EMEA
Trussardi close to securing investment from Quattro R.
AMERICAS
Rhone Capital sells Ranpak to One Madison Corporation for $1.1bn.
Morgan Stanley raised $1.4bn for its new fund.
Blackstone and KKR compete to acquire Long Beach Terminal for near $1bn.
Victoria's Secret owner selling La Senza brand.
Jagged Peak to consider bolt-on Permian acquisitions.
Real Estate arm of Norges Bank is selling NY property.
APAC
Luckin Coffee raises $200m, hits $2.2bn valuation.
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EMEA
Trussardi close to securing investment from Quattro R.
The Italian fashion house is nearing a deal with Quattro R, a fund backed by Italy’s state lender Cassa Depositi e Prestiti. The fund is rumored to take an 80% stake through a capital increase of at least €50m ($57m).
AMERICAS
Rhone Capital sells Ranpak to One Madison Corporation.
One Madison Corporation, a special purpose acquisition company, agreed with Rhône Capital to acquire Ranpak Corporation, the global leader in fiber-based, environmentally sustainable protective packaging solutions. This transaction will introduce Ranpak as a publicly listed company with an anticipated enterprise value of approximately $1,089m.
"We look forward to working closely with the One Madison team to combine their capital allocation expertise and deal-making acumen with our unique asset-light distribution model, track record of innovation, and industry-leading position to expand our customer base, product offering, and geographic reach.” Mark Borseth, Ranpak President and CEO.
One Maddison was advised by Bank of America Merrill Lynch, Citigroup, Credit Suisse and Davis Polk & Wardwell. Rhone Capital and Ranpak were advised by Goldman Sachs and Sullivan & Cromwell.
BrightSpring Health Services and PharMerica will join together to become the leading provider of home and community-based health and pharmacy services for medically complex populations. The strategic combination creates a uniquely positioned diversified health care services company with comprehensive care capabilities across clinical, non-clinical and pharmacy services in multiple care settings.
“This transaction provides both significant strategic and day-to-day benefits for the client and patient bases and valued customers of both organizations. With BrightSpring’s daily presence in care settings and PharMerica’s national pharmacy footprint, the combined business will offer existing and new customers expanded access to comprehensive care and pharmacy services, including augmented and clinically focused programs to best serve patients and meet our customers’ needs,” PharMerica Greg Weishar, President and CEO.
Bowery Farming, a two-year-old startup that uses robotics to cultivate crops indoors, is on track for more growth. it raised $90m from investors including Alphabet’s GV and Uber CEO, Dara Khosrowshahi.
The startup uses technology such as robotics, machine learning, and automation to grow environmentally-friendly produce without the use of pesticides. Bowery is now valued at $350m, up from the $71m figure it reached in June 2017 with a $22m round.
Remedy Partners secured an investment from New Mountain Capital. The investment supports Remedy’s leadership role in the rapidly emerging health care bundled payments industry. Financial terms were not disclosed.
“We believe Remedy Partners has the potential to transform how we pay for, buy, measure, and deliver health care. They have laid the foundation to dramatically scale their business and we look forward to helping them achieve their potential.” Matt Holt, New Mountain Capital Managing Director.
Morgan Stanley raised $1.4bn for its new fund.
The fund was created to meet the demand for private investments in the Volcker Rule era, said David Miller, Head of private credit and equity at Morgan Stanley Investment Management. As much of two-thirds of the fund’s investments could come from within the bank’s capital-markets division, its wealth manager and asset manager.
The North Haven Tactical Value Fund will seek deals of about $50m to $200m in private equity, debt or hybrid securities, Miller said. It will be led by longtime Morgan Stanley banker Thomas Cahill and Pedro Teixeira, who joined last year, and will use a strategy akin to Blackstone Group LP’s Tactical Opportunities Group, a larger fund that seeks to invest in private firms.
Blackstone and KKR seek for the acquisition of Long Beach Terminal for near $1bn.
Cosco Shipping sale of a container terminal in Long Beach, California has drawn interest from potential buyers including Blackstone Group and KKR. EQT Partners and Macquarie Group have also been studying the asset. The facility could be valued at $1bn or more, depending on the structure of a deal.
Suitors for the terminal were asked to submit their interest last week.
Victoria's Secret owner selling La Senza brand.
L Brands, holding company of Victoria Secret, said it would sell its luxury lingerie brand La Senza to Regent, a private equity firm culminating lengthy process to sell the loss-making business.
L Brands bought Canadian chain La Senza for about $700m in 2007. The business incurs c. $40m of losses p.a. as a result of stiff competition and changing consumer tastes.
Jagged Peak to consider bolt-on Permian acquisitions.
Jagged Peak Energy is considering expanding its footprint in the oil-rich Permian Basin of West Texas and New Mexico. The oil and gas company, with a market value of $2.2bn, is working with an adviser to pursue bolt-on acquisitions. Jagged Peak’s largest shareholder is the private equity firm Quantum Energy Partners, which started the company in 2013 with a $400m investment. It now owns 69% of Jagged Peak’s shares.
Real Estate arm of Norges Bank is selling NY property.
Norway’s sovereign wealth fund and one of its partners, TH Real Estate, have agreed to sell a jointly owned property located at 470 Park Avenue South in New York, the real estate investment arm of Norway’s central bank said in a statement on Thursday.
“Norges Bank Real Estate Management will receive $122 million for its 49.9 percent ownership interest,” it added.
The buyer is a partnership of SJP Properties and PGIM Real Estate.
APAC
Luckin Coffee raises $200m, hits $2.2bn valuation.
Beijing-based Luckin Coffee, the operator of a retail coffee chain in China, has raised $200m in a round led by Singapore sovereign wealth fund GIC and China International Capital. Joy Capital and Centrium Capital also participated in the round, which values the company at $2.2 bn.
Luckin Coffee, which was founded just last year, reportedly raised a prior $200m in July at a valuation of $1bn. Touted as a competitor to Starbucks in China, the company has already expanded to more than 1,7k stores across 21 cities in the nation.
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