AMERICAS
WM Holding, a technology and software infrastructure provider to the cannabis industry, went public via a SPAC merger with Silver Spike Acquisition in a $1.5bn deal. Investors in PIPE included AFV Partners, Federated Hermes Kaufmann Funds, Senvest Management and Silver Spike Capital.
"We are thrilled to partner with Silver Spike to transition WMH to our next phase of growth as a public company. Our partnership with Silver Spike will provide us a stronger platform to advance our mission to advocate for legalization, social equity and licensing in many jurisdictions while providing cannabis businesses with the tools needed to succeed in a highly complex world of regulations," Chris Beals, WMH CEO.
WM Holding was advised by Rothschild & Co, Cooley, Dentons and Gibson Dunn & Crutcher. Silver Spike Acquisition was advised by BTIG, Canaccord Genuity, JMP Securities, Piper Sandler, Stifel, Trust Securities, Davis Polk & Wardwell and Gasthalter & Co.
Investment firms Blackstone Real Estate Partners and Starwood Capital Group completed the acquisition of Extended Stay America, the operator of an economy apartment hotel chain in the United States and Canada, for $6bn.
"Travel and leisure is one of Blackstone’s highest conviction investment themes, and we have confidence in the extended stay model. We helped create this company nearly twenty years ago, and believe our expertise puts us in a unique position to add long-term value," Tyler Henritze, Blackstone Real Estate Head of US Acquisitions.
Extended Stay America was advised by Goldman Sachs and Fried Frank Harris Shriver & Jacobson. Starwood was advised by Kirkland & Ellis and Abernathy MacGregor Group. Blackstone was advised by Citigroup, JP Morgan and Simpson Thacher & Bartlett.
EverArc, a publicly-listed acquisition company, agreed to acquire Perimeter Solutions, a global manufacturer of firefighting products and lubricant additives, from SK Capital, a private investment firm, for $2bn.
Upon closing, EverArc will undertake a reorganization pursuant to which it and the company will become the wholly-owned subsidiaries of a newly formed Luxembourg company, Perimeter Solutions.
EverArc is advised by Morgan Stanley, UBS, Valence Group, Greenberg Traurig and Maples Group. UBS is advised by Herbert Smith Freehills. SK Capital is advised by Kirkland & Ellis.
QualTek, a turnkey provider of infrastructure services to the 5G wireless, telecom, and renewable energy sectors, agreed to go public via a merger with Roth CH Acquisition III Co, a publicly-traded special purpose acquisition company, in an $829m deal.
"This merger positions QualTek to capitalize on the tremendous opportunities in the 5G wireless, telecommunications infrastructure and renewables industries. I am so proud of all that our employees and partners have accomplished in building this great company. We are very excited about the future as we continue to enhance our technology-driven service platform," Scott Hisey, QualTek CEO.
QualTek is advised by Citigroup, Harris Williams & Co and Kirkland & Ellis. Roth CH Acquisition III is advised by Craig-Hallum Capital Group, ROTH Capital Partners and Loeb & Loeb. Brightstar is advised by Dukas Linden Public Relations.
Platinum Equity to acquire McGraw Hill from Apollo Global for $4.5bn. (FS)
Private equity firm Platinum Equity agreed to acquire McGraw Hill, a provider of educational content and digital platforms, from Apollo Global Management for $4.5bn.
"We believe in McGraw Hill's mission to create a brighter future for learners of all ages around the world. The pandemic has been especially disruptive to education, and investing in innovative solutions, and digital learning tools in particular, is more important than ever. We are excited about the opportunity to put our operational and financial resources to work on behalf of students and teachers everywhere," Tom Gores, Platinum Equity Founder and CEO.
McGraw Hill is advised by BMO Capital Markets, Macquarie Capital and Paul Weiss Rifkind Wharton & Garrison. Platinum Equity is advised by Gibson Dunn & Crutcher and Willkie Farr & Gallagher. Debt financing is provided by Bank of America.
Apax Partners agreed to acquire CyberGrants, a provider of Software-as-a-Service solutions for corporate social responsibility, employee engagement, and volunteer management, from private equity firm Waud Capital Partners. Financial terms were not disclosed.
"We are thrilled to partner with CyberGrants and we look forward to supporting them in their mission to help organizations maximize their impact. For over a decade, Apax and the Apax Funds' portfolio companies have strived to achieve measurable ESG and CSR objectives, and we continue to look for ways to increase our positive impact on society and the environment. These initiatives are made easier with the help of companies like CyberGrants," Jason Wright, Apax Partner.
CyberGrants is advised by Raymond James, Shea & Co and Kirkland & Ellis. Apax is advised by Evercore and Skadden Arps Slate Meagher & Flom.
REPAY, a provider of vertically-integrated payment solutions, completed the acquisition of BillingTree, a provider of omni-channel, integrated payments solutions, from Parthenon Capital, a private equity firm, for $503m.
"We are thrilled to announce this acquisition, our largest to date, and look forward to further expanding our position in Healthcare, Credit Unions, and Accounts Receivable Management with the help of BillingTree’s team and strong platform capabilities," John Morris, REPAY CEO.
BillingTree was advised by Financial Technology Partners and Kirkland & Ellis. REPAY was advised by Credit Suisse and Troutman Pepper.
Elanco to acquire Kindred Biosciences for $440m.
Elanco, an animal health care company, agreed to acquire Kindred Biosciences, a clinical-stage biopharmaceutical company focused on saving and improving the lives of pets, for $440m. Elanco will acquire all outstanding stock at $9.25 per share representing a premium of 52%.
"This highly complementary combination is focused in one of the most exciting spaces in pet health, and one where we see a strategic imperative to build a differentiated competitive offering. It further accelerates our mix shift into pet health and advances our IPP strategy. Ultimately, we believe the combination positions Elanco to bring innovative solutions to veterinarians and pet owners in areas of unmet or under-served medical needs, fueling continued growth in the exciting pet therapeutic category and creating sustainable long-term value for shareholders," Jeff Simmons, Elanco President and CEO.
Elanco is advised by Goldman Sachs and Covington & Burling. Kindred is advised by Barclays and Morrison & Foerster.
OmniCable, a redistributor of wire and cable, electrical products, and value-added services, completed the acquisition of Houston Wire & Cable, a wholesaler of wire and cable to the electricity distribution market, for $91m.
"HWCC, Vertex and OmniCable are highly respected suppliers in their respective markets serving electrical and industrial distributors throughout the US and Canada. This merger creates an outstanding combination of leading businesses that will be well-positioned to provide increased value and customer service to its redistributor partners," James L. Pokluda III, HWCC President & CEO.
Houston Wire & Cable was advised by Johnson Rice & Company, William Blair & Co and Schiff Hardin. OmniCable was advised by Lewis Rice.
Bain Capital Credit, a global credit specialist, agreed to invest in Surf Broadband Solutions, a fiber-based high-speed broadband provider in the Great Lakes region. Financial terms were not disclosed.
"We are excited to embark on our next phase of expansion with experienced investment partners who share our vision for building Surf Broadband into a leading FTTP provider with a state-of-the-art network, differentiated customer service and an unmatched local presence," Gene Crusie, Surf Broadband CEO.
Surf Broadband Solutions is advised by Houlihan Lokey and Perkins Coie. Bain Capital Credit is advised by Kirkland & Ellis and Stanton PRM.
Heartland Dental, a dental support organization, completed the merger with American Dental Partners, a dental support organization. Financial terms were not disclosed.
"We are thrilled to bring together two historic industry leaders to further doctor-led, high-quality oral health care. Heartland and ADPI share a mission to support dentists and their teams in delivering the highest quality patient care and experiences to the communities they serve. Together, we will have expanded geographic reach and operational resources to deliver unparalleled value and support to doctors," Patrick Bauer, Heartland Dental President and CEO.
American Dental Partners was advised by Harris Williams & Co and Skadden Arps Slate Meagher & Flom. Heartland Dental was advised by Ropes & Gray.
Medical Properties Trust, a real estate investment trust, agreed to acquire a stake in Springstone, a provider of healthcare services, from Welsh Carson Anderson & Stowe, a private equity firm, for $950m.
“The Springstone investments give MPT a major presence in the rapidly expanding United States behavioral health care market, which has been underserved in our society despite importance on the same level as acute and post-acute care hospitals. MPT’s acquisition of the 18 purpose-built inpatient facilities, much like our recent investment in the Priory portfolio in the United Kingdom, appropriately targets the highest level of acuity within the behavioral care continuum, and we believe that our investment in the operating company will result in additional attractive real estate opportunities," Edward K. Aldag Jr., MPT Chairman, President, and CEO.
Medical Properties Trust is advised by Barclays and Guggenheim Partners.
Viavi Solutions, an American network test, measurement and assurance technology company, offered to acquire EXFO, a company that designs and manufactures test instruments and service assurance products for fixed and mobile telecom networks, for $430m.
"There are clear strategic merits for combining VIAVI and EXFO to build the leader in communications test and measurement for the next decade. The strength of the combined teams and technology, combined with significantly greater scale and financial resources, would enable strong investment in growth while achieving greater operating leverage than either company could do alone," Viavi.
Viavi is advised by Fried Frank Harris Shriver & Jacobson and McCarthy Tetrault.
Merck-backed Organon, a pharmaceutical company, completed the acquisition of Alydia Health, a commercial-stage medical device company, for $240m, including $215m upfront plus a $25m contingent milestone payment.
“The acquisition aligns with Organon’s strategy to become a global leader in women’s health by focusing our product development on her unmet medical needs. We believe that Organon’s strong global commercial footprint in reproductive health, in conjunction with Alydia’s rapidly growing commercial capabilities in the US, will help enable growth of the Jada® System, including potential expansion into Europe and other developed countries, as well as in the world’s least developed markets where Organon has significant experience creating affordable access,” Kevin Ali, Organon CEO.
Organon was advised by Paul Hastings. Alydia Health was advised by Guggenheim Partners.
Blackstone-backed Vungle, a mobile performance marketing platform, agreed to acquire JetFuel, an influencer marketing platform headquartered in San Francisco. Financial terms were not disclosed.
"JetFuel brings strong technical expertise and commercial success in social media and influencer marketing, creating a unique and valuable extension to our performance marketing platform that will empower not only our current customers but the next generation of digital entrepreneurs," Jeremy Bondy, Vungle CEO.
Vungle is advised by Simpson Thacher & Bartlett.
Randall-Reilly, a B2B data and analytics platform for transportation, construction, agriculture and other industrial markets, agreed to acquire the iron solutions business of Trimble, a Sunnyvale, California-based hardware, software and services technology company. Financial terms were not disclosed.
"We are continually evaluating our portfolio of businesses as we work on the execution of Trimble's Connect and Scale 2025 strategy. As we refocus our efforts on Trimble's core capabilities, Iron Solutions will be an ideal fit with Randall-Reilly's existing portfolio of market intelligence solutions," Rob Painter, Trimble President and CEO.
Randall-Reilly is advised by BrightTower.
Private equity firm JMI Equity completed a $120m investment in Greenlight Guru, a modern quality management software developer.
"We listened to the needs of the medical device industry and chose JMI Equity as a strategic partner because they are experts at achieving growth by putting the customer first. We've been extremely deliberate when taking on investment because we wanted to ensure we found the right partner for us and our customers. This partnership will allow us to accelerate the value we provide to our customers as we remain committed to helping medical device companies get their life-changing products to patients and achieve our mission of improving the quality of life," David DeRam, Greenlight Guru CEO.
JMI Equity was advised by Abernathy MacGregor Group.
Maverick Capital, M28 Capital, and Population Health Partners led a $100m Series F Round in Fractyl, a life sciences company dedicated to developing novel therapeutic interventions aimed at reversing the metabolic disease epidemic.
"We're immensely proud of the leadership role Fractyl has established in creating innovative treatments to address the root cause of metabolic disease, with an initial focus on type 2 diabetes. The closing of this Series F financing, the significant experience of our new board members and our company's renaming as Fractyl Health reflect the momentum we have built and the vast potential that lies ahead for our approach," Harith Rajagopalan, Fractyl CEO.
Fractyl was advised by Ten Bridge Communications.
Ontario Teachers' Pension Plan Board led a $300m Series D round in ApplyBoard, the online platform that empowers students around the world to access top quality education, with participation from Fidelity Management & Research Company, BDC, Harmonic, Index Ventures, Garage Capital and Blue Cloud Ventures.
"Education has the power to change lives and bring peace to the world, and ApplyBoard is more committed than ever to helping the millions of students who are dreaming of studying abroad," Martin Basiri, ApplyBoard CEO.
Qatar Investment Authority led a $275m funding round in Thumbtack, a modern home management platform, with participation from Blackstone, G Squared, Baillie Gifford, CapitalG, Founders Circle Capital, Sequoia Capital, and Tiger Global Management.
"We want instant, on-demand everything, but when it comes to fixing, maintaining and improving our homes that experience doesn't exist. Thumbtack has an incredible opportunity to bring the $500bn home services market into the 21st century. We will create a new era of home management — and deliver the peace of mind every homeowner needs," Marco Zappacosta, Thumbtack CEO.
BOND, a venture capital firm, led a $200m Series B funding round in BrowserStack, a developer of a software testing platform intended to power software tests every day across various global data centers. Additional investors included private equity firms Insight Partners and Accel.
"We are going to double-down on solving new developer problems in the space of DevOps testing. Our recent acquisition of Percy, a visual testing platform, was just the start. We will accelerate the rate at which we take new products to market through acquisitions and investment in our Product and Engineering teams. We want to achieve our vision of becoming the testing infrastructure for the internet," Ritesh Arora, BrowserStack Co-Founder, and CEO.
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $170m Series C funding round in IRL, a social calendar app. Additional investors include Dragoneer, Goodwater Capital, Founders Fund and Floodgate.
The company is planning to use a portion of its fundraise to help fuel the new events economy by allocating a certain amount of money per city that will go toward helping people put on real-world events. IRL also plans to expand its international footprint by finding ways to bring in non-US users to its platform — possibly beginning with the events focused on watching the Olympics.
D1 Capital Partners, a global investment firm, led a $150m Series F round in Addepar, a technology platform for wealth management.
"Eric continues to build an amazing team around him, and their hard work is showing with exciting momentum towards achieving our vision. This is a rare company where the second decade is much more exciting than the first - Addepar will continue to grow at a high rate for a long time, and will be a much more impactful platform than people yet realize, as a key part of the global financial infrastructure," Joe Lonsdale, Addepar Founder and Chairman of the Board.
Orica, Littlejohn, and One Rock Capital are among bidders for Chemours mining solutions. (FS)
Australian explosives maker Orica and private equity firms Littlejohn and One Rock Capital are among groups that have submitted bids for the potential sale of Chemours' mining solutions business.
The US chemicals company has received indicative offers for the asset, which could be valued at more than $600m in a sale. Deliberations are at an early stage and the companies could decide not to proceed with bids, Bloomberg reported.
Stronach Group explores strategic options.
Stronach Group, the closely-held company led by former politician Belinda Stronach, is exploring options for parts of its portfolio after fielding interest from special purpose acquisition companies and other suitors, Bloomberg reported.
The Canadian technology, entertainment and real estate development company is working with an adviser to consider the sale or licensing of its assets after a number of parties, including digital betting and media companies, expressed interest in aspects of the business. Stronach Group’s portfolio is estimated to be worth more than $1.5bn.
Indorama Ventures is in talks to acquire Oxiteno.
Indorama Ventures, a producer of the intermediate petrochemicals and wool yarns, is in exclusive talks to acquire Ultrapar-backed Oxiteno, a manufacturer of surfactants and chemicals.
Ultrapar has been divesting some assets to concentrate on oil and gas businesses, Reuters reported.
BlackRock eyes at least $100bn of capital inflow into alternatives platform by 2023. (FS)
BlackRock is seeking at least $100bn of capital raising across its alternatives platform by 2023. The firm plans to invest more in growth drivers credit and infrastructure in the next three-to-five years – the two asset classes that are “the most underdeveloped and underinvested part within our clients’ portfolios.
Approximately 90% of capital in the firm’s alternatives business is from institutional investors, and the remaining 10% in private wealth. BlackRock plans to shift this with a goal of about 25% or maybe even plus for the latter in the coming years as the growth of global wealth and prevalence of alternatives in wealth client portfolios becomes more significant.
“Over the past five years alone we have raised $100bn. However, we’d expect to raise the same amount if not more – $100bn-plus – in only the next three years. A much more truncated period of time, but I think that speaks to the range of what we do, and also the ambition and appetite for our clients.” Edwin Conway, BlackRock Alternative Investors Global Head.
Tiger Global-backed Bright Health aims for over $14bn valuation in US IPO. (FS)
Tiger Global and Blackstone-backed Bright Health, a health insurtech firm, is aiming for a valuation of more than $14bn in its US IPO.
The potential listing comes as more people sought remote healthcare during the Covid-19 pandemic, supercharging the telemedicine market and prompting companies to expand their scale, Reuters reported.
JP Morgan, Goldman Sachs, Morgan Stanley and Barclays are the lead underwriters for the offering.
Doximity to raise $536m at $4bn valuation in US IPO.
Doximity, a social network for doctors, is looking to raise nearly $536m through a US initial public offering, targeting a valuation of about $4bn.
Doximity plans to sell 23.3m shares priced between $20 and $23 per share. About 19m shares will be sold by Doximity, while roughly 4.3m shares are being offered by existing investors, Reuters reported.
Morgan Stanley, Goldman Sachs and JP Morgan are the lead underwriters for the offering.
Credit Sesame eyes a $2bn US IPO.
Credit Sesame is planning to file for a US initial public offering that could value the credit checking and financial services provider at more than $2bn.
The San Francisco-based company is working with investment banks, including Goldman Sachs, on its plans for listing in New York later this year.
Credit Sesame launched in 2011 by providing consumers with free access to their credit scores and then expanded into recommending financial products. Last year, it launched an online banking service which rewards users with cash for improving their credit rating.
Banco Inter launches a $1bn share offering.
Banco Inter, a Brazilian digital lender, launched a share offering to raise up to $1.09bn. The price per unit, comprising one common share and two preferred shares, was set at $11.4. The company will determine the final offering volume on June 24.
Bradesco, BTG Pactual, Bank of America, Banco Itau, JP Morgan and UBS will manage the offering.
BR Partners relaunches a $111m IPO.
BR Partners, a Brazilian investment bank, is relaunching its initial public offering and is planning to raise up to $111m. The bank plans to use the proceeds to expand its loan, capital markets and trading businesses, and its partners are also planning to sell a stake in it.
BR Partners will sell 22m new units, which are comprised of one common share and two preferred shares. Depending on demand, the bank may increase the offering by 30%, with both primary and secondary offerings, Reuters reported.
Princeton Equity Group Fund I exceeds a $350m hard cap. (FS)
Princeton Equity Group, a private equity firm focused on control investments in franchisor and multi-unit companies, announced the final closing of its inaugural fund, Princeton Equity Partners I, with more than $350m in total commitments, surpassing its initial $250m target.
The fund exceeded its hard cap and was oversubscribed. Investors include US and non-US-based endowments, foundations, insurance companies, public pensions, fund-of-funds, asset managers, and family offices.
Princeton was advised by Aviditi Advisors and Kirkland & Ellis.
EMEA
Britain's competition regulator accepted Asda's offer to sell 27 petrol stations to satisfy concerns the takeover could lead to higher fuel prices and will not refer the deal for an in-depth probe, Reuters reported.
In April CMA raised concerns over petrol prices and called on Asda's buyers to address them to avoid the deal being referred for an in-depth investigation. The Issa brothers and TDR Capital, a private equity firm, must now select a purchaser for the petrol stations, which the CMA must approve for the deal to be finally cleared.
Asda is avised by Finsbury Glover Hering. TDR Capital isa dvised by Bank of America, Barclays, Lazard, Morgan Stanley, Kirkland & Ellis, Latham & Watkins, Ogier, Brunswick Group and Tulchan Communications. Debt financing is provided by Barclays, ING Bank, Lloyds Bank and Morgan Stanley. ISSA brothers are advised by Skadden Arps Slate Meagher & Flom. Walmart is advised by Rothschild & Co, Slaughter & May and Finsbury Glover Hering.
Nvidia, an American multinational technology company, may not be able to meet a March 2022 deadline for closing its $40bn acquisition of Arm, a British chip technology firm, due to European regulators’ reluctance to consider the case until after the summer holidays, Reuters reported.
The company needs regulatory approval from US, European and Chinese authorities. Nvidia has not yet filed an application to clear the deal with the European Commission. However, officials need until September to gather enough information to accept Nvidia’s formal application for approval.
Nvidia is advised by Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Brunswick Group. Softbank is advised by Goldman Sachs, The Raine Group, Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co. Financial advisors are advised by White & Case. Arm is advised by Hogan Lovells.
Nova Resources, an investment company, completed the acquisition of the remaining 61% stake in Kaz Minerals, a copper company focused on a large scale, low-cost open-pit mining in Kazakhstan, for $5.5bn.
"Mr. Kim and I believe that KAZ Minerals has made notable progress as a public company since listing on the London Stock Exchange in 2005. However, driven by the current market uncertainty and the corporate circumstances of sequential development projects, we believe that KAZ Minerals' long term interests would be best served as a private company. We remain confident that the execution of a higher risk, capital intensive strategy remains the optimal long term path for KAZ Minerals, but we recognise that our risk appetite may be misaligned with the preference of many investors in the mining sector," Oleg Novachuk, Nova Resources Chairman.
KAZ Minerals was advised by Citigroup, UBS, Linklaters and Brunswick Group. Nova Resources was advised by Hudson Sandler, VTB Capital and Clifford Chance. Financial advisors were advised by Latham & Watkins, Macfarlanes and Walkers.
EQT Infrastructure, an equity investment company in high quality mid-sized infrastructure companies, offered to acquire Solarpack, a Spanish renewable energy developer and owner of solar photovoltaic plants, for $1.07bn. EQT’s cash offer of $32.13 per share represents a 45% premium.
The offer will be conditional upon reaching a minimum acceptance level of 75% plus one share, as well as receipt of Spanish antitrust authorities' approval.
EQT is advised by Credit Suisse and Clifford Chance. Beraunberri, Burgest and Landa are advised by Citigroup and Cuatrecasas Goncalves Pereira.
Lineage Logistics, a global temperature-controlled industrial REIT and logistics solutions provider, agreed to acquire the cold storage division of Claus Sørensen Group, a cold storage operator in Denmark. Financial terms were not disclosed.
"At Lineage, we actively look for opportunities to strengthen our leading facility network and deliver strategic value to our customers by connecting more dots within their supply chains. Our acquisition of Claus Sørensen will amplify our reach in the Nordic region and will add a highly capable team to our European organization," Greg Lehmkuhl, Lineage President and CEO.
Lineage Logistics is advised by Rabobank and Bech-Bruun. Claus Sørensen is advised by Deloitte and Gorrissen Federspiel.
BlackRock and CPPIB led a $187m Series C funding round in 10x Future Technologies. (FS)
BlackRock, an investment management corporation, and Canada Pension Plan Investment Board, a global investment management organization, led a $187m Series C funding round in 10x Future Technologies, a B2B technology company. Additional investors include JP Morgan Chase, Nationwide, Ping An and Westpac.
“We have been impressed with 10x’s strategy and ambition to play a key role at the heart of transformations taking place in financial services, driven by technology innovation, consumer expectations and regulatory reform. We are excited to be investing in the business as it scales into new markets," William Abecassis, BlackRock Head of Innovation Capital.
10x was advised by Lazard, DLA Piper and Hotwire Global.
Allianz Capital Partner, an asset manager for alternative equity investments, agreed to acquire a 10% stake in ATC Europe, a real estate investment trust, for $643m.
“We are extremely pleased to add Allianz as a partner in ATC Europe. Allianz’ global infrastructure experience, extensive European investment history and investment philosophy are an excellent match for our value creation objectives in Europe, and we look forward to growing the business together while strengthening mobile broadband access in our served markets. With Allianz and CDPQ as committed, long-term partners in our newly expanded European business, we are more confident than ever that we are optimally positioned to generate sustainable growth and attractive returns for many years to come," Tom Bartlett, American Tower President and CEO.
American Tower is advised by Bank of America and CDX Advisors.
Wafra Capital Partners to invest $226m in ThinCats. (FS)
Private equity firm Wafra Capital Partners agreed to invest $226m in ThinCats, an alternative finance provider to mid-sized SMEs.
"We are delighted to announce this significant investment by WCP, reinforcing their belief in our business. WCP is an exceptional partner with proven experience in supporting specialty finance platforms. WCP shares our vision to deliver real scale of funding to UK SMEs," Amany Attia, ThinCats CEO.
ThinCats is advised by Fenchurch Advisory Partners and CMS.
Cerberus, a private equity firm, and Highgate, a company providing management services on a contract or fee basis, agreed to acquire Dorsett City London, a hotel located at 9-13 Aldgate High Street in London, from Far East Consortium, an investment holding company. Financial terms were not disclosed.
“Highgate is excited to collaborate with Cerberus to acquire this prominent London property that is poised to meet the steadily rising demand for premier hospitality experiences for business and leisure. This acquisition is emblematic of Highgate’s strategy to expand further into the UK and European markets by acquiring and managing quality assets," Mehdi Khimji, Highgate Co-Founder and Managing Principal.
Cerberus is advised by Sard Verbinnen & Co. Highgate is advised by Zimmermann Agency.
Bregal Milestone, Level Equity and United Internet led a $115m funding round in Uberall, one of the world's largest location marketing platforms.
"As consumers re-emerge from a year or more of lockdowns, businesses are rebounding, and they must be able to match growing consumer demands to receive the in-store experiences and services they expect. The combination of Uberall and MomentFeed helps us become the clear category leader with more innovative products, a world-class team, and the financial resources to fully deliver on the opportunity," Florian Hübner, Uberall CEO.
Uberall was advised by Crenshaw Communications.
Saarstahl, a Germany-based steelmaker, offered to acquire two steel plants in France from Liberty Steel, a fully integrated steel and mining business. Financial terms were not disclosed.
"Our project aims to integrate a new rail market into Saarstahl's commercial and industrial strategy, to diversify our portfolio (electric arc furnace blooms and rails) and to access a new production technology (electric arc furnace). This project is fully aligned with the strategy of our Saarland Group, both in terms of strengthening competitiveness and structural transformation," Karl-Ulrich Köhler, Saarstahl Chairman of Management Board.
Synova, a growth investor, agreed to invest in Orbis Protect, a provider of critical security services to the UK vacant property sector. Financial terms were not disclosed.
"We are delighted to be partnering with the team at Orbis as well as NorthEdge. The business has an enviable position in the UK marketplace, delivering exceptional quality and service delivery to its client base. We look forward to supporting Ben and the wider management team with the continued investment in People, Technology and delivery of an ambitious M&A strategy," Alex Bowden, Synova Partner.
KKR explores a sale of Marelli's suspension business. (FS)
KKR is considering a sale of OEM manufacturer Marelli's suspension business. KKR is seeking to streamline Marelli’s portfolio and concentrate on higher-end technology products, such as electrification and lighting.
The buyout firm is working with an adviser on the potential disposal, which has drawn preliminary interest from private equity and strategic suitors, Bloomberg reported.
Islandsbanki to raise $457m at a $1.3bn valuation.
Islandsbanki, an Icelandic bank with roots tracing back to 1884, has is looking to raise $457m at a valuation of $1.3bn, in the largest-ever IPO of Iceland. Trading on Nasdaq Iceland is expected to commence on June 22, 2021, under the ticker symbol "ISB".
Islandsbanki offered 636m plus upto an andditinal of 63m shares. The offering was multiple times oversubscribed at the final offer price, with substantial interest from both retail and institutional investors, resulting in total demand of $4bn.
Islandsbanki is advised by Citigroup, Islandsbanki, JP Morgan, Barclays, HSBC, Fossar Markaoir, Landsbankinn, Arion banki, Kvika banki, Arctica Finance, Íslenskir fjárfestar, Íslensk verðbréf, STJ Advisors, and ABN Amro.
LGT Capital Partners announces final close of Crown Global Secondaries V at $4.5bn hard cap. (FS)
LGT Capital Partners, a private equity firm, announced the final close of Crown Global Secondaries V, its fifth private equity investment program investing globally in secondaries, at the hard cap of $4.5bn. The program’s investor base consists of more than 100 institutions, including pension funds, endowments, insurers, sovereign wealth funds, family offices and financial institutions in Europe, the Americas, the Middle East, Asia, Australia and New Zealand.
"With CGS V, we continue to see increasing appetite from institutional investors globally for secondaries, together with our successful investment strategy and results from predecessor funds. The opportunity set of investments continues to grow substantially, with fund solutions becoming as ubiquitous as sales of limited partnerships interests a decade ago. We are well-positioned in this environment by leveraging our global investment platform and the firm's established, strong relationships and reputation within the global private equity market." André Aubert, LGT Capital Partner.
Prime Capital completed the third closing of its Prime Energy Infrastructure Fund at $415m. (FS)
Prime Capital, a private equity firm, completed the third closing of its commingled infrastructure fund. With this closing PGEIF reached total commitments of $415m. The fund was launched in June 2020 and focuses on wind-powered energy assets in the Nordic countries. It aims to secure assets in their late development stage and exploit their full return potential by employing a value-add strategy.
“Our value-add strategy, coupled with the economies of scale achievable in the Nordics and the region’s excellent wind resources, enables us to achieve superior market returns compared to other renewable energy investments in Europe, as we build at the lowest levelised cost of electricity. We are also very happy to have acquired our second investment in the fund, from one of the pioneers of wind development in Europe, CPC Germania. The 192MW project is located in Finland and is due to reach commissioning at the beginning of 2023," Mathias Bimberg, Prime Capital Head of Infrastructure.
Berkeley Energy raises $157m for Africa Renewable Energy Fund II. (FS)
Berkeley Energy, a leader in the development and operation of clean energy projects across emerging markets, secured $157m for a first close of the Africa Renewable Energy Fund II.
AREF II’s investor base includes seven development finance institutions including CDP, CDC, FMO, Proparco, Swedfund, Sustainable Energy Fund for Africa and the Clean Technology Fund.
"The successful first close of AREF II sends a clear sign of confidence that our hands-on, asset-first, technically orientated approach resonates with our investors and makes a material difference for the communities in which we operate. Our track record of delivering projects and strong investment returns means we are well placed to serve Sub Saharan Africa’s growing demand for clean, affordable and reliable energy," Luka Buljan, Berkeley Energy Managing Director.
APAC
The Blackstone Group offered to acquire a 91% stake in SOHO China, a Chinese building developer, for $3.05bn.
“We’re thrilled to announce this investment in SOHO China to expand our footprint in China. China is a key market for our Asia business where we’ve built a diverse real estate portfolio across office, retail, logistics, and residential. We’re confident in China’s long-term potential and economic recovery, which is well underway particularly in the Beijing and Shanghai office markets. We look forward to working with the company’s founders and management in optimizing these iconic assets, and believe the joint Blackstone and SOHO China teams will be a powerful combination for expanding our investment activity in China," Justin Wai, Blackstone Real Estate Managing Director.
Blackstone is advised by Goldman Sachs.
Assurant, a global provider of lifestyle and housing solutions that support, completed the acquisition of the remaining stake in Olivar, a provider of mobile device lifecycle management and asset disposition. Financial terms were not disclosed.
"We are pleased to be completing the journey we started four years ago when we first came together with our initial investment. Our global expertise and capabilities, combined with our local talent and knowledge, bring best-in-class services that give our clients a strategic advantage in the South Korean market," Keith Meier, Assurant President for International.
Abu Dhabi Development, a state holding company, agreed to invest in Byju's, an Indian educational technology and online tutoring firm. Financial terms are not disclosed.
"We met Byju in 2020 and were floored by his story. Honored now to be a part of it," Mayank Singhal, ADQ Head of Venture Capital and Technology.
eBay considers selling South Korean unit for $3.6bn to Shinsegae and Naver.
eBay, a global commerce company, is on the verge of selling its South Korean business to Shinsegae Group-backed E-Mart, a distributor and seller of products through online shopping, specialty stores and supermarkets, and Naver, a web portal operator, for about $3.6bn, Reuters reported.
E-Mart is talking with eBay about a binding offer for acquiring eBay Korea this month. Lotte Shopping, a distributor with various sales channels, had also been in the running.
Full Truck Alliance targets over $20bn valuation in US IPO.
Full Truck Alliance, a Chinese platform that connects shippers and truckers, is aiming for a valuation of over $20bn in its US IPO. The company plans to list on the New York Stock Exchange under the symbol “YMM”.
Full Truck Alliance is offering 82.5m American Depositary Shares at between $17 and $19 per ADS. Each ADS represents 20 Class A ordinary shares. At the top end of the price range, FTA could raise as much as $1.57bn from the IPO, Reuters reported.
Morgan Stanley, CICC and Goldman Sachs are among the underwriters for FTA’s offering in New York.
Bukalapak seeks up to $800m in IPO.
Bukalapak, an e-commerce firm is keen to raise as much as $800m in an IPO in August. Bukalapak is aiming to sell 10% to 15% of the company and wants a valuation of between $4 to $5bn.
Bukalapak was originally aiming to raise $300m from its domestic listing before looking to merge with a special purpose acquisition company in the United States but it is now focusing solely on its IPO.
A mid-year debut could see it become Indonesia's biggest listing in 10 years and the largest ever for the country by a startup. But those milestones will likely later be overtaken by the planned listing of GoTo - a new company to be formed by the merger of e-commerce rival Tokopedia and ride-hailing and payments firm Gojek, Reuters reported.
Megaworld seeks to raise $568m in an IPO.
Megaworld, a real estate company, is seeking to raise as much as $568m from an IPO of its office unit in what would be the Philippines’ biggest for a real estate investment trust.
Megaworld will sell as many as 1.24bn MREIT shares at up to $0.45 each. The maximum number of shares, which includes over allotment, represents 49% stake in MREIT. Less over allotment portion, which is about 15%, Bloomberg reported.
“Our goal is not just to be the largest REIT by portfolio size in the Philippines. We intend to be the largest REIT by portfolio in Southeast Asia. We want to participate in a big way,” Kevin Tan, Megaworld Chief Strategy Officer and President.
Macquarie Asset Management closes $846m to invest in Asia-Pacific real estate. (FS)
Macquarie Asset Management successfully raised $A1.1bn ($846m) of equity commitments from institutional investors for Asia-Pacific opportunistic real estate, with a mandate to invest in developed markets across the region.
“We have a long history of investing in opportunistic real estate in the region and look forward to putting this experience to work for our clients through the partnership," Jelte Bakker, Macquarie Head of Asia-Pacific Real Estate.
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