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AMERICAS
Ovintiv, a hydrocarbon exploration and production company, agreed to acquire Midland Basin assets of EnCap Investments, an American private equity firm, for $4.3bn.
"We are acquiring a unique undeveloped asset in the Northern Midland Basin. Located in some of the best rock in the Permian, these assets have demonstrated leading well performance and are a natural fit with our existing Martin County acreage. The acquisition checks all the boxes on our disciplined durable returns strategy – it will be immediately and long-term accretive across all key financial metrics, the acreage is in an area where we have a competitive operating advantage, and it significantly increases our premium Permian well inventory. This will expand free cash flow per share and enhance our ability to deliver durable returns to our shareholders. We are confident that – given our operational efficiency, culture of innovation, and expertise and scale in the Permian Basin – Ovintiv is best positioned to convert this high-quality resource into tremendous value for our shareholders," Brendan McCracken, Ovintiv President and CEO.
Ovintiv is advised by Goldman Sachs, Morgan Stanley, Tudor Pickering Holt, Blake Cassels & Graydon, Gibson Dunn & Crutcher and Kirkland & Ellis. EnCap Investments is advised by Jefferies & Company and Vinson & Elkins.
Bridge Investment Group, a vertically integrated real estate investment manager, completed the acquisition of Newbury Partners, an investment manager, from RidgeLake Partners, a partnership between PA Capital and Ottawa Avenue Private Capital, for $320m.
"This acquisition and our expansion into the attractive secondaries sector further diversifies our strong platform and positions Bridge for accelerated growth. We believe secondary investments are increasing in appeal to a growing group of investors and we are excited to add Newbury's expertise to our platform," Robert Morse, Bridge Executive Chairman.
Sound Point Capital, a credit-oriented investment manager overseeing approximately $32bn in total assets, agreed to acquire Assured Investment Management, a diversified alternative asset manager. Financial terms were not disclosed.
"This is a watershed event in Sound Point's growth story, and it positions us for continued success in a business where scale has become increasingly important. It's our largest transaction to date, and we're extremely proud to be receiving a $1bn investment commitment over time from Assured Guaranty. We're thrilled to be expanding our diversified platform through a powerful new partnership that will create immediate impact," Stephen Ketchum, Sound Point Founder and Managing Partner.
Assured Investment Management is advised by Goldman Sachs, Insurance Advisory Partners and Mayer Brown. Sound Point is advised by Bank of America, DLA Piper and Pryor Cashman.
Private equity firms Stone Point Capital and Mubadala completed the acquisition of a 20% stake in Truist Insurance, an insurance brokerage firm, from Truist, a financial services firm, for $1.95bn.
"This investment is a testament to the quality and success of Truist Insurance and our teammates. We look forward to continuing our longstanding relationship with Stone Point to grow our insurance business and further deepen our partnerships with clients and the communities we serve, while also preserving significant strategic and financial flexibility in the business," Bill Rogers, Truist Chairman and CEO.
Truist Insurance was advised by Cleary Gottlieb Steen & Hamilton (led by Mikhail Suvorov). Stone Point was advised by Simpson Thacher & Bartlett (led by Elizabeth Cooper). Truist was advised by Morgan Stanley, Truist Securities and Davis Polk & Wardwell (led by Margaret E. Tahyar).
General Atlantic, a global growth equity firm, completed the acquisition of Iron Park Capital, an investment manager. Financial terms were not disclosed.
“Over the past three years, the General Atlantic and Iron Park teams have worked together under a shared mission to partner with strong businesses and management teams, to provide capital solutions and to drive long-term value. Current economic conditions have shown how growth, even in high-quality companies, can be constrained by uncertainty in equity markets. As we recognize the formal integration of the GA Credit team, we believe we are well positioned to provide differentiated solutions as more companies seek experienced strategic partners who can help them grow throughout different economic lifecycles,” Bill Ford, General Atlantic Chairman and CEO.
Iron Park was advised by Houlihan Lokey and Kirkland & Ellis. General Atlantic was advised by JP Morgan, Jefferies & Company and Paul Weiss Rifkind Wharton & Garrison.
Audax Private Equity, a private equity firm, completed the acquisition of Krayden, a distribution platform, from Quad-C Management, an investment company. Financial terms were not disclosed.
“Audax Private Equity stood out as a preferred investor due to the firm’s deep experience in the distribution and specialty chemicals space as well as its proven buy-and-build approach to catalyze growth. We want to thank the team at Quad-C for their support and guidance over the previous five years. We’re excited about this next phase of growth and will leverage the resources available through Audax to accelerate our expansion efforts,” Wayne Wagner, Krayden Chief Executive Officer.
Audax was advised by Advancy, Kirkland & Ellis and FGS Global (led by Zachary Tramonti). Quad-C was advised by Evercore and White & Case.
Public Investment Fund-backed Savvy Gaming, a games and esports company, agreed to acquire Scopely, an interactive entertainment company and mobile-first video game developer and publisher, for $4.9bn.
"When the Scopely journey began just over a decade ago, we set out to create extraordinary experiences that connected people and made them feel something special. We were energized by the adventure ahead and knew we would succeed if we stayed true to our mission to inspire play, every day. As we reflect on the last 10+ years, what an amazing ride it has been so far," Javier Ferreira and Walter Driver, Scopely Co-CEOs.
IGM Financial, one of Canada's largest diversified wealth and asset management companies, completed the $622m investment in Rockefeller Capital Management, an independent financial services advisory firm.
IGM's equity interest in Rockefeller advances its strategy of expanding its presence in the high-net-worth and ultra-high-net-worth client segments, creating an entry to the US, the largest and deepest wealth market in the world.
IGM Financial is advised by Ardea Partners, BMO Capital Markets, Blake Cassels & Graydon and Eversheds Sutherland.
Crestview Partners, a private equity firm focused on the middle market, completed a $200m investment in Modern Wealth Management, a national registered investment advisory firm.
“We are really excited to be partnering with Gary, Mike and Jason. It’s one thing to have a great conceptual model, but assembling the team to execute is quite another. This leadership team has executed over 90 acquisitions of RIAs, building United Capital to $25bn of AUM with over 220 financial advisors and 22k clients in over 70 offices when it was sold to Goldman Sachs," Dan Kilpatrick, Crestview Partner and Head of Financial Services.
Audax Private Equity, a private equity firm, completed an investment in Mosaic Dental Collective, a dental services provider. Financial terms were not disclosed.
“We are thrilled to partner with Mosaic. We have known the Mosaic team for years and have been continually impressed with their commitment to quality care and to developing a best-in-class dental services organization. Audax wholly supports Mosaic’s vision to develop the leading doctor-led DSO in the Western U.S. and we are pleased to lend our support to accelerate Mosaic’s growth through operational excellence and M&A," David Goldenheim, Audax Private Equity Managing Director.
Mosaic Dental Collective was advised by Houlihan Lokey, Proskauer Rose and FGS Global. Audax Private Equity was advised by Ropes & Gray (led by Adam Leamon and Christina Bergeron).
EQT-backed Covanta, a sustainable materials management company, agreed to acquire Circon, a full-service provider of environmental services, from Kinderhook Industries, a private equity firm. Financial terms were not disclosed.
"Covanta, with Circon's new geographies and complementary capabilities, will offer the absolute highest value proposition for customers, with full integration across logistics, field services, processing and disposal. This acquisition accelerates our flightpath to becoming the premier company for sustainable materials management. With Circon, we are enhancing our carbon negative solutions and bringing our offerings to the next level. We're excited about this development and look forward to welcoming Circon's impressive team. Together we'll continue to transform Covanta into the very best service provider for our customers' unique environmental challenges and ESG goals," Azeez Mohammed, Covanta President and CEO.
Circon is advised by Brown Gibbons Lang & Company, Houlihan Lokey and Kirkland & Ellis. Covanta is advised by Simpson Thacher & Bartlett.
Novacap, a North American private equity firm, agreed to invest in Static Media, an Indianapolis-based company that owns and operates a portfolio of unique and passion-driven digital media brands. Financial terms were not disclosed.
The partnership with Novacap further enables the company to deliver on its strategy of growing its content leadership in existing and new verticals. Static Media will continue to utilize its proprietary technology stack to support content creation and go-to-market strategies.
Static Media is advised by Moelis & Co and Lowenstein Sandler. Novacap is advised by Evercore and Foley & Lardner.
Platinum Equity, a global investment firm, completed the investment in Tarter Farm and Ranch Equipment, a provider of farm and ranch equipment. Financial terms were not disclosed.
"We admire what the Tarter family has built and have great respect for what the company means to its employees, customers and the communities they serve. Family farms and ranches are a vital part of the US agricultural economy. We believe Tarter is one of the only companies that has the capacity and capability to serve the largest and most demanding customers in the space," Jacob Kotzubei, Platinum Equity Co-President.
Tarter Farm and Ranch Equipment was advised by The Lenox Group and Nelson Mullins Riley & Scarborough. Platinum Equity was advised by Willkie Farr & Gallagher (led by Ray LaSoya and Joe Kaczorowski).
TPG, a global alternative asset management firm, agreed to acquire a majority stake in Elite, an innovative business management solutions provider, from Thomson Reuters, a business information services provider. Financial terms were not disclosed.
“TPG has a history of investing in software companies that address the unique needs of vertical markets. We believe the legal industry is a market that is undergoing digital transformation, and Elite partners with leading firms on that journey. Elite’s trusted technology, strong customer base, and significant growth potential has made the company a clear leader among the best law firms, and we look forward to working with the team to enhance and expand the platform,” Tim Millikin, TPG Partner.
Mexico Infrastructure Partners, an investment fund manager specialized in infrastructure and energy sectors, agreed to acquire a portfolio of natural gas plants and a wind farm from Iberdrola for $6bn.
The operation has the financial support of the National Infrastructure Fund of Mexico and other public financial entities associated with the Government of Mexico. The Iberdrola Group, through the new investments it will carry out in Mexico, will reaffirm its leadership in the development of renewable energy in the country.
Mexico Infrastructure Partners is advised by Barclays. Iberdrola is advised by JP Morgan.
Global Infrastructure Partners, a private equity firm, and Grupo Romero, a privately owned diversified conglomerate, completed the acquisition of a 50% stake in Trabajos Maritimos, an integrated port infrastructure platform, from Tramarsa, a port operator. Financial terms were not disclosed.
"We are excited to partner with Grupo Romero and invest in Tramarsa, which has a track record of over 30 years of strong operational performance and continued growth. We look forward to working with Grupo Romero and Tramarsa, leveraging our operational expertise to build on the company's established ports business and pursue growth and expansion opportunities in the transportation sector in the Andean region," Adebayo Ogunlesi, GIP Chairman and Chief Executive Officer.
Providence Strategic Growth, a growth equity firm, completed the investment in Buxton, a software-based customer analytics platform. Financial terms were not disclosed.
“Since its inception nearly 30 years ago, Buxton has strived to build a reputation as a trusted innovator in analytics with market leaders across several different retail-related industries. We are excited to partner with Jim Swift and the Buxton team to build on that legacy and help drive long-term, sustainable growth in a market that we believe has significant tailwinds,” Tom Reardon, PSG Managing Director.
PSG was advised by Prosek Partners.
SoftBank, a Japanese multinational conglomerate holding company, led a $100m funding round in Cybereason, a cybersecurity technology company.
"I have watched Cybereason grow from its earliest stages to a leader in the cyber industry as evidenced by its recent position as a leader in the Gartner Magic Quadrant for EPP and its record-breaking MITRE ATT&CK results. I look forward to supporting Cybereason's next stage of global growth and scale," Eric Gan, SoftBank EVP.
Dentsu-backed Merkle, a customer relationship management agency, completed the acquisition of Shift7 Digital, a website designer in New York City, from RLH Equity Partners, a private equity firm. Financial terms were not disclosed.
"I am grateful to our entire team for their efforts in realizing significant revenue growth, through a dedicated focus on providing the highest level of creative solutions and customer satisfaction to B2B enterprise clients. We are enthusiastic about our future growth with the benefit of Merkle resources that complement and expand upon our capabilities in data, analytics, commerce, and marketing transformation," Andrew Walker, Shift7 CEO.
Great Range Capital, a private equity firm, completed the acquisition of Roofed Right America Partners, a commercial roofing contractor specializing in re-roofing and maintenance and repair services. Financial terms were not disclosed.
"We're thrilled to partner with GRC to execute upon our shared strategic vision for RRA. GRC's successful history of supporting businesses as they scale into market leaders was attractive to us, and we're excited to leverage their expertise and resources in our next phase of growth," Adam Brissman, Right America Partners CEO.
NGP eyes $7bn Permian asset sales.
Energy buyout firm NGP Energy Capital Management is exploring the sale of two Permian basin-focused oil producers which could collectively fetch the private equity firm more than $7bn, Reuters reported.
Dallas-based NGP is working with investment banks to sell the oil producers, Tap Rock Resources and Hibernia Resources, in auction processes that are expected to kick off in the coming weeks.
Apollo Global is exploring a $2.78bn bid for Arconic.
Apollo Global Management, a private equity firm is considering bidding as much as $2.78bn for equipment and parts manufacturer Arconic.
The firm is looking to make a bid of around $27 or $28 per share by early April. Apollo has completed its site visits as part of due diligence and has lined up financing with banks for its offer.
Arconic has been working with financial advisers on a sale process over the past few months. Other private equity firms are also pursuing Arconic, Bloomberg reported.
KKR set to buy stake in FGS Global.
Private equity group KKR is nearing a deal to buy a significant stake in FGS Global that will value the WPP-backed financial communications company at about $1.4bn, FT reported.
KKR is expected to acquire more than 30% of FGS from a combination of senior employees at FGS as well as advertising company WPP. WPP, which owns about 57.4% of the company, is expected to retain a majority in the business, which will allow it to continue to consolidate the group’s accounts.
Brookfield is said to kick off sale of stake in US wind farm.
Brookfield Asset Management has begun efforts to sell a 50% stake in one of the world’s largest wind farms, Bloomberg reported.
The alternative-asset manager hired Bank of Montreal and Wells Fargo to gauge interest in a deal for the Shepherds Flat facility in Oregon. Deliberations began recently and may not lead to a sale.
MidOcean closes the sixth fund with more than $$1.5bn.
MidOcean Partners, a New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments, has closed MidOcean Partners VI with over $1.5bn in capital commitments, making it MidOcean's largest fund since inception.
Fund VI will look to invest in high-quality, middle market companies. To date, MidOcean has deployed 15% of Fund VI's capital across two investments.
Cure Ventures closes inaugural fund at $350m hard-cap.
Cure Ventures, a life sciences venture capital firm focusing on company formation around curative technologies, has closed its inaugural fund, Cure Ventures Fund I, at its targeted hard-cap of $350m in capital commitments.
The fund is supported by a strong syndicate of both US and internationally-based investors that include state and city public pension funds, foundations and endowments, fund-of-funds, hospital and health systems, sovereign wealth funds and family offices.
RCP closes Fund XVII above target at $328m.
RCP Advisors, a sponsor of private equity funds-of-funds, secondary funds, and co-investment funds focused on North American lower middle market buyouts, has held the final closing of RCP Fund XVII with approximately $328m in aggregate commitments, exceeding its target of $300m.
RCP Fund XVII will employ the same investment strategy as RCP's predecessor primary funds-of-funds by targeting investments with buyout fund managers with less than $1bn in committed capital.
EMEA
Rathbones Group, a provider of personalised investment management and wealth management services, agreed to acquire Investec Wealth & Investment, an investment management company, from Investec, a banking and wealth management group, for $839m ($1.04bn).
"Bringing Rathbones together with Investec W&I UK will create the UK's leading discretionary wealth manager with approximately £100bn of funds under management and administration. This transaction not only presents a compelling strategic and financial rationale, but also accelerates Rathbones' growth strategy. Operating at scale allows the group to offer an even more attractive proposition to clients and colleagues, supporting future growth and creating significant value for Rathbones' shareholders," Clive Bannister, Rathbones Chairman.
Trimble, a SaaS technology company, completed the acquisition of Transporeon, a cloud-based transportation management software platform, from Hg, a private equity firm, for €1.88bn ($2.04bn).
"The past three years has significantly accelerated Transporeon forward in our mission to bring transportation in sync with the world. Innovation in our products and an expansion of the business has meant we have built a remarkable platform in a rapidly growing sector, with solutions that are in high demand globally. This would not have been possible without the software expertise delivered by Hg. The management team thank everyone at Hg and Transporeon who have worked hard together to put us in this very advantageous position," Stephan Sieber, Transporeon CEO.
Transporeon was advised by Goldman Sachs and Latham & Watkins (led by Oliver Felsenstein). Trimble was advised by Centerview Partners, Skadden Arps Slate Meagher & Flom (led by Thomas J. Ivey) and FGS Global (led by John Christiansen). Centerview Partners was advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg). Debt financing was provided by Bank of America. Hg was advised by Brunswick Group (led by Azadeh Varzi).
M&G Investments will vote against a takeover from Providence Equity of British events group Hyve, along with two other Hyve shareholders who think the bid significantly undervalues the international exhibition company, Reuters reported.
Redwheel fund manager David Stewart and Douglas Smith, managing partner at Blackmoor Investment Partners also plan to vote against the deal. M&G, Redwheel and Blackmoor are among the top 20 shareholders of Hyve.
The Blackstone Group, an American alternative investment management company, agreed to acquire Industrials REIT, a listed property company focusing on UK multi-let industrial estates, for £500m ($617m).
The Board of Industrials REIT has indicated to Blackstone that it intends to recommend the financial terms of the final offer to Industrials REIT shareholders, should a firm intention to make an offer pursuant to Rule 2.7 of the Code be announced on such terms.
AURELIUS, a private equity firm, completed the acquisition of the offset solutions division of Agfa-Gevaert Group, a provider of analogue and digital imaging products, software, and systems, for €92m ($100m).
“The expected sale of the Offset Solutions division is a major step in our ongoing transformation process. It will enable us to increase our focus on our growth businesses, which is crucial to our future success in our markets. After having examined all options, we believe that the proposed transaction is the best possible solution for all stakeholders: the employees working in the division, the customers in the offset industry and our shareholders," Pascal Juéry, Agfa-Gevaert CEO
Aware Super, a superannuation fund, completed the acquisition of a 22% stake in Get Living, a developer and operator of large scale BTR neighbourhoods, from Qatari Diar, a builder of landmark projects of unrivalled scope. Financial terms were not disclosed.
"As Australia's leading investor in the Build to Rent and affordable housing market, Aware Super is excited to partner with Get Living, a market-leading and award-winning BTR platform with a 5 Star GRESB rating for its existing assets. Together, we can build a solid foundation to ensure the UK's BTR housing market meets the growing demand," Alek Misev, Aware Super Senior Portfolio Manager.
Aware Super was advised by Savills and Hogan Lovells. DOOR was advised by Jones Day (led by Laura Pembridge). APG was advised by Simmons & Simmons (led by Jason Daniel). Qatari Diar was advised by Lazard and CMS.
Apollo Global Management, a private equity firm, offered to acquire John Wood Group, a British multinational engineering and consulting business, for $2.1bn.
Wood Group had privately rejected a previous offer of around $1.97bn, that the fund had made on March 6.
Timken, a global industrial company, completed the acquisition of Nadella Group, a manufacturer of linear guides, telescopic rails, actuators and systems and other specialized industrial motion solutions, from ICG, an asset management and private equity firm. Financial terms were not disclosed.
"Nadella will complement and scale our linear motion product portfolio and deliver strong synergies with our Rollon business. Nadella's differentiated solutions are custom engineered for premium applications in attractive and growing market sectors, including medical, food and beverage, packaging and automation. We also see significant growth opportunities for Nadella products in North America as part of Timken," Christopher A. Coughlin, Timken Executive Vice President.
Nadella was advised by Alvarez & Marsal, Houlihan Lokey and DLA Piper. Timken was advised by Jones Day (led by Leon N. Ferera).
Perwyn, a private equity firm in London, completed the investment in Datatonic, a business-to-business services provider. Financial terms were not disclosed.
"We are delighted to be partnering with the Datatonic team, and to help accelerate their growth plans, starting with the acquisition of Montreal Analytics, which broadens access into the all-important North American market," Mike Rothwell, Perwyn Investment Manager.
The Rohatyn Group, a specialized global asset management firm, completed the acquisition of Ethos Private Equity, an alternative asset management firm in Africa. Financial terms were not disclosed.
"We are pleased to complete our acquisition of Ethos, which marks our official expansion into Africa, one of the largest and fastest growing regions in the world. Together, with unmatched local knowledge and a skilled global team of investors, we'll unlock significant opportunities to drive further growth across the continent's private markets, real assets, and public markets," Nicolas Rohatyn, The Rohatyn Group Founder and CEO.
Hunter Point Capital, an independent investment firm, completed the acquisition of a 10% stake in Inflexion, a mid-market private equity firm. Financial terms were not disclosed.
“Inflexion has long been distinguished by its entrepreneurial and enterprising approach to originating, growing and harvesting mid-market companies. We look forward to collaborating with Simon, John and the Inflexion team, and supporting their ambitious vision as they continue to shape the future of private equity in Europe,” Avi Kalichstein, Hunter Point Capital Co-Founder and CEO.
Inflexion was advised by Ashurst. Hunter Point Capital was advised by Kirkland & Ellis and Prosek Partners (led by Julia Cohen).
GIC, an institutional investor, led a $129m Series E round in Quantexa, a decision intelligence solutions provider, with participation from Warburg Pincus, Dawn Capital, British Patient Capital, Evolution Equity Partners, HSBC, BNY Mellon, ABN AMRO, and AlbionVC.
"After closing our Series D investment round, Quantexa has been on a transformational journey, accelerating the growth of our global software business and firmly establishing our leadership position in the emerging Decision Intelligence category. In a challenging market we have doubled our ARR, our user base, and continue to penetrate new markets and industries. This infusion of capital will fuel further innovation, diversification, and expansion, and opens exciting options for our future," Vishal Marria, Quantexa CEO.
BDT Capital, a private equity firm, completed the acquisition of a minority stake in Exyte, a global provider of high-tech facilities. Financial terms were not disclosed.
"We look forward to working with Exyte's management team to support the company's continued growth as it executes against its strategy. This partnership is emblematic of our approach providing aligned long-term capital to family- and founder-led businesses to help them sustain and grow their businesses," Don McLellan, BDT Partner.
A consortium of investors including True Global Ventures, Digital Finance Group, and VaynerFund, 10T, Cité Gestion Private Bank, Cap Horn, Morgan Creek, Cathay Innovation, Korelya Capital, and Molten Ventures, led a $109m Series C round in Ledger, a cryptocurrency wallet maker.
"The funds will be used to accelerate our mission to bring a new generation of secure consumer devices to millions of users who are exploring critical digital assets and blockchain-enabled technology," Pascal Gauthier, Ledger Chairman and CEO.
Ledger was advised by Jones Day.
Siris Capital Group, a private equity firm, and Elliott Management, one of the oldest fund managers of its kind under continuous management, completed a $200m investment in Travelport, a global technology company that powers travel bookings for hundreds of thousands of travel suppliers worldwide.
"The $200m investment from our owners, Siris Capital Group and Elliott Management, reflect their confidence in Travelport and the continued recovery of the travel industry. The main advantage of private equity ownership is agility, which is crucial in a rapidly changing environment. This investment will allow Travelport to further advance its tech innovations, while fueling the company's momentum," Greg Webb, Travelport CEO.
Aurelius, a private equity firm, agreed to acquire LSG Group, an airline caterer, from Lufthansa, an airline company. Financial terms were not disclosed.
“This acquisition underlines Aurelius’ position as a market leader for delivering very complex corporate carve-outs on a global scale,” Dirk Markus, Aurelius Founding Partner.
Vodafone fields approach for $4bn Spain unit.
Vodafone's Spanish business is attracting takeover interest from potential buyers, Bloomberg reported.
The British telecommunications group has been contacted by private equity and strategic suitors. While it's not running a formal sale process for the unit, Vodafone would consider offers at the right price.
Inflexion plans £400m bid for 7IM.
Buyout firm Inflexion plots £400m ($499m) bid for investment manager 7IM. The private equity group is among the suitors drawing up plans to table bids for the boutique asset manager, Sky News reported.
A sale process run by bankers at Evercore was expected to get underway as early as next month. London-listed Caledonia Investments has owned 7IM since 2015, and has been drawing up plans for an auction for the past year.
Temenos is seeking fresh interest from private equity firms.
Temenos asked for fresh expressions of interest from potential suitors in recent weeks after takeover talks fell apart last year over price, Bloomberg reported.
The Swiss banking software company is working with advisers to evaluate buyer appetite. Private equity firms including EQT, Permira, Nordic Capital, Thoma Bravo and KKR have looked at the business.
Shopping centre owner Hammerson under siege from biggest shareholder.
Hammerson, one of Britain's biggest shopping centre owners, is facing demands from its biggest shareholder to accelerate asset sales and resume dividend payments ahead of its annual meeting next month, Sky News reported.
Lighthouse, the investment vehicle of former Hammerson director Desmond de Beer, has tabled resolutions to appoint two new board members amid simmering discontent over its strategy.
KKR closes sixth European private equity fund at $8bn.
KKR, a leading global investment firm, today announced the final closing of European Fund VI. At $8bn, it is KKR’s largest European private equity fund to date, following the $6.6bn fund in 2019, inclusive of the GP commitment. The new fund will be focused on private equity investments primarily in the developed economies of Western Europe.
“KKR has been investing in Europe for nearly twenty-five years and we believe the opportunity today has never been greater. We see enormous potential for transformational investment behind structural trends that are reshaping the European economy, including digitalization, healthcare and sustainability,” Philipp Freise, KKR European Private Equity Co-Head.
Coller reaches first close of RMB fund ar $218m.
London-based investor Coller Capital has reached the first close of its first RMB secondary fund, with a target size of $218m, DealStreetAsia reported.
The fund will focus on providing liquidity solutions for investors and general partners in the yuan private capital market in China.
Shorooq Partners closes EMEA VC fund at $150m.
Abu Dhabi-headquartered Shorooq Partners has closed its second early-stage Middle-East and North Africa and Pakistan venture fund at $150m, DealStreetAsia reported.
The Bedaya Fund II drew capital from a host of institutional investors, including DisruptAD, Dubai Future District Fund, Bupa Insurance, and others.
El Gabbani quits Blackstone. (People)
Nadim El Gabbani, a senior managing director and private equity dealmaker at Blackstone, has left the alternative asset management firm.
El Gabbani, who was based in the firm's London office, focused on financial services, business services and technology deals on both sides of the Atlantic.
LDC makes senior promotions. (People)
LDC, a UK private equity firm focused on investments in mid-sized businesses, has made two senior promotions with the appointment of Jacob Leone and Grant Goodwin as investment directors, effective 1 April, 2023.
Leone joined LDC’s Manchester-based team as an investment manager in 2019. Goodwin joined the same team as an investment manager in 2020.
APAC
Hapag-Lloyd, a German international shipping and container transportation company, completed the acquisition of a 35% stake in J M Baxi Ports & Logistics, a marine shipping and logistics services provider, from Bain Capital, an American private investment firm. Financial terms were not disclosed.
“Terminal and infrastructure investments are a crucial element of our strategic agenda and India is one of our key growth markets. Acquiring a significant share in J M Baxi Ports & Logistics Limited will significantly boost our presence in India with a trusted local partner and it is another important step to build up our terminal and infrastructure business,” Rolf Habben Jansen, Hapag-Lloyd CEO.
J M Baxi Ports was advised by Credit Suisse. Bain Capital was advised by Credit Suisse, Kotak Investment Banking and AZB & Partners.
CITIC, a state-owned investment company of the People's Republic of China, agreed to acquire a 55% stake in Nanjing Iron & Steel Group, a Chinese iron and steel conglomerate company, for $2bn.
The acquisition represents the further consolidation of China's domestic steel mills.
CITIC is advised by CITIC Securities (led by Edmund Chan).
Bain Capital, a global investment firm, and GIC, a global institutional investor, agreed to acquire WHI Holdings, an HR software provider. Financial terms were not disclosed.
"WHI has continued to elevate its compelling value proposition by helping workforces across Japan collaborate smarter and more effectively, and adapt seamlessly to a variety of work environments. We're extremely proud of their growth to-date and look forward to continuing to partner with senior management and GIC to bring their innovative solutions to customers across Japan and Asia," Yuji Sugimoto, Bain Capital Partner and Co-head of Asia Private Equity.
Bain Capital is advised by TrailRunner (led by Trudy Wang).
A consortium of investors including Legend Capital, Goldstone Investment, Ince Capital, Jade Stone Venture, Shang Qi Capital, Lifeng Investment, TCL Capital, China Fortune-Innovation Capital, Pujian Investment and Oriza, led a $340m Series C+ round in SJ Semiconductor, a provider of integrated circuit chips.
"The rapid development and penetration of digital technology and artificial intelligence has created a huge demand for high-performance smart terminals and computing power infrastructure. In the post-Moore era, the field of integrated circuit packaging ushered in Unprecedented opportunities for industrial upgrading and development, which will further promote multi-chip high-performance heterogeneous integration and miniaturization of hardware systems. After nearly ten years of development, Shenghe Jingwei has grown into a benchmark enterprise for silicon-level advanced packaging in China, and further develops advanced Three-dimensional system integration chip business. We are honored to be able to participate in the business of Shenghe Jingwei, and believe that the company will lead the development of China's high-end advanced packaging industry with its strength in the future and become a globally competitive enterprise," Ge Xinyu, Legend Capital Managing Director.
TPG-backed The Rise Fund, a private equity firm, and Hong Leong Group, a trading company, completed the acquisition of Kuala Lumpur’s International Medical University, a medical university for $306m.
Malaysia’s Ministry of Higher Education has approved the deal, which also includes the sale of a hospital owned by IMU to Columbia Asia.
CapitaLand, a Singaporean headquartered company focusing on investment, development and management of real estate, agreed to acquire six multifamily assets in Osaka, Japan for $106m.
"CLI has over 20 years of experience in Japan, and we are pleased to source and execute this off-market deal for COREF in Japan's sought-after multifamily sector that has seen increasing interest from international investors," Tan Lai Seng, CLI Managing Director for Japan.
SUSI Partners, a Swiss fund manager, agreed to invest in ACCV, a rooftop and ground-mounted solar PV projects developer. Financial terms were not disclosed.
"The investment in ACCV further complements SAETF’s portfolio which is already well-diversified across utility-scale renewables, energy efficiency and customer-centred clean energy solutions. SAETF, which targets energy transition infrastructure investments across Southeast Asia, has received capital commitments from development banks, DFIs, and private investors," SUSI Partners.
Seven & i says new committee to review spinoffs, IPOs.
Seven & i will consider strategic options, including spinoffs and public listings, as it seeks to boost shareholder returns in response to activist fund ValueAct Capital Management’s questions about its conglomerate structure, Bloomberg reported.
A new review committee of outside board members will recommend changes and execute them. Seven & i also announced a change to its finance and credit-card operations, and set a goal of delivering greater shareholder returns via better cash flow, payouts and growth in its convenience-stores business.
Primavera enters bidding for stake in Natura’s Aesop.
Primavera Capital Group, a private equity firm, has entered the race to acquire a stake in high-end cosmetics brand Aesop.
The Chinese investment firm is through to the latest round of bidding for the holding, Bloomberg reported.
Trustar Capital weighs sale of Hong Kong soy sauce brand Amoy.
Trustar Capital, a private equity company, is considering selling Amoy Food, the 115-year-old Hong Kong soy sauce maker, Bloomberg reported.
The private equity firm formerly known as Citic Capital Partners has held initial discussions with potential advisers about the divestment. Trustar is seeking a valuation of about $300m for Amoy.
GIC-backed Indian spacetech startup Skyroot Aerospace eyes funding from Temasek.
Skyroot Aerospace, a five-year-old startup that recently made a bit of spacefaring history with the launch of India’s first privately built space rocket, is in advanced talks to raise funding from Singapore state investor Temasek, DealStreetAsia reported.
While the exact deal size could not be ascertained, it could be a significant double-digit figure.
Apis Partners plans to raise $500m new APAC fund and IFC might join.
London-based private equity firm Apis Partners is in the market to raise $500m for a new fund that will invest in South Asia, Southeast Asia, and Africa, with the International Finance Corporation likely to come in as a limited partner, DeatStreetAsia reported.
In a disclosure, IFC, a member of the World Bank Group, said it is considering an investment of up to $60m into Apis Growth Markets Fund III, a PE fund that will make growth-stage investments in companies operating in the financial services and technology sectors in Asia and Africa.
Vertex Ventures finalises close of its SE Asia & India Fund V at nearly $450m.
Temasek-backed Vertex Ventures has finalised the close of its fifth Southeast Asia & India fund at nearly $450m, DealStreetAsia reported.
Vertex Ventures Southeast Asia and India invests in high-growth start-ups seeking their first round of institutional venture capital funding.
Iron Pillar raises $129m to invest in cloud startups.
Venture growth investor Iron Pillar had closed a $129M Series B and C fund to back cloud software startups from India, as the venture capital firm increased its exposure to the rapidly-growing sector, Reuters reported.
Iron Pillar has already invested in several cloud software companies from India, including Uniphore, Servify, CoreStack, Ushur, and Pando. The new fund will have an emphasis on cloud infrastructure and software as a service.
Barclays' Jhaveri turns to help Jefferies build Indian M&A team. (People)
Ashish Jhaveri, head of mergers and acquisitions for Barclays in India, has resigned from the company and is set to join Jefferies Financial to help build its deal advisory business in the country, Bloomberg reported.
A veteran of two decades in investment banking, during which he worked across companies including Citigroup and Credit Suisse, Jhaveri has agreed to join Jefferies in Mumbai.
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