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AMERICAS
Fresenius Medical, a provider of products and services for individuals with kidney diseases, InterWell Health, a provider of healthcare services, and Cricket Health, a provider of kidney care services, completed a $2.4bn merger. The new organization operates under the InterWell Health brand. Valtruis, Oak HC/FT, Cigna Ventures and Blue Shield of California are participating in the deal.
"The new InterWell Health will bring together physicians, care management teams, and providers to ensure we show up as one team and provide the best possible experience for the patients who entrust us with their care. Cricket Health's predictive analytics and patient engagement platform combined with the physician-led clinical approach of InterWell Health and Fresenius Health Partners' experience and expertise in value-based care will position the organization for accelerated growth," Bill Valle, Fresenius Medical CEO of Care Delivery.
Cricket Health was advised by Barclays, Perkins Coie and Joele Frank. Fresenius Medical was advised by Piper Sandler, Cleary Gottlieb Steen & Hamilton and Edelman. InterWell Health was advised by Ernst & Young and Goodwin Procter. Valtruis was advised by Ropes & Gray.
Centerbridge, a global, multi-strategy private investment firm, and Bridgeport, a private investment firm, agreed to acquire Computer Services, a provider of end-to-end fintech and regtech solutions, for $1.6bn.
"After a thorough strategic review, the CSI board of directors is very pleased to announce this transaction and believes it is in the best interests of our shareholders. Upon completion of the transaction, CSI intends to continue operating under the leadership of CEO David Culbertson and the CSI leadership team, with its headquarters expected to remain in Paducah, Kentucky," Steve Powless, CSI Chairman of the Board.
Computer Services is advised by Moelis & Co, Raymond James and Nelson Mullins Riley & Scarborough. Centerbridge and Bridgeport is advised by Aviditi Advisors, Goldman Sachs, Jefferies & Company, Kirkland & Ellis and Weil Gotshal and Manges.
Manscaped, a startup specializing in below-the-waist men's grooming products, and Bright Lights Acquisition, a SPAC terminated its $1bn merger. Transaction included $75m PIPE investment from Channing Tatum, Endeavor, Signia Venture Partners, Saban Capital and Guggenheim Investments.
"Although we are disappointed that current market conditions have made it unworkable to complete the merger with MANSCAPED, we are huge fans of the company and wish Paul and the rest of the team continued success," Mike Mahan, Bright Lights CEO.
Apollo, an investment firm, agreed to acquire a 30% stake in GI Alliance, a gastroenterology practice provider, from Waud Capital, a private equity company, for $660m.
"As a patient-first, physician-led organization that prides itself on delivering superior care, GI Alliance plays a critical role in improving outcomes for patients nationally. With this transaction, our gastroenterologists will increase their ownership in a Company that they help to build each day, while benefitting from the Apollo Hybrid Value team's strategic advice and capital as a long-term financing partner. We are incredibly excited about this next chapter, and we want to thank the WCP team for their many contributions to our success to date," Jim Weber, GI Alliance CEO.
Apollo is advised by Houlihan Lokey and Latham & Watkins. Debt financing is provided by Blackstone. GI Alliance is advised by Greenhill & Co, Jefferies & Company, Katten Muchin Rosenman and Kirkland & Ellis.
Stone Point Capital, a private equity firm, agreed to acquire Kessler Group, a business intermediary firm, from ECN Capital, an independent finance company, for $210m.
"ECN Capital's primary strategic directive has been to manage and maximize returns on investor capital in the specialty finance sector. Allocation of capital is one of management's most important jobs and decisions need to be made to maximize future potential. While the Kessler Group remains an excellent business, ECN Capital intends to concentrate its future investments in its manufactured housing and marine and RV financing businesses, where we see extraordinary opportunities like our successful tuck-in of Source One in December 2021 and our investment in Intercoastal Financial Group, which was announced on August 11, 2022," Steven Hudson, ECN Capital CEO.
Stone Point is advised by Kirkland & Ellis. ECN Capital is advised by BMO Capital Markets, CIBC World Markets, Solomon Partners, Truist Bank, BakerHostetler and Blake Cassels & Graydon.
Aurora Capital Partners, a middle-market private equity firm, completed the acquisition of Sharps Compliance, a full-service national provider of comprehensive waste management solutions including medical, pharmaceutical and hazardous waste, for $170m.
"Sharps is a leading provider of comprehensive solutions for the small to medium generators of medical, hazardous and pharmaceutical waste. To date, the company has developed a tremendous customer base by offering route-based and mailback medical waste disposal services and we believe there is significant runway for increasing the market penetration for our MedSafe solution for the safe and compliant disposal of unused medications including controlled substances. In addition to delivering immediate value to our shareholders, this transaction provides Sharps with a long-term partner that is focused on building upon our strong platform," Pat Mulloy, Sharps CEO.
Sharps Compliance was advised by Raymond James, Norton Rose Fulbright and IMS Investor Relations. Aurora Capital was advised by D.F. King & Co, Gibson Dunn & Crutcher and ASC Advisors.
Kingswood Capital, a private investment firm, completed the acquisition of Support Services Group, a provider of global omnichannel contact center solutions. Financial terms were not disclosed.
"We are thrilled by the opportunity to partner with SSG's management team and founding ownership group to support the business in its mission to continue providing the excellent service and solutions SSG's clients have grown to trust. There are numerous industry tailwinds that will continue to drive the need for SSG's tailored customer experience solutions. When coupled with the Company's world-class management team and differentiated technology, service, and locations, we believe SSG is poised to grow to the next level in its company lifecycle," Andrew Kovach, Kingswood Principal.
SSG was advised by Nelson Mullins Riley & Scarborough. Kingswood Capital was advised by BCS Consulting, Configure Partners, Robert W Baird and Kirkland & Ellis. Debt was provided by Cerberus Business Finance.
KKR, an investment firm, led the investment in Arevia Power, a renewable energy developer, with participation from GCM Grosvenor. Financial terms were not disclosed.
“Now is a critical time for the energy transition, and we are elated by this milestone that gives us the flexible capital needed and the right partners to expand our solar and wind project pipeline throughout the country in a thoughtful way. KKR is an outstanding new strategic partner with deep renewables and infrastructure experience, and GCM Grosvenor is an equally accomplished infrastructure investor who has also been particularly successful in investing in partnership with organized labor groups. Together, this platform investment and new relationship with two world-class investment firms will super-charge our development of clean energy solutions while delivering good-paying jobs and leading the way on responsible development," Mark Boyadjian, Arevia Managing Partner.
Arevia Power was advised by Willkie Farr & Gallagher and R&R Partners. GCM Grosvenor was advised by Allen & Overy and Abernathy MacGregor Group. KKR was advised by Amis Patel & Brewer.
New State Capital Partners, a private equity firm, completed the acquisition of AFIMAC Global, a global risk management and elite security company, from Dalton First Financial, a privately funded holding company. Financial terms were not disclosed.
"We are excited to add AFIMAC to our portfolio and to partner with Joe and his outstanding team. As a sector, business continuity services are well-positioned for growth, and AFIMAC stands out among its peers for its long-standing reputation for quality and responsiveness," Daniel Han, New State Senior Principal.
AFIMAC Global was advised by Carleton McKenna & Co. New State Capital Partners was advised by Moelis & Co, Piper Sandler, Morgan Lewis & Bockius and Lambert & Co.
Platte River Equity, a private equity firm, agreed to acquire Belt Power, a distributor and fabricator of lightweight conveyor systems and related components, from Shorehill Capital, a private equity firm. Financial terms were not disclosed.
"As the largest independent distributor, Belt Power has the industry knowledge, product line, customized fabrication capabilities and 24/7 installation services that differentiates itself from its peers. Platte River was attracted to the opportunity to further scale Belt Power's national presence and is excited to partner with the management team to grow the company's leadership position in the broader industrial automation end markets," Mark Brown, Platte River Managing Director.
Platte River is advised by Bartlit Beck. Belt Power and Shorehill Capital are advised by Prestwick Advisors, Robert W Baird, Fredrikson & Byron and Kirkland & Ellis.
Seawall Capital, a private equity firm that invests in founder-led consumer businesses, completed the investment in Sports Endeavors, a source for player and fan gear in the US. Financial terms were not disclosed.
"Sports Endeavors aligns perfectly with our goal of partnering with passionate founders with outstanding management teams in businesses and categories that have loyal and dedicated consumers. As more and more people play and watch soccer here in the United States, Soccer.com is positioned to grow the game of soccer, both at the player level and at the fan level. We are eager and excited to work with this dedicated and talented management team as they continue to build the authentic destination and resource for soccer players and fans nationwide and worldwide," Matt Eby, Seawall Capital Founder and Managing Partner.
Sports Endeavors was advised by Jefferies & Company and Smith Anderson. Seawall Capital was advised by Gibson Dunn & Crutcher. Debt financing was provided by Goldman Sachs and Huntington.
Covalto, a digital banking and services platform for SMEs in Mexico, agreed to go public via a SPAC merger with LIV Capital Acquisition II, a company backed by LIV Capital, in a $547m.
"SMEs are the backbone of the Mexican and Latin American economies, yet their banking and financing needs are not being properly met. Due to limited innovation and the outdated technology of incumbent banks, SMEs in Mexico are insufficiently integrated into the modern banking system and are not able to fully access the world's growing digital economy. We built Covalto to address this challenge and unlock the potential of Latin American SMEs via digital banking and credit solutions," David Poritz, Covalto Co-Founder and Co-CEO.
Covalto is advised by Simpson Thacher & Bartlett and Miranda Partners. LIV Capital Acquisition II is advised by EarlyBirdCapital and Davis Polk & Wardwell.
Building Industry Partners, a private equity firm, completed the acquisition of Valley Fire Protection Systems, a firm that installs, services, and repairs fire suppression and plumbing systems. BIP forms new fire & life safety platform, Endeavor Fire Protection, with the acquisition of Valley Fire Protection Systems. Financial terms were not disclosed.
"We are extremely happy to announce the formation of Endeavor Fire Protection and the closing of the Valley Fire Protection Systems acquisition. BIP has deep relationships in the fire protection segment and has long wanted to build a platform in this vertical. Valley is an elite operator with a field-driven philosophy. The Company brings extraordinary capabilities and a long-standing reputation as a leader in the fire protection sector. Given the strong leadership at all levels of the Company, we believe Valley will continue to innovate and grow. We are confident that this will be a strong partnership," Robert Lane, BIP Vice President.
BIP was advised by Holland & Knight and Much Shelist. Debt financing was provided by Fifth Third Bancorp and Siguler Guff & Company.
Avista Capital Partners, an American private equity, completed the acquisition of WellSpring Consumer Healthcare, a marketer of over-the-counter brands primarily in the skin care and gastrointestinal care categories, from Audax Private Equity, an alternative investment manager. Financial terms were not disclosed.
"We've enjoyed a terrific partnership with the WellSpring team and are very proud of the growth the Company has achieved. We look forward to following the Company's success for many years to come," Jay Mitchell, Audax Managing Director.
Avista Capital Partners was advised by Kekst CNC. WellSpring Consumer Healthcare was advised by CG Sawaya Partners and Ropes & Gray. Audax was advised by FGS Global.
MN8 Energy, an investment vehicle launched in 2017, agreed to acquire 14 US solar assets of New Energy Solar, an electric power generation company, for $245m.
The transaction remains subject to conditions set out in the transaction documents including NEW shareholder approval, customary financier and offtaker consents, and customary US regulatory approvals. The transaction represents the sale of NEW's main undertaking and, if approved by shareholders and if the transaction conditions are met, will eventually result in the de-listing of NEW from the ASX and the winding up of the company.
New Energy Solar is advised by RBC Capital Markets, Ashurst and Foley & Lardner.
Medallia, an American customer and employee experience management company, completed the acquisition of Mindful, a software company, from Alpine Investors, a private equity firm. Financial terms were not disclosed.
“Today’s news begins an exciting new chapter for our clients and employees as part of Medallia. Together we are uniquely positioned to enable millions of people to get the help they need, from brands they love on the terms they choose,” Matt DiMaria, Mindful CEO.
Mindful was advised by Evercore, Union Square Advisors and Willkie Farr & Gallagher.
Silver Star Real Estate, a real estate investment organization, completed the acquisition of a Riverside apartment complex from Blackstone, a private equity, alternative asset management, and financial services firm, for $204m.
The apartment complex was sold for 40% more than Blackstone's acquisition price.
Silver Star was advised by CBRE Group. Debt was provided by MF1 Capital.
Gibraltar, a manufacturer and provider of products and services for the renewable energy, completed the acquisition of Quality Aluminum Products, a manufacturer of residential building products, from Blackford Capital, a private equity investment firm, for $54m.
“The acquisition of QAP expands our residential product offering and builds our presence in additional regional markets supporting both retail and wholesale customers. Adding a market leader like QAP supports our overall objective of accelerating growth, earnings, and market participation while also adding a best-in-class operating team to the Gibraltar organization," Bill Bosway, Gibraltar Chairman and CEO.
Gibraltar was advised by LHA Investor Relations. Blackford Capital was advised by Lambert & Co.
Incline Equity, a private equity firm, agreed to acquire RKD Group, a provider of outsourced fundraising services, from BV Investment, a middle-market private equity firm. Financial terms were not disclosed.
"Our strong partnership with BV enabled us to build a comprehensive solution set spanning data, digital, and omnichannel offerings, thus providing our clients tools to improve donor engagement and raise the funds that support their missions. As a result of these and other initiatives, we've had the opportunity to work with some of the largest NPOs and make impacts with organizations and communities in cities across the country and around the world. We look forward to continuing to develop innovative new solutions and grow our reach," Tim Kersten, RKD Group CEO.
Incline Equity is advised by BrightTower. RKD Group is advised by Robert W Baird.
Peak Rock Capital, a middle-market private investment firm, completed the acquisition of The Tranzonic Companies, a manufacturer of commercial and industrial supplies. Financial terms were not disclosed.
"Tranzonic represents an exciting opportunity to invest in a growing supplier of consumable cleaning and hygiene products with a strong leadership position in the personal hygiene, away-from-home, and controlled environments categories. We are impressed with the strong track record of growth the Tranzonic team has achieved, and look forward to partnering with the Company to accelerate growth, while executing complementary acquisitions that extend Tranzonic's capabilities, product offerings, and geographic coverage," Jordan Campbell, Peak Rock Managing Director.
Peak Rock Capital was advised by Kekst CNC. The Tranzonic Companies was advised by Houlihan Lokey.
Trive Capital, a private equity firm, agreed to invest in Wilson Electronics, a manufacturer of cell phone signal boosters. Financial terms were not disclosed.
"We are excited to partner with Wilson Electronics' management in support of the next phase of the company's growth as a global technology solution. We believe that Wilson Electronics is well positioned to be a trusted and innovative wireless connectivity solution to consumers, leading enterprises, and carriers in the transition to 5G and beyond," David Stinnett, Trive Capital Partner.
Trive Capital is advised by Haynes and Boone. Wilson Electronics is advised by Moelis & Co.
Ares Management, an alternative investment manager, completed the acquisition of Atlas Crane Service, a full-service crane rental company. Financial terms were not disclosed.
“The investment by Ares marks an exciting next chapter for Atlas, our employees and our customers as we seek to accelerate the growth of our business and capabilities. Ares brings meaningful resources and deep experience in the renewables industry, which we believe will support our strategic expansion in the growing wind sector. Our team is energized by the future opportunities for Atlas and we remain steadfast in our commitment to supporting renewable energy generation across the US," Zach Prentis, Atlas CEO.
Atlas was advised by TM Capital and Vinson & Elkins.
DCVC, a venture capital firm headquartered in Palo Alto, led a $138m funding round in Fervo Energy, a provider of next-generation geothermal power, with participation from CPP Investments, Liberty Energy, Macquarie, Grantham Foundation for the Protection of the Environment, Impact Science Ventures, and Prelude Ventures.
"Power buyers are interested in geothermal power because they are actively looking for reliable energy sources that can address climate change and rising energy prices. Our mission is to meet that growing demand by putting gigawatts of 24/7 carbon-free energy on the grid. This latest investment enables us to execute on those ambitious plans," Tim Latimer, Fervo CEO.
Intel signs a $30bn funding partnership with Brookfield to finance chip-factory expansion.
Intel has struck an unusual $30bn funding partnership with Brookfield Asset Management to help finance its massive factory expansion ambitions, signaling some big investors are upbeat about the long-term demand for semiconductors, WSJ reported.
The agreement with the publicly traded Canadian asset-management firm is the first of what could be a series of such arrangements Intel pursues to underpin Chief Executive Pat Gelsinger’s push to make the company a leading contract chip maker and regain its manufacturing advantage over competitors in Taiwan and South Korea.
Bain Capital and Advent plan to exit Quest Global at a $3bn valuation.
Private equity firms Bain Capital and Advent International are looking to exit Quest Global Services six years after investing in the engineering outsourcing firm.
The two funds together own about 33% of the company. Singapore investment firm GIC, which owns a 2-3% stake, may also look to join them.
Investment banks JP Morgan and Barclays are initiating a formal stake sale process — expected in the coming weeks — only for financial investors. The amount of stake on sale will depend on deal talks and could include primary fundraising.
TPG Capital is exploring the sale of Immucor for $2bn.
Private equity firm TPG Capital is exploring a sale of Immucor, a transfusion, and transplantation diagnostic product manufacturer. The diagnostic equipment manufacturer could fetch more than $2bn in a sale.
TPG is working with an adviser on potential options for the company it took private about a decade ago. Some private equity firms and companies have expressed preliminary interest.
Ryan Cohen exits the entire Bed Bath & Beyond stake and BBB selects Sixth Street to supply new financing.
After disclosing a stake in Bed Bath & Beyond, a home furnishings retailer, activist shareholder Ryan Cohen has tapped out, sparking a selloff in the shares of the home goods retailer. The filing shows that RC Ventures, a seed and venture capital firm, sold millions of shares at a range of prices from $18.68 to $29.21. Bloomberg reported that the firm also sold thousands of call options amid Wednesday's rally.
The company slumped 27% in late trading, on top of a 20% fall in Thursday's regular session, after a filing with the US SEC confirmed Cohen's RC Ventures exited its entire position on the company.
Bed Bath & Beyond selected asset manager Sixth Street Partners to supply new financing as doubts remain among vendors and some investors about the Company's turnaround prospects. Sixth Street is in exclusive talks with Bed Bath & Beyond and is nearing final terms for a loan of close to $400m to shore up the troubled retailer's liquidity. Negotiations to finalize the loan documents are ongoing.
Blackstone among bidders for Pink Floyd’s catalog.
Blackstone is among the several bidders for British rock band Pink Floyd’s catalog as the private equity firm looks to bolster its music rights collection, Reuters reported.
The process is ongoing, and Blackstone is not close to striking a deal for the group behind hits such as “Wish You Were Here”, “Comfortably Numb” and “Another Brick in the Wall”.
Blackstone last year took an ownership stake in Hipgnosis as part of a partnership that planned to deploy around $1bn to buy music rights and record songs.
TPG, General Atlantic could invest $100m in Amagi.
Private equity firm TPG Capital and General Atlantic are in talks to invest $100m in the media technology firm Amag. This will bring the value of the company to $1.4bn. Some early-stage investors and existing employees may also partially sell their stake in Amagi to bring a new investor on board.
Amagi, which helps companies create, distribute and monetize streamed content, is a profitable start-up. The company has crossed over $100m in revenue. Amagi is a software-as-a-service venture and provides targeting advertising software and cloud broadcast. It was established in 2008 by Srinivasan KA Baskar Subramanian and Srividhya Srinivasan.
In March this year, Amagi raised $95m in a funding round led by Accel. The round also saw participation from existing investors Avataar Ventures and Norwest Venture Partners. The funding brought Amagi’s valuation to over $1bn. The unicorn’s clients include CBS, USA Today, NBCUniversal, and Japan’s Rakuten Group
Abu Dhabi seeks buyers for Miami Hotel. (RE)
Abu Dhabi Investment Authority, a sovereign wealth fund, is seeking more than double its money on a Miami Beach hotel. ADIA is working with an adviser to solicit interest from potential buyers. Miami Beach hotel has 294 rooms and suites, including oceanfront bungalows and restaurants designed by Jean-Georges Vongerichten.
Bloomberg reported that the fund is exploring options, including a sale of the Miami Beach Edition hotel, in which the property could fetch more than $580m, which would mark a record on a price-per-room basis for the Miami market. ADIA acquired the Edition for $230m in 2015 from Marriott International.
CDPQ explores legal options over Celsius.
Caisse de dépôt et placement du Québec, a pension fund, is exploring legal options over bankrupt crypto lending firm Celsius and will no longer invest in crypto firms, DealStreetAsia reported.
CDPQ's statement came as the fund recovers from its failed investment in New Jersey-based Celsius, which filed for bankruptcy in July, less than a year after it received an investment of $150m from the fund.
"We will preserve our rights and explore legal options. The fund had focused on the future potential of Celsius instead of the present performance," Charles Emond, CDPQ CEO.
A look at New Enterprise Associates as it picks up the pace in 2022.
One of the most seasoned venture capital firms, Menlo Park, California-based New Enterprise Associates is in the process of closing on its latest fund 18. With $5.1bn raised to date, this is the largest fund raised by the firm, showing strong interest from limited partners in this asset class, despite the downturn. The new fund also signals a clearer fund structure.
The firm is raising two funds: a core fund and a growth fund. This is not the first time it has been raising a growth vehicle. In 2015 it raised a $350m opportunity fund. But this is a much larger vehicle of $2.3bn raised so far, focused on growth-stage investing.
Ampersand closes oversubscribed fund at $1.2bn hard cap.
Ampersand Capital Partners is pleased to announce the closing of the firm’s latest fund, Ampersand 2022 Limited Partnership, with $1.2bn in limited partner commitments.
This fund, which is Ampersand’s eleventh primary fund since 1992, was significantly oversubscribed and held a single close less than three months after launch. Ampersand secured commitments from a diversified and global set of institutional investors including endowments, foundations, pension plans, insurance companies, funds of funds, and family offices.
RiverGlade Capital closes $453m Healthcare Fund II.
RiverGlade, a healthcare-focused private equity firm, has closed its latest fund, RiverGlade Capital Fund II, which was over-subscribed and exceeded both its target size and initial cap with $453m of total capital commitments.
RiverGlade's founders have invested in healthcare services together for over 20 years and will continue to remain focused on healthcare investing in the lower middle market by partnering and supporting founders and management teams of exceptional companies that are driving outcomes for patients, providers, payors and the communities they serve.
CARROLL raises more than $340m for the latest fund.
CARROLL, a national real estate investment firm, has finally closed its seventh investment vehicle, Carroll Multifamily Venture VII, with more than $340m in capital from two institutional investor closings in July 2022 and December 2021.
The fund will target multifamily assets in line with the Firm's value-add and core-plus investment strategy across the Sun Belt region with $5.5bn in total buying power. CARROLL's seventh investment vehicle closed at more than double the size of the Firm's prior vehicle, Carroll Multifamily Venture VI, which closed in 2019 at $125m.
Cherubic Ventures completes $110m Fund V.
Cherubic Ventures, a venture capital fund, announced the successful completion of the venture capital firm's Fund V at $110m, with a total of over $400m in committed capital under management.
Cherubic Ventures will reserve more than 50% of Fund V assets for supporting startups to their later rounds all the way to pre-IPO, providing long-term and full support to its portfolios. Managing its capital under a "sector-agnostic" strategy, the Firm has partnered with over 150 startups worldwide in industries ranging from consumer to enterprise solutions to blockchain technology, among others.
Life Extension Ventures launches a $100m fund.
New York-based Life Extension Ventures is a new $100m fund focusing on "longevity for people and planet." The fund will invest in software and data companies focused on climate, biology and health. That includes areas such as people, animals, agriculture, food, energy and transportation, AI, direct-to-consumer, web3, infrastructure-as-a-service, platforms, and marketplaces.
The fund's founders will know what they are talking about as the team has multiple science PhDs, successful startups and angel investing under their belts. Life Extension's LPs include founders and investors from other VCs, unicorn founders and large institutions.
William Ackman names Ryan Israel as Pershing Square CIO. (People)
Billionaire investor William Ackman named insider Ryan Israel as the CIO for his hedge fund Pershing Square Holdings. Israel joined Pershing from Goldman Sachs in 2009, Reuters reported.
Ackman also said he would continue as CEO and portfolio manager for Pershing with continued control over "ultimate decision making".
"If the pie truck were to run me over tomorrow, Ryan would be my choice to manage the portfolio," William Ackman.
Star Mountain Capital appoints former Thoma Bravo credit head as managing director. (People)
Star Mountain Capital has appointed Jack Le Roy, the former head of global software investor Thoma Bravo's credit division, as a managing director.
Star Mountain currently manages more than $3bn in assets, focused on the North American lower mid-market. Last August the company haled the final close of its latest SIBC fund targeting the US lower mid-market sector with more than $290m in capital commitments.
Peak Rock Capital appoints new managing directors, principals, and vice presidents. (People)
Meredith Jonker, Carrie Pisarczyk, and Reed Westerman have promoted to vice president and will continue to play critical roles in their portfolio company relationships. Joe Garigliano and David Wolfish have been promoted to the principal within the private equity group. In their roles, both have successfully partnered with portfolio companies on value creation initiatives across the investment portfolio.
Constantine Tujios has promoted to Managing Director within the Real Estate group. Tujios has been involved in all aspects of the real estate investment process, including sourcing, diligence, and execution. He has over 15 years of real estate experience investing in a wide variety of property and transaction types.
Kim Rose, John Scata, and Patricio Torres have all joined the team as directors. Rose's prior experience includes senior roles at JP Morgan and Kendra Scott. Scata comes to Peak Rock with experience at MUFG Bank, as well as a 23-year career at the FBI, while Torres' prior experience includes roles at Sixth Street Partners and PwC.
EMEA
A&M Capital-backed Ayesa, a provider of information technology consulting services, agreed to acquire Ibermática, a provider of information and communication technology services, from ProA Capital, a venture capital firm. Financial terms were not disclosed.
"The geographical location and service offering of the two companies are highly complementary. Our major clients will be able to entrust us with their important digital transformation projects, as we will naturally extend our technological capabilities and services. Combining our management teams positions us as a leading group in terms of talent and leadership within the technology sector in Spain and abroad," José Luis Manzanares Abásolo, Ayesa CEO.
Ayesa is advised by Arcano Partners and Perez Llorca. Debt financing is provided by Houlihan Lokey. Ibermática is advised by Ernst & Young, Deloitte and Linklaters.
HICL, a closed-ended investment company managed by InfraRed Capital, agreed to acquire a minority stake in Cross London Trains, a public private partnership that owns the recently delivered fleet of rolling stock, from Equitix, an investment company. Financial terms were not disclosed.
"Cross London Trains is one of the largest rolling stock fleets in the UK. Its electrified trains are modern and efficient, sustainably serving the needs of commuting and leisure travellers alike. This investment further contributes to the delivery of HICL's vision to connect communities through investments in core infrastructure, while delivering long-term income to shareholders," Edward Hunt, InfraRed Head of Core Income Funds.
InfraRed Capital is advised by Aztec Financial Services, Investec, RBC Capital Markets and Teneo.
Lloyds Development Capital, a mid-market private equity house, completed the investment in IWS Group, a warehouse safety, impact protection and storage equipment provider. Financial terms were not disclosed.
"LDC is the perfect partner to help us accelerate this strategy while remaining in the driving seat of the business. Matt, Chris and Karen at LDC have years of experience helping management teams like us to expand through acquisition. We are looking forward to welcoming more businesses into the IWS family with LDC's support," Jeroen van den Berge, IWS Group CEO and Co-Founder.
IWS was advised by CIL Management Consultants, Mazars Corporate Finance, Rothschild & Co and Addleshaw Goddard.
Elaghmore, a UK private equity fund, completed the acquisition of Concept Group, a provider of distinctive sign and large format LED solutions using traditional, bespoke and digital signage. Financial terms were not disclosed.
"We are delighted to be working with Hexcite Group and Elaghmore. They will help significantly enhance the service we provide to our clients through the increased manufacturing capacity, technical resource, and geographical reach that being part of Hexcite Group will bring us," Sean Morrough, Concept Managing Director.
Elaghmore was advised by Mills & Reeve.
OpenGate Capital, a private equity firm, agreed to acquire Extrusiones de Toledo, a specialty aluminium make-to-order parts manufacturer, from MCH, a private equity firm. Financial terms are not disclosed.
The acquisition of Extrusiones de Toledo is related to the formation of a European group focused on the aluminium extrusion market including another company, Aluminium France Extrusion. Together, the business will be named Aluminium Solutions Group.
OpenGate is advised by Prosek Partners.
Qatar Investment Authority, a sovereign wealth fund, led a $400m Series D round in Celonis, a data processing company, with participation from Activant Capital, Neuberger Berman, Alta Park Capital, Commonfund Capital, Arena, T. Rowe Price Associates, Franklin Templeton, Durable Capital Partners, TCV, 83North, Accel Partners and Sator Grove.
"Since the first days of Celonis, we have built a company that is operating on sound fundamentals, immutable customer value and the kind of resiliency that performs at the highest levels in any economic environment. These fundamentals are what put Celonis in such a unique position to lean into the wind, while others are stepping back. With an additional $1bn in liquidity, Celonis will have maximum flexibility to aggressively innovate, capitalize on new market opportunities and extend our market leadership," Bastian Nominacher, Celonis Co-CEO and Co-Founder.
Sanabil Investments, a financial investment company, led a $100m Series B funding round in Tamara, a buy now, pay later firm, with participation from Coatue, Shurooq Partners, Endeavor Catalyst and Checkout.com.
"We believe the region has a different situation today than globally. The region is thriving with high oil prices. We want to make sure our customers find the right products that suit them and find amazing deals," Abdulmajeed Alsukhan, Tamara CEO.
Battery Ventures, an investment firm, completed the acquisition of a 10% stake in Forterro, a group of companies that deliver ERP software to SMEs, from Partners Group, a global private markets investment manager. Financial terms were not disclosed.
"With the vast opportunities for continued growth, and a deep belief in the vision shared by Forterro CEO Dean Forbes and its new lead investor, Partners Group, we are excited to double down on Forterro during its next chapter, deploying new capital into the business," Dave Tabors, Battery Private Equity Partner.
EQT, KKR among bidders for $10bn Global Switch deal.
Private equity firms, including EQT and KKR are among bidders shortlisted to buy data center company Global Switch, Bloomberg reported.
Gaw Capital Partners, PAG and Stonepeak Partners have also been selected to participate in the next round of bidding for the London-based company. Suitors could start conducting due diligence in the coming weeks ahead of a deadline for binding offers.
Apollo is not considering buying a stake in Manchester United.
Apollo Global Management isn't interested in taking a stake in Manchester United FC, distancing the firm from a report in exclusive talks with the Glazer family about buying into one of the biggest brands in world sports, Bloomberg reported.
The US buyout firm was involved in financing talks with a consortium but is no longer in discussions. Apollo's initial interest was never to buy straight equity in the soccer club. Other consortium members are said to be carrying on with the talks.
Bank of Cyprus rejects Lone Star's takeover proposal.
Bank of Cyprus, a banking and financial services group, rejected three takeover proposals from Lone Star Funds, a private equity firm, saying the offers undervalued the island country's largest lender. The Cypriot bank, on July 22, rejected a third, improved proposal of $1.52 per share from Lone Star, according to a statement from the lender on Friday, Bloomberg reported
Under takeover rules, Lone Star has until September 30 to announce whether it will make a formal offer. There is no certainty a bid will be made after the three previous proposals, the first of which happened in early May at $1.26 per share.
"In addition to fundamentally undervaluing the company and its future prospects, the board believes that the proposal from Lone Star does not adequately address the complexities of completing a transaction to acquire Bank of Cyprus, given its strategic importance to Cyprus," Bank of Cyprus.
Bank of Cyprus is advised by Goldman Sachs and HSBC.
MS Lending Group secures £50m funding line from Pollen Street Capital.
MS Lending Group, a bridging lending firm, secured an initial £50m ($59m) senior-secured facility with Pollen Street Capital.
MS Lending Group have financed over £55m ($65m) since it began trading in January 2021, with over half of that amount lent in the first half of 2022.
Mubadala-backed G42 sets up a $10bn fund.
Mubadala-backed G42, an Emirati artificial intelligence firm chaired by the Gulf state's national security advisor, launched a $10bn fund to invest in late-stage technology companies.
G42 said the fund would operate as a private equity investor targeting a broad spectrum of technologies "that promise to shape the global economic landscape in the next decades." The fund would invest in computing, clean technology, and renewables, digital infrastructure, life sciences, healthcare, new materials, and fintech, among other areas, Reuters reported.
"We are eager to engage with trailblazing entrepreneurs who share our core values and growth ambitions," Peng Xiao, G42 CEO.
Adelis Equity Partners raises Fund Continuation Vehicle for SSI Diagnostica Group.
Adelis Equity Partners has raised a Fund Continuation Vehicle to acquire SSI Diagnostica Group, a portfolio company of Adelis Equity Partners Fund I, alongside the company’s management and board, Adelis Equity Partners Fund III and the Adelis team.
In connection with the transaction, SSID completed a transformational acquisition of TechLab.
APAC
The KKR-led consortium that wants to take Ramsay Health Care, an Australian multinational healthcare provider and hospital network, private confirmed its $21bn bid, while putting forward an alternative plan that the takeover target said is inferior.
The consortium led by KKR hasn't identified any matters that would cause it to terminate talks to buy Ramsay Health, the healthcare company said in a statement. The confirmation came more than four months since the KKR-led group first tabled its offer for Ramsay Health, which could be the private equity firm's biggest ever acquisition in Asia Pacific, Bloomberg reported.
Ramsay also rebuffed a proposal that would give shareholders a portion of equity in the company's European operations. The consortium has requested the Ramsay Santé board of directors for due diligence. However, there's no guarantee that the firm, in which Ramsay Health owns 52.8%, will grant access to the suitors.
“The Ramsay board has considered the alternative proposal and is unanimously of the view that it is meaningfully inferior. The board has determined not to engage further with the consortium in relation to the alternative proposal on these terms," Ramsay Health Care.
Ramsay Health Care is advised by UBS and Herbert Smith Freehills. KKR is advised by Barrenjoey Capital Partners, Credit Suisse and Allens.
Aerial imagery company Nearmap agreed to the $755m takeover offer from Thoma Bravo, becoming the latest technology firm that the US private equity firm has bet on in recent months, Reuters reported.
"The Board believes the proposed all-cash offer represents attractive value and provides an immediate opportunity for shareholders to realize certain value at a significant premium to the market," Peter James, Nearmap Chairman.
Nearmap is advised by Citigroup, DLA Piper and Citadel Magnus. Thoma Bravo is advised by Goodwin Procter and Gilbert + Tobin.
Kedaara Capital, an operationally oriented private equity firm, agreed to invest $50m in Oasis Fertility, a provider of reproductive healthcare services. The transaction will also provide an exit to InvAscent.
“We are delighted about leveraging Kedaara’s understanding of the sector and the Indian market. We look forward to this partnership as we embark on a journey to pursue attractive synergistic acquisitions and create a leading fertility platform in India and South Asia to further our core purpose of helping couples achieve parenthood," Kiran Gadela, Oasis Fertility Co-Founder and Managing Director.
Kedaara Capital is advised by Veritas Legal. Oasis Fertility is advised by O3 Capital and Samvad Partners. InvAscent is advised by Quillon Partners.
SCA Property, a shopping centres Australasia property company, and GIC formed a $750m joint venture. GIC will own 80% of the joint venture, still subject to Foreign Investment Review Board approval.
SCA Property will use the money to pay down debt and is looking to buy more assets in Melbourne, Sydney and Brisbane for the new investment vehicle, known as the SCA Metro Convenience Shopping Centre Fund.
SCA Property was advised by Citigroup.
Carlyle, a private equity firm, and amicaa, an Australia-based credit investment firm, agreed to form a joint venture to invest and manage a diversified portfolio of opportunistic private debt investments in Australia and New Zealand. Financial terms were not disclosed.
"We are excited to be partnering with amicaa to form a joint venture that combines the deep local knowledge and extensive relationships of the amicaa team with the strong investment management expertise and investor relationships of Carlyle’s global credit platform. We see a multi-billion dollar opportunity to deploy capital in Australia and New Zealand, a structurally growing market, and look forward to working with the amicaa team to build out the long-term growth of the business," Taj Sidhu, Carlyle Managing Director.
Carlyle is advised by Cato & Clive.
Keppel Asia Infrastructure Fund, a private investment firm, and Keppel Infrastructure Holdings, a listed business trust, agreed to acquire a majority stake in 800 Super Holdings, a holding company, for $218m.
“We are pleased to add another sterling asset to KAIF’s portfolio. 800 Super’s strong market position will enable it to capture more opportunities as Singapore intensifies its sustainable waste management efforts. We are confident that 800 Super will contribute to strong and sustainable returns for our investors,” Christina Tan, Keppel Capital CEO.
QIA looking to invest $3bn in Pakistan.
The Qatar Investment Authority aims to invest $3bn in Pakistan, Qatar‘s Emiri Diwan said, lending support to the South Asian nation’s cash-strapped economy, DealStreetAsia reported.
Pakistan is in economic turmoil and faces a balance of payments crisis, with foreign reserves having dropped as low as $7.8bn, barely enough for more than a month of imports. It is also contending with a widening current account deficit, depreciation of the rupee against the US dollar and inflation that hit more than 24% in July
Olympus nearing deal to sell microscope unit for over $2bn.
Japan’s Olympus is close to selling its microscope unit to a private equity firm in a deal that could fetch more than $2.2bn.
Bain Capital has emerged as the frontrunner. Carlyle Group and KKR also submitted binding bids this month for the unit which makes microscopes, industrial endoscopes and x-ray analysers.
Warburg and Macquarie near investment in Bohao.
Warburg Pincus and Macquarie Asset Management are reportedly close to investing about $450m in Bohao Internet Data Services, an operator of high-performance data centers that could value the Chinese data center company at over $1bn.
The arm of Australia's financial company Macquarie Group is in talks at an advanced stage, and an agreement could be reached soon. The proceeds would help Bohao elevate its growth in China, DealStreetAsia reported.
CVC in talks to sell stake in top Indonesian snacks maker GarudaFood.
Private equity firm CVC Capital Partners is in talks to sell its 20% stake worth about $270m in Indonesia's top snack-food producer GarudaFood Putra Putri Jaya, DealStreetAsia reported.
CVC has engaged a financial adviser for the negotiations.
Lippo Karawaci mulls buying CVC’s Siloam Hospitals stake.
Indonesian property developer Lippo Karawaci is considering buying CVC Capital Partners’s stake in PT Siloam International Hospitals.
Lippo Karawaci, which owns about 58% of the Jakarta-listed company, is in talks with the private equity firm for its 26% stake. The Indonesian developer could raise capital for the potential transaction but hasn’t made any final decision, Bloomberg reported.
Deliberations are ongoing, and there could be other potential buyers for CVC’s stake in Siloam Hospitals.
SK On raises $1.5bn from private equity firms.
SK On, a South Korean EV battery maker, has raised about $1.51bn from private equity firms, pushing the electric vehicle battery maker's valuation to around $15bn as it works to expand production abroad, DealStreetAsia reported.
The battery unit of energy group SK Innovation has been in talks with a local private equity consortium which includes EastBridge Partners, Korea Investment Partners, and Stella Investment.
SK On has been talking to global private equity firms, including Carlyle Group and BlackRock, but talks have stalled due to the market impact of the war in Ukraine and interest rate hikes.
India's Alteria Capital in talks to raise up to $438m for third fund.
India’s Alteria Capital Advisors is in talks with investors to raise up to $438m for its third debt fund, DealStreetAsia reported.
The discussions, which come less than a year after Alteria raised $1.1bn for its second fund, underscore the huge interest in venture debt as Indian startups continue to raise billions of dollars despite economic headwinds.
IvyCap Ventures eyes final close of the third fund at $250m by the end of October.
Homegrown venture capital firm IvyCap Ventures, which has backed Indian startups including Purplle, Bewakoof, Biryani by Kilo and BlueStone, is expected to hit the final close of its third fund at $214m by October end, DealStreetAsia reported.
IvyCap Ventures Trust Fund III, which was launched last year, raised $214m in the first close in February this year. About 15% of the fund has already been deployed.
Fundamentum Partnership raises $227m for its second fund.
Fundamentum Partnership, a fund co-founded by Nandan Nilekani, Infosys co-founder, and Sanjeev Aggarwal, Helion Ventures founder, has raised $227m for its second fund, which is nearly 2.5 times larger than its first fund, DealStreetAsia reported.
The Firm aims to lead or co-lead $25-40m Series B and C funding rounds for 4-5 tech-driven startups in the consumer internet and enterprise software a year.
"Series B and Series C are very underserved in India. All these global investors who came to India in the last 18 months have suddenly started taking smaller cheques and slowed down because they have seen correction in their own portfolio," Prateek Jain, Fundamentum Principal.
China's Winreal Investment holds the first close of the new RMB fund at nearly $150m.
China's Winreal Investment has held the first closing of a new RMB-denominated fund at CNY1.3bn ($149m) as the investment company targets a hard cap of no more than CNY2bn ($293m) to invest in 5G development, DealStreetAsia reported.
As the second of its 5G fund series, Winreal already completed the business registration for this vehicle and sealed commitment agreements with limited partners, including 5G industry corporates, investment institutions and China's government-led funds for the first closing, the firm announced in a post on its WeChat official account on Monday. It expects to hold the final closing before the end of this year.
SG's Genesis Alternative Ventures hits the first close of $150m second fund.
Singapore-based Genesis Alternative Ventures has hit the first close for its $150m second venture debt fund for Southeast Asia.
The fund has secured almost half of its capital commitments, with 80% coming from existing investors, including Sassoon Investment, Aozora Bank, Korea Development Bank, Mizuho Leasing, and Silverhorn. Israeli venture investing platform OurCrowd also joined as a new limited partner.
Genesis issues $1-10m debt cheques to Series A-C stage firms on the back of equity financing granted to these startups. It targets revenue-generating, high-growth startups in Southeast Asia.
Mitsubishi's Asia-focused PE firm AIGF closes a $126m second fund.
ASEAN-focused private equity firm AIGF Advisors has closed its second fund, AIGF II, at $126m.
A PE fund sponsored by Japanese conglomerate Mitsubishi, AIGF is focused on the small and mid-cap segment in Southeast Asia.
The firm said its second vehicle would continue to support small and middle market companies in the region, which has many such firms looking for growth capital.
India's We Founder Circle is set to launch a sector-agnostic, early-stage VC fund.
We Founder Circle, a startup-investing and accelerator platform in India, is set to launch a venture capital fund to invest in early-stage startups.
The founders-led platform has filed papers with markets regulator SEBI for a category-1 Alternate Investment Fund, which will be sector agnostic and make early bets on future category leaders, WFC co-founder Gaurav VK Singhvi.
We Founder Circle helps early-stage startups flourish and succeed with fundraising and the global startup community. Founded in 2020, WFC began with a simple idea—successful founders backing new founders drive innovation.
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