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AMERICAS
Hellman & Friedman-backed AutoScout24, an online automotive marketplace, agreed to acquire TRADER, a technology company based in Toronto specializing in classified automotive advertising, from Thoma Bravo, a private equity and growth capital firm. Financial terms were not disclosed.
"I am delighted to welcome the TRADER Canada team and its leading brands to the AutoScout24 family. TRADER Canada's impressive long-term track record, clear position as Canada's most important automotive marketplace, and comprehensive expertise in dealer software and fintech solutions speak for themselves. This acquisition strengthens AutoScout24's position as a leading global online automotive marketplace and will help accelerate the growth of both platforms. As a result, we will offer our customers, trade partners, OEMs, and financing partners in Europe and Canada better services and more innovative solutions," Peter Brooks-Johnson, AutoScout24 CEO.
TRADER is advised by Bank of America, Goldman Sachs, HSBC, Goodmans, Kirkland & Ellis (led by Bradley Reed, Cole Parker and Angela C. Oldham), McMillan and Labour Creative. AutoScout24 is advised by Deutsche Bank, RBC Capital Markets, Davies Ward Phillips & Vineberg, Freshfields Bruckhaus Deringer and Simpson Thacher & Bartlett (led by Anthony Vernace).
Bridgepoint, a private equity firm, completed the acquisition of Energy Capital Partners, an energy transition investor, for $1bn.
“The addition of ECP is a transformational step for Bridgepoint and ECP, combining two complementary businesses to form a more global, better diversified middle-market private assets investment platform. This partnership strengthens our scale, strategic development and earnings quality, while broadening our growth potential. Bridgepoint is committed to delivering the benefits of the transaction by enhancing growth opportunities and offering a broader product mix to our combined investors. ECP has an exceptional leadership team and together with our new colleagues, we look forward to the exciting opportunities ahead,” Raoul Hughes, Bridgepoint CEO.
Private equity firms Haveli Investments and Bregal Milestone completed the acquisition of a majority stake in M-Files, a knowledge work automation platform. Financial terms were not disclosed.
“We are committed to delivering an innovative knowledge work automation solution for our customers globally, and we are thrilled to partner with these experienced enterprise software investment organizations to accelerate growth and invest in product innovation. We are grateful for the partnership from Partech, Tesi and Molten Ventures and look forward to collaborating with the strong investment and operating teams at Haveli Investments and Bregal Milestone in the next phase of our growth. We aim to expand the reach and impact of our next-generation content management platform that provides advanced collaboration and productivity capabilities for our customers," Antti Nivala, M-Files Founder & CEO.
M-Files was advised by William Blair & Co, Borenius and fama PR. Haveli Investments was advised by Evercore, Hannes Snellman Attorneys, Simpson Thacher & Bartlett and Reevemark. Bregal Milestone was advised by White & Case.
Quantum Capital, a private equity company, agreed to acquire oil and gas operations from Oaktree-backed Caerus Oil and Gas, a company that invest in conventional oil and gas properties, for $1.8bn.
“As an active private energy investor, we recognize the important role of expanding access to clean and reliable energy in key markets across the United States. This transaction represents a unique opportunity for Quantum to invest in substantial natural gas production alongside large, contiguous acreage positions containing sizable hydrocarbon resources with significant value creation potential. We believe that KODA and QB Energy are well positioned to steward the next phase of development and operation of the Assets to serve responsibly natural gas demand centers in the western US while generating attractive returns for our investors," Tom Field, Quantum Partner.
Quantum is advised by Vinson & Elkins and Joele Frank (led by Kate Thompson). Caerus is advised by Bank of America, Evercore, Jefferies & Company, Davis Graham & Stubbs and Latham & Watkins.
Koch Equity Development, a private equity firm, agreed to acquire iconectiv, a supplier of network planning and management services for communications providers, from Ericsson, a provider of telecommunications equipment, and Francisco Partners, an investment firm. Financial terms were not disclosed.
"iconectiv is excited to join KED along with the resources and capabilities they have to support our next chapter of growth. This acquisition marks a significant milestone in our journey, aligning us with a shareholder focused on long-term value creation that extends our track record as a trusted partner to service providers and regulators in the communications sector. On behalf of iconectiv, we want to thank Ericsson and Francisco Partners for their many years of support. We believe KED is the right partner for our employees and the company to continue executing our long-term vision by providing reliable and trusted communications solutions to our customers globally," Richard Jacowleff, iconectiv CEO.
Koch Equity Development is advised by Citigroup, Rothschild & Co, and Jones Day. iconectiv is advised by Goldman Sachs, Jefferies & Company, and Latham & Watkins.
NOVA Infrastructure, a middle-market infrastructure investment firm, completed the acquisition of a 70% stake in UGE International, a community solar and battery storage business. Financial terms were not disclosed.
“Community solar represents a very fast-growing segment of the US power generation market with strong regulatory tailwinds supporting UGE’s portfolio of long-lived assets. UGE provides customers with attractive electricity rates under long term contracts that provide strong downside protection for investors. We have identified value-add initiatives that will accelerate growth in the UGE portfolio and drive strong cash flow generation,” Chris Beall, NOVA Co-Founder and Managing Partner.
UGE was advised by Origin Merchant Partners, CP and Mintz Levin. NOVA Infrastructure was advised by Bennett Jones, Blank Rome and Sloane & Company.
Carlyle, a private equity firm, agreed to acquire Worldpac, an automotive parts wholesale distribution business, from Advance Auto Parts, an automotive aftermarket parts provider, for $1.5bn.
“We are pleased to announce the sale of the Worldpac business. The sale enables our team to sharpen their focus on decisive actions to turn around the Advance blended box business. Proceeds from the transaction will provide greater financial flexibility as we continue our strategic and operational review to improve the productivity of the company’s remaining assets and better position the company for future growth and value creation. On behalf of everyone at Advance, I would like to thank the more than 5k Worldpac team members for their dedication over the last ten years,” Shane O’Kelly, Advance Auto Parts President and CEO.
Carlyle is advised by BMO Capital Markets, Bank of America and Latham & Watkins. Advance Auto Parts is advised by Centerview Partners and Hogan Lovells.
OneOncology, a platform for independent oncology practices, agreed to acquire United Urology Group, a urology management services organizations, from Audax Private Equity, an investment firm. Financial terms were not disclosed.
"UUG's attention and dedication to physician centricity and partnership with its leading independent practices is directly aligned with OneOncology's culture and philosophy. We are thrilled to partner with the physician and executive leadership of United Urology Group to continue advancing urology care, including the increasingly complex treatment of genitourinary cancers," Jeff Patton, OneOncology CEO.
United Urology Group is advised by Houlihan Lokey. OneOncology is advised by Debevoise & Plimpton and Sheppard Mullin Richter & Hampton. Audax Private Equity is advised by McGuireWoods and Ropes & Gray.
Clearlake Capital-backed BBB Industries, a sustainable manufacturer serving the automotive, and industrial markets, completed the acquisition of All Star Auto Parts, a specialty distributor of alternative automotive parts, from Atlantic Street Capital, a private equity firm. Financial terms were not disclosed.
"We provide value-added, quality products and service to our customers while at the same time extending the useful product life cycle. Through our sustainable remanufacturing model, we also help prevent materials from entering the waste stream. Atlantic Street has been a terrific partner over the past five years as we transformed the business and we look forward to being a key division of BBB Industries," Andrew Sexton, All Star Chief Executive Officer.
All Star was advised by BlackArch Partners, Schwartz Advisors and Kramer Levin Naftalis & Frankel. Atlantic Street was advised by Chris Tofalli Public Relations (led by Chris Tofalli). Clearlake was advised by Lambert & Co (led by Caroline Luz).
Enterprise Products Partners, a provider of midstream energy services to producers and consumers of natural gas, agreed to acquire Piñon Midstream, a gas company, from Black Bay Energy Capital, a private equity firm, for $950m.
“The Piñon team is thrilled to contribute our unique Delaware Basin gas treating system to Enterprise, a true leader in the midstream energy business. Our team, and specifically our incredible field personnel and loyal employees, set out to build the premier sour gas treatment and carbon sequestration asset in the market and, with the support of our producer clients, achieved our goal. We would also like to thank the Black Bay Energy Capital team for their close partnership and support to start this business during an extremely challenging time in the energy markets,” Steven Green, Piñon Midstream CEO.
Piñon Midstream is advised by Piper Sandler and Kirkland & Ellis (led by William J. Benitez and Alec Manzer). Enterprise is advised by Locke Lord and Sidley Austin.
Audax Private Equity, a private equity firm, agreed to acquire the clinical services business of Avantor, a provider of mission-critical products and services to customers in the life sciences and advanced technologies industries, for $650m.
"Today's announcement is an important step for Avantor as we continue to optimize our portfolio in line with our new operating model. The divestiture enables us to enhance our focus on strategic growth opportunities in our lab and production businesses, while strengthening our balance sheet," Michael Stubblefield, Avantor President and CEO.
Audax Private Equity is advised by Moelis & Co and Ropes & Gray. Avantor is advised by JP Morgan and Arnold & Porter Kaye Scholer.
Blackstone, a private equity firm, agreed to acquire a majority stake in M3, a hospitality accounting software developer. Financial terms were not disclosed.
“Blackstone’s background in hospitality made them the natural choice as our first equity partner. Together, we look forward to propelling our innovation and growth to best serve our customers in an era of continued technological advancement," John McKibbon, M3 Founder.
M3 is advised by Houlihan Lokey and Carlton Fields. Blackstone is advised by Evercore and Kirkland & Ellis.
MidOcean Partners, an alternative asset manager, completed the acquisition of SI Solutions, a provider of engineering, testing, inspection, compliance and maintenance services, digital solutions, and expert consulting for power and critical infrastructure end markets. Financial terms were not disclosed.
“SI is a proven industry leader with a stellar track record of serving the power and critical infrastructure markets and delivering superior engineering and specialty services to its clients. The company has experienced tremendous growth to date and we see numerous opportunities for further growth through organic initiatives and strategic acquisitions, including expanding its service offerings and entering new markets. We look forward to working closely with the SI leadership team to deepen the company’s relationships with its existing clients and build its market position,” Elias Dokas, MidOcean Managing Director.
SI Solutions was advised by Stifel and Locke Lord. MidOcean was advised by Gibson Dunn & Crutcher and Gasthalter & Co (led by Amanda Shpiner).
Stellex Capital, a global private equity firm, completed the acquisition of Fincentric, a provider of digital experiences, curating financial data distribution and other solutions, from S&P Global, a essential intelligence provider. Financial terms were not disclosed.
“We specialize in pairing strong assets with prominent operators in an effort to create value. We believe the JBI team in Communify has stellar credentials at growing businesses and were the best partners for this opportunity,” Irina Krasik, Stellex Capital Managing Director.
Stellex Capital was advised by Metia Group and StreetCred PR (led by Jason Lahita and Emma Smith). S&P Global was advised by Jefferies & Company and Davis Polk & Wardwell.
ePlus, an American IT assets selling and financing company, completed the acquisition of Bailiwick Services, a managed IT services provider, from Norwest Equity Partners, a private equity firm. Financial terms were not disclosed.
"Continuing to develop and enhance our Services business is an important part of our growth strategy. This acquisition opens many doors for customers of both organizations, offering a full spectrum of technology solutions and services through one provider. Bailiwick will be a wonderful complement to our business and our Services portfolio and we welcome them to the team," Mark Marron, ePlus President and CEO.
Bailiwick was advised by Lazard. Norwest Equity Partners was advised by Winston & Strawn and Edelman (led by Jordan Niezelski).
Insight Partners, a private equity firm, led a funding round in Vanilla, an estate planning software company, with participation from Venrock, Vanguard, Edward Jones Ventures and Alumni Ventures. Financial terms were not disclosed.
"As we accelerate our efforts to revolutionize how advisors, planners and attorneys approach estate planning, we are excited to deepen our partnership with Insight Partners, Venrock, and Vanguard, as well as to welcome Edward Jones. With the support of our investors, we are expanding our platform, including our pioneering AI technology, to make modernized estate planning accessible and efficient for all," Gene Farrell, Vanilla CEO.
Vanilla was advised by Gregory FCA. Insight Partners was advised by Willkie Farr & Gallagher.
Private equity firms New Mountain Capital and Energy Impact Partners, agreed to acquire a majority stake in Site 20/20, a technology company in traffic control and road safety. Financial terms were not disclosed.
“We are in the early stages of our journey in realizing the full potential of what this company can be. This strategic growth investment will help accelerate this process and we are honoured to partner with like-minded investors in New Mountain and Energy Impact Partners that share our vision and will support us moving forward," Mitch Hollohan, Site 20/20 CEO.
New Mountain Capital is advised by Ropes & Gray and H/Advisors Maitland.
Vinci Partners and Lazuli Partners, two private equity firms, completed the investment in Farmax, a cosmetics provider. Financial terms were not disclosed.
"Since Vinci arrived, we have been experiencing a two-year growth cycle above what we had planned. And we understood that we needed new funding to accelerate the company's expansion," Ronaldo Ribeiro, Farmax CEO.
Vinci Partners was advised by UBS.
Canada Growth Fund, a public investment vehicle, agreed to invest $100m in Svante Technologies, a carbon capture and removal solutions provider.
“CGF is working to accelerate the deployment of key Canadian carbon capture technologies, and to scale the manufacturing and export of promising solutions to showcase Canadian technologies internationally. Svante has a tremendous market opportunity, globally and here at home, and we look forward to supporting this company in its growth,” Patrick Charbonneau, Canada Growth Fund Investment Management President and CEO.
PCB Financial, a privately held investment firm, completed the merger with Northern California Bancorp, a publicly traded bank holding company, and Monterey County Bank, a bank. Financial terms were not disclosed.
"This is a really exciting time for Monterey County Bank and the businesses we serve. Together with this new team, we'll be able to offer our clients and the business community more resources and banking products to help their businesses grow. We will always be a bank who puts our community first, and this transaction brings the right capital and leadership to strengthen our ability to support this great community of businesses," Charles Chrietzberg, Monterey County Bank Chairman and CEO.
Reuben Brothers, British businessmen, agreed to acquire a minority stake in Edgelord, an IP-based studio working with a network of leading artists, musicians & film directors. Financial terms were not disclosed.
The funds will be used to help create a leading content generator focused on movies, video games, advertising, interactive content, social media, music, fashion, hospitality and sports.
KKR in talks to buy The Parking Spot in $1.4bn deal.
KKR is in advanced talks to acquire The Parking Spot, an owner and operator of parking properties near airports, Bloomberg reported.
The alternative-asset manager’s deal for the Chicago-based company values it at about $1.4bn. A transaction may be announced in the coming weeks.
Edgar Bronfman to prepare an offer for Paramount Global.
Seagram heir Edgar Bronfman Jr. is close to making an offer for Paramount Global, setting off a potential bidding war for the film and TV company that owns CBS and MTV.
As part of his plan, Bronfman is weighing making an offer for National Amusements, the Redstone family company that controls Paramount, as well as an investment in Paramount itself. The details are still being worked out.
Bronfman’s group is framing its proposal as a better deal for investors because it won’t include the dilution associated with the Skydance merger. His group has held talks with possible backers including Fortress Investment Group and streaming-device maker Roku. Bain Capital is no longer working with Bronfman, but film producer Steven Paul and a group of investors he put together is, Bloomberg reported.
Sixth Street Consortium in advanced talks to acquire UBS Mortgage unit.
A group of investors led by Sixth Street Partners has agreed to buy Credit Suisse’s US mortgage servicing business from UBS Group.
Sixth Street is working with co-investor Davidson Kempner Capital Management on the deal to acquire UBS’s Select Portfolio Servicing. The sale is expected to close in the first quarter of 2025.
UBS said in its second-quarter report that it had reached an agreement to sell the business without identifying the buyer. The deal would reduce the company’s risk-weighted assets by around $1.3bn, UBS said, representing a step forward in winding down or disposing of unwanted businesses inherited from its former rival, Bloomberg reported.
Oaktree nears a deal for a majority stake in two B Riley units.
Asset manager Oaktree Capital is in exclusive talks to acquire a majority stake in two businesses owned by investment bank B. Riley. This deal values the units at around $380m, Reuters reported.
Oaktree is discussing buying a stake of 51% to 55% in B. Riley's appraisal and valuation services arm and its retail, wholesale and industrial solutions unit, entities formerly known as Great American Group.
Blackstone nears purchase of Hyatt Clearwater Beach in Florida. (RE)
Blackstone is in talks to acquire the Hyatt Regency Clearwater Beach Resort and Spa on Florida's Gulf Coast, which features 286 oversized rooms and more than 1,860 square metres of indoor and outdoor event space.
The alternative asset manager is discussing buying the property from Westmont Hospitality Group for around $200m. A transaction hasn't been finalized and terms can still change, Bloomberg reported.
NFL owners, executives to meet on private equity stakes in teams.
The National Football League plans to meet in Minneapolis on August 27 to discuss and potentially vote on allowing institutional investors to buy into teams, Bloomberg reported.
The league held meetings with multiple private equity firms this week in the hopes of completing a framework to present to owners. After those meetings, league executives and owners feel confident enough to present a potential framework to other owners.
SPAC veteran Klein to shutter another blank check firm after deal break.
The banker’s Churchill Capital on August 18 said it will shut down after the deal was terminated, citing conditions about the market for initial public offerings. The liquidation will mark the third special-purpose acquisition company backed by Klein to throw in the towel.
HarbourVest Partners closes latest secondaries funds at $18.5bn.
HarbourVest Partners, a private equity firm, announced the final close of its eleventh dedicated private equity secondaries fund, Dover Street XI. The fund was oversubscribed and closed at its hard cap of $15.1bn. In addition, the firm held a final close for Secondary Overflow Fund V, at $3.4bn for secondary co-investment opportunities.
“More than 35 years after our first secondary transaction, the continued success of our secondaries program is a reflection of our team’s dedication to building an investment pipeline that benefits investors across multiple strategies and separately managed accounts. Through our platform approach and access to decades of data across strategies, our firm has deep institutional relationships that position us as a trusted and reliable investment partner," John Toomey, HarbourVest Partners Managing Director.
Thomas H Lee Partners eyes $6.25bn for latest buyout fund.
Thomas H Lee Partners, one of the oldest private equity firms in the industry, has set a fundraising target of $6.25bn for its latest buyout fund, Thomas H Lee Equity Partners X, according to a report by Private Equity International.
If successful, the fund will be 12% larger that the firm’s predecessor vehicle, Fund IX, which closed in 2021 with $5.6bn, but ill still fall short of THL’s largest ever fund, 2007’s $8.1bn Fund VI.
Franklin Templeton unit replaces investment chief and closes $2bn fund amid US probes. (People)
Fixed income manager Western Asset Management, a unit of investment manager Franklin Templeton or Franklin Resources, had replaced a top investment executive and would shutter a $2bn fund amid federal investigations into his conduct, Reuters reported.
Michael Buchanan has been named chief investment officer with immediate effect, replacing Ken Leech, who is on a leave of absence after being notified by the US Securities and Exchange Commission that civil charges against him are likely.
After Leech's departure, the company also decided to shutter the $2bn Macro Opportunities strategy fund, which caused Franklin Templeton's shares to finish down more than 12% at $19.78, the biggest daily percentage drop in nearly four years.
Blackstone marketing chief departs for general catalyst. (People)
Venture-capital firm General Catalyst hired Blackstone’s global head of marketing, Arielle Gross Samuels, as its chief marketing and communications officer, WSJ reported.
Samuels is set to join the San Francisco-based firm next month and succeeds Jennifer Zimmerman, who will remain as a consultant with the company.
EMEA
Bridgepoint, a British private investment company, completed the acquisition of Alpha FMC, a consulting and related services provider, for £626m ($812m).
“We are excited to partner with the talented Alpha FMC team and help them build on their exceptional track record. We have long admired Alpha FMC’s reputation for providing truly specialist advice and delivering great outcomes for its clients. With Alpha consultants’ renowned depth of knowledge and expertise, the platform is well-positioned for future growth and, in a private context, is primed for targeted investments in new and existing talent and capabilities. We look forward to leveraging our extensive consulting and financial services technology experience to support the management team and fulfil the Group’s growth potential and ambitious strategy," Charles Welham, Bridgepoint Partner and Head of Business and Financial Services.
Caledonia Investments, a self-managed investment trust company, completed the acquisition of a majority stake in Direct Tyre Management, an independent provider of outsourced tyre management services to fleet operators, for £55m ($71m).
"We are proud to have become the new owners of DTM and to partner with Leigh Goodland and his team in the next stage of the company's development. DTM's consistent track record of revenue growth and cash generation, together with its market leading position, make the Business an exciting addition to our Private Capital investment portfolio. We believe there are multiple avenues through which to build further on the Business' excellent record and to expand its range of services in the UK and other jurisdictions," Tom Leader, Caledonia Head of Private Capital.
CorpAcq, a corporate compounder with a proven track record of acquiring and supporting founder-led businesses, and Churchill Capital VII, a special purpose acquisition company, mutually terminated the $1.58bn merger.
"I am very proud of the tremendous business that the CorpAcq team has built, and I am confident in the company's future growth opportunities. We are appreciative of the partnership with Churchill and their support throughout the process," Simon Orange, CorpAcq Chairman and Founder.
Universities Superannuation Scheme, a pension fund, agreed to acquire Sage Homes' 3k shared ownership homes from Blackstone and Regis Group, a property investment company, for £405m ($523m).
“Sparrow Shared Ownership will provide further capital into the UK shared ownership sector, and we look forward to supporting the Sparrow team in delivering on their vision for the organisation. This investment allows USS to use its long term capital to support the multi-decade nature of Sparrow’s business plan whilst supporting the UK Social Housing Sector," Eamon Ray, USS Head of Private Credit.
USS is advised by Evercore and Five Sigma Finance. Blackstone is advised by Barclays and Deutsche Bank.
R&S Group, a provider of electrical infrastructure components in focus markets in Europe and the Middle East, agreed to acquire Kyte Powertech, a manufacturer of distribution transformers, from MML, a private equity firm, for €250m ($276m).
“M&A is a strategic pillar of the R&S Group roadmap. Combining with a leader in additional markets which R&S Group is currently not serving, will strengthen the combined group and management capabilities. We are gaining in our product offering and technical expertise," Markus Laesser, R&S Group CEO.
R&S Group is advised by UBS. MML is advised by Rothschild & Co.
Pollen Street, an independent, alternative investment management company, agreed to acquire Keylane Group, a software company, from Waterland Private Equity, an investment company. Financial terms were not disclosed.
“Keylane is the standout Northern European software vendor to insurers. We have followed Keylane closely for a number of years and admired its rapid growth and deployment of its advanced SaaS technology platforms into the European insurance ecosystem. Keylane has led the digital transformation of the P&C and life & pensions insurance sectors across the Benelux, Nordic and DACH regions. We look forward to partnering with the Keylane team to accelerate growth and create a pan-European industry leader,” James Bailey, Pollen Street Investment Director.
Regent, an investment firm focused on transforming businesses, completed the acquisition of Bally International, a Swiss luxury brand, from JAB, an investment holding company. Financial terms were not disclosed.
“Bally is one of the world’s great heritage luxury brands. Its legacy, built on over 170 years of timeless design and unparalleled quality, is a testament to refined Swiss elegance and an unwavering commitment to craftsmanship. We are honoured to be entrusted with shaping the next chapter of this remarkable story," Michael Reinstein, Regent Founder and Chairman.
Regent was advised by The One Nine Three Group. JAB Holdings was advised by Rothschild & Co.
Fourth Partner, a solar energy company, led a $275m round in Norfund, a development finance institution established by the Norwegian Storting, with participation from IFC, ADB and DEG.
Norfund's mission is to create jobs and to improve lives by investing in businesses that drive sustainable development in developing countries. In addition, Norfund invests in the transition to net zero in emerging markets. The fund assists in building sustainable businesses and industries in developing countries by providing equity capital and other risk capital in businesses that would not otherwise be funded. The goal is to be catalytic by mobilizing private and commercial capital.
Norfund was advised by Talwar Thakore & Associates (led by Dushyant Bagga).
Bitwise Asset Management, a crypto index fund manager for individuals, investment managers, and institutions navigating cryptocurrency, completed the acquisition of ETC Group, a provider of secure and regulated platform to invest in digital assets and blockchain ecosystem. Financial terms were not disclosed.
"We think Bitwise is building the best-of-breed firm for this new asset class and have proven their professionalism and leadership over many years. For an asset management firm, culture and values are essential, and we couldn't be more excited to continue our work in Europe as part of Bitwise," Bradley Duke, ETC Group Co-Founder.
Bitwise Asset Management is advised by Dukas Linden Public Relations (led by Ryan Dicovitsky).
Charlesbank Capital, a middle-market private investment firm, completed the investment in Cyberbit, a provider of cybersecurity skill development platforms. Financial terms were not disclosed.
“Throughout 2024, we have taken several strategic actions to realign our organization with key markets in North America and globally. With new funding and 100% North American ownership, we are now positioned to focus on growth and expansion into new geographies, as we fulfill our mission of delivering hyper-realistic experiences that build elite cybersecurity teams," Caleb Barlow, Cyberbit CEO.
Charlesbank Capital was advised by Prosek Partners (led by Ryan Fitzgibbon).
Brookfield seeks nearly €9.5bn to back Grifols takeover.
Brookfield Asset Management is asking banks to line up about €9.5bn ($10.6bn) of debt for its potential take-private deal for Spanish pharmaceutical producer Grifols, Bloomberg reported.
The Toronto-based investor has asked banks to put up the funds to refinance Grifols’ existing debt, which includes loans and high-yield bonds. Participating banks would commit to offer the financing before selling it on to investors.
Saudi fund said to eye Boeing and Airbus jets for new cargo airline.
Saudi Arabia’s sovereign wealth fund is in exploratory talks to line up Boeing and Airbus freighters for a new cargo airline, as it looks to turn the kingdom into a logistics hub to rival Dubai and Doha, Bloomberg reported.
The cargo-hauling operation would serve flag-carrier Saudia and startup Riyadh Air. The Public Investment Fund is in discussions with both planemakers and lessors to acquire Boeing 777 and Airbus A350 freighters.
Private jet charter firm AirX takes off with $250m Searchlight deal.
One of the UK's largest private jet charter companies is closing in on its first external investment with a $250m deal involving the former owner of Hunter Boot, SkyNews reported.
AirX, which was founded by John Matthews, its chief executive, in 2011, is finalising an agreement with Searchlight Capital Partners to sell roughly 25% of the company.
Hobbycraft on brink of sale to retail investor Modella Capital.
One of Britain's leading arts and crafts retailers is on the brink of being sold to a specialist investor whose executives have backed chains including Paperchase and Tie Rack, Sky News reported.
Modella Capital is in advanced talks to buy Hobbycraft from the private equity firm Bridgepoint. Modella is affiliated to the turnaround firm Rcapital, a former owner of Little Chef.
APAC
EQT, a private equity firm, agreed to acquire TPG and KKR-backed PropertyGuru, a property technology company, in a $1.1bn deal.
“We are pleased to embark on this new chapter with EQT. This partnership follows years of transformative growth, supported by TPG and KKR, which has established us as Southeast Asia’s leading PropTech platform. As we continue to innovate and deliver value to our consumers, customers, and stakeholders across the region, EQT’s global expertise in building marketplaces and commitment to sustainable growth will further strengthen our vision to power communities to live, work, and thrive in tomorrow's cities," Hari V. Krishnan, PropertyGuru CEO and Managing Director.
PropertyGuru is advised by Moelis & Co and Freshfields Bruckhaus Deringer. EQT is advised by Morgan Stanley and Ropes & Gray. TPG and KKR is advised by JP Morgan and Latham & Watkins.
EQT, a global investment organization, agreed to acquire KJ Environment, a plastic recycler, from Genesis Private Equity, an environmental and energy infrastructure specialist. Financial terms were not disclosed.
"We are delighted to be partnering with KJ Environment and its talented management team. We look forward to applying EQT's extensive experience investing in sustainable waste and recycling solutions across geographies, combined with our strong local footprint and industrial network, to help KJ Environment elevate into a true market leader in the waste treatment space. This investment also marks EQT's latest milestone in South Korea, a market we believe holds tremendous potential and is strategically important to our regional investment strategy," Sang Jun Suh, EQT Partner Infrastructure Advisory Team.
EQT is advised by JP Morgan, PricewaterhouseCoopers and Kim & Chang.
Warburg Pincus, a private equity firm, completed the acquisition of a majority stake in Ebco, a furniture fittings and architectural hardware company. Financial terms were not disclosed.
“We believe that the Indian furniture fittings and architectural hardware industry is poised for significant growth over the next several years, underpinned by tailwinds from favourable demographics fuelling real estate demand, rising furniture modularization, and increasing home renovations. Ebco has been a pioneer in this industry with its innovative, functional, and high-quality products. We are highly impressed with the Company’s journey so far and believe it is well-positioned to capitalize on these tailwinds. We look forward to partnering with Ebco as it embarks on its next phase of growth," Anish Saraf, Warburg Pincus Managing Director.
Ebco is advised by Avendus Capital.
BV Investment Partners, a private equity firm, agreed to invest in Kami, a classroom engagement and teacher productivity content provider. Financial terms were not disclosed.
"We've always been ambitious at Kami, which is why we have over 40m teachers and students signed up, and now is the time to own the global edtech space, deepening and expanding our presence from our US focus today. BV is the right strategic partner to achieve our goals and continue our mission to scale to the next level," Hengjie Wang, Kami Co-Founder and CEO.
BV Investment Partners is advised by Chris Tofalli Public Relations.
KKR eyes a $3bn Metro Pacific Hospital sale.
A consortium led by private equity major KKR & Co has reportedly initiated the sale process for its entire stake in Metro Pacific Hospital, the largest private hospital group in the Philippines.
The deal could value the Philippine hospital network at around $3bn. The KKR-led consortium acquired a 42.5% stake in Metro Pacific Hospitals for $685m in 2019. The investment deferred the hospital network’s proposed $1.6bn initial public offering plan and saw Singapore sovereign wealth fund GIC restructuring its holding to join the consortium, DealStreetAsia reported.
KKR, Hulic bid $2bn for GIC’s central Tokyo skyscraper. (RE)
A group led by KKR and one of Japan’s largest real estate companies made a bid to acquire a Tokyo skyscraper owned by Singapore sovereign wealth fund GIC, Bloomberg reported.
KJR Management, a Japanese real estate unit of KKR, and Hulic put in the offer for Shiodome City Center, a 43-story office tower in one of Tokyo’s central business districts. The bid was priced around JPY300bn ($2bn), making any potential sale one of the most expensive office building transactions ever in Japan.
General Atlantic exits India's PNB Housing in a $127m deal.
US private equity firm General Atlantic on August 21 sold its entire stake worth INR10.7bn ($127m) in India's PNB Housing Finance, Reuters reported.
The company, which had a 5.1% stake in PNB Housing, sold 13.3m shares for INR802.50 ($9.6) apiece, causing PNB Housing's shares to surge by 10%.
Bluestone raises $107m in pre-IPO round.
New-age jewellery retailer Bluestone, backed by the Indian industrialist Ratan Tata, is said to have closed a INR900bn ($107m) pre-IPO round, DealStreetAsia reported.
The funding, at a reported valuation of $970m, saw the participation of a host of investors such as Peak XV Partners, Prosus, Steadview Capital, Think Investments and Infosys cofounder Kris Gopalakrishnan's family investment office Pratithi Investments.
Warburg Pincus to back MA Financial's $675m real estate credit vehicle.
Australian alternative asset manager MA Financial is launching an AUD1bn ($675m) real estate investment vehicle with support from US private equity giant Warburg Pincus, DealStreetAsia reported.
The vehicle is expected to provide global institutional investors access to Australia's real estate credit market, funding high-quality developers and residential real estate projects. The vehicle has an initial target of at least AUD700m ($472m) in commitments for the first close.
China's CAS Investment hits first close of new RMB fund at nearly $421m.
CAS Investment, a Chinese technology-focused fund management firm, has reached the first close of a new RMB fund series to invest in disruptive startups in artificial intelligence, cleantech, and biotech, DealStreetAsia reported.
Beijing-based CAS Investment, which counts the Chinese Academy of Sciences as a major shareholder, announced on August 20 the first close of the Guoke Ruihua Phase IV Equity Investment Fund at CNY3bn ($420.5m).
Ankur Capital receives commitments from BII and MacArthur for its $150m third fund.
Early-stage investor Ankur Capital, which focuses on businesses that use technology, has received commitments from two of its existing limited partners for its third fund that is targeting a corpus of $150m, DealStreetAsia reported.
British International Investment and the John D. and Catherine T. MacArthur Foundation have made subsequent commitments to Ankur Capital’s third fund—Ankur Capital Fund III. They join the US International Development Finance Corporation and Self-Reliant India Fund, which had committed to the fund earlier.
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