the ticketing industry. We founded TickPick with the unwavering commitment to deliver a transparent and hassle-free ticket-buying experience for consumers. This investment will allow us to deepen this commitment by accelerating the pace of product innovation, raise our brand awareness, and reach more customers than ever before," Chris O’Brien, TickPick Co-Founder and Co-CEO.
Getinge, a company that provides hospitals and life science institutions with products and solutions, agreed to acquire Paragonix Technologies, an organ transplant company, from Signet Healthcare, a healthcare growth equity firm. Financial terms were not disclosed.
“Since our inception, Paragonix’s primary focus has been on improving patient outcomes and increasing the number of successful transplants. We have dedicated ourselves to providing clinicians and their patients with best-in-class solutions while also developing comprehensive clinical data for all solid organs. Our success is a testament to our team’s passion, commitment, and relentless pursuit of excellence. We are excited to join Getinge to bring our innovations, technologies, and services to underserved patient populations worldwide. Each day, we are inspired to deliver novel, life-changing innovations to the transplant and donation communities. We express our deepest gratitude to the clinical and donation community for the opportunity to serve," Dr. Lisa Anderson, Paragonix Founder, President & CEO.
Capgemini, a technology services and consulting company, agreed to acquire Syniti, a data migration, quality, and governance capabilities all in one platform provider, from Bridge Growth Partners, a private equity firm that targets investments in the technology and technology-enabled services sectors. Financial terms were not disclosed.
“As a highly focused investment firm building differentiated and strategically relevant technology companies, we are incredibly proud of the growth and development Syniti achieved. With the active support of our full team, including our highly experienced advisors, Syniti’s leadership team and employees transformed the company into a true market leader in data management that we believe will be an excellent strategic fit with Capgemini," Alok Singh, Bridge Growth Partners CEO.
Syniti is advised by Evercore and Willkie Farr & Gallagher. Bridge Growth is advised by FGS Global (led by Kevin Siegel).
Callaway Capital, an alternative asset management firm, completed the acquisition of Platinum Parking, a parking services and management company. Financial terms were not disclosed.
"It is an honor to be part of the leadership legacy of Platinum Parking, and we are thrilled to partner with CalHudson and industry veterans like Jerry Skillett. This partnership represents yet another leap forward toward realizing our mission of delivering exceptional service and asset value creation for our clients. The capital resources and parking expertise that CalHudson brings to the table will be a cornerstone for our continued growth and success," Matt Adey, Platinum Parking President.
Callaway Capital was advised by Marsh, KPMG and Fenwick & West.
Engelhart Commodities Trading Partners, a global commodity trading company, completed the acquisition of Trailstone, a global energy and technology company, from Riverstone, a private markets asset management firm. Financial terms were not disclosed.
"Agreeing terms to acquire Trailstone is an important event in Engelhart's long term strategy to grow our energy trading platform and enhance our technological capability to play a leading role in the clean energy transition. We have been impressed by the Trailstone team's innovation in the renewables trading sector and we believe the acquisition and merger will be highly complementary for both businesses," Huw Jenkins, Engelhart CEO.
Carlyle-backed StandardAero, a provider of services including engine and airframe maintenance, repair and overhaul, completed the acquisition of Aero Turbine, a provider of maintenance, repair, and overhaul services, from Gallant Capital, an investment firm. Financial terms were not disclosed.
"Gallant partnered with Aero Turbine’s founder, Doug Clayton, and its CEO, Jim Simpkins, to transform the business into an industry leading defense MRO. The successful implementation of Gallant’s value creation playbook, OTXTM, allowed Aero Turbine to dramatically increase its capacity and capabilities, in order to expand its addressable market, and achieve significant revenue growth," Gallant Capital.
Gallant Capital was advised by Lincoln International and Stradling Yocca Carlson & Rauth.
Citation Capital, a private equity firm specializing in partnering with founder- and family-led businesses, completed the acquisition of a majority stake in Aptive Environmental, a pest control company. Financial terms were not disclosed.
"We are thrilled to partner with Citation as we embark on this next chapter of growth for Aptive. Citation's investment in Aptive underscores the exceptional company we have built over the past decade. We look forward to driving further growth in partnership with Citation and continuing to carry out our mission of providing top-tier services and helping people to better enjoy their homes," Vess Pearson, Aptive Co-Founder and CEO.
Citation Capital was advised by Weil Gotshal and Manges (led by Chris Machera) and Prosek Partners.
Groupe ADP, an international airport operator that provides aviation-related services, agreed to acquire The Private Suite, an operator of private luxury terminals serving commercial flights, from TPG, an alternative asset management firm. Financial terms were not disclosed.
“When we started PS, we were initially in the security and logistics business, but over time, the demand for our services has evolved and expanded to deliver that same experience with the added convenience and luxury that has become synonymous with the PS brand. With TPG’s resources and operational insights, coupled with our team’s deep hospitality expertise, we have successfully built a first-of-its-kind luxury travel service for commercial flyers – and we are just getting started. We are now at an exciting inflection point with ambitions to create an international brand and believe this partnership with Groupe ADP will enable us to offer more locations and experiences to our members, while creating new and exciting opportunities for our team," Amina Belouizdad Porter, PS CEO.
The Private Suite is advised by Robert W Baird (led by Jordan Klein).
DFW Capital, an investment company, completed the acquisition of Bart & Associates, an information technology systems integrator, from Battle Investment, an investment management firm. Financial terms were not disclosed.
Building on the strong foundation laid by B&A’s previous partnership with Battle, this new partnership with DFW positions B&A to accelerate its trajectory and unlock new opportunities.
Bart & Associates was advised by DC Advisory (led by Chris Oliver).
Mill Rock Packaging, a specialty packaging platform that invests in companies with advanced service and product capabilities in the consumer packaging industry, completed the acquisition of Woodland packaging and laminating facility from Everett Graphics, a producer of innovative folding-carton packaging solutions. Financial terms were not disclosed.
"I can't think of a better home for our laminating unit, and I'm excited to be partnering with Mill Rock Packaging on our growing tray offering. Their extensive network of facilities will be a valuable asset as we continue our mission to assist customers in replacing single-use plastic," Whit Everett, Everett Graphics CEO.
RA Capital Management, an investment firm, and Forbion, a venture capital firm, led a $100m Series A round in Navigator Medicines, a privately-held biotech company.
“I am thrilled to join Navigator at this exciting time to advance NAV-240 through the clinic and we are deeply grateful for the support of our partner, IMBiologics, and our investors. NAV-240 has the potential to make an impact on patients living with autoimmune diseases, and our Series A funding will be pivotal in accelerating its development alongside other exciting programs within our pipeline. We look forward to initiating additional clinical studies with NAV-240 in the coming months and delivering on our commitment to innovation that enhances patient care," Dr. Dana McClintock, Navigator CMO.
Cerberus Capital Management, a private equity firm, completed the acquisition of Outform, a global innovation agency. Financial terms were not disclosed.
"This strategic transaction marks a pivotal moment in our journey to redefine the retail landscape and deliver world-class service to our clients. Our talented and innovative global team is poised to capitalize on emerging market opportunities and drive sustainable growth. We are thrilled to strengthen our relationship with Cerberus as we relentlessly pursue our vision of shaping the future of retail through groundbreaking innovation and exceptional customer experiences," Ariel Haroush, Outform CEO.
Trintech's owners explore $2bn sale of financial software maker.
Private equity firms Summit Partners and Vista Equity Partners are exploring a potential sale of Trintech that could value the financial software provider at about $2bn, including debt, Reuters reported.
Trintech's owners are working with investment bankers at Deutsche Bank on a sale process that could attract interest from other private equity firms.
Meritage explores the $2bn sale of Columbia Distributing.
Meritage Group is exploring the potential sale of Columbia Distributing that could value the US beverage distributor at about $2bn, including debt, Reuters reported.
Meritage, which was launched by billionaire Nat Simons after he left hedge fund Renaissance Technologies in 1997, is working with investment bankers at Morgan Stanley on a sale process for Columbia, which is one of the largest US beverage distributors.
Venture group G Squared raises $1bn to invest in discounted start-up shares.
The venture capital group G Squared has raised $1.1bn for its latest fund to capitalise on growing investor demand for its strategy of buying pre-existing stakes in start-ups, FT reported.
Founded in 2011 and based in Chicago, G Squared has backed technology groups such as artificial intelligence company Anthropic and cyber security specialist Wiz.
OpenAI in talks to raise funding at over $100bn valuation.
OpenAI, the startup behind the popular ChatGPT, is reportedly in discussions to raise billions of dollars in a new funding round that could see it valued at above $100bn.
Thrive Capital is leading the round and will invest $1bn. Microsoft is also expected to put in money. The new funding round would be the biggest infusion of outside capital into OpenAI since Microsoft invested around $10bn in January 2023. Since then, an arms race has developed in Silicon Valley to build the most advanced artificial-intelligence systems in an effort to dominate an industry many say will revolutionize the economy.
Earlier this year, OpenAI was valued at a reported $80bn from $29bn the prior year. Annualized revenue reportedly surpassed $2bn earlier this year, WSJ reported.
Apollo, BlackRock in talks to help two Amazon aggregators merge.
Apollo Global Management and BlackRock are in talks to provide new debt financing for the merger of two Amazon aggregators, Bloomberg reported.
The proposed deal continues an ongoing consolidation of such companies, which raised billions of dollars and snapped up brands sold on Amazon.com, only to watch the pandemic-era e-commerce boom fizzle.
Elliott ups stake in Southwest Air, advancing overhaul push.
Elliott Investment Management has increased its equity stake in Southwest Airlines to 9.7%, nearing the amount needed to call a special shareholder meeting at which the activist hopes to replace most of the carrier’s board, Bloomberg reported.
The larger holding, up from about 8% previously, was disclosed in a regulatory filing on August 26, just after Elliott renewed its call for sweeping leadership and operational changes at Southwest in a letter to shareholders. The activist needs a 10% stake in order to call a special gathering for Southwest investors to vote on its director nominees.
NFL allows private equity firms to invest in teams.
The owners of the National Football League have loosened some of the strictest ownership rules in professional sports and allowed some private equity firms to buy up to a 10% stake in a team, Reuters reported.
Firms initially approved by the NFL include Ares Management, Arctos Partners and Sixth Street in addition to a consortium comprising Blackstone, Carlyle, CVC, Dynasty Equity and Ludis. The private equity firms plan to invest a total of $12bn in up to six NFL teams each.
TPG and UnitedHealth are among suitors for Surgery Partners.
TPG, a private equity firm, and UnitedHealth Group, a multinational health insurance and services company, are among the suitors seeking to buy Surgery Partners, an operator of surgical facilities and ancillary services, Bloomberg reported.
The buyout firm and health insurance company have separately expressed preliminary interest in Surgery Partners. Surgery Partners is also drawing interest from other private equity firms and strategic bidders.
Allvue launches new fundraising solution for PE and private credit.
Investment management provider Allvue Systems has launched new fundraising software aimed at streamlining the fundraising lifecycle and operational efficiency of private equity and private credit funds.
The new software complements Allvue’s existing investor relations solutions and is aimed at firms of all sizes and their prospective LPs.
Obra Capital secures credit facilities.
Alternative asset management firm Obra Capital has secured new funded and unfunded credit facilities, the proceeds of which were used to retire the firm’s existing publicly syndicated debt and provide growth capital to the Obra platform.
Investors in the facility consist of existing and new lenders, with equity investors including RedBird Capital Partners and Aquarian.
LS Power closes its oversubscribed fund V at $2.7bn.
LS Power Group, a development, investment, and operating company focused on the North American power and energy infrastructure sector announced the successful close of its latest fund, LS Power Equity Partners V. Fund V closed in July with total commitments of approximately $2.7bn, exceeding its $2.5bn target.
"Demand for electricity in the United States is growing at the fastest rate in decades, driven by electrification, data center proliferation, and an American manufacturing renaissance. Our portfolio of assets and businesses—which spans generation, transmission, and decarbonization solutions—is designed to ensure the reliability and affordability of electricity while accelerating the energy transition. We look forward to investing this capital to help meet the historic challenges facing the US energy sector," Paul Segal, LS Power CEO.
LS Power was advised by Evercore, Leader Capital Markets, Magenta Capital Services and Willkie Farr & Gallagher.
CenterOak Partners closes oversubscribed Fund III at $1.1bn.
CenterOak Partners, a Dallas-based private equity firm, announced the closing of CenterOak Equity Fund III. The Fund was oversubscribed and achieved its hard cap with total capital commitments of over $1.1bn. The Fund’s capital was largely committed by existing institutional investors, but it also attracted support from many new limited partners globally, including private and public pensions, endowments and foundations.
“We appreciate the strong support from our limited partners which allowed us to complete the fundraise in a short period of time,” Randall Fojtasek, CenterOak Chief Executive Officer and Co-Managing Partner.
Magnetar closes $235m venture fund to invest in companies leading the generative AI revolution.
Magnetar, an alternative asset manager, announced the successful close of Magnetar AI Ventures Fund, a $235m venture fund that invests in early-to-growth stage companies advancing the generative AI revolution. The Fund builds on Magnetar’s history of investing opportunistically across the private-public continuum and serving as a long-term partner to portfolio companies.
The Fund’s investor base is comprised of leading global institutions and strategic partners, including PEAK6 Strategic Capital and Apex Fintech Solutions, the anchor investors in this initiative.
Red Lobster set to bring on former P.F. Chang’s leader as CEO. (People)
A group of lenders set to take over Red Lobster have tapped a recent chief executive of Asian restaurant chain P.F. Chang’s to run the struggling seafood restaurant brand, WSJ reported.
Damola Adamolekun, most recently a partner at private equity firm Garnett Station Partners, would take over as Red Lobster’s CEO pending final court approval of the chain’s sale, which is scheduled for next month.
Blackstone’s BREIT names Wesley LePatner CEO, succeeding Cohen. (People)
Blackstone’s real estate trust for wealthy individuals said Wesley LePatner will become chief executive officer, effective January 1.
LePatner, currently chief operating officer at Blackstone Real Estate Income Trust, will succeed Frank Cohen, who will retire after nearly 30 years at Blackstone.
EMEA
Britain's Harbour Energy said on August 27 that it expects to complete the acquisition of Wintershall Dea's assets in early September, versus its previous forecast of early in the fourth quarter of the year, Reuters reported.
The largest British North Sea oil and gas producer said it has made considerable progress on satisfying the conditions for completion, including regulatory approvals in Mexico. Harbour develops and produces oil and gas reserves on the United Kingdom and Norwegian continental shelves, Indonesia, Vietnam and Mexico.
Onex, a private equity firm, completed the acquisition of Farsound, a global supply chain solutions provider for the aerospace engine MRO market, focused on the procurement, supply, and inventory management of high-volume consumable hardware components, from AGIC Capital, a private equity firm. Financial terms were not disclosed.
“The development of our company over the past years has been notable. AGIC has been an excellent partner, supporting our expansion and diversification. We look forward to collaborating with our new equity partner in Onex,” Chris Knott, Farsound CEO.
AGIC Capital was advised by William Blair & Co and K&L Gates.
CVC Capital, a private equity firm, agreed to invest in Fidelio Capital-backed Odevo, a property management services provider. Financial terms were not disclosed.
“For most people, the home is their greatest investment and our services are designed to simplify everyday life for those people, a responsibility we take seriously. Odevo was founded on the principle of combining the power of people and technology and from the start, we have focused on simplifying living by delivering end to end solutions for an industry that traditionally has been slow in innovation. I am incredibly proud of what we have accomplished but am also excited for the untapped potential still out there. Fidelio has been a true partner to us and we look forward to continuing our collaboration, now also welcoming CVC with their global network and vast experience of supporting growing businesses like ours," Daniel Larsson, Odevo CEO.
Modella Capital, a specialist retail and consumer investment boutique, completed the acquisition of Hobbycraft, an arts and crafts superstore retail chain operator, from Bridgepoint, a private equity firm. Financial terms were not disclosed.
“We look forward to accelerating the team’s growth strategy through investment in the physical footprint of the group, displaying a real commitment to bricks and mortar retail, and by enhancing the returns generated from their existing sales channels, including their growing online business," Joseph Price, Modella Capital Managing Director.
Final bids value Deutsche Bahn's Schenker at around €14bn.
Deutsche Bahn's logistics unit Schenker has received final bids from Danish transport firm DSV and a consortium led by CVC Capital Partners, with each valuing the business at around €14bn ($15.6bn), Reuters reported.
The divestment of Schenker, which has over 70k employees in 130 countries worldwide including around 15k in Germany, could be one of the largest transactions in Europe this year.
euNetworks closes on €2.1bn equity recapitalisation.
euNetworks Group, a Western European bandwidth infrastructure company, announced that it has closed on a €2.1bn equity recapitalisation.
Leading investors in the recap included a Stonepeak managed vehicle anchored by Mercer and Aware Super, and direct investments from the Investment Management Corporation of Ontario and APG Asset Management. The equity commitments follow the company’s recent debt refinancing announced in June and together will further euNetworks’ momentum as the company continues to scale and execute against its strategic priorities.
Private equity circles Grant Thornton’s UK business.
Several private equity firms are considering offers for a stake in Grant Thornton’s UK business, in a competitive bidding process aimed at securing a valuation of up to £1.5bn ($2bn) for the mid-tier accountant.
Carlyle, Blackstone, Permira, CVC Capital Partners and Bridgepoint are among buyout firms weighing potential offers for Grant Thornton UK ahead of a deadline in September for formal expressions of interest, FT reported.
Sweden’s NOBA Bank expands its strategic review to include IPO.
Swedish lender NOBA Bank Group says it’s evaluating a possible public listing of the company, Bloomberg reported.
Owner Nordic Capital has lined up banks including Goldman Sachs, JPMorgan Chase and Carnegie Investment Bank to work on a potential listing of the business.
Pemberton targets $4bn for European credit fund.
London-based private lender Pemberton Asset Management is seeking to raise €3.75bn ($4.2bn) for its latest opportunistic credit fund, Pemberton Strategic Credit Fund IV, amid growing challenges faced by traditional banks.
The firm’s fourth strategic credit fund aims to provide financing solutions to European businesses with complex capital needs, arriving just five months after the firm successfully closed its predecessor. It will focus on originating loans with varying risk-return profiles and potentially taking equity stakes in the businesses it finances.
APAC
CBC Group, Asia's largest healthcare-dedicated asset management group, and Mubadala, the Abu Dhabi-based investment company, agreed to acquire the Chinese neurology and allergy business of UCB, a multinational biopharmaceutical company headquartered in Brussels, for $680m.
"The demand for central nervous system products in China has been increasing over the past decade, and by leveraging CBC's unique investor-operator approach, we are excited to channel our expertise, resources and platform synergies to meet these evolving needs and drive value for our stakeholders. This strategic deal aligns with CBC's strategy of investing in high potential companies with quality products, strong brand equity, dedicated talents and steady growth outlook. It will complement our existing healthcare ecosystem, serving as an anchor asset to further build out a leading integrated CNS biopharma platform in China that will deliver gold standard treatment to more patients nationwide," Fu Wei, CBC Group CEO.
UCB is advised by Lazard and Freshfields Bruckhaus Deringer. CBC Group and Mubadala is advised by PJT Partners and Clifford Chance.
True Wind Capital, a private equity firm, completed the acquisition of as 19% stake in Sun Corporation, an electronics manufacturer, for $160m.
“We are excited to partner with SUN’s leadership team and become significant shareholders in the Company. This partnership builds upon our history of collaboration with SUN representatives on Cellebrite’s board of directors, and we look forward to working with all stakeholders to maximize the corporate value of both SUN and Cellebrite over the long-term," Adam Clammer, True Wind Managing Partner.
True Wind was advised by Simpson Thacher & Bartlett (led by Atif Azher) and Rubenstein Associates.
Warburg Pincus, a private equity firm, and Lendlease, a provider of property and infrastructure solutions, agreed to acquire the portfolio of assets in Singapore from Blackstone, a multinational private equity firm, and Lim Chap Huat for $1.23bn.
"We are delighted to be completing this landmark acquisition shortly after establishing the JV platform. The portfolio gives us immediate scale in the tightly held Singapore market, cementing our position as one of the top industrial asset owners in Singapore and reiterating our conviction in the life sciences and R&D sector," Takashi Murata, Warburg Pincus Managing Director.
Eastern Bell Capital, an ecosystem-based fund, and Goldstone Investment, a private equity company, agreed to invest $141m in Xinwanxing, a Chinese producer of composite materials.
The deal is expected to fund Xinwanxing’s plan to scale the production of aerospace-grade composite materials and facilitate its long-term business growth through improvement of corporate governance and production management.
Tower Capital Asia, an investment company, completed the investment in WWRC, a chemicals distributor. Financial terms were not disclosed.
"As a leading player in the specialty chemicals space with an established track record, WWRC is primed to leverage its extensive experience, regional footprint and ambition to scale up," Danny Koh, TCA Founder and CEO.
Chatterjee Group seeks Indian state oil firms’ partnership for $10bn project.
US-based private equity firm The Chatterjee Group is seeking to partner with Indian state-run companies for its oil-to-chemicals project in the nation, Bloomberg reported.
TCG is in talks with Oil & National Gas and its unit Hindustan Petroleum for the planned project estimated at more than $10bn in the southern Indian city of Cuddalore in Tamil Nadu.
Blackstone is said to seek AUD5.5bn loan for AirTrunk bid.
Private equity firm Blackstone is in discussions with banks for a five-year loan of about AUD5.5bn ($3.7bn) to back its bid for Australian data center operator AirTrunk, Bloomberg reported.
The financing, which is expected to be raised at the holding company level, would be comprised of a AUD2bn ($1.35bn) term loan and a AUD3.5bn ($2.37bn) revolving credit facility.
GQG Partners biggest buyer of Ambuja shares in Adani-owned co's stake sale.
US boutique investment firm GQG Partners was the largest buyer in a stake sale of India's Ambuja Cements by an Adani-owned company on August 23.
Adani-owned Holderind Investments, which had a nearly 51% stake in Ambuja Cements as of June-end, had offered a 2.8% stake worth $500m.
ART set to take up Queensland government’s 33% stake in Powerco.
The country’s No. 2 superannuation fund, Australian Retirement Trust, is set to take majority ownership of Kiwi energy distributor Powerco, which delivers electricity and gas across the North Island and was expected to be worth about $2bn, Australian Financial Review reported.
The deal — expected to be inked this week — will see ART acquire a 33% stake in the company in a move that will increase its ownership to 58%. Dexus Group will still have a 42% holding in the New Zealand power firm.
Hillhouse to buy Dulwich schools in Asia for around $600m.
Hillhouse Investment has struck a deal to acquire Dulwich College International schools in Asia from their owners in a deal that could fetch around $600m, DealStreetAsia reported.
The investment firm founded by China-born dealmaker Zhang Lei has emerged as the final bidder for the schools and reached an agreement with Education in Motion owning and operating Dulwich College International schools and high schools in China, South Korea, and Singapore.
KKR is said to eye new backers for top mushroom grower Sylvan.
KKR is considering options including bringing in fresh backers for Sylvan, the world’s largest producer and distributor of mushroom spawn, Bloomberg reported.
KKR is working with an adviser to sound out investor interest in a so-called continuation fund denominated in yuan. Deliberations are at an early stage and may not lead to any transaction.
Bikaji says "not for sale" amid investor interest in Indian snacks market.
Indian snacks maker Bikaji Foods is "not for sale" and is instead on the prowl itself, aiming to cash in on the growing appetite for savoury brands in the world's most populous country. The Indian savoury snacks sector has ballooned in recent years as consumers splurge on packaged foods, Reuters reported.
"Bikaji is not for sale. Whatever price someone offers, there are certain things that are not for sale," Manoj Verma, Bikaji CEO.
Tata is said to shelve media unit IPO after buying out Temasek.
Tata Group has shelved plans for an initial public offering of its entertainment content distribution platform after buying out minority investors, Bloomberg reported.
The Indian conglomerate has opted to keep Tata Play as a closely held company for longer as it seeks to expand the business ahead of any potential listing in the future. Tata has withdrawn the prospectus it filed with the Securities and Exchange Board of India for a Mumbai IPO.
Singapore’s SeaTown secures $1.3bn for second private credit fund.
Singapore-based alternative investment firm SeaTown International has successfully closed its second private credit fund with over $1.3bn in capital commitments from a range of LPs, including insurance companies and family offices.
SeaTown, a subsidiary of Temasek’s asset management arm Seviora, surpassed the $1.2bn raised for its first private credit fund with this new round. While the firm has not disclosed specific details about its investors, it did reveal that a prominent Middle Eastern institutional investor is among the contributors.
Swiggy-backer Accel seeks to close eighth fund at $700m by year end.
Silicon Valley venture capital firm Accel, which has backed Indian startups such as Flipkart and Swiggy, is expected to close its eighth India-focused fund by the end of the year, DealStreetAsia reported.
The firm is targeting a minimum of $600m for the eighth fund. The fund size may exceed $700m depending on the response from LPs over the next few months. In March 2022, Accel raised $650m for its seventh fund.
Bain-backed 360 One raises $500m for secondary fund.
Bain Capital-backed 360 ONE WAM, one of India’s largest wealth firms, raised $500m for its debut secondary fund, according to Sameer Nath, chief investment officer and head of venture capital and private equity at its asset management business.
Unlike typical secondary funds that buy stakes in other funds, 360 One’s will also invest in companies planning to go public within the next two years, Bloomberg reported.
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