Multi-billion-dollar investment manager Luxor Capital Group, has issued an open letter expressing serious concerns about the proposed merger between Ritchie Bros Auctioneers Incorporated and IAA.
Luxor Capital, which owns about 3.6% of Ritchie Bros’ outstanding common shares, said it intends to vote against the merger at the company’s yet-to-be scheduled special meeting of shareholders.
The investment manager contends that IAA is a severely challenged business requiring a multi-faceted and likely expensive turnaround to prevent continued loss of customers, declining service levels and deteriorating earnings, saying IAA has lost about 25% of its market share in the past six years, Proactive Investors reported.
IAA is advised by JP Morgan, Blake Cassels & Graydon, Cooley (led by Ian A. Nussbaum) and ICR (led by Farah Soi). JP Morgan is advised by Simpson Thacher & Bartlett (led by Caroline Gottschalk). Ritchie Bros is advised by Evercore, Goldman Sachs, Guggenheim Partners, RBC Capital Markets, Goodwin Procter (led by Stuart Cable and Lisa Haddad), McCarthy Tetrault (led by Shea T. Small), Skadden Arps Slate Meagher & Flom (led by Gregg Noel) and Joele Frank (led by Daniel Katcher). Financial advisors are advised by Freshfields Bruckhaus Deringer.
Advent International, a global private equity investor, agreed to acquire Maxar Technologies, a provider of comprehensive space solutions and secure, precise, geospatial intelligence, for $6.4bn.
"We have tremendous respect and admiration for Maxar, its industry-leading technology and the vital role it serves in supporting the national security of the United States and its allies around the world. We will prioritize Maxar's commitment as a core provider to the US defense and intelligence communities, and allies, while providing Maxar with the financial and operational support necessary to apply its technology and team members even more fully to the missions and programs of its government and commercial customers," David Mussafer, Advent Chairman and Managing Partner.
EQT, a private equity firm, completed the acquisition of Billtrust, a B2B accounts receivable automation and integrated payments provider, for $1.7bn.
"This transaction marks the beginning of an exciting new chapter for Billtrust, our customers and employees while providing shareholders an immediate and substantial cash value with a compelling premium. We believe B2B payments and accounts receivable continue to be ripe for massive disruption and innovation, and our partnership with EQT will provide us with greater resources and flexibility to build on our leadership position," Flint Lane, Billtrust Founder and CEO.
TSG Consumer Partners, a private equity firm, completed the acquisition of a majority stake in Radiance, a platform representing a collection of premier brands in the beauty, wellness, and self-care sectors. Financial terms were not disclosed.
“TSG has an impressive track record of building and scaling world-class beauty and franchising brands, and we are thrilled to work with them. We couldn’t be more excited to leverage TSG’s resources and expertise as we look to expand our platform and enhance our value proposition for franchisees, beauty care professionals, and consumers across our portfolio. As we build on our momentum and the powerful growth opportunities ahead, it’s critical that we collaborate with a partner that understands our business and has been down a similar road many times with brands that we admire," Christina Russell, Radiance CEO.
Radiance was advised by Harris Williams & Co, North Point Advisors, and Konnect Agency (led by Sabina Gault). TSG Consumer Partners was advised by Jefferies & Company, Lazard, Ropes & Gray, and FGS Global (led by Brandon Pinto and Kevin Siegel).
Madison Dearborn Partners, a private equity firm based in Chicago, agreed to acquire the Wilmington Trust CIT business of M&T Bank, a financial holding company. Financial terms were not disclosed.
"We are thrilled to work with Wilmington Trust's leading CIT team and leverage our industry expertise to support the business's next chapter in the large and growing CIT market. As clients increasingly demand innovative and tailored retirement fund solutions, the Wilmington Trust CIT business will be well-positioned as an independent company to expand new and existing relationships with a focus on helping plan sponsors navigate complex retirement and regulatory challenges. We look forward to working with the Wilmington Trust CIT team to execute a growth strategy that strengthens the business's leadership position in the competitive market for third-party trustee and administrative services," Vahe Dombalagian, MDP Managing Director and Co-Head of Financial and Transaction Services.
Madison Dearborn Partners is advised by JP Morgan, UBS, Eversheds Sutherland, Latham & Watkins and Abernathy MacGregor Group (led by Chuck Dohrenwend). M&T Bank is advised by Raymond James and Debevoise & Plimpton.
Altaris, an investment firm, agreed to acquire the remaining 53% stake in Trean Insurance Group, a firm engaged in providing products and services to the specialty insurance market, for $168m. Altaris offered to acquire TIG for $6.15 in cash per share, representing a 97% premium.
"This agreement with Altaris delivers immediate and substantial value to all stockholders of Trean while positioning the Company to continue its focus on strong partnerships, underwriting discipline, and exceptional claims management to drive growth over the long term. As a long-term investor in the Company, Altaris is deeply familiar with our business and recognizes the value of our talented team, and we look forward to Altaris' continued contributions to Trean as a private company," Julie Baron, Trean President and CEO.
Trean Insurance Group is advised by Houlihan Lokey, Bass Berry & Sims, Morris Nichols and FGS Global. Houlihan Lokey is advised by Sullivan & Cromwell (led by Eric M. Krautheimer). Altaris is advised by Kirkland & Ellis (led by David Feirsteinand Romain Dambre).
PAI Partners, a private equity firm, agreed to acquire the savory solutions business of International Flavors & Fragrances, a specialty ingredients producer globally, for $900m.
"A key aspect of our strategy is to continuously evaluate our portfolio to identify opportunities to maximize shareholder value. The sale of IFF's Savory Solutions Group is an important milestone as it allows us to focus on our highest-return businesses, improve our capital structure and enhance our go-forward growth and return profile. We appreciate the contributions of our Savory Solutions colleagues, who have, for years, demonstrated their commitment to innovation, service, and quality. We will work closely with PAI Partners to have a successful transition and look forward to Savory Solutions' future under its ownership," Frank Clyburn, IFF CEO.
PAI Partners is advised by Greenbrook (led by James Madsen) and Roland Berger (led by Julien Gautier). IFF is advised by JP Morgan, Lazard and Cleary Gottlieb Steen & Hamilton.
Arcline-backed Qnnect, a productivity app, completed the acquisition of Hermetic Solutions Group, an electrical components supplier from Windjammer Capital, a private equity firm. Financial terms were not disclosed.
"Our strategy is to acquire industry-leading manufacturers of connectivity solutions whose technology and customer relationships bring significant long-term growth potential to Qnnect. HSG's differentiated hermetic solutions and position on premier US defense platforms further cement Qnnect as a leading supplier of critical connectivity solutions. We're excited to welcome the HSG team to our growing portfolio and look forward to working together to best serve our customers," Kevin Perhamus, Qnnect CEO.
Hermetic Solutions was advised by BlackArch Partners, William Blair & Co and Kirkland & Ellis (led by Amanda Border andDaniel W. Vaczy). ArclineInvestment was advised by Joele Frank. Qnnect was advised by Evercore.
Bansk Group, an investment firm, agreed to acquire a majority stake in Red's All Natural, a manufacturer of clean-label frozen burritos and breakfast sandwiches. Financial terms were not disclosed.
"We are excited to partner with the Red's team and support their next phase of growth. With today's consumers increasingly focused on clean, convenient eating options that offer dynamic flavor profiles, the frozen food market is ripe for disruption and Red's is well positioned to capitalize on significant growth opportunities ahead. As longtime investors in the food and beverage space, we believe brands that achieve superior taste coupled with clean, nutritious ingredients and convenient formats can achieve sustainable long-term brand differentiation, ultimately resulting in winning market share," Brian O'Connor, Bansk Group Senior Partner and CIO.
Red's All Natural is advised by Houlihan Lokey and Giannuzzi Lewendon. Bansk Group is advised by Rothschild & Co, Kirkland & Ellis and Joele Frank (led Woomi Yun).
Comvest Partners, a private equity, completed the acquisition of Duke’s Root Control, a sanitary sewer root control and maintenance services platform, from Altamont Capital Partners, a private equity firm. Financial terms were not disclosed.
"We have been proud to partner with Duke's to help drive their growth and position the company for long-term success as a provider of innovative, industry-leading environmental and infrastructure services. We strive to make long-term investments with founder-owned companies like Duke's, especially when sustainability is at the core of their mission. We are proud to mark this sale of Duke's as another success story in our infrastructure services and environmental services portfolio and look forward to the company's continued success in its partnership with Comvest Partners," Randall Eason, Altamont Capital Partners Managing Director.
Comvest Partners was advised by Raymond James and Akerman. Altamont Capital was advised by Evercore, Ropes & Gray and Narrative Strategies.
EQT, a private equity firm, led a $245m investment round in Cirba Solutions, an environmental services and recycling services provider.
“This is a highly thematic investment for EQT given Cirba Solutions’ essential service offering and the critical role the company plays as part of US energy transition infrastructure. This investment will be made through EQT Infrastructure's environmental services platform, which today includes Covanta, a leading sustainable materials manager. The development of lithium-ion recycling capacity in North America is a core theme for EQT’s environmental services sector coverage. We are excited to partner with both Cirba Solutions and The Heritage Group and we look forward to working together to continue building a sustainable footprint for North America’s lithium-ion battery supply chain," JD Vargas, EQT Managing Director.
Peak Rock Capital, a private investment firm, completed the acquisition of Seagull Scientific, a provider of software for designing, printing, and automating the production of labels, barcodes, documents and RFID tags. Financial terms were not disclosed.
"Seagull represents an exciting opportunity to invest in a mission-critical, enterprise software platform serving diverse end markets. We have long understood the unique value proposition of the BarTender solution as several current and former portfolio companies use the software daily as a central part of their production and distribution workflows. Global supply chains continue to face increasing complexity and software tools such as BarTender enable businesses of all sizes and scale to operate more efficiently. We look forward to partnering with the company to achieve its ambitious growth plan, accelerate the product roadmap, and pursue strategic acquisitions," Pete Leibman, Peak Rock Managing Director.
Seagull Scientific was advised by Cascadia Capital. Peak Rock was advised by Stifel, Kirkland & Ellis and Kekst CNC (led by Daniel Yunger).
Avista Capital, a private equity firm focused exclusively on healthcare, completed the acquisition of Spear Education, a tech-enabled provider of digital and in-person clinical training. Financial terms were not disclosed.
"Spear has achieved robust growth over the last several years, with increases in membership and the expansion of our digital content. We are well positioned to capitalize on the tremendous opportunities ahead, against the backdrop of an accelerating industry. We are thrilled to have Avista as a partner as we pursue a multi-lever expansion strategy that will result in compelling benefits for our customers, employees and the entire dental industry," Kaleim Manji, Spear Education CEO.
Avista was advised by William Blair & Co, Willkie Farr & Gallagher and Kekst CNC (led by Daniel Yunger).
Beijer Ref, a distributor of commercial refrigeration, industrial refrigeration, and air conditioning, agreed to acquire Heritage Distribution Holdings, a wholesale distributor of HVAC/R equipment, parts, supplies, and customer service, from Gryphon Investors, a private equity firm. Financial terms were not disclosed.
"Our vision was to build a multi-regional distribution platform that would become a leading HVAC/R brand in the Southeastern and Midwestern United States. We are proud to have supported the Company's growth while maintaining a focus on top-quality customer service across the entire family of brands," Craig Nikrant, Gryphon Operating Partner.
Leeds Equity, a private equity firm, completed the acquisition of a stake in e.Republic, a media, events and research company. Financial terms were not disclosed.
"e. Republic's high-quality content, compelling peer-to-peer learning solutions and unique research and data offerings provide significant value to the Company's constituent base. We are eager to work closely with the e.Republic team to continue to support the technology strategy, planning and procurement needs of state and local government and education," David Neverson, Leeds Equity Partners Principal.
e.Republic was advised by JEGI Clarity. Leeds Equity was advised by Reed Smith.
Canada Pension Plan Investment Board, a global investment management organization, completed a $200m investment in Redaptive, an energy-as-a-service provider, with participation from Linse Capital and CBRE.
"We are excited about funding Redaptive's growing business which helps organizations to rapidly reduce energy consumption, save internal capital, and meet GHG emission reduction targets across their entire real estate portfolios. This investment is consistent with our focus on investing in best-in-class companies that are supporting the global energy transition by innovating in energy efficiency, sustainable energy, and the deployment of data solutions," Bruce Hogg, CPP Investments Managing Director and Head of Sustainable Energies.
Redaptive was advised by Blueshirt Group (led by Jeff Fox).
MG Properties, a private San Diego-based real estate investor, owner, and operator, and Rockwood Capital, a private investment firm, completed the acquisition of the multifamily community Domain San Diego from Magnolia Capital, an institutional-quality real estate investment firm, for $185m.
"Kearny Mesa is expected to experience significant growth in the near future as a pedestrian-friendly market. Adding Domain to our portfolio is a value-add opportunity to renovate remaining classic units and add strategic enhancements to further elevate the community," Jeff Gleiberman, MG Properties President.
The Riverside Company, a private equity firm, completed the acquisition of Grasons, a real estate sale services provider. Financial terms were not disclosed.
“We are delighted to add Grasons to the Executive Home Care platform. Grasons extends Executive Home Care’s existing care and senior placement services suite to estate sale services, enabling the platform to address more senior needs along the care and living placement continuum," Loren Schlachet, Riverside Managing Partner.
The Riverside Company was advised by Jones Day (led by Joseph Hatina).
EQT, a private equity firm, agreed to acquire Madison Energy Investments, a developer, owner, and operator of distributed solar and energy storage projects, from Stonepeak Partners, a North America-focused private equity firm. Financial terms were not disclosed.
"EQT Infrastructure has followed the renewable distributed generation market and MEI closely for several years given the strong thematic tailwinds supporting the sector, prior EQT experience in solar development and operation, and MEI's strong position as a leading integrated platform in the US. The renewable generation sector is an increasingly important part of the energy transition, and we are excited to partner with the MEI team as they build on their strong track record and continue to provide solar and storage energy solutions that are not only better for the environment, but also have tangible cost savings for their customers," Alex Darden, EQT Partner and Head of US Infrastructure Platform.
EQT is advised by Barclays and Simpson Thacher & Bartlett.
Hexagon, an information technology company, agreed to acquire Qognify, a provider of physical-security and incident-management software, from Battery Ventures, a technology-focused investment firm. Financial terms were not disclosed.
“Qognify is a great example of our buyout strategy in action — identifying best-in-class technologies and then driving growth through product leadership and R&D as well as strategic acquisitions. We are proud this industry-leadership was recognized and valued by Hexagon, as it acquires Qognify," Jesse Feldman, Battery General Partner.
Sixth Street, a global investment firm, led a $150m Series A round in Master Control, a provider of quality and manufacturing software solutions for the life sciences.
"For nearly three decades, we've been laser-focused on our mission to make life-changing products available to more people sooner. This commitment has led us to attack inefficiencies in quality and manufacturing that were extending product research and delivery cycles. We see an urgent need to help our customers to deliver their breakthrough technologies to the market faster and at a lower cost. Our goal is to add a strategic partner with resources and expertise to help us to meet the significant need for our solutions. We're fortunate to have the experienced investment team at Sixth Street Growth to help make that a reality," Jon Beckstrand, MasterControl CEO.
Magnetar Capital, a hedge fund based in Evanston, Illinois, led a $125m funding round in Arcadia, the technology company enabling the global energy transition, with participation from Keyframe Capital and Green Investment Group.
"Our platform is unlocking the big grid worldwide, providing simple APIs and software solutions for hundreds of the leading companies across electrification. Our customers are driving residential and commercial decarbonization through personalized energy solutions that couldn't exist without easy access to utility data, tariffs, and payments," Kiran Bhatraju, Arcadia Founder and CEO.
Wynnchurch Capital, a private equity firm, completed the acquisition of a majority stake in Industrial Service Solutions, an MRO services provider, from Edgewater Funds and JZ Capital Partners, two private equity firms. Financial terms were not disclosed.
“Since our inception, we have built a strong reputation for providing customers with unparalleled service for all their maintenance and expansionary project needs. Wynnchurch shares our values and focus on putting the customer first. We are excited to partner with them during our next phase of growth,” Wade Stockstill, ISS CEO.
Bain Capital files to raise $5bn for its fifth Asia-Pacific fund.
Buyout firm Bain Capital has officially filed with the US Securities and Exchange Commission to raise its fifth Asia-Pacific fund and parallel funds, four years after it gathered $4.65bn for the previous vehicle.
The filing did not specify the hard cap for Bain Capital Asia Fund V but a Bloomberg report in August said the US-based multi-asset alternative firm is seeking to raise $5bn, excluding senior management contributions, for the new fund.
General Atlantic raises $3.5bn to invest in climate change fight.
General Atlantic, a leading global growth equity firm, announced the final close of its inaugural BeyondNetZero fund. Following the fund’s close, General Atlantic has a total of approximately $3.5bn in capital to invest in climate solutions.
“We believe strongly in the power of technology to accelerate the transition to net zero. We look forward to supporting passionate entrepreneurs who are delivering innovative climate solutions while creating durable growth businesses," Bill Ford, General Atlantic Chairman and CEO.
Linse Capital raises $700m.
Linse Capital, a San Juan, Puerto Rico-headquartered growth equity firm, announced the successful close of $700m in capital raised. The capital will be allocated across the firm’s flagship fund – Linse Capital Fund I – alongside two co-investment vehicles for portfolio companies Skydio and Verkada.
“We are grateful for the support of the large LP network we have assembled. Most of all, it’s exciting to back the founders and change-makers building the companies that are at the forefront of this new paradigm,” Bastiaan Janmaat, Linse Capital Managing Director.
Lineage Logistics raises over $700m in new equity.
Lineage Logistics, the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, announced it has raised over $700m in equity from new and existing strategic partners.
“Our latest equity raise shows the confidence our investors have in Lineage’s business model and our demonstrated ability to meet demand globally in the face of macro-economic headwinds, inflationary pressures and capital markets volatility,” Greg Lehmkuhl, Lineage President and CEO.
AINDA seeks $600m to kickstart fund, Colombian business.
Mexican private equity manager AINDA expects to raise $600m for a new fund by early next year and will launch projects in Colombia, as the company seeks to grow its portfolio of public works investments.
AINDA, which focuses on environmental, social and corporate governance projects, also aims to expand along with the Mexican government's nearshoring push, in a bid to grow operations in its home country, CEO Manuel Rodriguez said, Reuters reported.
Carlyle’s search for new CEO is seen stretching into next year. (People)
Bloombergreported that Carlyle Group's search for a new chief executive officer is expected to extend into the new year, dashing hopes among investors and insiders for a swift resolution to its leadership limbo.
The board has a list of candidates, including credit head Mark Jenkins, 55, and private equity investment chief Pete Clare, 57, though it’s debating whether the job should go to someone from the outside. It was still interviewing external prospects at the end of last month.
KKR & Co completed the acquisition of ContourGlobal, a firm that develops, acquires, owns, and operates wholesale power generation businesses, for $2.14bn.
"ContourGlobal is an outstanding business with a strong portfolio of assets. The management team of ContourGlobal and our employees have delivered an excellent track record of developing and operating the portfolio, and notwithstanding the strong prospects for the business, the Board of ContourGlobal believes that the offer provides an opportunity for all shareholders to crystallise their investment in ContourGlobal at an attractive price. The Board of ContourGlobal welcomes KKR's intention to provide capital and operational expertise to support ContourGlobal's strategy, including accelerating investments in the energy transition," Craig A. Huff, ContourGlobal Chairman of the Board.
Magna, a mobility technology company, agreed to acquire auto safety business of Veoneer from SSW Partners, a private equity firm, for $1.5bn.
"Magna is the right long-term home for Veoneer's Active Safety business. The combination of both businesses creates durable value and accelerates an already exciting growth trajectory for Veoneer's employees, products and customers. Until closing of the agreement, Veoneer continues to execute in its current structure with full focus on customer deliveries, new launches and continued innovation," Jacob Svanberg, Veoneer Chief Executive Officer.
SSW Partners is advised by Gladstone Place Partners (led by Steven Lipin). Veoneer is advised by Evercore, Morgan Stanley, Baker Botts and Davis Polk & Wardwell. Magna is advised by Citigroup and Sidley Austin.
Eagle Football Holdings, a holding company, formed and managed by John Textor, completed the acquisition of Olympique Lyonnais, a football club, from Holners, a holding company, Pathe, a film production company and IDG Capital, an investment and asset management firm, for €117m ($124m).
"Today is a new beginning for Olympique Lyonnais, an historic club that truly deserves a global stage. With the #1 women's program in the world and a men's program that should expect again to fight for championships, Jean-Michel Aulas has built a world-class organisation of which the City of Lyon and its passionate fans can be proud. I look forward to many years of partnership with Jean-Michel as we work together to meet the high expectations of our supporters. I would like to call our supporters attention to the key backers of Eagle Football without whose help this investment would not have been possible. The ownership experience of both Iconic Sports and Ares in global professional sports, including football, means they bring much more than just capital to our family of clubs. In addition, the technology and consumer-apps experience of Elmwood Partners will help us to set new standards for the future of fan enjoyment." John Textor, Eagle Football Founder.
Olympique Lyonnais was advised by Ernst & Young and Gide Loyrette Nouel. Eagle Football was advised by DLA Piper. IDG was advised by The Raine Group and Allen & Overy (led by Frederic Moreau and Marc Castagnede). Holners was advised by Delsol Avocats (led by Henri-Louis Delsol).
NEPI Rockcastle, an owner, and operator of shopping centers in Central & Eastern Europe, completed the acquisition of Forum Gdansk Shopping Centre from Blackstone, a private equity firm, for €250m.
"Forum Gdansk represents a compelling investment opportunity. We strongly believe in retail real estate and its positive outlook, despite concerns over the macroeconomic context and potential slowdown as a result of the rising inflation and interest rates. We are long-term investors, and we are confident that fundamentally Central and Eastern Europe is a region that will continue to show further economic growth in the future," Rüdiger Dany, NEPI Rockcastle CEO.
Thomas H. Lee Partners, a private equity firm, agred to acquire a majority stake in Bynder, a global provider of digital asset management from Insight Partners, an investment company. Financial terms were not disclosed.
“We’ve devoted considerable time and resources to understanding the technology needs of marketing and sales organizations. We’re excited to apply that experience to support Bynder in helping its customers grow their businesses," Jim Carlisle, THL Managing Director.
Bynder is advised by Arma Partners, CMS (led by Roman Tarlavski), Lincoln International and Red Lorry Yellow Lorry. Thomas H. Lee Partners is advised by William Blair & Co and Edelman.
Velvet Cichlid, a company controlled by a consortium consisting of GLA Invest, MCGA, h265 and Petter Wallin, offered to acquire the remaining 32% stake in Sleep Cycle, a Swedish provider of software solutions, for SEK862m ($83m).
"I founded Sleep Cycle in 2009 with the purpose of empowering people to improve their health through better sleeping habits. Since then, Sleep Cycle has grown fast, and today we have over 2m active users in more than 150 countries. This journey has been a great source of professional and personal pride for me, and the journey reached a pitstop when the company went public in 2021, which was an important step in the company's development. Today, the world is radically different, and we now live in a turbulent environment with great economic uncertainty that will impact the company's ability to grow. In order to achieve the growth and profitability targets that the company has set, and to maintain Sleep Cycle's leading market position in a highly fragmented market, long-term investments will need to be made in product development and market expansion. Our assessment is therefore that these investments are better made in a private environment," Maciej Drejak, Sleep Cycle Founder.
Sleep Cycle is advised by Fogel & Partners. Velvet Cichlid is advised by Carnegie Investment Bank and Vinge (led by Jesper Schönbeck).
Stephen Blyth, Xpediator former CEO, Baltcap, a private equity and venture capital investor, and Justas Versnickas offered to acquire Xpediator, an integrated freight management business operating in the supply chain logistics and fulfillment sector, for $73m.
The proposal, if it was to proceed to a formal offer, is subject to the satisfaction or waiver of a number of customary pre-conditions, including satisfactory completion of due diligence and the finalization and documentation of financing for the transaction.
Xpediator is advised by Zeus Capital and Novella Communications (led by Tim Robertson).
Westbury Street Holdings, a contract catering company, completed the acquisition of Meyers, a food products company, from IK Partners, a private equity firm. Financial terms were not disclosed.
"Meyers has developed into an innovative and forward-looking company with an unwavering focus on quality, sustainability and hospitality. Our values are very similar, and we look forward to supporting Meyers in executing existing and new plans for growth in both Denmark and internationally," Noel Mahony, WSH CEO.
Meyers was advised by LEAD Agency (led by Lars Volle). IK Partners was led by Carnegie Investment Bank.
Microsoft agreed to acquire a minority stake in stock exchange and financial information company London Stock Exchange Group from Blackstone and Thomson Reuters, a media conglomerate. Financial terms were not disclosed.
Thomson Reuters plans to use the approximately $1bn of gross proceeds from the transaction to pursue organic and inorganic opportunities in key growth segments and provide returns to shareholders. Closing of the transaction is subject to customary antitrust and regulatory approvals and is expected to complete in the first quarter of 2023.
Repsol, an energy and petrochemical company, completed the acquisition of Asterion Energies, a renewable energy investment platform, from Asterion Industrial, an investment management firm, for €580m ($617m).
"We are realizing our ambition to be leaders in the energy transition, taking firm steps, such as this asset acquisition, to meet our goals of growth, diversification, and focus on multi-energy. The projects and human talent that we are incorporating with this transaction perfectly complement our strategy," Josu Jon Imaz, Repsol CEO.
Bain Capital, an American private investment firm, and MV Credit, a private credit firm, agreed to acquire a majority stake in Pronovias Group, a luxury bridal brand, from BC Partners, an alternative investment manager. Financial terms were not disclosed.
“The Group will now have greater strength and the financial firepower to accelerate our business plan. Pronovias is the leading bridal fashion brand in the world, and we have all the necessary elements to keep on shaping this industry as it rebuilds following the pandemic. We are absolutely committed to the growth of the Group, jointly with our partners and suppliers, as well as our valued customers. We are grateful for the support that BC Partners has given us during these past five years, including the significant operational and financial support that enabled us to navigate the exceptional business challenges created by the pandemic. Thanks to the consortium, today we are on a strong footing and fully prepared to manage successfully our future development,” Amandine Ohayon, Pronovias Group CEO.
Unigestion, the independent specialist asset manager, completed the acquisition of Babington, a UK apprenticeship provider, from RJD Partners, an independent lower mid-market private equity investor. Financial terms were not disclosed.
"We are delighted to be entering this exciting new chapter with Unigestion. We are committed to advancing the breadth, depth, and sophistication of our services to support customers in a holistic way. Our mission is to help organisations join the dots across their talent strategies whilst supporting individuals to build meaningful careers, and in turn developing better futures for all. In Unigestion we have found a partner that is fully aligned with our values to deliver a positive impact for our clients and to grow sustainably and responsibly," David Marsh, Babington CEO.
Abu Dhabi National Oil, the State-owned oil company of the United Arab Emirates, agreed to acquire a 24.9% stake in OMV, a multinational integrated oil, gas and petrochemical company, from Mubadala, a sovereign wealth fund. Financiall terms were not disclosed.
“Building on the strong bilateral ties between the UAE and Austria, and our long-standing partership with OMV, ADNOC is delighted to be acquiring a 24.9% stake in OMV. As we continue to meet the growing global demand for lower carbon energy, we are fast-tracking the delivery of our growth strategy and expanding our footprint across key strategic markets and sectors. This milestone transaction, alongside our 25% shareholding in Borealis, is testament to our focused investment in building an integrated chemicals platform to accelerate our ambitious growth strategy that will unlock significant growth opportunities across our broader chemicals portfolio, with a particular focus on creating distinctive value for Borouge and its shareholders,” Sultan Al Jaber, ADNOC Managing Director and CEO.
JP Morgan in advanced talks to acquire a 48.5% stake in Viva Wallet for more than $800m.
JP Morgan in advanced talks to acquire a 48.5% stake in Viva Wallet, a financial payment firm, for more than $800m.
The stake is to be acquired from Viva Wallet's minority shareholders, including the Latsis family office, which holds about 13% of the firm, British fund Hedosophia with about 24% and Deca Investments with about 10%, Reuters reported.
M&G commits $244m to two impact investment strategies of responsAbility.
London-based investment firm M&G has committed £200m ($244m) into two impact investment strategies of the Swiss investor responsAbility Investments.
The investment strategies aim to tackle food challenges in Asia and Latin America. The deal follows M&G’s complete acquisition of the Zürich-headquartered impact asset manager earlier in May this year.
The two investment strategies in Asia and Latin America are designed to improve the production and accessibility of healthy food globally and strengthen the agricultural value chain, DealStreetAsia reported.
Inflexion mulls sale of Chambers & Partners.
Buyout group Inflexion is weighing a sale of Chambers & Partners, the global provider of legal rankings.
The mid-market investor has appointed advisers at Harris Williams to gauge interest in Chambers with a view to launching a formal sale process next year.
UK orders firm linked to Russians to sell broadband provider.
UK Business Secretary Grant Shapps ordered a company founded by sanctioned Russian businessmen to sell its holding in a broadband company operating in eastern England, citing a risk to national security.
LetterOne, the investment company founded by billionaires Mikhail Fridman, Petr Aven and German Khan, must sell its entire stake in Upp, according to the order, which doesn’t announce the deadline.
PIB to buy a stake in National Central Cooling.
The Public Investment Fund is in talks to buy a stake worth about $250m in Saudi Tabreed, the local venture of United Arab Emirates-listed National Central Cooling, Bloombergreported.
The deal would give the PIF, as the wealth fund is known, a significant holding in the district cooling company ahead of a planned initial public offering in the next two-to-three years. Terms of the agreement aren’t finalized and may change.
Oman Investment Authority expects $1.3bn from divestments next year.
Bloombergreported that the Oman Investment Authority plans to raise more than $1.3bn by existing its investments in eight sectors next year as Gulf nations increasingly lean on state assets to bolster their finances.
The state-run wealth fund plans to exit three companies in the energy sector. It is also seeking to divest from companies in aviation, tourism, and communications and information technology sectors. Across the energy-rich Gulf, governments are readying plans to sell assets to fund the diversification of their economies, attract international investors and boost trading volumes. Saudi Arabia and the United Arab Emirates are in the midst of such programs, which have fueled a boom in initial public offerings.
United Internet web hosting arm Ionos eyes $5.3bn IPO value.
United Internet is eyeing a potential market value of as much as $5.3bn in the planned listing of its web hosting arm Ionos Group, in what’s set to be a litmus test for Europe’s moribund IPO market, Bloomberg reported.
Ionos’s owners, United Internet and Warburg Pincus, have been holding preliminary meetings with fund managers in recent weeks to gauge investor appetite for the float. They plan to push ahead with the share sale by February based on investor feedback though timing and valuation are fluid.
Capricorn shareholder Palliser calls for board overhaul meeting.
Capricorn Energy's third-biggest shareholder, Palliser Capital, has called for a general meeting to set a vote on removing seven Capricorn directors from supervisory roles, including the CEO, Reuters reported.
Palliser is one of a chorus of Capricorn investors opposed to a planned merger with NewMed Energy that would create a gas producer focused on Israel and Egypt at a time when Europe is looking for non-Russian gas, arguing that it undervalues Capricorn.
RATCH Group, a Thailand-based independent power producer, completed the acquisition of the portfolio of Australian and Southeast Asian energy assets from Denham Capital-backed Nexif Energy, the renewables focused power development and investment company, for $1bn.
“NEXIF RATCH Energy will execute a focused strategy utilizing multiple renewable technologies combining with energy storage to establish a differentiated presence in several countries in its target geography. The quest of host countries to achieve the net-zero objective and the volatility in the conventional energy markets offers endless possibilities of growth for NEXIF RATCH Energy," Matthew Bartley, Nexif Founder and Managing Director.
RATCH Group was advised by White & Case (led by Jonathan Olier). Denham Capital was advised by JP Morgan and FTI Consulting (led by Elizabeth Adams). Nexif was advised by Credit Suisse, Freshfields Bruckhaus Deringer (led by Nigel Gleeson and Richard Bird) and Citigate Dewe Rogerson.
Australia's Origin Energy reassured shareholders that Canada's Brookfield Asset Management, leading a $11.9bn takeover offer, had not found any deal breakers in its books so far, which boosted its shares, Reuters reported.
"The Consortium has confirmed that it is on track to complete its due diligence early in the new year, it has not identified any material adverse matters to date, and it continues to work on confirming its Indicative Proposal," Origin.
Hormel Foods, a food processing company, completed the acquisition of a 29% stake in Garudafood, a food and beverage company, from CVC, a private equity and investment advisory firm. Financial terms were not disclosed.
"This strategic investment enhances our partnership with Garudafood, which has been instrumental in helping us expand our business into Indonesia and Southeast Asia. Garudafood is a market leader, with strong and reputable brands, local expertise and a best-in-class distribution network. We look forward to accelerating our presence in these high-growth geographies and the snacking and entertaining category as we further leverage the strengths and capabilities of both companies," Jim Snee, Hormel Foods Chairman, President and CEO.
Hormel Foods was advised by Barclays and Faegre Drinker Biddle & Reath. CVC was advised by Bank of America and White & Case.
KKR & Co, a global investment firm, agreed to acquire Bushu Pharmaceuticals, a provider of contract manufacturing services, from BPEA EQT, an Asian private equity firm. Financial terms were not disclosed.
"We are proud to invest in the growth and success of Bushu Pharma, a premier manufacturer for pharmaceutical businesses. We see significant demand for strategic and reliable solutions to address a range of challenges facing the global healthcare industry. By leveraging KKR's deep experience in healthcare, tech, and supply chain solutions, we aim to help Bushu Pharma to further scale its best-in-class business and to drive growth and technical innovation that will ultimately benefit patients in Japan and around the world," Hiro Hirano, KKR Co-Head of Private Equity for Asia Pacific and CEO of Japan.
KKR & Co is advised by FGS Global (led by Deborah Hayden). BPEA EQT is advised by JP Morgan. EQT is advised by Kekst CNC.
KKR, an American global investment company, agreed to invest $576m in SK E&S, a utility networks services provider.
“We are pleased to extend our collaboration with SK E&S and support its mission-critical diversification into renewable energy solutions both within and outside of Korea. We are also excited to deepen our existing relationship with SK Group, and believe that this transaction is highly aligned with KKR’s broader strategy to create tailored solutions to support the corporate objectives of Korean enterprises,” Keith Kim, KKR Managing Director.
Neusynergy Capital Management agreed to acquire Money Square, a Japanese investment solutions and fintech provider focused on foreign exchange trading services, from Carlyle, a global investment firm. Financial terms were not disclosed.
Carlyle believes Money Square's customer-centric approach to serving its customers' anticipated medium- and long-term FX investment management needs closely aligns with Nojima's strategic focus on developing its personal financial services business, and will support continued growth at the Company as it enters its next stage of development.
Edelweiss Group, a financial services company, agreed to acquire L&T Infrastructure Development Projects, a construction engineering company, from Larsen & Toubro, an engineering company, and Canada Pension Plan Investment Board, a private equity firm, for $725m.
L&T IDPL will be acquired by Epic Concesiones Private Limited, a portfolio company of Infrastructure Yield Plus strategy, managed by Edelweiss Alternative Asset Advisors Limited. L&T IDPL, a significant participant in the Indian infrastructure sector, holds assets including operational toll and annuity road concessions and power transmission lines.
Fenbushi Capital, a blockchain-focused venture capital firm, agreed to lead a $300m Series C funding round in Amber Group, a crypto trading firm, with participation from other crypto investors and family offices.
"Post the FTX collapse, we paused [the series B+ fundraise] after a partial closing and instead moved forward on Series C," Amber Group.
Anchorage Capital Partners, an Australian private equity fund, agreed to acquire David Jones, an Australian upmarket department store, from Woolworths, an Australian trans-Tasman retailer. Financial terms were not disclosed.
"This is a major milestone in the repositioning of WHL for growth, while simultaneously improving return on capital for our shareholders. The strategic rationale at the time of the acquisition did not materialise to the extent originally envisaged. While David Jones has successfully executed on its turnaround, notwithstanding the Covid-19 disruptions, now is the right time for the business to operate under new ownership, while WHL refocuses on its core South African and Australian Country Road Group businesses," Roy Bagattini, Woolworths CFO.
Toshiba's preferred bidder JIP to seal $10.6bn loan deal this week.
Japan Industrial Partners, the preferred bidder to buy out Toshiba Corp, is set to sign a loan agreement of about $10.6bn with lenders this week, DealStreetAsiareported.
Toshiba’s shares surged on the report and were up 5% in mid-afternoon trade.
India's Yes Bank completes transfer of $5.8bn worth bad loans to J.C. Flowers.
Indian private lender Yes Bank said it completed the transfer of bad loans worth $5.8bn to private equity firm J.C. Flowers, in a deal aimed at cleaning up its balance sheet.
The deal, the largest sale of bad loans in the Indian banking sector yet, comes more than two years after the central bank stepped in to take control of the lender after a dramatic rise in toxic assets alarmed investors and depositors, Reuters reported.
KKR acquired 39 Tokyo multifamily properties. (RE)
Global investment firm KKR has acquired 39 Tokyo multifamily properties through its real estate fund.
“Tokyo’s residential sector is prized by investors for its exceptional strength and stability, which makes this multi-family portfolio a suitable fit for KREST’s focus on stabilised income-producing real estate with long-term asset appreciation potential,” Kensuke Kudo, KKR Japan Real Estate Director.
NZ Super Fund commits $100m to Wellington Management's climate-focused vehicle.
NZ Super Fund, New Zealand’s sovereign wealth fund, announced that it has committed $100m to an investment vehicle that focuses on climate change mitigation and adaptation, DealStreetAsia reported.
The commitment is for Wellington Management’s Climate Innovation Fund I, which will invest in companies developing products and solutions in sectors such as energy transformation, sustainable buildings and cities, transportation and mobility, industrial and enterprise efficiency, and food and agriculture.
VIAM appoints Apex Group for private credit fund admin.
Apex Group has been appointed to provide fund administration services to VIAM’s VI Asia Private Credit Fund, which provides financing solutions to Asian SMEs that are underserved by traditional financing channels and require capital to move to the next stage of growth and increased sustainable mode of operation going forward.
VIAM is an established asset management group with over $11bn of AUM across multiple asset classes and key business centres in Hong Kong, Singapore, and South Korea
AG Capital kicks off inaugural fund with Improove buyout.
Austrian sponsor AG Capital has kicked off the deployment of its inaugural $148m fund with the buyout of Vienna-based SEO agency Improove Group as it scouts for further investments in DACH, co-founder Karl Lankmayr told Unquote.
Improove, which also has offices in Madrid and New York, provides search engine optimisation (SEO) services to more than 130 global customers, Unquotereported.
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