Rhône Capital-backed HBC completes the acquisition of Neiman Marcus Group from Sixth Street Partners for $2.65bn.

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AMERICAS

National Bank receives final approval to proceed with the acquisition of Canadian Western Bank. (Press Release)

Minister of Finance approves National Bank’s acquisition of Canadian Western Bank. Approval concludes the regulatory process, following reviews by the Office of the Superintendent of Financial Institutions and the Competition Bureau. The closing expected to occur on February 3, 2025.

CWB is advised by JP Morgan and Torys. CDPQ is advised by Fasken. National Bank is advised by Jefferies & Company, National Bank Financial, Mayer Brown, McCarthy Tetrault (led by Patrick Boucher) and FGS Global (led by Hugh McFadyen).

Elliott Investment Management to acquire a majority stake in American Greetings from Clayton, Dubilier & Rice.

Elliott Investment Management, a Florida-based investment firm, agreed to acquire a majority stake in American Greetings, a designer and manufacturer of social expression products. from Clayton, Dubilier & Rice, a private equity firm. Financial terms were not disclosed.

American Greetings is advised by Bank of America, Centerview Partners and Debevoise & Plimpton. Elliott Investment Management is advised by UBS and Davis Polk & Wardwell (led by Michael Gilson). Debt financing was provided by Bank of America, Barclays and UBS.

Butterfly completes the acquisition of The Duckhorn Portfolio for $1.95bn.

Butterfly, a private equity firm specializing in the food and beverage sector, completed the acquisition of The Duckhorn Portfolio, an American wine company, for $1.95bn.

The Duckhorn Portfolio was advised by JP Morgan, Gibson Dunn & Crutcher (led by Kristen P. Poole), Ropes & Gray (led by Elizabeth Gallucci and Chris Comeau) and ICR. JP Morgan was advised by Cravath Swaine & Moore (led by Minh Van Ngo and Andrew Wark). Butterfly was advised by KKR Capital Markets, Kirkland & Ellis (led by Ravi Agarwal) and Prosek Partners.

NEA to acquire NeueHealth for $1.3bn.

New Enterprise Associates, an American-based venture capital firm, agreed to acquire NeueHealth, the value-driven healthcare company, for $1.3bn.

NeueHealth is advised by Lincoln International, Richards Layton and Finger and Simpson Thacher & Bartlett. NEA is advised by Latham & Watkins (led by Daniel R. Breslin and Max Schleusener) and Sidley Austin.

MetLife Investment Management to acquire PineBridge Investments for $1.2bn.

MetLife Investment Management, the institutional asset management business of MetLife, agreed to acquire PineBridge Investments, a global asset manager with approximately $100bn in assets under management, for $1.2bn.

PineBridge Investments is advised by Evercore, JP Morgan and Davis Polk & Wardwell. MetLife Investment Management is advised by Bank of America and A&O Shearman.

Third Point to acquire Birch Grove from American Securities.

Third Point, an alternative investment firm, agreed to acquire Birch Grove, a diversified alternative credit fund manager, from American Securities, a private equity firm. Financial terms were undisclosed.

Birch Grove is advised by GreensLedge and Schulte Roth & Zabel. Third Point is advised by Jefferies & Company and Willkie Farr & Gallagher. American Securities is advised by Weil Gotshal and Manges.

Ontario Teachers' Pension Plan and Goldman Sachs to acquire a minority stake in Omega Healthcare Management Services.

Private equity firms Ontario Teachers' Pension Plan and Goldman Sachs (MBD), agreed to acquire a minority stake in Omega Healthcare Management Services, a provider of technology-enabled healthcare management solutions. Financial terms were not disclosed.

Omega Healthcare Management Services is advised by Goldman Sachs, TripleTree and Weil Gotshal and Manges. OTPPB is advised by RBC Capital Markets and Latham & Watkins.

Altaris to acquire US and UK cell therapy business from WuXi AppTec.

Altaris, a US-based investment firm, agreed to acquire US and UK cell therapy business from WuXi AppTec, a global pharmaceutical, biopharmaceutical, and medical device company. Financial terms were not disclosed.

Altaris is advised by Kirkland & Ellis and Joele Frank (led by Barrett Golden). WuXi AppTec is advised by JP Morgan and Wilson Sonsini Goodrich & Rosati.

Saothair Capital completes the acquisition of a majority stake in T BAILEY.

Saothair Capital, a private equity firm, completed the acquisition of a majority stake in T BAILEY, a provider of above-ground industrial tanks, casings, marine pontoons, penstocks, pressure vessels, and other large custom steel solutions. Financial terms were not disclosed.

T BAILEY was advised by TM Capital and Holland & Hart. Saothair Capital was advised by McGuireWoods. Debt financing was provided by Polen Capital.

King Street led a $250m round in Collectivus Holdings.

King Street Capital Management, a private equity firm, led a $250m round in Collectivus Holdings, the parent company of Beckett Media & Collectibles, Southern Hobby Distribution, and Dragon Shield, with particiaption from HPS Investment Partners and Oaktree Capital Management.

Collectivus Holdings was advised by Jefferies & Company and Proskauer Rose. King Street was advised by Paul Hastings.

Cerberus Capital Management to acquire Landmark Structures from Graycliff Partners.

Cerberus Capital Management, a private equity firm, agreed to acquire Landmark Structures, a provider of water and industrial storage infrastructure solutions, from Graycliff Partners, a private equity firm. Financial terms were not disclosed.

Graycliff Partners is advised by Houlihan Lokey and Weil Gotshal & Manges.

Stonepeak completes the acquisition of six logistics assets.

Stonepeak, a private equity firm, completed the acquisition of six logistics assets totaling 2.3m sq.ft. in Houston, Texas. Financial terms were undisclosed.

Stonepeak was advised by JLL Corporate Finance and Simpson Thacher & Bartlett.

Capricorn’s Technology Impact Fund II leds a $255m round in Fervo Energy.

Capricorn’s Technology Impact Fund II, a private equity firm, led a $255m round in Fervo Energy, an energy resource company, with participation from Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, and Sabanci Climate Ventures.

Fervo Energy was advised by Vinson & Elkins.

Fairfax completes the acquisition of Peak Achievement Athletics from Sagard.

Fairfax, a financial holding company, completed the acquisition of Peak Achievement Athletics, a provider of athletic sports and hockey services, from Sagard, an alternative asset management firm. Financial terms were not disclosed.

Peak Achievement Athletics was advised by Morgan Stanley.

TPG in advanced talks to acquire Crown Castle's fiber unit for $8bn. (Reuters)

Investment firm TPG is in advanced discussions to purchase Crown Castle's fiber unit for approximately $8bn. The transaction may be finalized in the coming weeks, though it's possible that negotiations could fall through or another bidder may emerge.

Crown Castle has been exploring options for its fiber assets following an agreement with activist investor Elliott Investment Management to restructure its board. Co-founder Ted Miller previously indicated that the company could potentially sell its fiber assets for up to $15bn. The high costs associated with building fiber infrastructure have impacted Crown Castle's financial performance, prompting a strategic shift to focus on its core tower business.

Historically, TPG has worked with JP Morgan, Goldman Sachs, Latham & Watkins and Ropes & Gray, according to MergerLinks data.

Insight Partners explores $5bn sale of Dotmatics. (Bloomberg)

Insight Partners is considering strategic options for Dotmatics, an R&D software provider, including a potential sale that could value the company at $5bn or more.

The private equity and venture capital firm has engaged advisers to assess takeover interest in the company, which specializes in software for the life sciences sector.

Historically, Insight Partners has worked with Evercore, JP Morgan, Willkie Farr & Gallagher and Khaitan & Co, according to MergerLinks data.

Advent International nears a $1.5bn sale of Williams Lea to R.R. Donnelley. (Bloomberg)

Advent International is in advanced talks to sell Williams Lea, a business process outsourcing firm, to R.R. Donnelley & Sons. The deal is expected to be valued at approximately $1.5bn. While negotiations are ongoing, no final agreement has been reached, and the transaction terms remain subject to change.

The sale of Williams Lea represents a continuation of Advent's portfolio reshaping strategy. R.R. Donnelley, a global provider of marketing and business communications, has been pursuing strategic acquisitions to expand its service offerings. Acquiring Williams Lea would strengthen RRD's capabilities in business support services and enhance its global footprint in the outsourcing sector.

Historically, Advent has worked with EY, Goldman Sachs, Weil Gotshal and Manges and Latham & Watkins, according to MergerLinks data.

TPG Rise Climate in talks to acquire Altus Power. (Reuters)

TPG Rise Climate, the climate-focused investment division of private equity firm TPG, is reportedly in talks to acquire Altus Power, a US-based developer of solar energy projects. The deal could be formalized in the coming weeks.

Altus Power, whose portfolio generates approximately 1GW of solar energy, counts CBRE Group as its largest shareholder, with a 15.38% stake. Blackstone’s energy division also holds a significant 13.2% stake, having supported Altus Power during its SPAC merger.

Fifth Wall launches $500m fund amid proptech market rebound. (TechCrunch)

Fifth Wall, a real estate venture firm, is raising a new $500m fund named Fifth Wall React. Led by co-founder and CEO Brendan Wallace, the firm already manages $3.2bn in capital, including an $866m fund raised in late 2022.

The new fund comes as the proptech sector faces renewed optimism following the US Federal Reserve’s decision to lower interest rates, signaling a potential rebound after challenges caused by rate hikes in 2022.

EMEA

Sixth Street to acquire Lemon Pepper Holdings.

Sixth Street, a private equity firm, agreed to acquire Lemon Pepper Holdings, the master franchisee for Wingstop in the UK and Ireland. Financial terms were not disclosed.

Lemon Pepper is advised by KPMG, OC&C Strategy Consultants, Goldman Sachs (led by Khamran Ali), HNH Group, Jamieson and DLA Piper. Sixth Street is advised by PricewaterhouseCoopers, Lazard, North Point Advisors, Cleary Gottlieb Steen & Hamilton and FTI Consulting (led by Tom Hufton).

FTV Capital to acquire Windward for £216m.

FTV Capital, a growth equity firm, agreed to acquire Windward, a maritime artificial intelligence company, for £216m ($225m).

Windward is advised by Canaccord Genuity (led by Simon Bridges), Goldman Sachs (led by Chris Emmerson and Daniel Krinsky), CMS, Epstein Rosenblum Maoz and Alma PR (led by Caroline Forde). FTV Capital is advised by Rothschild & Co (led by Philippe Noel), Gornitzky & Co and Willkie Farr & Gallagher (by Gavin Gordon and Dvir Oren).

Pontegadea completes the acquisition of a 20% stake in Q-Park from KKR.

Pontegadea, the investment arm of Amancio Ortega, completed the acquisition of a 20% stake in Q-Park, an European parking infrastructure owner and operator, from KKR. Financial terms were undisclosed.

Q-Park was advised by Morgan Stanley and Clifford Chance. Pontegadea was advised by Rothschild & Co and De Brauw Blackstone Westbroek. KKR was advised by FGS Global.

BNP Paribas to acquire AXA Investment Managers from AXA for €5.1bn.

BNP Paribas, a multinational universal bank and financial services holding company, agreed to acquire AXA Investment Managers, a global investment management firm, from AXA, a French multinational insurance company, for €5.1bn ($5.3bn).

BNP Paribas is advised by Cleary Gottlieb Steen & Hamilton and Freshfields Bruckhaus Deringer (led by Hervé Pisani and Marc Perrone). AXA is advised by JP Morgan and Sullivan & Cromwell (led by William Torchiana).

The Carlyle Group to acquire SNP Schneider-Neureither & Partner for €444m.

The Carlyle Group, a global investment firm, agreed to acquire SNP Schneider-Neureither & Partner, a provider of software for managing complex digital transformation processes, for €444m ($462m).

SNP is advised by Luther. The Carlyle Group is advised by Kirkland & Ellis and FTI Consulting (led by Lutz Golsch). Wolfgang Marguerre is advised by ParkView Partners (led by Cai Berg).

CPP Investments to acquire a minority stake in Nordic Capital-backed Regnology for €460m.

CPP Investments, a private equity firm, agreed to acquire a minority stake in Nordic Capital-backed Regnology, a provider of regulatory, risk, and supervisory technology solutions, for €460m ($478m).

Nordic Capital is advised by JP Morgan.

Miller Homes to acquire St. Modwen Homes from Blackstone for £215m.

Miller Homes, a UK homebuilder, agreed to acquire St. Modwen Homes, an English housebuilder known for developing high-quality, sustainable homes across the Midlands and southern regions of England, from Blackstone, a private equity firm, for £215m ($270m).

Blackstone is advised by Rothschild & Co.

Nordic Capital raises over $2bn for mid-market Evolution Fund. (Press Release)

Nordic Capital has successfully closed its first Evolution Fund, raising over $2bn in just three months. The fund was substantially oversubscribed, exceeding its target and reaching its hard cap.

The fund attracted a diverse group of institutional investors globally, with 57% from Europe, 19% from Asia, 19% from North America, and 5% from the Middle East. The investor base comprises asset managers, public and private pension funds, sovereign wealth funds, and endowments and family offices. Nordic Capital led the fundraising, supported by Rede Partners as the placement agent, with Kirkland & Ellis serving as lead legal counsel.

APAC

Dragon Fund led a Series C round in bolttech.

Dragon Fund, a growth equity fund, led a Series C round in bolttech, a global insurtech company, with participation from Baillie Gifford and Generali. Financial terms were not disclosed.

bolttech was advised by FTI Consulting.

Hahn to acquire 85% stake in specialty gas manufacturing unit from SK for $1.86bn.

Hahn, a South Korean private equity house, agreed to acquire 85% stake in specialty gas manufacturing unit from SK, the strategic investment holding company of South Korea's SK Group, for $1.86bn.

TA Associates to acquire a stake in Craigs Investment Partners.

TA Associates, a global private equity firm, agreed to acquire a stake in Craigs Investment Partners, a wealth management firm. Financial terms were not disclosed.

KKR and Bain each bid over $5bn for Seven & i assets. (Reuters)

Private equity firms KKR & Co and Bain Capital have each submitted first-round bids exceeding $5bn for non-core assets of Japan's Seven & i Holdings, a diversified retail holdings company.

KKR reportedly offered approximately JPY800bn ($5.1bn) for York Holdings, a spin-off entity of the Japanese retailer, while Bain Capital submitted a higher bid of around JPY1.2tn ($7.6bn). Local firm Japan Industrial Partners also participated, offering roughly JPY750bn ($4.76bn).

Yovole is considering a US IPO. (Bloomberg)

CDH Investments-backed Yovole, a Chinese data center operator, is exploring an initial public offering in the United States. This marks a renewed effort after the company’s earlier attempt to list in mainland China was unsuccessful.

Yovole is reportedly collaborating with an adviser on a potential IPO that could raise over $100m. The company may file confidentially with US regulators as early as January.

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