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AMERICAS
GTCR to acquire AssetMark from Huatai Securities for $2.7bn.
GTCR, a private equity firm, agreed to acquire AssetMark, a wealth management technology platform for financial advisors, from Huatai Securities, a securities company, for $2.7bn.
“This transaction is a testament to the support and commitment of Huatai over the past seven years, and the hard work of the entire AssetMark team. Together with Huatai, we have accomplished remarkable results, and we look forward to partnering with GTCR on the next phase of growth,” Michael Kim, AssetMark CEO.
AssetMark is advised by Morgan Stanley and Davis Polk & Wardwell. GTCR is advised by Bank of America, Barclays, Jefferies & Company, UBS, Kirkland & Ellis, and Paul Hastings. Debt financing is provided by Barclays and UBS.
Arcline, a growth-oriented private equity firm, completed the acquisition of Kaman, an American aerospace company, for $1.8bn.
"Kaman is an innovation-driven industry leader with a storied history and a strong portfolio of businesses supporting mission-critical end markets. We look forward to partnering with the Kaman team and supporting the company's continued success and growth as a trusted solutions provider of engineered components and subsystems to critically important programs," Arcline.
Blackstone to acquire Tropical Smoothie Cafe from Levine Leichtman Capital Partners.
Blackstone, a private equity firm, agreed to acquire Tropical Smoothie Cafe, a franchisor of fast-casual restaurants, from Levine Leichtman Capital Partners, a private equity firm. Financial terms were not disclosed.
“The key to this business is delivering an outstanding experience for each guest who walks through our doors. From high-quality products to exceptional guest service, our franchisees make our mission to become a beloved brand a reality day in and day out, and we are thrilled to see how the brand will continue to grow with Blackstone’s outstanding global resources behind it,” Charles Watson, Tropical Smoothie Cafe CEO.
Tropical Smoothie Cafe is advised by Bank of America, North Point Advisors, Robert W Baird, and Kirkland & Ellis. Blackstone is advised by Barclays and Simpson Thacher & Bartlett. Levine Leichtman Capital Partners is advised by Gasthalter & Co (led by Alex Jeffrey and Mark Semer).
Private equity giant Blackstone bid $1.5bn to buy Hipgnosis Songs Fund, marking a significant escalation in the fight for control of the troubled music royalty fund.
Blackstone is offering $1.24 per share in an all-cash offer that represents an 8.7% premium over the previous day’s closing share price, and is significantly higher than the $1.4 billion takeover bid that Nashville-based Concord Chorus made for the fund earlier this week.
“Blackstone strongly encourages the board of Hipgnosis to recognise the significant increase in value available to all shareholders under the terms of its fourth proposal, over the $1.16 as set out in the Concord offer, and to work with Blackstone to reach agreement on a unanimously recommended firm offer in an expeditious manner,” Blackstone.
Hipgnosis is advised by Shot Tower Capital (led by David Dunn), Singer Capital Markets (led by James Moat), Carey Olsen, Shoosmiths and Headland Consultancy (led by Susanna Voyle).
KKR to acquire 19 purpose-built student housing properties from BREIT for $1.64bn. (RE)
KKR, a global investment firm, agreed to acquire 19 purpose-built student housing properties from BREIT, a real estate investment trust company, for $1.64bn.
“Student housing is a sector that we have long-term conviction in. We are pleased to be working with Blackstone to complete this transaction which will add a diverse mix of high-quality properties to our portfolio. The operating capabilities we have built with University Partners over the past decade and our ability to transact at scale, position us to create value for our investors and to continue investing in great living experiences across these communities. We are deploying into what we view as a compelling market environment to purchase quality real estate,” Justin Pattner, KKR Partner and Head of Real Estate Equity in the Americas.
KKR is advised by Gibson Dunn & Crutcher. BREIT is advised by JP Morgan, TSB Capital and Simpson Thacher & Bartlett.
Forward Consumer Partners completed the acquisition of Firehook Bakery.
Forward Consumer Partners, a private investment firm, completed the acquisition of Firehook Bakery, an artisan baking business. Financial terms were not disclosed.
"In identifying a partner to shepherd Firehook's next phase of growth, it was essential to find a team who could support our mission of continuing to build an exceptional business rooted in quality and transparency. Forward shares our vision and, most importantly, our values. Their track record of helping grow iconic consumer brands makes the Firm an ideal partner as we continue to propel our business forward," Pierre Abushacra, Firehook Bakery Founder.
Firehook Bakery is advised by Novelty Hill Capital and Stein Sperling. Forward Consumer Partners is advised by Houlihan Lokey and Kirkland & Ellis.
MassMutual completed the acquisition of a minority stake in ATLAS SP Partners from Apollo Global Management.
MassMutual, a provider of insurance services, completed the acquisition of a minority stake in ATLAS SP Partners, a global investment firm that provides customized, asset-backed financing and portfolio solutions, from Apollo Global Management, an alternative investment manager. Financial terms were not disclosed.
"We are delighted to partner with MassMutual, a like-minded financial services company that recognizes the opportunity to generate excess spread in the vast private investment grade market, including asset-backed finance. As one of our country's most respected protection and retirement planning providers, this transaction creates an opportunity for MassMutual to generate additional earnings to benefit policyowners and their families," Marc Rowan, Apollo CEO.
Connor, Clark & Lunn Infrastructure, an investor in middle-market infrastructure and infrastructure-like assets, completed the acquisition of an 80% stake in Sharp Hills, an onshore wind farm in Canada with approximately 300MW of capacity, from EDP Renewables, a company active in the renewable energy sector, for $355m.
"This investment in Sharp Hills marks our first wind investment in Canada, further diversifying our infrastructure portfolio across sector and geography. We are pleased to once again be partnering with EDPR and look forward to owning and operating the Sharp Hills project together over the coming years," Matt O'Brien, CC&L Infrastructure President.
Connor, Clark & Lunn Infrastructure was advised by National Bank Financial and Torys. EDP Renewables was advised by CIBC World Markets.
Gamut Capital Management, a New York-based middle market private equity firm, agreed to acquire DEX Imaging, a provider of managed print services, from Staples, a commercial supply distributor serving business customers. Financial terms were not disclosed.
"We're eager to partner with the Doyle family, a name that has represented excellence in the industry for nearly five decades. Together, we aim to build a national presence through strategic acquisitions and organic growth, leveraging the strong foundation laid by the Doyles. This partnership embodies our commitment to invest in and enhance businesses with solid market potential and proven leadership to enhance long-term value creation," Sam Powell, Gamut Partner.
DEX Imaging is advised by Guggenheim Partners. Gamut Capital is advised by Prosek Partners.
MPE Partners, a private equity firm, completed the acquisition of SabCon Underground, a natural gas utility company. Financial terms were not disclosed.
"I am exceptionally proud of what the entire SabCon team has accomplished and look forward to partnering with Precision to support SabCon through its next phase of growth. I am confident that this partnership will enhance SabCon's ability to serve both our customers and employees," Kellie Burns, SabCon Founder and President.
MPE Partners was advised by Jones Day. Debt financing was advised by PGIM Private Capital.
Infinite Reality to acquire Drone Racing League for $250m.
Infinite Reality, a provider of virtual, AI-powered immersive experiences, agreed to acquire Drone Racing League, a futuristic sports property, for $250m.
"Infinite Reality revolutionizes fan and customer engagement across platforms, making every moment more interactive, accessible and captivating. DRL epitomizes our belief that fans don't just want to sit in a stadium or watch broadcast highlights on social media. The future of sports and entertainment involves new and disruptive formats that are wildly more immersive. Now, with our combined assets, iR and DRL are set to usher in a new era of sports entertainment, powered by cutting edge tech and fueled by fandom, creativity and community,” John Acunto, Infinite Reality CEO.
Infinite Reality was advised by ICR (led by Brett Milotte).
AyurMaya, a venture capital fund managed by Matrix Capital Management, led a $132m Series C round in Endeavor BioMedicines, a clinical-stage biotechnology company, with participation from Fidelity Management & Research Company, Invus, SymBiosis, Velocity Capital, Woodline Partners, abrdn, Ally Bridge Group, Avidity Partners, Eckuity Capital, Longitude Capital, Omega Funds, Perceptive Advisors, Piper Heartland Healthcare Capital, Silver Arch Bio, and T. Rowe Price Associates.
"We appreciate the support from this group of leading life sciences investors, who recognize the tremendous progress we've made since our initial funding rounds as well as the life-changing potential of our therapeutic candidates to reverse the trajectory of relentless diseases," John Hood, Endeavor Co-Founder, CEO and Chairman.
Endeavor BioMedicines was advised by Sam Brown.
Steward Partners, a private equity firm, agreed to acquire fiancial services firms Monaco Capital and Saling Simms. Financial terms were not disclosed.
"The acquisition of both Monaco Capital and Saling Simms marks another step in our commitment to deliver excellence to our advisors, partners, and clients through our legacy model. Since establishing the model last December, we have seen tremendous growth in our already successful business, and we are excited to work alongside our new partners as we continue this trajectory," Jim Gold, Steward Partners CEO and Co-Founder.
Steward Partners is advised by JConnelly.
Apax Digital Funds, a growth equity and growth buyout fund, agreed to invest in IANS Research, a provider of independent research and advisory services for the information security industry. Financial terms were not disclosed.
"IANS is the undisputed, most trusted leader in the InfoSec decision support space. We have been very impressed with how its deep and independent data and advisory offering has driven a steady growth in highly satisfied customers and an unmatched reputation for insight in the category. We are excited to partner with Phil and his team to continue to evolve the offering and scale the business to even greater heights," Marcelo Gigliani, Apax Digital Managing Partner.
IANS Research is advised by Centerview Partners.
Activist Jana urges Wolfspeed to eye sale and other strategic alternatives.
Activist investor Jana Partners, which owns what it called a "significant" stake in Wolfspeed, is urging the company to explore all ways to improve shareholder value, including a potential sale, Reuters reported.
Jana, which owns what it called a "significant" stake in Wolfspeed, said it is high time for the 37-year-old company with a market value of $2.8bn to pursue "all avenues to improve WOLF's performance" and begin a "comprehensive review of strategic alternatives."
Hipgnosis' bidding war intensifies as Concord hikes offer for Shakira music owner.
Shares of Hipgnosis Songs Fund climbed on April 25 after Apollo-backed Concord outbid a proposal by private equity giant Blackstone, launching a bidding war for the owner of music rights of artists, including Shakira and Blondie.
Concord, a Nashville-based independent music company, sweetened its bid late on April 24 for Hipgnosis to $1.25 per share, or about $1.51bn, slightly higher than Blackstone's proposal of $1.24 apiece, Reuters reported.
Carlyle-backed Crescent Midstream explores sale.
Carlyle Group-backed Crescent Midstream, an oil pipeline company, is exploring a potential sale after receiving takeover interest. The company is working with an adviser on options. Crescent Midstream could be valued at about $1.3bn, including debt, Bloomberg reported.
Crescent Midstream owns more than 1.2k miles of pipelines around Louisiana and the Gulf of Mexico that are used to transport almost 200m barrels of crude oil each year. Carlyle invested in Crescent’s former parent, Crimson Midstream, in 2019. Any sale would add to a string of transactions involving midstream companies in North America.
Blackstone sells $1.1bn of private equity fund stakes to Ares.
Blackstone’s Strategic Partners unit sold a $1.1bn portfolio of private equity fund interests to Ares Management, Bloomberg reported.
The portfolio consists of older fund stakes that Strategic Partners had acquired from institutional sellers. This is the largest private equity deal completed by Ares’ secondaries group.
Strategic Partners was advised by PJT Partners.
Ardian is near deal to buy over $1bn of BCI’s private equity holdings.
French buyout firm Ardian is close to a deal to acquire more than $1bn of private equity fund stakes from British Columbia Investment Management, Bloomberg reported.
The transaction may close in the next few months. The British Columbia fund, which manages the retirement savings of government workers in the Canadian province, was considering the sale of about $2bn worth of Europe-focused investments and reducing its US positions to rebalance its portfolio and free up cash.
Private equity owner of Sauer Brands explores the sale of condiments maker.
The private equity owner of Sauer Brands is exploring a sale of the 137-year-old maker of condiments and spices that could value it at more than $1bn, including debt, Reuters reported.
Richmond, Virginia-based Sauer, which was founded in 1887 and is known for its Duke's Mayonnaise brand, is working with investment banks Morgan Stanley and William Blair to gauge interest from potential buyers.
Partners Group-backed Form Technologies said to weigh sale.
Partners Group-backed Form Technologies is exploring strategic options that may include a potential sale. The industrial manufacturer faces about $900m of debt that comes due for repayment next year. The company's roughly $633m first-lien term loan is quoted at around 95 cents on the dollar.
Partners Group, working with an investment bank, received offers for Form back in 2018, which it valued at more than $2bn. Talks are ongoing and there's no certainty they'll result in a sale, Bloomberg reported.
Kushner targets Zamp board after $200m bet with Mubadala.
Affinity Partners, the private equity firm founded by Jared Kushner, is seeking to add a director to the board of Brazil-based fast-food firm Zamp after investing in the company earlier this year, Bloomberg reported.
Affinity invested $200m alongside controller Mubadala Capital, a unit of Abu Dhabi’s sovereign wealth fund. Some of the capital will be used to expand the company’s portfolio beyond its current Burger King and Popeyes franchised restaurants. Zamp is also in talks to acquire the rights to represent Starbucks locally.
BDT & MSD said to near sale of Marquette to Redwood Capital.
BDT & MSD Partners is nearing a deal to sell the firm’s majority stake in Marquette Transportation to Redwood Capital Investments, the family office of Jim Davis and Steve Bisciotti, Bloomberg reported.
Marquette’s founders are set to roll a roughly $100m equity stake into a transaction that would value the company at about $1bn. BDT has controlled the Kentucky-based provider of marine towing services since 2015 and has been exploring options for its stake.
Sony deal for Paramount would draw added regulatory scrutiny.
A deal to buy Paramount Global that includes Japan’s Sony Group would be expected to draw scrutiny from US regulators who vet media purchases by foreign buyers, as well as a review from competition authorities, Bloomberg reported.
Tokyo-based Sony and Apollo Global Management are considering teaming up in a bid for the film and TV giant Paramount Global.
Sports investor Arctos to focus on US deals after raising $4.1bn fund.
Arctos Sports Partners plans to focus on finding more deals in its US home market because of the financial unpredictability of European football, Financial Times reported.
While Arctos was open to working with more teams in Europe, the firm was far more likely to invest in the US where there is “no shortage of opportunities” for generating reliable returns from sport.
“We want to invest behind global brands that have the predictability and the durability and resiliency and the dynamics that are commonplace in North American sports assets. Finding those outside of North America is difficult,” Ian Charles, Arctos Sports Partners Co-Founder and Managing Partner.
The Sterling Group raises $3.5bn in oversubscribed sixth private equity fund.
The Sterling Group, an operationally focused, industrial middle market private equity firm, is pleased to announce the closing of Sterling Group Partners VI. Fund VI exceeded its target of $2.75bn and was significantly oversubscribed at its hard cap of $3.5bn. Sterling's previous fund closed in June 2020 with $2bn of limited partner commitments.
"Sterling has a four-decade track record of value creation across the economic cycle. The secular tailwinds underpinning today's industrial middle market, when combined with our proven Seven Lever value creation strategy, present tremendous opportunities for Fund VI," Franny Jones, The Sterling Group Partner.
The Sterling Group is advised by Evercore and Kirkland and Ellis.
Decarbonization Partners hits final close of debut fund at $1.4bn, surpasses target.
Decarbonization Partners, a joint venture between Temasek and BlackRock, announced the final close of its inaugural late-stage venture capital and growth private equity investment fund at $1.4bn, exceeding its target of $1bn, DealStreetAsia reported.
The vehicle is focused on investing in next-generation private companies that support the acceleration of decarbonization and the transition to a net–zero economies. Apart from BlackRock and Temasek, the fund vehicle received commitments from over 30 institutional investors including public and private pension funds, sovereign wealth funds, insurance companies, corporates, and family offices.
ACORE Capital closes debt fund at $1.4bn.
San Francisco-based real estate credit manager ACORE Capital has closed a new commingled credit fund with approximately $1.4bn in capital commitments from investors.
US-focused ACORE Credit Partners II, which was oversubscribed, having originally targeted $1bn when launched in early 2022, is the largest private real estate debt fund closed so far this year, and the joint fourth-largest private real estate fund overall. The predecessor fund ACORE Credit Partners I, which was the firm's first discretionary commingled fund and originates value-add financing to institutional borrowers, closed with $556m in 2019, while the firm also raised $254m for another fund the ACORE Opportunistic Credit I.
Crosslink launches tenth flagship venture fund with $350m.
Crosslink Capital announced today the closing of its tenth flagship venture capital fund, Crosslink Ventures X, aimed at backing early-stage entrepreneurs. The new fund, which includes support from both new and existing investors, closed with $350m of capital commitments. The firm’s previous venture fund was also capitalized at $350m in January 2021.
Crosslink remains dedicated to investing in early-stage founders from inception, which includes pre-seed and seed, through Series A, and supporting them at every stage of their growth. This year, the firm is celebrating 35 years of partnering with ambitious entrepreneurs developing enterprise, consumer, and vertical technologies.
Next Billion Capital Partners makes first close of $250m digital growth fund.
Next Billion Capital Partners, a venture capital firm, has made the first close of its new $250m fund as it looks to ramp up digital investment in Southeast Asia, DealStreetAsia reported.
Next Billion invests early and growth stage capital in transformative companies serving the digital needs of the next billion consumers and businesses in emerging markets.
PJT taps ex-BofA, Credit Suisse dealmaker Knauss as partner. (People)
PJT Partners has hired Orlando Knauss from Bank of America as a partner focused on dealmaking in the industrials sector, Bloomberg reported.
Knauss joined Bank of America in 2021 after about two decades at Credit Suisse, where he was global head of the Swiss lender’s industrials group.
EMEA
KKR, a global investment firm, agreed to acquire a stake in Immedica, a pharmaceutical company, from Impilo, a Nordic healthcare investment firm. Financial terms were not disclosed.
“The Immedica team is one of the best that we have encountered in a space that we have been following for some time. We are deeply impressed by the accomplishments of Immedica under Impilo’s ownership and the establishment of a rare disease player with a highly promising pipeline. We look forward to working with the management team alongside Impilo to accelerate growth further,” Kugan Sathiyanandarajah, KKR Partner and Head of Health Care Strategic Growth Europe.
KKR is advised by Clearview Healthcare Partners, Alvarez & Marsal, Bank of America, PricewaterhouseCoopers, Cooley, Gibson Dunn & Crutcher, Setterwalls Advokatbyra, FGS Global (led by Alastair Elwen) and Fogel & Partners (led by Ludvig Gauffin). Impilo is advised by Boston Consulting Group, Morgan Stanley, PricewaterhouseCoopers, Latham & Watkins and Mannheimer Swartling.
PAI Partners to acquire a majority stake in Audiotonix from Ardian for £2bn.
PAI Partners, a pre-eminent private equity firm, agreed to acquire a majority stake in Audiotonix, a professional audio mixing console and ancillary products provider, from Ardian, a private equity investment company, for £2bn ($2.5bn).
“I would like to thank Ardian for the confidence and solid support of Audiotonix, the management team and our staff. The team invested alongside us just as the Covid lockdown began, and from our first meeting were aligned with us, making sure Audiotonix emerged in a stronger position than before. As management, the most critical challenge with a process like this is selecting the right partner moving forward, who understands what the business is today and can get behind the vision of what it can become. With PAI, it is clear this is a team and partner we can take Audiotonix to the next level with, while preserving the passion and energy that have made the group the success it has become in our industry," James Gordon, Audiotonix CEO.
Audiotonix is advised by PricewaterhouseCoopers, Liberty Corporate Finance and Macfarlanes. PAI Partners is advised by McKinsey & Company, Alvarez & Marsal, Weil Gotshal and Manges (led by Jonathan Wood) and Greenbrook. Ardian is advised by PricewaterhouseCoopers, McKinsey & Company, Goldman Sachs, Allen & Overy and Headland Consultancy.
KKR to acquire nexeye from 3i Group.
KKR, an American global investment company, agreed to acquire nexeye, an optical chain operator, from 3i Group, a British multinational private equity and venture capital company. Financial terms were not disclosed.
“I would like to thank 3i for a true partnership under which we successfully created a leading omnichannel optical platform. We strengthened and developed our organization, modernized and opened stores and realized a step change in omnichannel and digital innovation. Now, we are thrilled to continue this growth path together with KKR. We share a vision to establish nexeye as the leader in the European value-for-money optical sector, with a focus on customer service, product quality and innovation. I look forward to our partnership,” Bart van den Nieuwenhof, nexeye CEO.
KKR is advised by Jefferies & Company, Ubs, Kirkland & Ellis (led by Alvaro Membrillera and Pelin Demirdere Eski) and FGS Global (led by Frank Jansen). nexeye is advised by Value@Stake (led by Edwin van Wijk). 3i Group is advised by Harris Williams & Co, ING Bank and Clifford Chance.
KnowBe4 to acquire Egress from FTV Capital and AlbionVC.
KnowBe4, a security platform for security awareness training and simulated phishing attacks, agreed to acquire Egress, a software company that specializes in human layer security designed to prevent accidental and intentional data breaches, from FTV Capital and AlbionVC, alternative investment firms. Financial terms were not disclosed.
"KnowBe4 and Egress have a shared vision of delivering tailored and relevant security to each employee. One of the biggest challenges organizations face is accurately identifying who the next source of compromise is – and why. By combining intelligence and analytics from integrated applications, companies can gain valuable insights across their entire cyber ecosystem, allowing them to focus on the risks that matter most," Tony Pepper, Egress CEO.
Egress is advised by Citigroup and Orrick Herrington & Sutcliffe.
SPIE completed the acquisition of a 92% stake in ICG Group from HIG Capital.
SPIE, a provider of multi-technical services in the areas of energy and communications, completed the acquisition of a 92% stake in ICG Group, a turnkey service provider for telecommunication infrastructure, from HIG Capital, a private equity firm. Financial terms were not disclosed.
"The acquisition of ICG Group enables SPIE to further strengthen its position as a leading player in the deployment of fibre networks and mobile telecommunication infrastructure in Germany, which are very strategic and rapidly growing markets. With its high growth perspectives and very strong level of profitability, we are convinced that the combination of ICG Group with SPIE will be highly value creative," Gauthier Louette, SPIE Chairman and CEO.
SPIE was advised by Latham & Watkins and Image Sept.
Everton FC’s main financial adviser, Deloitte, is scrambling to find new backers to save a takeover of the struggling club by US investment firm 777 Partners amid fears that the deal could collapse, Bloomberg reported.
Deloitte has been seeking fresh funding from sports-focused investors and lenders to get 777’s deal over the line.
IK Partners, a European private equity firm, completed the investment in A-SAFE, a manufacturer and distributor of industrial polymer safety barriers systems. Financial terms were not disclosed.
"A-SAFE's expansion into new markets and product segments, alongside its commitment to innovation, has firmly positioned it as an industry leader in workplace safety, protection and efficiency systems. The Company's ability to anticipate market needs, coupled with its relentless pursuit of product excellence, has garnered our utmost confidence in the management team and its ability to drive positive action. We look forward to working with James, Luke and their team over the next few years," Thomas Grob, IK Partner.
Five Arrows to acquire a majority stake in Solvares from Deutsche Beteiligungs.
Five Arrows, a private equity firm, agreed to acquire a majority stake in Solvares, a provider of SaaS services, from Deutsche Beteiligungs, a German investment company. Financial terms were not disclosed.
"Our solutions deliver mission critical value to our customers daily. Our business has developed strongly in recent years and I am excited to continue executing our growth roadmap over the coming years and develop Solvares into the European leader for field management and logistics software. With their deep global experience in scaling B2B software businesses and long‑term investment perspective, Five Arrows was our partner of choice to help us drive this next phase in our journey. We are grateful for DBAG's strong support to date and are pleased they will remain our investors alongside Five Arrows," Ivan Bagaric, Solvares CEO.
Solvares is advised by Houlihan Lokey.
Public Investment Fund, the sovereign wealth fund of Saudi Arabia, agreed to acquire a 51% stake in TAWAL, a telecommunications infrastructure company, from stc Group, a Saudi telecommunication company, for $3bn.
“Today's announcement is a significant milestone for the telecommunications industry in Saudi Arabia and the wider region. By bringing together the assets of GLIC and TAWAL, we will establish a consolidated platform on which the telecommunications sector can flourish and give people a better experience to best connect communities and businesses. It is also in line with PIF’s strategy and the Saudi Vision 2030. Fast, reliable and accessible connectivity is a key enabler of growth and a cornerstone for the society, and these agreements mark a major stride towards a more interconnected digital future,” Raid Ismail, PIF Head of MENA Direct Investments.
DIF Capital Partners, a private equity firm, offered to acquire TDF Fibre, a French fibre business, from telecoms firm TDF and financial services company La Banque des Territoires, in a c. €1bn deal.
DIF Capital Partners is negotiating to invest in TDF Group’s fibre business by acquiring the entire share capital in (i) TDF Fibre and (ii) Lumière Fibre, a newly incorporated vehicle entirely held by TDF and to which TDF is expected to contribute its engineering, maintenance, fibre roll-out and construction services business units. Following the planned transaction, the TDF Group will continue to support TDF Fibre, particularly in terms of network supervision.
Legrand to acquire Enovation from Main Capital Partners for €500m.
Legrand, a French industrial group, agreed to acquire Enovation, a healthcare software in the market for connected health and assisted living, from Main Capital Partners, an investment management company, for €500m ($533m).
"We are very pleased to announce these investments in areas that are at the heart of buoyant trends (connected solutions, datacenters) and as such, of our growth acceleration strategy. We are also excited to work with the teams of these industry-leading companies," Benoît Coquart, Legrand CEO.
iM Global Partner, a global network of dynamic investment boutiques, agreed to acquire a minority stake in Trinity Street Asset Management, a London-based investment boutique. Financial terms were not disclosed.
"For a few years now we have been actively looking for a Europe-based company to complement our network of nine high-quality investment firms. I am delighted to welcome Trinity Street Asset Management on board as our 10th Partner. Their approach fits in very well with our philosophy, and their products are highly complementary to those of our existing Partners. Trinity Street's performance has been impressive, and this partnership will allow us to further expand our product offering internationally," Philippe Couvrecelle, iM Global Partner Founder and CEO.
Ardian said to join bidding for Altice's €7bn XpFibre unit.
European private equity firm Ardian is considering a potential offer for a controlling stake in telecom tycoon Patrick Drahi's French fiber company XpFibre, Bloomberg reported.
KKR and Global Infrastructure Partners are also vying for the business, which builds and operates fiber-to-the-home infrastructure in France. KKR is the most advanced bidder in the process, having started carrying out due diligence on the company earlier this year.
A deal could value XpFibre, which is owned by Drahi's Altice France, at around €6bn ($6.3bn) to €7bn ($7.4bn) including debt. XpFibre had about $2.6bn of net debt as of 2023. Altice France owns 50.01% of XpFibre, while the balance is held by a consortium majority-led by OMERS Infrastructure that also includes Allianz Capital Partners and AXA Investment Managers Real Assets. Bloomberg News previously reported that KKR and Macquarie Group were shortlisted in the bidding. Deliberations are ongoing and there's no certainty they will result in a deal.
Partners said to mull Techem options after TPG’s €6bn bid.
Partners Group is considering options for its majority stake in Techem after having received a binding offer from TPG that values the German metering company at more than €6bn ($6.4bn), Bloomberg reported.
Partners Group may decide to keep Techem or float it on the stock market following the bid from TPG’s Rise Climate fund that was supported by Singapore sovereign wealth fund GIC.
TA said to mull €1bn Sale of 3D software provider Chaos.
TA Associates and LEA Partners are considering a potential sale of Chaos Group, a maker of 3D video-rendering software that could be valued as much as €1bn ($1.1bn), Bloomberg reported.
The private equity firms are working with advisers and asked suitors including tech-focused buyout firms to submit non-binding bids earlier this month.
Private equity investors to buy TeamSport, the pan-European go-karting operator.
Several buyout firms have tabled initial offers for the company, which is expected to fetch more than £150m ($185m), Sky News reported. EMK Capital and Livingbridge are among the private equity firms which had lodged first-round bids. Harris Williams is overseeing the auction.
Duke Street-owned TeamSport is the largest indoor go-karting operator in the UK. It operates within an activities & attractions market worth £73bn ($90bn) across the UK, Germany and the Netherlands.
Bridgepoint considers sale of Swedish drinks maker Vitamin Well.
Bridgepoint, a major international alternative asset fund management group, has appointed advisers to explore options, including selling Vitamin Well, a Swedish drinks business.
The market for healthy food and drinks products has grown significantly in recent years, as health-conscious consumers seek alternatives to high-sugar snacks and fizzy drinks. Vitamin Well is a food and drinks business that sells products in 40 markets worldwide. It has offices across Europe, the US, and Asia.
The company generates roughly €150m ($159m) in earnings before interest, tax, depreciation and amortisation, and could be valued at more than €2bn ($2.13bn), FT reported.
CVC explores options for Italy's Recordati.
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, is exploring options for its controlling stake in Italian pharmaceutical group Recordati, Reuters reported.
CVC is working with advisors and is in the early stages of studying alternatives, including a potential sale or a combination with another business. The deliberations are in the early stages and there is no guarantee of a final deal.
Allfunds abandons talks about potential sale.
Allfunds Group has abandoned discussions over a potential sale of the European fund distribution company after receiving several interests for a deal. The company's board decided not to proceed with the sale, as the offers didn't fully reflect its growth prospects, Reuters reported.
Allfunds's largest shareholder, Hellman & Friedman, is supportive of the company's decision to call off a potential sale. The group reported a 4% rise in total net revenues for the first quarter on April 23.
Billionaire Issa nears deal to sell Asda stake to TDR Capital.
TDR Capital is closing in on a deal to buy gas-station billionaire Zuber Issa’s stake in Asda as the private-equity firm tightens its grip on one of Britain’s biggest supermarket chains, Bloomberg reported.
The agreement for Issa’s 22.5% stake would give TDR majority control and could be announced in coming weeks. TDR’s holding in Asda would rise to about two-thirds, while the transaction would further the dismantling of the relationship between brothers Zuber and Mohsin Issa.
Telecom Italia averts Vivendi showdown at AGM.
Telecom Italia's management has averted a showdown with its top investor Vivendi as the French conglomerate said it would abstain on a vote to reappoint the group's chief executive at a shareholder meeting on April 23, FT reported.
Vivendi, which owns a 24 per cent stake in the Italian phone carrier, has challenged chief executive Pietro Labriola's plan to split the group's network from its services business and sell it to US private equity firm KKR in a bid to cut debt.
Russia's Tinkoff plans share issue to fund Rosbank deal.
Russian online bank Tinkoff plans to issue up to 130m additional shares to help fund a deal to integrate fellow lender Rosbank into its holding structure, Reuters reported.
Both Tinkoff owner TCS and Rosbank are controlled by billionaire Vladimir Potanin's Interros group, and the planned integration could strengthen Potanin's foothold in Russia's banking sector.
CVC ups deal size to €2.3bn, may price IPO at mid-point.
CVC Capital Partners increased the size of its initial public offering by €500m ($536m), and is likely to price the share sale in Amsterdam at the middle of an initially proposed range, indicating the depth of investor demand for the long-awaited listing, Bloomberg reported.
Orders below €14 ($15) per share "risk missing", banks on the deal said in terms sent out to investors. That compares to the initial price range of €13 ($14) to €15 ($16). The firm is also increasing the total deal size, including the greenshoe option, to about €2.3bn ($2.4bn) from €1.8bn ($1.9bn) previously.
Buyout firm CVC sets price range for $1.7bn Dutch IPO.
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, and some of its investors are seeking to raise $1.7bn in an initial public offering in Amsterdam as the buyout firm moves ahead with its long-delayed listing plans, Bloomberg reported.
The company and the investors are offering 114m shares for $13.8 to $15.9 each, according to a statement on Monday. That gives the company an implied market value of $13.8bn to $15.9bn.
Spinneys’ $375m Dubai IPO draws Franklin Templeton.
The family behind high-end supermarket chain Spinneys is seeking to raise as much as AED1.38bn ($375m) in a rare private sector listing in Dubai that’s drawn Franklin Templeton as a cornerstone investor, Bloomberg reported.
Al Seer Group is selling 900m shares at AED1.42 ($0.39) to AED1.53 ($0.42) apiece in IPO that values the grocer at as much as AED5.5bn ($1.5bn). Investors snapped up all shares on offer in minutes.
Investcorp sets up $1bn Mideast Fund backed by China’s CIC.
The Middle East’s biggest alternative asset manager is setting up a $1bn investment vehicle backed by Beijing’s sovereign wealth fund to invest in companies across the Persian Gulf and China, Bloomberg reported.
Investcorp’s new Golden Horizon Fund will be anchored by China Investment, as well as other investors from the Middle East. The new vehicle will also include Investcorp’s Pre-IPO Growth Fund, which was launched in 2021 and had targeted raising $500m. It will invest in firms across sectors including consumer, health care and logistics.
Ex Gucci CEO joins board of Golden Goose. (People)
Former Gucci CEO Marco Bizzarri has been appointed to the board of directors of Golden Goose, as the Italian luxury sneaker maker favored by Taylor Swift and Selena Gomez prepares for a possible listing in Milan, Bloomberg reported.
Permira-backed Golden Goose's potential IPO, one of the most anticipated in Italy, is expected to value the company at between €3b ($3.2b) and €4b ($4.2b). The IPO could come on the Milan Stock Exchange as soon as May or June. Bizzarri left Gucci last year after heading the Italian fashion house for eight years.
Abu Dhabi wealth fund hires Brookfield’s Thomas for buyout unit. (People)
Abu Dhabi Investment Authority hired Brookfield Asset Management’s Julian Thomas as a senior member of its private equity business, Bloomberg reported.
Thomas, a managing partner who heads strategic initiatives in Brookfield’s renewables unit, is set to join the sovereign wealth fund as head of Americas for its private equities department in the second half of the year. He will report to Jerome Mourgue D’Algue, ADIA’s global head of private equities.
APAC
Australia’s Seven Group said to consider takeover of Cleanaway Waste.
Seven Group, an Australian industrial conglomerate, is exploring an acquisition of Cleanaway Waste Management, a waste disposal firm. Seven Group has been seeking financing for a potential takeover of Melbourne-based Cleanaway Waste, Bloomberg reported.
Cleanaway Waste surged 16%, the biggest gain since April 2021, lifting the company’s market value to $6.7b ($4.3b). Seven Group was up 2%. A potential deal would be a banner transaction for Seven Group and one of the largest takeovers this year in Australia, which has experienced an uptick in mergers and acquisitions activity. Its solid-waste business offers removal and recycling services to more than 90 councils and over 140k customers.
Blackstone nears deal to sell S Korean pharma wholesaler to MBK Partners.
Private equity firm Blackstone is nearing a deal to sell its controlling stake in South Korean wholesale drug distributor Geo-Young to North Asian buyout fund MBK Partners for over $1bn, DealStreetAsia reported.
Blackstone is in final negotiations with Seoul-headquartered MBK about the sale and signing of the deal could happen soon. The sale would mark Blackstone’s first major exit in South Korea, a market in which it expanded a locally-based team two years ago.
The buyout firm bought Geo-Young in 2019 together with the company’s founders for an undisclosed amount. It now holds a 71% stake in the business.
Asian buyout firm begins sale process for $800m Malaysia hospital business.
Buyout firm Affinity Equity Partners has started the sale process of one of Malaysia’s largest healthcare providers, valued at more than $800m. The first round of bids is due mid-June, WSJ reported.
Established in 1996, the 600-bed Island Hospital provides specialty services including cardiology, clinical oncology, pediatrics and plastic surgery. It also offers a medical-tourism hospital program catering to patients in Southeast Asia. The sale, which was planned in 2020 but didn’t go ahead due to the pandemic, is gaining traction again after the recently concluded $1.2bn sale of Asia-focused private-hospital group Ramsay Sime Darby Health Care.
Taiyo Pacific to raise a $400m tender offer for Roland DG.
Taiyo Pacific Partners, a private equity firm, is considering raising its $400m tender offer for Japanese printer maker Roland DG to fight off an unsolicited bid from Brother Industries.
Taiyo Pacific, Roland DG's biggest shareholder with a 19.4% stake, is weighing that option against two others - accepting Nagoya-based Brother's takeover bid at ¥5,200 ($33.6) a share and abandoning the buyout when the tender offer expires later this month, Taiyo Pacific Co-Chief Executive Officer Brian Heywood said. Taiyo Pacific is offering ¥5,035 ($32.5) a share.
Roland DG and Brother agreed in 2019 to explore a partnership in product development, but that effort didn't work out due to delays and quality issues. A management buyout would help unlock further value in Hamamatsu-based Roland DG, Heywood said, adding that Taiyo Pacific would consider an exit in three to five years via a relisting or a sale to another business, Bloomberg reported.
IPO-bound Ola Electric secures $50m debt from EvolutionX.
Ola Electric, a SoftBank-backed electric vehicle maker, has raised about $50m via non-convertible debentures from EvolutionX, DealStreetAsia reported.
This is the second debt financing for Ola Electric in the last six months. The company raised $385m in a mix of equity and debt funding from Temasek-led investors and the State Bank of India in October last year. Its valuation had reportedly touched $5.5bn after a $140m funding round led by existing backer Temasek in September last year.
Singapore's Keppel set to raise over $2.7bn across three funds this year.
Singapore-listed asset manager Keppel is seeking to raise over $2.7bn across its three funds dedicated to private credit, social infrastructure, and data centres this year, DealStreetAsia reported.
Keppel plans to raise around $800m for the third installment of its private credit series, doubling the size of its predecessor fund, which was managed by Keppel Credit (formerly Pierfront Capital). The second fund, which is now over 50% deployed, has seen some exits whose divestment proceeds have been reinvested.
Khazanah leads up to $627m venture fund for region.
Khazanah Nasional, Malaysia’s sovereign wealth fund, will set up a venture capital of up to MYR3bn ($627m) with two other partners to invest in startups in Southeast Asia, Bloomberg reported.
Local pension fund Kumpulan Wang Persaraan Diperbadankan, or KWAP, and Blue Chip Venture Capital will co-invest in the fund.
Nuveen looks to raise $400m for second climate inclusion PE fund.
Property investment manager Nuveen has raised $150m so far from US investors for its latest climate inclusion fund, DealStreetAsia reported.
The firm, which manages the Asia Pacific Cities platform, disclosed that its latest vehicle, Nuveen Climate Inclusion Fund II, has already secured commitments from at least six investors since it was launched early this month.
Affirma Capital makes $370m first close of sixth Korea PE fund.
Singapore-based emerging market private equity firm Affirma Capital has made the first close of its sixth Korea buyout fund at $370m, DealStreetAsia reported.
The fund, Ascenta VI, has secured commitments from major institutions, such as the Korea Development Bank and the Korean Teachers’ Credit Union, and is expected to engage with international limited partners in the latter half of this year.
Foundation Private Equity to raise funds to cash in on the growing Indian market.
Foundation Private Equity is looking to raise its first INR-denominated fund to capitalise on India's maturing private equity market, DealStreetAsia reported.
Foundation Private Equity is a provider of bespoke secondary solutions across Asia, founded in 2017 and experienced in delivering innovative secondary solutions to GPs and LPs across Asia.
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